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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 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 available for sale debt securities at June 30, 2020 and December 31, 2019 were as follows: 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
(in thousands)
June 30, 2020
 
 
 
 
 
 
 
U.S. Treasury securities
$
50,940

 
$
1,681

 
$
—

 
$
52,621

U.S. government agency securities
26,778

 
1,174

 
(28
)
 
27,924

Obligations of states and political subdivisions:
 
 
 
 
 
 
 
Obligations of states and state agencies
65,620

 
1,477

 
(54
)
 
67,043

Municipal bonds
79,100

 
1,363

 
(1
)
 
80,462

Total obligations of states and political subdivisions
144,720

 
2,840

 
(55
)
 
147,505

Residential mortgage-backed securities
1,340,614

 
43,039

 
(927
)
 
1,382,726

Corporate and other debt securities
78,225

 
1,251

 
(864
)
 
78,612

Total investment securities available for sale
$
1,641,277

 
$
49,985

 
$
(1,874
)
 
$
1,689,388

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 June 30, 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)
June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
U.S. government agency securities
$
—

 
$
—

 
$
1,627

 
$
(28
)
 
$
1,627

 
$
(28
)
Obligations of states and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and state agencies
24,913

 
(37
)
 
1,036

 
(17
)
 
25,949

 
(54
)
Municipal bonds
210

 
(1
)
 
—

 
—

 
210

 
(1
)
Total obligations of states and political subdivisions
25,123

 
(38
)
 
1,036

 
(17
)
 
26,159

 
(55
)
Residential mortgage-backed securities
101,162

 
(458
)
 
49,368

 
(469
)
 
150,530

 
(927
)
Corporate and other debt securities
27,194

 
(864
)
 
—

 
—

 
27,194

 
(864
)
Total
$
153,479

 
$
(1,360
)
 
$
52,031

 
$
(514
)
 
$
205,510

 
$
(1,874
)
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 available for sale debt securities at June 30, 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.
 
June 30, 2020
 
Amortized
Cost
 
Fair
Value
 
(in thousands)
Due in one year
$
26,643

 
$
26,742

Due after one year through five years
97,248

 
99,501

Due after five years through ten years
104,076

 
106,154

Due after ten years
72,696

 
74,265

Residential mortgage-backed securities
1,340,614

 
1,382,726

Total investment securities available for sale
$
1,641,277

 
$
1,689,388
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 June 30, 2020 and December 31, 2019 were as follows: 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
(in thousands)
June 30, 2020
 
 
 
 
 
 
 
U.S. Treasury securities
$
138,268

 
$
9,147

 
$
—

 
$
147,415

U.S. government agency securities
6,657

 
264

 
—

 
6,921

Obligations of states and political subdivisions:
 
 
 
 
 
 
 
Obligations of states and state agencies
280,187

 
8,569

 
(545
)
 
288,211

Municipal bonds
186,649

 
6,876

 
—

 
193,525

Total obligations of states and political subdivisions
466,836

 
15,445

 
(545
)
 
481,736

Residential mortgage-backed securities
1,451,581

 
44,327

 
(309
)
 
1,495,599

Trust preferred securities
37,335

 
48

 
(7,483
)
 
29,900

Corporate and other debt securities
32,750

 
556

 
(1
)
 
33,305

Total investment securities held to maturity
$
2,133,427

 
$
69,787

 
$
(8,338
)
 
$
2,194,876

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 June 30, 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)
June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
Obligations of states and state agencies
$
10,544

 
$
(266
)
 
$
20,022

 
$
(279
)
 
$
30,566

 
$
(545
)
Total obligations of states and political subdivisions
10,544

 
(266
)
 
20,022

 
(279
)
 
30,566

 
(545
)
Residential mortgage-backed securities
37,394

 
(305
)
 
2,710

 
(4
)
 
40,104

 
(309
)
Trust preferred securities
—

 
—

 
28,499

 
(7,483
)
 
28,499

 
(7,483
)
Corporate and other debt securities
17,749

 
(1
)
 
—

 
—

 
17,749

 
(1
)
Total
$
65,687

 
$
(572
)
 
$
51,231

 
$
(7,766
)
 
$
116,918

 
$
(8,338
)
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 June 30, 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.  
 
June 30, 2020
 
Amortized
Cost
 
Fair
Value
 
(in thousands)
Due in one year
$
92,432

 
$
93,313

Due after one year through five years
171,778

 
179,833

Due after five years through ten years
203,555

 
215,200

Due after ten years
214,081

 
210,931

Residential mortgage-backed securities
1,451,581

 
1,495,599

Total investment securities held to maturity
$
2,133,427

 
$
2,194,876
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 June 30, 2020 and December 31, 2019.
 
AAA/AA/A Rated
 
BBB rated
 
Non-investment grade rated
 
Non-rated
 
Total
 
(in thousands)
June 30, 2020
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
$
138,268

 
$
—

 
$
—

 
$
—

 
$
138,268

U.S. government agency securities
6,657

 
—

 
—

 
—

 
6,657

Obligations of states and political subdivisions:
 
 
 
 
 
 
 
 

Obligations of states and state agencies
239,811

 
—

 
5,686

 
34,690

 
280,187

Municipal bonds
182,140

 
—

 
—

 
4,509

 
186,649

Total obligations of states and political subdivisions
421,951

 
—

 
5,686

 
39,199

 
466,836

Residential mortgage-backed securities
1,451,581

 
—

 
—

 
—

 
1,451,581

Trust preferred securities
—

 
—

 
—

 
37,335

 
37,335

Corporate and other debt securities
—

 
5,000

 
—

 
27,750

 
32,750

Total investment securities held to maturity
$
2,018,457

 
$
5,000

 
$
5,686

 
$
104,284

 
$
2,133,427

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