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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Available for Sale
The amortized cost, gross unrealized gains and losses and fair value of debt securities available for sale at March 31, 2020 and December 31, 2019 were as follows: 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
(in thousands)
March 31, 2020
 
 
 
 
 
 
 
U.S. Treasury securities
$
50,946

 
$
1,732

 
$
—

 
$
52,678

U.S. government agency securities
26,994

 
545

 
(33
)
 
27,506

Obligations of states and political subdivisions:
 
 
 
 
 
 
 
Obligations of states and state agencies
73,982

 
667

 
(194
)
 
74,455

Municipal bonds
86,532

 
1,052

 
(84
)
 
87,500

Total obligations of states and political subdivisions
160,514

 
1,719

 
(278
)
 
161,955

Residential mortgage-backed securities
1,406,084

 
42,390

 
(837
)
 
1,447,637

Corporate and other debt securities
61,243

 
740

 
(1,917
)
 
60,066

Total investment securities available for sale
$
1,705,781

 
$
47,126

 
$
(3,065
)
 
$
1,749,842

December 31, 2019
 
 
 
 
 
 
 
U.S. Treasury securities
$
50,952

 
$
12

 
$
(21
)
 
$
50,943

U.S. government agency securities
28,982

 
280

 
(19
)
 
29,243

Obligations of states and political subdivisions:
 
 
 
 
 
 
 
Obligations of states and state agencies
78,116

 
540

 
(83
)
 
78,573

Municipal bonds
90,662

 
902

 
(86
)
 
91,478

Total obligations of states and political subdivisions
168,778

 
1,442

 
(169
)
 
170,051

Residential mortgage-backed securities
1,248,814

 
11,234

 
(5,262
)
 
1,254,786

Corporate and other debt securities
61,261

 
628

 
(111
)
 
61,778

Total investment securities available for sale
$
1,558,787

 
$
13,596

 
$
(5,582
)
 
$
1,566,801
Age of Unrealized Losses and Fair Value of Related Debt Securities Available for Sale
The age of unrealized losses and fair value of related securities available for sale at March 31, 2020 and December 31, 2019 were as follows: 
 
Less than
Twelve Months
 
More than
Twelve Months
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(in thousands)
March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
U.S. government agency securities
$
—

 
$
—

 
$
1,682

 
$
(33
)
 
$
1,682

 
$
(33
)
Obligations of states and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and state agencies
3,582

 
(152
)
 
4,661

 
(42
)
 
8,243

 
(194
)
Municipal bonds
3,222

 
(13
)
 
8,616

 
(71
)
 
11,838

 
(84
)
Total obligations of states and political subdivisions
6,804

 
(165
)
 
13,277

 
(113
)
 
20,081

 
(278
)
Residential mortgage-backed securities
38,175

 
(243
)
 
59,573

 
(594
)
 
97,748

 
(837
)
Corporate and other debt securities
23,148

 
(1,917
)
 
—

 
—

 
23,148

 
(1,917
)
Total
$
68,127

 
$
(2,325
)
 
$
74,532

 
$
(740
)
 
$
142,659

 
$
(3,065
)
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
$
25,019

 
$
(21
)
 
$
—

 
$
—

 
$
25,019

 
$
(21
)
U.S. government agency securities
—

 
—

 
1,783

 
(19
)
 
1,783

 
(19
)
Obligations of states and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and state agencies
18,540

 
(21
)
 
8,755

 
(62
)
 
27,295

 
(83
)
Municipal bonds
—

 
—

 
13,177

 
(86
)
 
13,177

 
(86
)
Total obligations of states and political subdivisions
18,540

 
(21
)
 
21,932

 
(148
)
 
40,472

 
(169
)
Residential mortgage-backed securities
240,412

 
(1,194
)
 
282,798

 
(4,068
)
 
523,210

 
(5,262
)
Corporate and other debt securities
5,139

 
(111
)
 
—

 
—

 
5,139

 
(111
)
Total
$
289,110

 
$
(1,347
)
 
$
306,513

 
$
(4,235
)
 
$
595,623

 
$
(5,582
)
Contractual Maturities of Debt Securities Available for Sale
The contractual maturities of debt securities available for sale at March 31, 2020 are set forth in the following table. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary.
 
March 31, 2020
 
Amortized
Cost
 
Fair
Value
 
(in thousands)
Due in one year
$
19,711

 
$
19,754

Due after one year through five years
107,680

 
108,642

Due after five years through ten years
91,929

 
92,518

Due after ten years
80,377

 
81,291

Residential mortgage-backed securities
1,406,084

 
1,447,637

Total investment securities available for sale
$
1,705,781

 
$
1,749,842
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Held to Maturity
The amortized cost, gross unrealized gains and losses and fair value of debt securities held to maturity at March 31, 2020 and December 31, 2019 were as follows: 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
(in thousands)
March 31, 2020
 
 
 
 
 
 
 
U.S. Treasury securities
$
138,311

 
$
9,813

 
$
—

 
$
148,124

U.S. government agency securities
6,794

 
126

 
—

 
6,920

Obligations of states and political subdivisions:
 
 
 
 
 
 
 
Obligations of states and state agencies
289,701

 
7,189

 
(577
)
 
296,313

Municipal bonds
190,997

 
4,914

 
(3
)
 
195,908

Total obligations of states and political subdivisions
480,698

 
12,103

 
(580
)
 
492,221

Residential mortgage-backed securities
1,616,150

 
51,333

 
(80
)
 
1,667,403

Trust preferred securities
37,330

 
26

 
(7,223
)
 
30,133

Corporate and other debt securities
37,750

 
388

 
(1
)
 
38,137

Total investment securities held to maturity
$
2,317,033

 
$
73,789

 
$
(7,884
)
 
$
2,382,938

December 31, 2019
 
 
 
 
 
 
 
U.S. Treasury securities
$
138,352

 
$
5,761

 
$
—

 
$
144,113

U.S. government agency securities
7,345

 
58

 
(41
)
 
7,362

Obligations of states and political subdivisions:
 
 
 
 
 
 
 
Obligations of states and state agencies
297,454

 
7,745

 
(529
)
 
304,670

Municipal bonds
203,251

 
5,696

 
(10
)
 
208,937

Total obligations of states and political subdivisions
500,705

 
13,441

 
(539
)
 
513,607

Residential mortgage-backed securities
1,620,119

 
14,803

 
(5,350
)
 
1,629,572

Trust preferred securities
37,324

 
39

 
(5,981
)
 
31,382

Corporate and other debt securities
32,250

 
454

 
(20
)
 
32,684

Total investment securities held to maturity
$
2,336,095

 
$
34,556

 
$
(11,931
)
 
$
2,358,720
Age of Unrealized Losses and Fair Value of Related Debt Securities Held to Maturity
The age of unrealized losses and fair value of related debt securities held to maturity at March 31, 2020 and December 31, 2019 were as follows: 
 
Less than
Twelve Months
 
More than
Twelve Months
 
Total
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
Fair Value
 
Unrealized
Losses
 
(in thousands)
March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and state agencies
$
13,334

 
$
(312
)
 
$
23,323

 
$
(265
)
 
$
36,657

 
$
(577
)
Municipal bonds
814

 
(3
)
 
—

 
—

 
814

 
(3
)
Total obligations of states and political subdivisions
14,148

 
(315
)
 
23,323

 
(265
)
 
37,471

 
(580
)
Residential mortgage-backed securities
14,010

 
(80
)
 
—

 
—

 
14,010

 
(80
)
Trust preferred securities
—

 
—

 
28,753

 
(7,223
)
 
28,753

 
(7,223
)
Corporate and other debt securities
17,749

 
(1
)
 
—

 
—

 
17,749

 
(1
)
Total
$
45,907

 
$
(396
)
 
$
52,076

 
$
(7,488
)
 
$
97,983

 
$
(7,884
)
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
U.S. government agency securities
$
5,183

 
$
(41
)
 
$
—

 
$
—

 
$
5,183

 
$
(41
)
Obligations of states and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and state agencies
11,178

 
(55
)
 
32,397

 
(474
)
 
43,575

 
(529
)
Municipal bonds
—

 
—

 
798

 
(10
)
 
798

 
(10
)
Total obligations of states and political subdivisions
11,178

 
(55
)
 
33,195

 
(484
)
 
44,373

 
(539
)
Residential mortgage-backed securities
307,885

 
(1,387
)
 
254,915

 
(3,963
)
 
562,800

 
(5,350
)
Trust preferred securities
—

 
—

 
29,990

 
(5,981
)
 
29,990

 
(5,981
)
Corporate and other debt securities
—

 
—

 
4,980

 
(20
)
 
4,980

 
(20
)
Total
$
324,246

 
$
(1,483
)
 
$
323,080

 
$
(10,448
)
 
$
647,326

 
$
(11,931
)
Contractual Maturities of Debt Securities Held to Maturity
The contractual maturities of investments in debt securities held to maturity at March 31, 2020 are set forth in the table below. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary.  
 
March 31, 2020
 
Amortized
Cost
 
Fair
Value
 
(in thousands)
Due in one year
$
94,100

 
$
95,561

Due after one year through five years
169,651

 
176,406

Due after five years through ten years
213,801

 
224,212

Due after ten years
223,331

 
219,356

Residential mortgage-backed securities
1,616,150

 
1,667,403

Total investment securities held to maturity
$
2,317,033

 
$
2,382,938
Amortized Cost of Debt Securities Held to Maturity by External Credit Rating The following table summarizes the amortized cost of held to maturity debt securities by external credit rating at March 31, 2020 and December 31, 2019. There were no securities with non-investment grade ratings for the periods presented.
 
AAA/AA/A Rated
 
BBB rated
 
Non-rated
 
Total
 
(in thousands)
March 31, 2020
 
 
 
 
 
 
 
U.S. Treasury securities
$
138,311

 
$
—

 
$
—

 
$
138,311

U.S. government agency securities
6,794

 
—

 
—

 
6,794

Obligations of states and political subdivisions:
 
 
 
 
 
 

Obligations of states and state agencies
244,894

 
5,704

 
39,103

 
289,701

Municipal bonds
190,388

 
—

 
609

 
190,997

Total obligations of states and political subdivisions
435,282

 
5,704

 
39,712

 
480,698

Residential mortgage-backed securities
1,616,150

 
—

 
—

 
1,616,150

Trust preferred securities
—

 
—

 
37,330

 
37,330

Corporate and other debt securities
—

 
5,000

 
32,750

 
37,750

Total investment securities held to maturity
$
2,196,537

 
$
10,704

 
$
109,792

 
$
2,317,033

December 31, 2019
 
 
 
 
 
 
 
U.S. Treasury securities
$
138,352

 
$
—

 
$
—

 
$
138,352

U.S. government agency securities
7,345

 
—

 
—

 
7,345

Obligations of states and political subdivisions:
 
 
 
 
 
 
 
Obligations of states and state agencies
248,533

 
5,722

 
43,199

 
297,454

Municipal bonds
202,642

 
—

 
609

 
203,251

Total obligations of states and political subdivisions
451,175

 
5,722

 
43,808

 
500,705

Residential mortgage-backed securities
1,620,119

 
—

 
—

 
1,620,119

Trust preferred securities
—

 
—

 
37,324

 
37,324

Corporate and other debt securities
—

 
5,000

 
27,250

 
32,250

Total investment securities held to maturity
$
2,216,991

 
$
10,722

 
$
108,382

 
$
2,336,095
Allowance for Credit Losses for Debt Securities Held to Maturity
The following table presents the activity in the allowance for credit losses for held to maturity debit securities for the three months ended March 31, 2020:
 
(in thousands)
Three Months Ended
March 31, 2020
 
Allowance for credit losses:
 
Beginning balance
$
—

Impact of ASU 2016-13 adoption
793

Provision for credit losses
759

Ending balance
$
1,552