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Investment Securities (Tables)
3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Fair Value of Available-for-Sale Investment Securities Portfolio
The following table summarizes the amortized cost, fair value, and allowance for credit losses of the available-for-sale investment securities portfolio and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income (loss):
(dollars in thousands)Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Allowance for
Credit Losses
for Investments
Fair
Value
March 31, 2020    
Available-for-Sale    
U.S. Treasury$11,379  $354  $—  $—  $11,733  
U.S. government-sponsored entities and agencies515,217  3,954  —  —  519,171  
Mortgage-backed securities - Agency3,089,212  121,282  (494) —  3,210,000  
States and political subdivisions1,251,515  51,841  (961) —  1,302,395  
Pooled trust preferred securities13,798  —  (6,376) —  7,422  
Other securities308,242  5,929  (4,867) —  309,304  
Total available-for-sale securities$5,189,363  $183,360  $(12,698) $—  $5,360,025  
December 31, 2019
Available-for-Sale
U.S. Treasury$17,567  $117  $(2) $—  $17,682  
U.S. government-sponsored entities and agencies596,595  1,027  (4,638) —  592,984  
Mortgage-backed securities - Agency3,151,550  41,363  (9,052) —  3,183,861  
States and political subdivisions1,232,497  44,193  (1,047) —  1,275,643  
Pooled trust preferred securities13,811  —  (5,589) —  8,222  
Other securities301,189  6,842  (1,332) —  306,699  
Total available-for-sale securities$5,313,209  $93,542  $(21,660) $—  $5,385,091  
Schedule of Proceeds from Sales or Calls and Realized Gain and Losses of Available-for-Sale Investment Securities and Other Securities
Proceeds from sales or calls of available-for-sale investment securities and the resulting realized gains and realized losses were as follows:
Three Months Ended
March 31,
(dollars in thousands)20202019
Proceeds from sales of available-for-sale debt securities$236,410  $8,681  
Proceeds from calls of available-for-sale debt securities163,771  23,685  
Total$400,181  $32,366  
Realized gains on sales of available-for-sale debt securities$5,595  $71  
Realized gains on calls of available-for-sale debt securities13   
Realized losses on sales of available-for-sale debt securities(409) (148) 
Realized losses on calls of available-for-sale debt securities(25) (29) 
Debt securities gains (losses), net$5,174  $(103) 
Expected Maturities of Investment Securities Portfolio Weighted average yield is based on amortized cost.
 March 31, 2020
(dollars in thousands)Amortized
Cost
Fair
Value
Weighted
Average
Yield
Maturity
Available-for-Sale   
Within one year$741,828  $762,452  1.82 %
One to five years2,591,483  2,691,307  2.73  
Five to ten years592,020  609,108  3.41  
Beyond ten years1,264,032  1,297,158  3.24  
Total$5,189,363  $5,360,025  2.80 %
Available-for-Sale Investment Securities with Unrealized Losses by Aggregated Major Security Type and Length of Time in Continuous Unrealized Loss Position
The following table summarizes the available-for-sale investment securities with unrealized losses for which an allowance for credit losses has not been recorded by aggregated major security type and length of time in a continuous unrealized loss position:
 Less than 12 months12 months or longerTotal
(dollars in thousands)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized Losses
March 31, 2020      
Available-for-Sale      
Mortgage-backed securities - Agency$66,182  $(295) $13,308  $(199) $79,490  $(494) 
States and political subdivisions75,669  (961) 465  —  76,134  (961) 
Pooled trust preferred securities—  —  7,422  (6,376) 7,422  (6,376) 
Other securities101,144  (2,907) 24,690  (1,960) 125,834  (4,867) 
Total available-for-sale$242,995  $(4,163) $45,885  $(8,535) $288,880  $(12,698) 
December 31, 2019
Available-for-Sale
U.S. Treasury$999  $(2) $—  $—  $999  $(2) 
U.S. government-sponsored entities
   and agencies
357,647  (4,638) —  —  357,647  (4,638) 
Mortgage-backed securities - Agency786,245  (6,122) 212,056  (2,930) 998,301  (9,052) 
States and political subdivisions120,166  (1,016) 7,006  (31) 127,172  (1,047) 
Pooled trust preferred securities—  —  8,222  (5,589) 8,222  (5,589) 
Other securities30,765  (182) 87,066  (1,150) 117,831  (1,332) 
Total available-for-sale$1,295,822  $(11,960) $314,350  $(9,700) $1,610,172  $(21,660) 
Trust Preferred Securities
The table below summarizes the relevant characteristics of our pooled trust preferred securities as well as our single issuer trust preferred securities that are included in the “other securities” category in this footnote.  Each of the pooled trust preferred securities support a more senior tranche of security holders.  Both pooled trust preferred securities have experienced credit defaults.  However, these securities have excess subordination and are not other-than-temporarily impaired as a result of their class hierarchy, which provides more loss protection.
Trust preferred securities 
March 31, 2020
(dollars in thousands)ClassLowest
Credit
Rating (1)
Amortized
Cost
 Fair
Value
 Unrealized
Gain/
(Loss)
 # of Issuers
Currently
Performing/
Remaining
Actual
Deferrals
and Defaults
as a % of
Original
Collateral
Expected
Defaults as
a % of
Remaining
Performing
Collateral
Excess
Subordination
as a % of
Current
Performing
Collateral
Pooled trust preferred securities:            
Pretsl XXVII LTDBB$4,270  $2,192  $(2,078) 
32/41
14.4%11.2%33.5%
Trapeza Ser 13AA2ABBB9,528  5,230  (4,298) 
39/41
4.5%6.6%51.6%
 13,798  7,422  (6,376) 
Single Issuer trust preferred securities:
JP Morgan Chase & CoBBB-4,800  3,600  (1,200) 
Total$18,598  $11,022  $(7,576) 
(1)Lowest rating for the security provided by any nationally recognized credit rating agency.