XML 33 R23.htm IDEA: XBRL DOCUMENT v3.19.1
Debt Securities (Tables)
 3 Months Ended
Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Amortized cost, gross unrealized gains and losses and fair value of debt securities
The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of the Company’s debt securities:
 
March 31, 2019
 
Amortized Cost
 
Gross Unrealized
 
Fair Value
(Dollars in thousands)
 
Gains
 
Losses
 
Available-for-sale
 
 
 
 
 
 
 
U.S. government and federal agency
$
21,685

 
22

 
(186
)
 
21,521

U.S. government sponsored enterprises
105,189

 
1,269

 
(1
)
 
106,457

State and local governments
700,070

 
25,426

 
(305
)
 
725,191

Corporate bonds
217,494

 
1,293

 
(239
)
 
218,548

Residential mortgage-backed securities
828,103

 
3,154

 
(6,209
)
 
825,048

Commercial mortgage-backed securities
612,407

 
14,235

 
(1,085
)
 
625,557

Total available-for-sale
2,484,948

 
45,399

 
(8,025
)
 
2,522,322

Held-to-maturity
 
 
 
 
 
 
 
State and local governments
255,572

 
5,842

 
(6
)
 
261,408

Total held-to-maturity
255,572

 
5,842

 
(6
)
 
261,408

Total debt securities
$
2,740,520

 
51,241

 
(8,031
)
 
2,783,730


 
December 31, 2018
 
Amortized Cost
 
Gross Unrealized
 
Fair Value
(Dollars in thousands)
 
Gains
 
Losses
 
Available-for-sale
 
 
 
 
 
 
 
U.S. government and federal agency
$
23,757

 
54

 
(162
)
 
23,649

U.S. government sponsored enterprises
120,670

 
52

 
(514
)
 
120,208

State and local governments
844,636

 
18,936

 
(11,322
)
 
852,250

Corporate bonds
292,052

 
378

 
(1,613
)
 
290,817

Residential mortgage-backed securities
808,537

 
628

 
(16,250
)
 
792,915

Commercial mortgage-backed securities
490,868

 
3,312

 
(2,356
)
 
491,824

Total available-for-sale
2,580,520

 
23,360

 
(32,217
)
 
2,571,663

Held-to-maturity
 
 
 
 
 
 
 
State and local governments
297,915

 
1,380

 
(11,039
)
 
288,256

Total held-to-maturity
297,915

 
1,380

 
(11,039
)
 
288,256

Total debt securities
$
2,878,435

 
24,740

 
(43,256
)
 
2,859,919
Amortized cost and fair value of securities by contractual maturity
The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity at March 31, 2019. Actual maturities may differ from expected or contractual maturities since issuers have the right to prepay obligations with or without prepayment penalties.

 
March 31, 2019
 
Available-for-Sale
 
Held-to-Maturity
(Dollars in thousands)
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Due within one year
$
88,040

 
88,011

 
—

 
—

Due after one year through five years
243,020

 
245,035

 
7,061

 
7,230

Due after five years through ten years
272,600

 
282,663

 
76,025

 
78,561

Due after ten years
440,778

 
456,008

 
172,486

 
175,617

 
1,044,438

 
1,071,717

 
255,572

 
261,408

Mortgage-backed securities 1
1,440,510

 
1,450,605

 
—

 
—

Total
$
2,484,948

 
2,522,322

 
255,572

 
261,408


______________________________
1 Mortgage-backed securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds.
Proceeds from sales and calls of debt securities and the associated gains and losses
Proceeds from sales and calls of debt securities and the associated gains and losses that have been included in earnings are listed below:
 
Three Months ended
(Dollars in thousands)
March 31,
2019
 
March 31,
2018
Available-for-sale
 
 
 
Proceeds from sales and calls of debt securities
$
304,048

 
228,681

Gross realized gains 1
2,937

 
6

Gross realized losses 1
(2,716
)
 
(288
)
Held-to-maturity
 
 
 
Proceeds from calls of debt securities
29,945

 
15,465

Gross realized gains 1
2

 
54

Gross realized losses 1
(10
)
 
(105
)

______________________________
1 The gain or loss on the sale or call of each debt security is determined by the specific identification method.
Summary of debt securities with an unrealized loss position
Debt securities with an unrealized loss position are summarized as follows:

 
March 31, 2019
 
Less than 12 Months
 
12 Months or More
 
Total
(Dollars in thousands)
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Available-for-sale
 
 
 
 
 
 
 
 
 
 
 
U.S. government and federal agency
$
6,553

 
(71
)
 
9,565

 
(115
)
 
16,118

 
(186
)
U.S. government sponsored enterprises
—

 
—

 
4,961

 
(1
)
 
4,961

 
(1
)
State and local governments
3,736

 
(4
)
 
34,411

 
(301
)
 
38,147

 
(305
)
Corporate bonds
18,409

 
(37
)
 
53,314

 
(202
)
 
71,723

 
(239
)
Residential mortgage-backed securities
28,049

 
(86
)
 
441,716

 
(6,123
)
 
469,765

 
(6,209
)
Commercial mortgage-backed securities
20,363

 
(254
)
 
49,988

 
(831
)
 
70,351

 
(1,085
)
Total available-for-sale
$
77,110

 
(452
)
 
593,955

 
(7,573
)
 
671,065

 
(8,025
)
Held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
State and local governments
$
—

 
—

 
6,896

 
(6
)
 
6,896

 
(6
)
Total held-to-maturity
$
—

 
—

 
6,896

 
(6
)
 
6,896

 
(6
)
 
 
December 31, 2018
 
Less than 12 Months
 
12 Months or More
 
Total
(Dollars in thousands)
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Available-for-sale
 
 
 
 
 
 
 
 
 
 
 
U.S. government and federal agency
$
4,287

 
(27
)
 
10,519

 
(135
)
 
14,806

 
(162
)
U.S. government sponsored enterprises
43,400

 
(103
)
 
35,544

 
(411
)
 
78,944

 
(514
)
State and local governments
72,080

 
(922
)
 
232,244

 
(10,400
)
 
304,324

 
(11,322
)
Corporate bonds
119,111

 
(937
)
 
114,800

 
(676
)
 
233,911

 
(1,613
)
Residential mortgage-backed securities
132,405

 
(833
)
 
537,202

 
(15,417
)
 
669,607

 
(16,250
)
Commercial mortgage-backed securities
73,118

 
(402
)
 
86,504

 
(1,954
)
 
159,622

 
(2,356
)
Total available-for-sale
$
444,401

 
(3,224
)
 
1,016,813

 
(28,993
)
 
1,461,214

 
(32,217
)
Held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
State and local governments
$
87,392

 
(2,778
)
 
126,226

 
(8,261
)
 
213,618

 
(11,039
)
Total held-to-maturity
$
87,392

 
(2,778
)
 
126,226

 
(8,261
)
 
213,618

 
(11,039
)