XML 63 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2018
Investments Debt And Equity Securities [Abstract]  
Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Investment Securities Portfolio

The following table summarizes the amortized cost and fair value of the available-for-sale and held-to-maturity investment securities portfolio at December 31 and the corresponding amounts of unrealized gains and losses therein:

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

(dollars in thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

5,332

 

 

$

—

 

 

$

(31

)

 

$

5,301

 

U.S. government-sponsored entities and agencies

 

 

639,458

 

 

 

35

 

 

 

(11,342

)

 

 

628,151

 

Mortgage-backed securities - Agency

 

 

2,243,774

 

 

 

9,738

 

 

 

(44,217

)

 

 

2,209,295

 

States and political subdivisions

 

 

932,757

 

 

 

11,113

 

 

 

(3,441

)

 

 

940,429

 

Pooled trust preferred securities

 

 

13,861

 

 

 

—

 

 

 

(5,366

)

 

 

8,495

 

Other securities

 

 

337,435

 

 

 

486

 

 

 

(6,176

)

 

 

331,745

 

Total available-for-sale securities

 

$

4,172,617

 

 

$

21,372

 

 

$

(70,573

)

 

$

4,123,416

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government-sponsored entities and agencies

 

$

73,986

 

 

$

—

 

 

$

(1,627

)

 

$

72,359

 

Mortgage-backed securities - Agency

 

 

127,120

 

 

 

39

 

 

 

(2,750

)

 

 

124,409

 

States and political subdivisions

 

 

305,228

 

 

 

6,208

 

 

 

(2,101

)

 

 

309,335

 

Total held-to-maturity securities

 

$

506,334

 

 

$

6,247

 

 

$

(6,478

)

 

$

506,103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

5,473

 

 

$

83

 

 

$

(5

)

 

$

5,551

 

U.S. government-sponsored entities and agencies

 

 

675,643

 

 

 

3

 

 

 

(11,360

)

 

 

664,286

 

Mortgage-backed securities - Agency

 

 

1,704,014

 

 

 

1,600

 

 

 

(37,932

)

 

 

1,667,682

 

States and political subdivisions

 

 

529,835

 

 

 

5,085

 

 

 

(4,727

)

 

 

530,193

 

Pooled trust preferred securities

 

 

16,605

 

 

 

—

 

 

 

(8,157

)

 

 

8,448

 

Other securities

 

 

321,016

 

 

 

1,172

 

 

 

(2,141

)

 

 

320,047

 

Total available-for-sale securities

 

$

3,252,586

 

 

$

7,943

 

 

$

(64,322

)

 

$

3,196,207

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities - Agency

 

$

6,903

 

 

$

153

 

 

$

—

 

 

$

7,056

 

States and political subdivisions

 

 

677,160

 

 

 

43,495

 

 

 

(8

)

 

 

720,647

 

Total held-to-maturity securities

 

$

684,063

 

 

$

43,648

 

 

$

(8

)

 

$

727,703

 
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, the resulting realized gains and realized losses, and other securities gains or losses were as follows for the years ended December 31:

 

 

 

Years Ended December 31,

 

(dollars in thousands)

 

2018

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales of available-for-sale securities

 

$

139,364

 

 

$

342,233

 

 

$

243,312

 

Proceeds from calls of available-for-sale securities

 

 

32,437

 

 

 

88,233

 

 

 

635,624

 

Total

 

$

171,801

 

 

$

430,466

 

 

$

878,936

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gains on sales of available-for-sale securities

 

$

3,259

 

 

$

8,710

 

 

$

5,423

 

Realized gains on calls of available-for-sale securities

 

 

283

 

 

 

29

 

 

 

922

 

Realized losses on sales of available-for-sale securities

 

 

(1,469

)

 

 

(263

)

 

 

(450

)

Realized losses on calls of available-for-sale securities

 

 

(63

)

 

 

(8

)

 

 

(147

)

Other securities gains (losses) (1)

 

 

50

 

 

 

667

 

 

 

100

 

Net securities gains

 

$

2,060

 

 

$

9,135

 

 

$

5,848

 

 

(1)

Other securities gains (losses) includes net realized and unrealized gains or losses associated with equity securities and mutual funds.

 
Expected Maturities of Investment Securities Portfolio Weighted average yield is based on amortized cost.

 

 

At December 31, 2018

(dollars in thousands)

 

 

 

 

 

 

 

 

 

Weighted

 

 

Amortized

 

 

Fair

 

 

Average

Maturity

 

Cost

 

 

Value

 

 

Yield

Available-for-Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

101,077

 

 

$

101,138

 

 

 

2.58

 

%

One to five years

 

 

532,706

 

 

 

527,283

 

 

 

2.39

 

 

Five to ten years

 

 

483,510

 

 

 

482,231

 

 

 

3.22

 

 

Beyond ten years

 

 

3,055,324

 

 

 

3,012,764

 

 

 

2.94

 

 

Total

 

$

4,172,617

 

 

$

4,123,416

 

 

 

2.89

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

30,188

 

 

$

30,352

 

 

 

3.96

 

%

One to five years

 

 

34,511

 

 

 

35,246

 

 

 

3.93

 

 

Five to ten years

 

 

72,442

 

 

 

74,199

 

 

 

4.44

 

 

Beyond ten years

 

 

369,193

 

 

 

366,306

 

 

 

3.58

 

 

Total

 

$

506,334

 

 

$

506,103

 

 

 

3.75

 

%

 
Available-for-Sale and Held-to-Maturity 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 at December 31 by aggregated major security type and length of time in a continuous unrealized loss position:

 

 

 

Less than 12 months

 

 

12 months or longer

 

 

Total

 

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

(dollars in thousands)

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

3,829

 

 

$

(12

)

 

$

1,472

 

 

$

(19

)

 

$

5,301

 

 

$

(31

)

U.S. government-sponsored entities

   and agencies

 

 

54,701

 

 

 

(594

)

 

 

519,911

 

 

 

(10,748

)

 

 

574,612

 

 

 

(11,342

)

Mortgage-backed securities - Agency

 

 

82,289

 

 

 

(742

)

 

 

1,172,984

 

 

 

(43,475

)

 

 

1,255,273

 

 

 

(44,217

)

States and political subdivisions

 

 

99,162

 

 

 

(1,340

)

 

 

151,097

 

 

 

(2,101

)

 

 

250,259

 

 

 

(3,441

)

Pooled trust preferred securities

 

 

—

 

 

 

—

 

 

 

8,495

 

 

 

(5,366

)

 

 

8,495

 

 

 

(5,366

)

Other securities

 

 

94,607

 

 

 

(1,965

)

 

 

143,842

 

 

 

(4,211

)

 

 

238,449

 

 

 

(6,176

)

Total available-for-sale

 

$

334,588

 

 

$

(4,653

)

 

$

1,997,801

 

 

$

(65,920

)

 

$

2,332,389

 

 

$

(70,573

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

1,480

 

 

$

(5

)

 

$

—

 

 

$

—

 

 

$

1,480

 

 

$

(5

)

U.S. government-sponsored entities

   and agencies

 

 

201,773

 

 

 

(1,333

)

 

 

408,493

 

 

 

(10,027

)

 

 

610,266

 

 

 

(11,360

)

Mortgage-backed securities - Agency

 

 

789,804

 

 

 

(8,692

)

 

 

774,825

 

 

 

(29,240

)

 

 

1,564,629

 

 

 

(37,932

)

States and political subdivisions

 

 

196,024

 

 

 

(1,899

)

 

 

90,637

 

 

 

(2,828

)

 

 

286,661

 

 

 

(4,727

)

Pooled trust preferred securities

 

 

—

 

 

 

—

 

 

 

8,448

 

 

 

(8,157

)

 

 

8,448

 

 

 

(8,157

)

Other securities

 

 

61,260

 

 

 

(429

)

 

 

125,517

 

 

 

(1,712

)

 

 

186,777

 

 

 

(2,141

)

Total available-for-sale

 

$

1,250,341

 

 

$

(12,358

)

 

$

1,407,920

 

 

$

(51,964

)

 

$

2,658,261

 

 

$

(64,322

)

 

The following table summarizes the held-to-maturity investment securities with unrecognized losses at December 31 by aggregated major security type and length of time in a continuous unrecognized loss position:

 

 

 

Less than 12 months

 

 

12 months or longer

 

 

Total

 

 

 

Fair

 

 

Unrecognized

 

 

Fair

 

 

Unrecognized

 

 

Fair

 

 

Unrecognized

 

(dollars in thousands)

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government-sponsored entities

   and agencies

 

$

—

 

 

$

—

 

 

$

72,359

 

 

$

(4,642

)

 

$

72,359

 

 

$

(4,642

)

Mortgage-backed securities - Agency

 

 

4,335

 

 

 

(24

)

 

 

119,207

 

 

 

(8,006

)

 

 

123,542

 

 

 

(8,030

)

States and political subdivisions

 

 

24,533

 

 

 

(983

)

 

 

70,022

 

 

 

(3,556

)

 

 

94,555

 

 

 

(4,539

)

Total held-to-maturity

 

$

28,868

 

 

$

(1,007

)

 

$

261,588

 

 

$

(16,204

)

 

$

290,456

 

 

$

(17,211

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

States and political subdivisions

 

$

2,309

 

 

$

(8

)

 

$

—

 

 

$

—

 

 

$

2,309

 

 

$

(8

)

Total held-to-maturity

 

$

2,309

 

 

$

(8

)

 

$

—

 

 

$

—

 

 

$

2,309

 

 

$

(8

)
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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actual

 

 

Expected

 

 

Excess

 

December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferrals

 

 

Defaults as

 

 

Subordination

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

# of Issuers

 

and Defaults

 

 

a % of

 

 

as a % of

 

 

 

 

 

Lowest

 

 

 

 

 

 

 

 

 

Unrealized

 

 

Realized

 

 

Currently

 

as a % of

 

 

Remaining

 

 

Current

 

 

 

 

 

Credit

 

Amortized

 

 

Fair

 

 

Gain/

 

 

Losses

 

 

Performing/

 

Original

 

 

Performing

 

 

Performing

 

 

 

Class

 

Rating  (1)

 

Cost

 

 

Value

 

 

(Loss)

 

 

2018

 

 

Remaining

 

Collateral

 

 

Collateral

 

 

Collateral

 

Pooled trust preferred securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretsl XXVII LTD

 

B

 

B

 

 

4,349

 

 

 

2,404

 

 

 

(1,945

)

 

$

—

 

 

33/43

 

17.3%

 

 

10.7%

 

 

38.8%

 

Trapeza Ser 13A

 

A2A

 

BBB

 

 

9,512

 

 

 

6,091

 

 

 

(3,421

)

 

 

—

 

 

44/49

 

4.5%

 

 

7.2%

 

 

56.1%

 

 

 

 

 

 

 

 

13,861

 

 

 

8,495

 

 

 

(5,366

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Single Issuer trust preferred securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JP Morgan Chase Cap

   XIII

 

 

 

BBB-

 

 

4,788

 

 

 

4,500

 

 

 

(288

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,788

 

 

 

4,500

 

 

 

(288

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

$

18,649

 

 

$

12,995

 

 

$

(5,654

)

 

$

—