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Investment Securities (Tables)
9 Months Ended
Sep. 30, 2019
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, 2019:

State and municipal obligations

$

$

$

$

December 31, 2018:

State and municipal obligations

$

$

$

$

September 30, 2018:

State and municipal obligations

$

500

$

$

$

500

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, 2019:

Government-sponsored entities debt*

$

40,322

$

645

$

$

40,967

State and municipal obligations

 

183,005

 

5,720

 

(43)

 

188,682

Mortgage-backed securities**

 

1,566,182

 

19,791

 

(2,488)

 

1,583,485

$

1,789,509

$

26,156

$

(2,531)

$

1,813,134

December 31, 2018:

Government-sponsored entities debt*

$

48,982

$

21

$

(752)

$

48,251

State and municipal obligations

 

200,184

 

1,709

 

(1,125)

 

200,768

Mortgage-backed securities**

 

1,291,484

 

697

 

(24,133)

 

1,268,048

$

1,540,650

$

2,427

$

(26,010)

$

1,517,067

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

* -  Our 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, Federal Home Loan Bank (“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 our 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 carrying value of other investment securities

Carrying

 

(Dollars in thousands)

    

Value

 

September 30, 2019:

Federal Home Loan Bank stock

$

43,044

Investment in unconsolidated subsidiaries

 

3,563

Other nonmarketable investment securities

 

2,517

$

49,124

December 31, 2018:

Federal Home Loan Bank stock

$

19,524

Investment in unconsolidated subsidiaries

 

3,563

Other nonmarketable investment securities

 

2,517

$

25,604

September 30, 2018:

Federal Home Loan Bank stock

$

13,149

Investment in unconsolidated subsidiaries

 

3,563

Other nonmarketable investment securities

 

2,517

$

19,229

Schedule of amortized cost and fair value of debt and equity 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

    

$

$

    

$

6,012

    

$

6,018

Due after one year through five years

 

 

 

71,916

 

72,679

Due after five years through ten years

 

 

 

411,641

 

418,641

Due after ten years

 

 

 

1,299,940

 

1,315,796

$

$

$

1,789,509

$

1,813,134

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, 2019:

Securities Available for Sale

Government-sponsored entities debt

$

$

$

$

State and municipal obligations

 

43

 

5,275

 

 

Mortgage-backed securities

 

1,113

 

312,686

 

1,375

 

154,111

$

1,156

$

317,961

$

1,375

$

154,111

December 31, 2018:

Securities Available for Sale

Government-sponsored entities debt

$

100

$

10,571

$

652

$

32,959

State and municipal obligations

 

760

 

40,387

 

365

 

14,231

Mortgage-backed securities

 

5,182

 

405,055

 

18,951

 

755,223

$

6,042

$

456,013

$

19,968

$

802,413

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

$

27,928

$

986,591

$

20,918

$

429,442