XML 156 R37.htm IDEA: XBRL DOCUMENT v3.19.3
Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2019
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 September 30, 2019 and December 31, 2018 and the corresponding amounts of unrealized gains and losses therein:

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

(dollars in thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

5,363

 

 

$

133

 

 

$

(2

)

 

$

5,494

 

U.S. government-sponsored entities and agencies

 

 

484,226

 

 

 

1,913

 

 

 

(35

)

 

 

486,104

 

Mortgage-backed securities - Agency

 

 

3,092,991

 

 

 

49,135

 

 

 

(5,946

)

 

 

3,136,180

 

States and political subdivisions

 

 

932,589

 

 

 

37,226

 

 

 

(340

)

 

 

969,475

 

Pooled trust preferred securities

 

 

13,825

 

 

 

—

 

 

 

(6,130

)

 

 

7,695

 

Other securities

 

 

305,591

 

 

 

7,560

 

 

 

(1,120

)

 

 

312,031

 

Total available-for-sale securities

 

$

4,834,585

 

 

$

95,967

 

 

$

(13,573

)

 

$

4,916,979

 

 

Held-to-Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government-sponsored entities and agencies

 

$

33,321

 

 

$

1,125

 

 

$

—

 

 

$

34,446

 

Mortgage-backed securities - Agency

 

 

112,187

 

 

 

3,580

 

 

 

—

 

 

 

115,767

 

States and political subdivisions

 

 

261,773

 

 

 

13,602

 

 

 

—

 

 

 

275,375

 

Total held-to-maturity securities

 

$

407,281

 

 

$

18,307

 

 

$

—

 

 

$

425,588

 

 

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

 
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 for the three and nine months ended September 30, 2019 and 2018:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(dollars in thousands)

 

 

2019

 

 

 

2018

 

 

 

2019

 

 

 

2018

 

Proceeds from sales of available-for-sale debt securities

 

$

27,983

 

 

$

5,327

 

 

$

295,615

 

 

$

136,648

 

Proceeds from calls of available-for-sale debt securities

 

 

316,361

 

 

 

2,938

 

 

 

378,476

 

 

 

31,585

 

Total

 

$

344,344

 

 

$

8,265

 

 

$

674,091

 

 

$

168,233

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gains on sales of available-for-sale debt securities

 

$

340

 

 

$

—

 

 

$

3,443

 

 

$

3,259

 

Realized gains on calls of available-for-sale debt securities

 

 

86

 

 

 

—

 

 

 

89

 

 

 

284

 

Realized losses on sales of available-for-sale debt securities

 

 

(2

)

 

 

(74

)

 

 

(2,017

)

 

 

(1,379

)

Realized losses on calls of available-for-sale debt securities

 

 

—

 

 

 

(7

)

 

 

(29

)

 

 

(60

)

Other securities gains (losses) (1)

 

 

—

 

 

 

216

 

 

 

—

 

 

 

313

 

Net debt securities gains (losses)

 

$

424

 

 

$

135

 

 

$

1,486

 

 

$

2,417

 

 

(1)

For the three and nine months ended September 30, 2018, other securities gains (losses) included realized gains and losses of equity securities previously classified as trading securities.  For the three and nine months ended September 30, 2019, gains (losses) on equity securities are included in other income.

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

 

 

At September 30, 2019

(dollars in thousands)

 

 

 

 

Weighted

 

 

 

 

Amortized

 

 

Fair

 

 

Average

 

 

Maturity

 

Cost

 

 

Value

 

 

Yield

 

 

Available-for-Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

155,063

 

 

$

154,941

 

 

 

2.47

 

%

One to five years

 

 

2,900,031

 

 

 

2,941,365

 

 

 

2.78

 

 

Five to ten years

 

 

767,785

 

 

 

787,301

 

 

 

3.17

 

 

Beyond ten years

 

 

1,011,706

 

 

 

1,033,372

 

 

 

3.23

 

 

Total

 

$

4,834,585

 

 

$

4,916,979

 

 

 

2.93

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

3,621

 

 

$

3,644

 

 

 

3.66

 

%

One to five years

 

 

108,113

 

 

 

111,340

 

 

 

3.28

 

 

Five to ten years

 

 

106,591

 

 

 

111,513

 

 

 

3.96

 

 

Beyond ten years

 

 

188,956

 

 

 

199,091

 

 

 

4.22

 

 

Total

 

$

407,281

 

 

$

425,588

 

 

 

3.90

 

%

 
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 September 30, 2019 and December 31, 2018 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

 

September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

—

 

 

$

—

 

 

$

1,494

 

 

$

(2

)

 

$

1,494

 

 

$

(2

)

U.S. government-sponsored entities

   and agencies

 

 

50,979

 

 

 

(20

)

 

 

5,322

 

 

 

(15

)

 

 

56,301

 

 

 

(35

)

Mortgage-backed securities - Agency

 

 

484,912

 

 

 

(2,806

)

 

 

295,934

 

 

 

(3,140

)

 

 

780,846

 

 

 

(5,946

)

States and political subdivisions

 

 

66,516

 

 

 

(278

)

 

 

8,192

 

 

 

(62

)

 

 

74,708

 

 

 

(340

)

Pooled trust preferred securities

 

 

—

 

 

 

—

 

 

 

7,695

 

 

 

(6,130

)

 

 

7,695

 

 

 

(6,130

)

Other securities

 

 

21,626

 

 

 

(25

)

 

 

95,483

 

 

 

(1,095

)

 

 

117,109

 

 

 

(1,120

)

Total available-for-sale

 

$

624,033

 

 

$

(3,129

)

 

$

414,120

 

 

$

(10,444

)

 

$

1,038,153

 

 

$

(13,573

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)

The following table summarizes the held-to-maturity investment securities with unrecognized losses at September 30, 2019 and December 31, 2018 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

 

September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government-sponsored entities

   and agencies

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Mortgage-backed securities - Agency

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

States and political subdivisions

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

  Total held-to-maturity

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)
Trust Preferred Securities

Trust preferred securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actual

 

 

Expected

 

 

Excess

 

September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

 

2019

 

 

Remaining

 

Collateral

 

 

Collateral

 

 

Collateral

 

Pooled trust preferred securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretsl XXVII LTD

B

 

B

 

$

4,303

 

 

$

2,135

 

 

$

(2,168

)

 

$

—

 

 

32/41

 

14.6%

 

 

11.3%

 

 

26.7%

 

Trapeza Ser 13A

A2A

 

BBB

 

 

9,522

 

 

 

5,560

 

 

 

(3,962

)

 

 

—

 

 

42/47

 

4.5%

 

 

6.7%

 

 

49.6%

 

 

 

 

 

 

 

13,825

 

 

 

7,695

 

 

 

(6,130

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Single Issuer trust preferred securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JP Morgan Chase & Co

 

 

BBB-

 

 

4,795

 

 

 

4,325

 

 

 

(470

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

$

18,620

 

 

$

12,020

 

 

$

(6,600

)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)Lowest rating for the security provided by any nationally recognized credit rating agency.