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Securities (Tables)
12 Months Ended
Dec. 31, 2018
Gain (Loss) on Investments [Line Items]  
Amortized Cost and Fair Value of Securities Available for Sale



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2018

 

December 31, 2017



 

 

 

 

Gross

 

Gross

 

 

 

 

 

 

 

Gross

 

Gross

 

 

 



 

Amortized

 

Unrealized

 

Unrealized

 

Fair

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

(in thousands)

 

Cost

 

Gains

 

Losses

 

Value

 

Cost

 

Gains

 

Losses

 

Value

U.S. Treasury and
  government agency
  securities

 

$

74,339 

 

$

 —

 

$

2,633 

 

$

71,706 

 

$

99,535 

 

$

 —

 

$

2,263 

 

$

97,272 

Municipal obligations

 

 

246,713 

 

 

360 

 

 

6,646 

 

 

240,427 

 

 

245,997 

 

 

1,135 

 

 

3,346 

 

 

243,786 

Residential mortgage-backed

 securities

 

 

1,468,912 

 

 

4,284 

 

 

29,794 

 

 

1,443,402 

 

 

1,729,989 

 

 

5,611 

 

 

20,387 

 

 

1,715,213 

Commercial mortgage-backed

 securities

 

 

799,060 

 

 

1,953 

 

 

30,936 

 

 

770,077 

 

 

704,518 

 

 

480 

 

 

17,863 

 

 

687,135 

Collateralized mortgage
  obligations

 

 

163,282 

 

 

903 

 

 

2,260 

 

 

161,925 

 

 

165,518 

 

 

 

 

1,559 

 

 

163,963 

Corporate debt securities

 

 

3,500 

 

 

 —

 

 

 —

 

 

3,500 

 

 

3,500 

 

 

 —

 

 

 —

 

 

3,500 



 

$

2,755,806 

 

$

7,500 

 

$

72,269 

 

$

2,691,037 

 

$

2,949,057 

 

$

7,230 

 

$

45,418 

 

$

2,910,869 



Amortized Cost and Fair Value of Securities Held to Maturity



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities Held to Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2018

 

December 31, 2017



 

 

 

 

Gross

 

Gross

 

 

 

 

 

 

 

Gross

 

Gross

 

 

 



 

Amortized

 

Unrealized

 

Unrealized

 

Fair

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

(in thousands)

 

Cost

 

Gains

 

Losses

 

Value

 

Cost

 

Gains

 

Losses

 

Value

U.S. Treasury and
  government agency
  securities

 

$

50,000 

 

$

 —

 

$

478 

 

$

49,522 

 

$

50,000 

 

$

 —

 

$

289 

 

$

49,711 

Municipal obligations

 

 

688,201 

 

 

2,347 

 

 

9,503 

 

 

681,045 

 

 

723,094 

 

 

8,323 

 

 

4,245 

 

 

727,172 

Residential mortgage-backed

 securities

 

 

640,393 

 

 

1,461 

 

 

6,117 

 

 

635,737 

 

 

725,748 

 

 

4,175 

 

 

2,690 

 

 

727,233 

Commercial mortgage-backed

 securities

 

 

357,175 

 

 

376 

 

 

10,882 

 

 

346,669 

 

 

317,185 

 

 

40 

 

 

3,915 

 

 

313,310 

Collateralized mortgage
  obligations

 

 

1,243,778 

 

 

1,598 

 

 

22,493 

 

 

1,222,883 

 

 

1,161,484 

 

 

572 

 

 

17,472 

 

 

1,144,584 



 

$

2,979,547 

 

$

5,782 

 

$

49,473 

 

$

2,935,856 

 

$

2,977,511 

 

$

13,110 

 

$

28,611 

 

$

2,962,010 



Proceeds from and Gross Losses on Sale of Securities



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

Years Ended December 31,

(in thousands)

 

2018

 

2017

 

2016

Proceeds

 

$

455,162 

 

$

213,877 

 

$

173,215 

Gross gains

 

 

 —

 

 

 —

 

 

1,965 

Gross losses

 

 

25,480 

 

 

 —

 

 

211 



Available for Sale [Member]  
Gain (Loss) on Investments [Line Items]  
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity



 

 

 

 

 

 



 

 

 

 

 

 

(in thousands)

 

Amortized
Cost

 

Fair
Value

Debt Securities Available for Sale

 

 

 

 

 

 

Due in one year or less

 

$

1,862 

 

$

1,868 

Due after one year through five years

 

 

105,364 

 

 

106,255 

Due after five years through ten years

 

 

1,200,188 

 

 

1,163,870 

Due after ten years

 

 

1,448,392 

 

 

1,419,044 

Total available for sale debt securities

 

$

2,755,806 

 

$

2,691,037 



Securities with Unrealized Losses

The details for securities classified as available for sale with unrealized losses as of December 31, 2018 follow.







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Losses < 12 Months

 

Losses 12 Months or >

 

Total



 

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

Gross



 

Fair

 

Unrealized

 

Fair

 

Unrealized

 

Fair

 

Unrealized

(in thousands)

 

Value

 

Losses

 

Value

 

Losses

 

Value

 

Losses

U.S. Treasury and government
  agency securities

 

$

 —

 

$

 —

 

$

71,706 

 

$

2,633 

 

$

71,706 

 

$

2,633 

Municipal obligations

 

 

41,203 

 

 

591 

 

 

170,883 

 

 

6,054 

 

 

212,086 

 

 

6,645 

Residential mortgage-backed securities

 

 

305,090 

 

 

2,485 

 

 

762,826 

 

 

27,309 

 

 

1,067,916 

 

 

29,794 

Commercial mortgage-backed securities

 

 

96,226 

 

 

1,851 

 

 

570,485 

 

 

29,085 

 

 

666,711 

 

 

30,936 

Collateralized mortgage obligations

 

 

254 

 

 

 

 

111,804 

 

 

2,259 

 

 

112,058 

 

 

2,260 



 

$

442,773 

 

$

4,928 

 

$

1,687,704 

 

$

67,340 

 

$

2,130,477 

 

$

72,268 



The details for securities classified as available for sale with unrealized losses as of December 31, 2017 follow.







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Losses < 12 Months

 

Losses 12 Months or >

 

Total



 

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

Gross



 

Fair

 

Unrealized

 

Fair

 

Unrealized

 

Fair

 

Unrealized

(in thousands)

 

Value

 

Losses

 

Value

 

Losses

 

Value

 

Losses

U.S. Treasury and government
  agency securities

 

$

45,616 

 

$

42 

 

$

51,157 

 

$

2,221 

 

$

96,773 

 

$

2,263 

Municipal obligations

 

 

2,768 

 

 

11 

 

 

173,530 

 

 

3,335 

 

 

176,298 

 

 

3,346 

Residential mortgage-backed securities

 

 

461,835 

 

 

4,195 

 

 

898,099 

 

 

16,192 

 

 

1,359,934 

 

 

20,387 

Commercial mortgage-backed securities

 

 

203,618 

 

 

995 

 

 

411,046 

 

 

16,868 

 

 

614,664 

 

 

17,863 

Collateralized mortgage obligations

 

 

128,174 

 

 

1,076 

 

 

35,488 

 

 

483 

 

 

163,662 

 

 

1,559 



 

$

842,011 

 

$

6,319 

 

$

1,569,320 

 

$

39,099 

 

$

2,411,331 

 

$

45,418 



Held to Maturity [Member]  
Gain (Loss) on Investments [Line Items]  
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity



 

 

 

 

 

 



 

 

 

 

 

 

(in thousands)

 

Amortized
Cost

 

Fair
Value

Debt Securities Held to Maturity

 

 

 

 

 

 

Due in one year or less

 

$

18,654 

 

$

18,676 

Due after one year through five years

 

 

127,861 

 

 

126,495 

Due after five years through ten years

 

 

1,425,846 

 

 

1,405,836 

Due after ten years

 

 

1,407,186 

 

 

1,384,849 

Total held to maturity debt securities

 

$

2,979,547 

 

$

2,935,856 



Securities with Unrealized Losses

The details for securities classified as held to maturity with unrealized losses as of December 31, 2018 follow.







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Losses < 12 Months

 

Losses 12 Months or >

 

Total



 

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

Gross



 

Fair

 

Unrealized

 

Fair

 

Unrealized

 

Fair

 

Unrealized

(in thousands)

 

Value

 

Losses

 

Value

 

Losses

 

Value

 

Losses

U.S. Treasury and government
  agency securities

 

$

 —

 

$

 —

 

$

49,521 

 

$

478 

 

$

49,521 

 

$

478 

Municipal obligations

 

 

233,469 

 

 

2,256 

 

 

233,280 

 

 

7,247 

 

 

466,749 

 

 

9,503 

Residential mortgage-backed securities

 

 

90,730 

 

 

123 

 

 

235,251 

 

 

5,994 

 

 

325,981 

 

 

6,117 

Commercial mortgage-backed securities

 

 

 —

 

 

 —

 

 

305,419 

 

 

10,882 

 

 

305,419 

 

 

10,882 

Collateralized mortgage obligations

 

 

77,394 

 

 

281 

 

 

897,153 

 

 

22,212 

 

 

974,547 

 

 

22,493 



 

$

401,593 

 

$

2,660 

 

$

1,720,624 

 

$

46,813 

 

$

2,122,217 

 

$

49,473 



The details for securities classified as held to maturity with unrealized losses as of December 31, 2017 follow. 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Losses < 12 Months

 

Losses 12 Months or >

 

Total



 

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

Gross



 

Fair

 

Unrealized

 

Fair

 

Unrealized

 

Fair

 

Unrealized

(in thousands)

 

Value

 

Losses

 

Value

 

Losses

 

Value

 

Losses

U.S. Treasury and government
  agency securities

 

$

 —

 

$

 —

 

$

49,711 

 

$

289 

 

$

49,711 

 

$

289 

Municipal obligations

 

 

14,603 

 

 

19 

 

 

230,960 

 

 

4,226 

 

 

245,563 

 

 

4,245 

Residential mortgage-backed securities

 

 

8,815 

 

 

99 

 

 

230,277 

 

 

2,591 

 

 

239,092 

 

 

2,690 

Commercial mortgage-backed securities

 

 

174,882 

 

 

744 

 

 

72,499 

 

 

3,171 

 

 

247,381 

 

 

3,915 

Collateralized mortgage obligations

 

 

570,289 

 

 

5,653 

 

 

472,536 

 

 

11,819 

 

 

1,042,825 

 

 

17,472 



 

$

768,589 

 

$

6,515 

 

$

1,055,983 

 

$

22,096 

 

$

1,824,572 

 

$

28,611