Securities (Tables)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of cost basis, gross unrealized gains and losses and fair value of securities held to maturity

The amortized cost basis, unrealized gains and losses and fair value of debt securities held-to-maturity as of the dates indicated are as follows (in thousands).

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
As of March 31, 2020
State and political subdivisions	$	61,083	$	3,377	$	—	$	64,460
Residential mortgage-backed securities, Agency	145,793		4,711		14		150,490
Commercial mortgage-backed, Agency	83,528		3,170		53		86,645
Total	$	290,404	$	11,258	$	67	$	301,595
As of December 31, 2019
State and political subdivisions	$	45,479	$	1,574	$	9	$	47,044
Residential mortgage-backed securities, Agency	153,967		2,014		694		155,287
Commercial mortgage-backed, Agency	84,087		1,627		141		85,573
Total	$	283,533	$	5,215	$	844	$	287,904

Schedule of cost basis, unrealized gains and losses, and fair value of securities available for sale

The cost basis, unrealized gains and losses, and fair value of debt securities available-for-sale as of the dates indicated are presented below (in thousands).

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
As of March 31, 2020
U.S. Treasuries	$	153,219	$	5,745	$	—	$	158,964
U.S. Government agencies	2,777		190		—		2,967
State and political subdivisions	214,191		13,507		17		227,681
Residential mortgage-backed securities, Agency	1,008,944		29,264		459		1,037,749
Residential mortgage-backed securities, Non-agency	260,638		2,095		2,891		259,842
Commercial mortgage-backed, Agency	261,836		5,982		29		267,789
Corporate bonds	191,070		665		950		190,785
Asset-backed securities	109,542		340		5,783		104,099
Total	$	2,202,217	$	57,788	$	10,129	$	2,249,876
As of December 31, 2019
U.S. Treasuries	$	152,990	$	1,628	$	—	$	154,618
U.S. Government agencies	2,848		188		1		3,035
State and political subdivisions	214,677		11,813		—		226,490
Residential mortgage-backed securities, Agency	1,030,948		12,022		726		1,042,244
Residential mortgage-backed securities, Non-agency	250,550		6,231		—		256,781
Commercial mortgage-backed, Agency	266,770		2,261		128		268,903
Commercial mortgage-backed, Non-agency	15,395		918		263		16,050
Corporate bonds	202,131		1,178		218		203,091
Asset-backed securities	104,298		743		1,672		103,369
Total	$	2,240,607	$	36,982	$	3,008	$	2,274,581

Schedule of held to maturity securities in an unrealized loss position

The following table summarizes debt securities held-to-maturity in an unrealized loss position as of the dates indicated (in thousands).

	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
As of March 31, 2020
Residential mortgage-backed securities, Agency	$	1,589	$	11	$	440	$	3	$	2,029	$	14
Commercial mortgage-backed, Agency	—		—		1,467		53		1,467		53
Total unrealized loss position	$	1,589	$	11	$	1,907	$	56	$	3,496	$	67
As of December 31, 2019
State and political subdivisions	$	10,117	$	9	$	—	$	—	$	10,117	$	9
Residential mortgage-backed securities, Agency	16,049		64		48,237		630		64,286		694
Commercial mortgage-backed, Agency	21,841		87		1,685		54		23,526		141
Total unrealized loss position	$	48,007	$	160	$	49,922	$	684	$	97,929	$	844

Schedule of available for sale securities in an unrealized loss position

The following table summarizes debt securities available-for-sale in an unrealized loss position as of the dates indicated (in thousands).

	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
As of March 31, 2020
State and political subdivisions	$	15,009	$	17	$	—	$	—	$	15,009	$	17
Residential mortgage-backed securities, Agency	32,736		454		1,856		5		34,592		459
Residential mortgage-backed securities, Non-agency	151,965		2,891		—		—		151,965		2,891
Commercial mortgage-backed, Agency	8,655		29		—		—		8,655		29
Corporate bonds	94,040		950		—		—		94,040		950
Asset-backed securities	20,713		1,240		59,022		4,543		79,735		5,783
Total unrealized loss position	$	323,118	$	5,581	$	60,878	$	4,548	$	383,996	$	10,129
As of December 31, 2019
U.S. Government agencies	$	404	$	1	$	—	$	—	$	404	$	1
Residential mortgage-backed securities, Agency	228,611		576		18,294		150		246,905		726
Commercial mortgage-backed, Agency	—		—		33,517		128		33,517		128
Commercial mortgage-backed, Non-agency	—		—		4,864		263		4,864		263
Corporate bonds	19,742		216		998		2		20,740		218
Asset-backed securities	32,294		625		38,990		1,047		71,284		1,672
Total unrealized loss position	$	281,051	$	1,418	$	96,663	$	1,590	$	377,714	$	3,008

Schedule of summary of securities sales activities

The following table summarizes available-for-sale securities sales activity for the three months ended March 31, 2020 and 2019 (in thousands).

	Three Months Ended March 31,
	2020		2019
Proceeds from sales	$	1,000	$	178,604
Gross gains on sales	$	—	$	1,287
Gross losses on sales	—		(1,554		)
Net losses on sales of securities	$	—	$	(267	)
Income tax benefit attributable to sales	$	—	$	(68	)

Schedule of amortized cost and fair value of available for sale and held to maturity securities by contractual maturity

The amortized cost and fair value of debt securities available-for-sale and held-to-maturity at March 31, 2020, by contractual maturity, are presented in the following table (in thousands). 

	Available-for-Sale				Held-to-Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
U.S. Treasuries:
Within 1 year	$	29,967	$	30,035	$	—	$	—
1 to 5 years	123,252		128,929		—		—
	153,219		158,964		—		—
U.S. Government agencies:
1 to 5 years	354		358		—		—
More than 10 years	2,423		2,609		—		—
	2,777		2,967		—		—
State and political subdivisions:
Within 1 year	935		935		1,350		1,363
1 to 5 years	54,097		55,202		11,759		12,421
5 to 10 years	24,255		25,802		13,323		14,714
More than 10 years	134,904		145,742		34,651		35,962
	214,191		227,681		61,083		64,460
Corporate bonds:
Within 1 year	160,000		159,258		—		—
1 to 5 years	27,570		27,835		—		—
5 to 10 years	3,500		3,692		—		—
	191,070		190,785		—		—
Total securities other than asset-backed and   mortgage-backed securities:
Within 1 year	190,902		190,228		1,350		1,363
1 to 5 years	205,273		212,324		11,759		12,421
5 to 10 years	27,755		29,494		13,323		14,714
More than 10 years	137,327		148,351		34,651		35,962
Asset-backed securities	109,542		104,099		—		—
Residential mortgage-backed securities	1,269,582		1,297,591		145,793		150,490
Commercial mortgage-backed securities	261,836		267,789		83,528		86,645
	$	2,202,217	$	2,249,876	$	290,404	$	301,595