Securities (Tables)
|
3 Months Ended |
Mar. 31, 2018 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Schedule of Fair Value and Amortized Cost of Available-for-sale and Held-to-maturity Debt Securities |
The following table presents the fair value and amortized cost of
available-for-sale and
held-to-maturity debt
securities:
|
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| |
|
March 31, 2018 |
|
|
December 31, 2017 |
|
|
(unaudited, in thousands)
|
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Estimated
Fair
Value |
|
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Estimated
Fair
Value |
|
|
Available-for-sale debt
securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury
|
|
$ |
9,900 |
|
|
$ |
— |
|
|
$ |
(6 |
) |
|
$ |
9,894 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
U.S. Government sponsored entities and agencies
|
|
|
98,166 |
|
|
|
1 |
|
|
|
(1,709 |
) |
|
|
96,458 |
|
|
|
72,425 |
|
|
|
24 |
|
|
|
(606 |
) |
|
|
71,843 |
|
|
Residential mortgage-backed securities and collateralized mortgage
obligations of government sponsored entities and agencies
|
|
|
1,377,904 |
|
|
|
214 |
|
|
|
(33,708 |
) |
|
|
1,344,410 |
|
|
|
954,115 |
|
|
|
214 |
|
|
|
(19,407 |
) |
|
|
934,922 |
|
|
Commerical mortgage-backed securities and collateralized mortgage
obligations of government sponsored entities and agencies
|
|
|
144,568 |
|
|
|
19 |
|
|
|
(3,661 |
) |
|
|
140,926 |
|
|
|
116,448 |
|
|
|
4 |
|
|
|
(1,585 |
) |
|
|
114,867 |
|
|
Obligations of states and political subdivisions
|
|
|
100,531 |
|
|
|
2,093 |
|
|
|
(1,193 |
) |
|
|
101,431 |
|
|
|
102,363 |
|
|
|
2,927 |
|
|
|
(460 |
) |
|
|
104,830 |
|
|
Corporate debt securities
|
|
|
35,219 |
|
|
|
170 |
|
|
|
(131 |
) |
|
|
35,258 |
|
|
|
35,234 |
|
|
|
228 |
|
|
|
(59 |
) |
|
|
35,403 |
|
|
|
|
|
|
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|
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|
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Total available-for-sale debt
securities
|
|
$ |
1,766,288 |
|
|
$ |
2,497 |
|
|
$ |
(40,408 |
) |
|
$ |
1,728,377 |
|
|
$ |
1,280,585 |
|
|
$ |
3,397 |
|
|
$ |
(22,117 |
) |
|
$ |
1,261,865 |
|
|
|
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|
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|
|
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|
|
|
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|
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Held-to-maturity debt
securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
U.S. Government sponsored entities and agencies
|
|
$ |
11,263 |
|
|
$ |
— |
|
|
$ |
(373 |
) |
|
$ |
10,890 |
|
|
$ |
11,465 |
|
|
$ |
— |
|
|
$ |
(325 |
) |
|
$ |
11,140 |
|
|
Residential mortgage-backed securities and collateralized mortgage
obligations of government sponsored entities and agencies
|
|
|
162,904 |
|
|
|
301 |
|
|
|
(4,987 |
) |
|
|
158,218 |
|
|
|
170,025 |
|
|
|
544 |
|
|
|
(2,609 |
) |
|
|
167,960 |
|
|
Obligations of states and political subdivisions
|
|
|
798,536 |
|
|
|
10,510 |
|
|
|
(5,838 |
) |
|
|
803,208 |
|
|
|
794,655 |
|
|
|
17,364 |
|
|
|
(1,609 |
) |
|
|
810,410 |
|
|
Corporate debt securities
|
|
|
33,339 |
|
|
|
82 |
|
|
|
(235 |
) |
|
|
33,186 |
|
|
|
33,355 |
|
|
|
919 |
|
|
|
— |
|
|
|
34,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
Total held-to-maturity debt
securities
|
|
$ |
1,006,042 |
|
|
$ |
10,893 |
|
|
$ |
(11,433 |
) |
|
$ |
1,005,502 |
|
|
$ |
1,009,500 |
|
|
$ |
18,827 |
|
|
$ |
(4,543 |
) |
|
$ |
1,023,784 |
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|
Total debt securities
|
|
$ |
2,772,330 |
|
|
$ |
13,390 |
|
|
$ |
(51,841 |
) |
|
$ |
2,733,879 |
|
|
$ |
2,290,085 |
|
|
$ |
22,224 |
|
|
$ |
(26,660 |
) |
|
$ |
2,285,649 |
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|
| Schedule of Fair Value of Available-for-sale and Held-to-maturity Debt Securities by Contractual Maturity |
The following table presents the fair value of available-for-sale and
held-to-maturity debt securities
by contractual maturity at March 31, 2018. In some instances,
the issuers may have the right to call or prepay obligations
without penalty prior to the contractual maturity date.
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| |
|
March 31,
2018 |
|
|
(unaudited, in thousands)
|
|
One Year
or less |
|
|
One to
Five Years |
|
|
Five to
Ten Years |
|
|
After
Ten Years |
|
|
Mortgage-backed
securities |
|
|
Total |
|
|
Available-for-sale debt
securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury
|
|
$ |
9,894 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,894 |
|
|
U.S. Government sponsored entities and agencies
|
|
|
9,945 |
|
|
|
1,961 |
|
|
|
16,671 |
|
|
|
6,864 |
|
|
|
61,017 |
|
|
|
96,458 |
|
|
Residential mortgage-backed securities and collateralized mortgage
obligations of government sponsored entities and agencies
(1)
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,344,410 |
|
|
|
1,344,410 |
|
|
Commercial mortgage-backed securities and collateralized mortgage
obligations of government sponsored entities and agencies
(1)
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
140,926 |
|
|
|
140,926 |
|
|
Obligations of states and political subdivisions
|
|
|
3,686 |
|
|
|
17,368 |
|
|
|
40,161 |
|
|
|
40,216 |
|
|
|
— |
|
|
|
101,431 |
|
|
Corporate debt securities
|
|
|
3,991 |
|
|
|
26,299 |
|
|
|
4,968 |
|
|
|
— |
|
|
|
— |
|
|
|
35,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total available-for-sale debt
securities
|
|
$ |
27,516 |
|
|
$ |
45,628 |
|
|
$ |
61,800 |
|
|
$ |
47,080 |
|
|
$ |
1,546,353 |
|
|
$ |
1,728,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held-to-maturity debt securities
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government sponsored entities and agencies
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10,890 |
|
|
$ |
10,890 |
|
|
Residential mortgage-backed securities and collateralized mortgage
obligations of government sponsored entities and agencies
(1)
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
158,218 |
|
|
|
158,218 |
|
|
Obligations of states and political subdivisions
|
|
|
6,872 |
|
|
|
114,768 |
|
|
|
398,845 |
|
|
|
282,723 |
|
|
|
— |
|
|
|
803,208 |
|
|
Corporate debt securities
|
|
|
— |
|
|
|
7,504 |
|
|
|
25,682 |
|
|
|
— |
|
|
|
— |
|
|
|
33,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total held-to-maturity debt
securities
|
|
$ |
6,872 |
|
|
$ |
122,272 |
|
|
$ |
424,527 |
|
|
$ |
282,723 |
|
|
$ |
169,108 |
|
|
$ |
1,005,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt securities
|
|
$ |
34,388 |
|
|
$ |
167,900 |
|
|
$ |
486,327 |
|
|
$ |
329,803 |
|
|
$ |
1,715,461 |
|
|
$ |
2,733,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Mortgage-backed and collateralized
mortgage securities, which have prepayment provisions, are not
assigned to maturity categories due to fluctuations in their
prepayment speeds. |
| (2) |
The held-to-maturity debt securities
portfolio is carried at an amortized cost of
$1.0 billion. |
|
| Schedule of Gross Realized Gains and Losses on the Sales and Calls of Securities as well as Gains and Losses on Equity Securities |
The following table presents the gross realized gains and losses on
sales and calls of available-for-sale and
held-to-maturity debt
securities, as well as gains and losses on equity securities for
the three months ended March 31, 2018 and 2017,
respectively.
|
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|
|
|
|
|
|
|
| |
|
For the Three
Months Ended
March 31, |
|
|
(unaudited, in thousands)
|
|
2018 |
|
|
2017 |
|
|
Debt securities:
|
|
|
|
|
|
|
|
|
|
Gross realized gains
|
|
$ |
7 |
|
|
$ |
12 |
|
|
Gross realized losses
|
|
|
(18 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Net (losses) gains on debt securities
|
|
$ |
(11 |
) |
|
$ |
12 |
|
|
|
|
|
|
|
|
|
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
Unrealized (losses) gains recognized on securities still held
|
|
$ |
(28 |
) |
|
$ |
— |
|
|
Net realized (losses) gains recognized on securities sold
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Net (losses) gains on equity securities
|
|
$ |
(28 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
Net securities (losses) gains
|
|
$ |
(39 |
) |
|
$ |
12 |
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Unrealized Losses on Debt Securities |
The following tables provide information on unrealized losses on
debt securities that have been in an unrealized loss position for
less than twelve months and twelve months or more as of
March 31, 2018 and December 31, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
March 31,
2018 |
|
| |
|
Less than 12
months |
|
|
12 months or more |
|
|
Total |
|
| |
|
Fair |
|
|
Unrealized |
|
|
# of |
|
|
Fair |
|
|
Unrealized |
|
|
# of |
|
|
Fair |
|
|
Unrealized |
|
|
# of |
|
|
(unaudited, dollars in thousands)
|
|
Value |
|
|
Losses |
|
|
Securities |
|
|
Value |
|
|
Losses |
|
|
Securities |
|
|
Value |
|
|
Losses |
|
|
Securities |
|
|
U.S. Treasury
|
|
$ |
9,894 |
|
|
$ |
(6 |
) |
|
|
1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
9,894 |
|
|
$ |
(6 |
) |
|
|
1 |
|
|
U.S. Government sponsored entities and agencies
|
|
|
59,280 |
|
|
|
(1,129 |
) |
|
|
8 |
|
|
|
41,203 |
|
|
|
(953 |
) |
|
|
8 |
|
|
|
100,483 |
|
|
|
(2,082 |
) |
|
|
16 |
|
|
Residential mortgage-backed securities and collateralized mortgage
obligations of government sponsored entities and agencies
|
|
|
785,806 |
|
|
|
(13,021 |
) |
|
|
128 |
|
|
|
602,202 |
|
|
|
(25,674 |
) |
|
|
195 |
|
|
|
1,388,008 |
|
|
|
(38,695 |
) |
|
|
323 |
|
|
Commercial mortgage-backed securities and collateralized mortgage
obligations of government sponsored entities and agencies
|
|
|
101,309 |
|
|
|
(2,780 |
) |
|
|
12 |
|
|
|
23,376 |
|
|
|
(881 |
) |
|
|
4 |
|
|
|
124,685 |
|
|
|
(3,661 |
) |
|
|
16 |
|
|
Obligations of states and political subdivisions
|
|
|
335,762 |
|
|
|
(4,776 |
) |
|
|
527 |
|
|
|
72,751 |
|
|
|
(2,255 |
) |
|
|
152 |
|
|
|
408,513 |
|
|
|
(7,031 |
) |
|
|
679 |
|
|
Corporate debt securities
|
|
|
35,405 |
|
|
|
(352 |
) |
|
|
12 |
|
|
|
1,974 |
|
|
|
(14 |
) |
|
|
1 |
|
|
|
37,379 |
|
|
|
(366 |
) |
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total temporarily impaired securities
|
|
$ |
1,327,456 |
|
|
$ |
(22,064 |
) |
|
|
688 |
|
|
$ |
741,506 |
|
|
$ |
(29,777 |
) |
|
|
360 |
|
|
$ |
2,068,962 |
|
|
$ |
(51,841 |
) |
|
|
1,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31,
2017 |
|
| |
|
Less than 12
months |
|
|
12 months or more |
|
|
Total |
|
| |
|
Fair |
|
|
Unrealized |
|
|
# of |
|
|
Fair |
|
|
Unrealized |
|
|
# of |
|
|
Fair |
|
|
Unrealized |
|
|
# of |
|
|
(unaudited, dollars in thousands)
|
|
Value |
|
|
Losses |
|
|
Securities |
|
|
Value |
|
|
Losses |
|
|
Securities |
|
|
Value |
|
|
Losses |
|
|
Securities |
|
|
U.S. Government sponsored entities and agencies
|
|
$ |
24,776 |
|
|
$ |
(160 |
) |
|
|
4 |
|
|
$ |
42,248 |
|
|
$ |
(771 |
) |
|
|
8 |
|
|
$ |
67,024 |
|
|
$ |
(931 |
) |
|
|
12 |
|
|
Residential mortgage-backed securities and collateralized mortgage
obligations of government sponsored entities and agencies
|
|
|
423,794 |
|
|
|
(5,039 |
) |
|
|
87 |
|
|
|
637,461 |
|
|
|
(16,977 |
) |
|
|
193 |
|
|
|
1,061,255 |
|
|
|
(22,016 |
) |
|
|
280 |
|
|
Commercial mortgage-backed securities and collateralized mortgage
obligations of government sponsored entities and agencies
|
|
|
79,061 |
|
|
|
(1,089 |
) |
|
|
10 |
|
|
|
27,852 |
|
|
|
(496 |
) |
|
|
6 |
|
|
|
106,913 |
|
|
|
(1,585 |
) |
|
|
16 |
|
|
Obligations of states and political subdivisions
|
|
|
132,831 |
|
|
|
(852 |
) |
|
|
210 |
|
|
|
77,554 |
|
|
|
(1,217 |
) |
|
|
160 |
|
|
|
210,385 |
|
|
|
(2,069 |
) |
|
|
370 |
|
|
Corporate debt securities
|
|
|
4,015 |
|
|
|
(19 |
) |
|
|
1 |
|
|
|
1,948 |
|
|
|
(40 |
) |
|
|
1 |
|
|
|
5,963 |
|
|
|
(59 |
) |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total temporarily impaired securities
|
|
$ |
664,477 |
|
|
$ |
(7,159 |
) |
|
|
312 |
|
|
$ |
787,063 |
|
|
$ |
(19,501 |
) |
|
|
368 |
|
|
$ |
1,451,540 |
|
|
$ |
(26,660 |
) |
|
|
680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|