Investment Securities (Tables)

9 Months Ended

Sep. 30, 2020

Investment Securities

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, 2020:
Government-sponsored entities debt*	$	29,882	$	45	$	—	$	29,927
State and municipal obligations		446,068		13,236		(109)		459,195
Mortgage-backed securities**		3,008,562		54,671		(4,078)		3,059,155
Corporate securities		13,575		77		—		13,652
	$	3,498,087	$	68,029	$	(4,187)	$	3,561,929
December 31, 2019:
Government-sponsored entities debt*	$	25,356	$	585	$	—	$	25,941
State and municipal obligations		204,150		5,029		(764)		208,415
Mortgage-backed securities**		1,711,257		14,209		(3,775)		1,721,691
	$	1,940,763	$	19,823	$	(4,539)	$	1,956,047
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

* -  Our government-sponsored entities holdings are comprised of debt securities offered by Freddie Mac, Fannie Mae, Ginnie Mae, the FHLB, and 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 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, 2020:
Federal Home Loan Bank stock	$	44,838
Federal Reserve Bank stock		129,871
Investment in unconsolidated subsidiaries		4,941
Other nonmarketable investment securities		5,549
	$	185,199
December 31, 2019:
Federal Home Loan Bank stock	$	43,044
Investment in unconsolidated subsidiaries		3,563
Other nonmarketable investment securities		2,517
	$	49,124
September 30, 2019:
Federal Home Loan Bank stock	$	43,044
Investment in unconsolidated subsidiaries		3,563
Other nonmarketable investment securities		2,517
	$	49,124

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

	Securities
	Available for Sale
	Amortized		Fair
(Dollars in thousands)	Cost		Value
Due in one year or less	$	7,308	$	7,339
Due after one year through five years		57,855		59,731
Due after five years through ten years		531,275		547,293
Due after ten years		2,901,649		2,947,566
	$	3,498,087	$	3,561,929

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, 2020:
Securities Available for Sale
Government-sponsored entities debt	$	—	$	—	$	—	$	—
State and municipal obligations		109		43,880		—		—
Mortgage-backed securities		2,988		697,242		1,090		110,312
Corporate securities		—		—		—		—
	$	3,097	$	741,122	$	1,090	$	110,312
December 31, 2019:
Securities Available for Sale
Government-sponsored entities debt	$	—	$	—	$	—	$	—
State and municipal obligations		764		42,070		—		—
Mortgage-backed securities		2,422		461,658		1,353		141,982
	$	3,186	$	503,728	$	1,353	$	141,982
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