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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2018
Investment Securities  
Schedule of amortized cost and fair value of investment securities held to maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

    

Gross

 

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

 

(Dollars in thousands)

    

Cost

    

Gains

    

Losses

    

Value

 

September 30, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$

500

 

$

 —

 

$

 —

 

$

500

 

December 31, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$

2,529

 

$

27

 

$

 —

 

$

2,556

 

September 30, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$

3,678

 

$

54

 

$

 —

 

$

3,732

 

 

Schedule of amortized cost and fair value of investment securities available for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

 

(Dollars in thousands)

    

Cost

    

Gains

    

Losses

    

Value

 

September 30, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt*

 

$

54,397

 

$

 —

 

$

(1,852)

 

$

52,545

 

State and municipal obligations

 

 

207,723

 

 

1,114

 

 

(2,613)

 

 

206,224

 

Mortgage-backed securities**

 

 

1,336,778

 

 

115

 

 

(44,381)

 

 

1,292,512

 

 

 

$

1,598,898

 

$

1,229

 

$

(48,846)

 

$

1,551,281

 

December 31, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt*

 

$

86,535

 

$

51

 

$

(1,077)

 

$

85,509

 

State and municipal obligations

 

 

216,812

 

 

3,749

 

 

(124)

 

 

220,437

 

Mortgage-backed securities**

 

 

1,350,200

 

 

2,103

 

 

(11,616)

 

 

1,340,687

 

Corporate securities

 

 

1,560

 

 

 —

 

 

 —

 

 

1,560

 

 

 

$

1,655,107

 

$

5,903

 

$

(12,817)

 

$

1,648,193

 

September 30, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt*

 

$

86,521

 

$

72

 

$

(642)

 

$

85,951

 

State and municipal obligations

 

 

199,898

 

 

4,584

 

 

(188)

 

 

204,294

 

Mortgage-backed securities**

 

 

1,027,827

 

 

4,673

 

 

(5,023)

 

 

1,027,477

 

Corporate stocks

 

 

1,556

 

 

176

 

 

 —

 

 

1,732

 

 

 

$

1,315,802

 

$

9,505

 

$

(5,853)

 

$

1,319,454

 

* -  The Company’s government-sponsored entities holdings are comprised of debt securities offered by Federal Home Loan Mortgage Corporation (“FHLMC”) or Freddie Mac, Federal National Mortgage Association (“FNMA”) or Fannie Mae, FHLB, and Federal Farm Credit Banks (“FFCB”). 

** - All of the mortgage-backed securities are issued by government-sponsored entities; there are no private-label holdings. Also, included in the Company’s mortgage-backed securities are debt securities offered by the Small Business Administration (“SBA”), which have the full faith and credit backing of the United States Government.

Schedule of amortized cost and fair value of other investment securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

 

(Dollars in thousands)

    

Cost

    

Gains

    

Losses

    

Value

 

September 30, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank stock

 

$

13,149

 

$

—

 

$

—

 

$

13,149

 

Investment in unconsolidated subsidiaries

 

 

3,563

 

 

—

 

 

—

 

 

3,563

 

Other nonmarketable investment securities

 

 

2,517

 

 

—

 

 

—

 

 

2,517

 

 

 

$

19,229

 

$

 —

 

$

 —

 

$

19,229

 

December 31, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank stock

 

$

16,967

 

$

—

 

$

—

 

$

16,967

 

Investment in unconsolidated subsidiaries

 

 

3,563

 

 

—

 

 

—

 

 

3,563

 

Other nonmarketable investment securities

 

 

2,517

 

 

—

 

 

—

 

 

2,517

 

 

 

$

23,047

 

$

 —

 

$

 —

 

$

23,047

 

September 30, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank stock

 

$

10,177

 

$

—

 

$

—

 

$

10,177

 

Investment in unconsolidated subsidiaries

 

 

2,262

 

 

—

 

 

—

 

 

2,262

 

Other nonmarketable investment securities

 

 

1,225

 

 

—

 

 

—

 

 

1,225

 

 

 

$

13,664

 

$

 —

 

$

 —

 

$

13,664

 

 

Schedule of amortized cost and fair value of debt securities by contractual maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities

 

Securities

 

 

 

Held to Maturity

 

Available for Sale

 

 

 

Amortized

 

Fair

 

Amortized

 

Fair

 

(Dollars in thousands)

    

Cost

    

Value

    

Cost

    

Value

 

Due in one year or less

    

$

 —

 

$

 —

    

$

4,366

    

$

4,362

 

Due after one year through five years

 

 

 —

 

 

 —

 

 

84,160

 

 

83,239

 

Due after five years through ten years

 

 

500

 

 

500

 

 

377,504

 

 

366,790

 

Due after ten years

 

 

 —

 

 

 —

 

 

1,132,868

 

 

1,096,890

 

 

 

$

500

 

$

500

 

$

1,598,898

 

$

1,551,281

 

 

Schedule of securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less Than

 

Twelve Months

 

 

 

Twelve Months

 

or More

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

 

 

Unrealized

 

Fair

 

Unrealized

 

Fair

 

(Dollars in thousands)

    

Losses

    

Value

    

Losses

    

Value

 

September 30, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt

 

$

538

 

$

20,253

 

$

1,314

 

$

32,293

 

State and municipal obligations

 

 

2,313

 

 

89,908

 

 

300

 

 

8,104

 

Mortgage-backed securities

 

 

25,077

 

 

876,430

 

 

19,304

 

 

389,045

 

Corporate securities

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 

$

27,928

 

$

986,591

 

$

20,918

 

$

429,442

 

December 31, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt

 

$

403

 

$

27,442

 

$

674

 

$

52,324

 

State and municipal obligations

 

 

124

 

 

17,400

 

 

 —

 

 

 —

 

Mortgage-backed securities

 

 

4,493

 

 

610,051

 

 

7,123

 

 

322,258

 

Corporate securities

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 

$

5,020

 

$

654,893

 

$

7,797

 

$

374,582

 

September 30, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt

 

$

473

 

$

68,366

 

$

169

 

$

11,830

 

State and municipal obligations

 

 

188

 

 

21,851

 

 

 —

 

 

 —

 

Mortgage-backed securities

 

 

4,457

 

 

455,145

 

 

566

 

 

35,917

 

Corporate stocks

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 

$

5,118

 

$

545,362

 

$

735

 

$

47,747