XML 40 R26.htm IDEA: XBRL DOCUMENT v3.22.2
Investment Securities (Tables)
6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost and estimated fair value of securities
The amortized cost and estimated fair value of investment securities available-for-sale were as follows:
(Dollars in thousands)Amortized
 Cost
Gross Unrealized
Gain
Gross Unrealized
Loss
Estimated
Fair Value
AFS investment securities:
June 30, 2022    
U.S. Treasury$34,750 $— $(1,390)$33,360 
Agency452,845 34 (40,584)412,295 
Corporate debt602,320 36 (32,941)569,415 
Collateralized mortgage obligations832,341 28 (42,583)789,786 
Mortgage-backed securities986,255 — (112,041)874,214 
Total AFS investment securities$2,908,511 $98 $(229,539)$2,679,070 
December 31, 2021
U.S. Treasury$57,708 $614 $(456)$57,866 
Agency440,183 2,081 (10,129)432,135 
Corporate debt451,621 6,096 (3,856)453,861 
Municipal bonds1,061,985 32,209 (4,281)1,089,913 
Collateralized mortgage obligations680,686 2,012 (6,055)676,643 
Mortgage-backed securities1,586,406 3,220 (26,180)1,563,446 
Total AFS investment securities$4,278,589 $46,232 $(50,957)$4,273,864 

The carrying amount and estimated fair value of investment securities held-to-maturity were as follows:
(Dollars in thousands)Amortized
 Cost
Allowance for Credit LossesNet Carrying AmountGross Unrecognized
Gain
Gross Unrecognized
Loss
Estimated
Fair Value
HTM investment securities:
June 30, 2022
Municipal bonds$1,148,411 $(109)$1,148,302 $448 $(211,542)$937,208 
Mortgage-backed securities240,918 — 240,918 (23,096)217,831 
Other1,462 — 1,462 — — 1,462 
Total HTM investment securities$1,390,791 $(109)$1,390,682 $457 $(234,638)$1,156,501 
December 31, 2021
Municipal bonds$368,344 $(22)$368,322 $3,834 $(1,649)$370,507 
Mortgage-backed securities11,843 — 11,843 564 — 12,407 
Other1,509 — 1,509 — — 1,509 
Total HTM investment securities$381,696 $(22)$381,674 $4,398 $(1,649)$384,423 
Schedule of number, fair value and gross unrealized holding losses of the Company's investment securities by investment category and length of time that the securities have been in a continuous loss position
The table below summarizes the number, fair value, and gross unrealized holding losses of the Company’s AFS investment securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of the dates indicated, aggregated by investment category and length of time in a continuous loss position.
 June 30, 2022
 Less than 12 Months12 Months or LongerTotal
(Dollars in thousands)NumberFair
Value
Gross
Unrealized
Losses
NumberFair
Value
Gross
Unrealized
Losses
NumberFair
Value
Gross
Unrealized
Losses
AFS investment securities:
U.S. Treasury$33,360 $(1,390)— $— $— $33,360 $(1,390)
Agency69,116 (9,554)26 295,963 (31,030)35 365,079 (40,584)
Corporate debt52 503,218 (21,134)48,161 (11,807)55 551,379 (32,941)
Collateralized mortgage obligations45 509,400 (27,406)29 206,125 (15,177)74 715,525 (42,583)
Mortgage-backed securities.70 797,662 (98,760)10 76,552 (13,281)80 874,214 (112,041)
Total AFS investment securities178 $1,912,756 $(158,244)68 $626,801 $(71,295)246 $2,539,557 $(229,539)
 December 31, 2021
 Less than 12 Months12 Months or LongerTotal
(Dollars in thousands)NumberFair
Value
Gross
Unrealized
Losses
NumberFair
Value
Gross
Unrealized
Losses
NumberFair
Value
Gross
Unrealized
Losses
AFS investment securities:
U.S. Treasury$47,235 $(456)— $— $— $47,235 $(456)
Agency19 278,078 (5,634)16 119,750 (4,495)35 397,828 (10,129)
Corporate debt17 166,563 (849)57,274 (3,007)20 223,837 (3,856)
Municipal bonds36 277,564 (4,079)6,596 (202)38 284,160 (4,281)
Collateralized mortgage obligations26 226,763 (3,738)15 121,185 (2,317)41 347,948 (6,055)
Mortgage-backed securities103 1,306,455 (20,417)15 173,121 (5,763)118 1,479,576 (26,180)
Total AFS investment securities204 $2,302,658 $(35,173)51 $477,926 $(15,784)255 $2,780,584 $(50,957)
Schedule of allowance for credit losses on company's held-to-maturity debt securities
The following table presents a rollforward by major security type of the allowance for credit losses on the Company's HTM debt securities as of, and for the periods indicated:
Three Months Ended June 30, 2022
(Dollars in thousands)
 Balance,
March 31, 2022
Provision for Credit Losses
Balance,
June 30, 2022
HTM investment securities:
Municipal bonds$41 $68 $109 
Six Months Ended June 30, 2022
(Dollars in thousands) Balance,
December 31, 2021
Provision for Credit Losses
Balance,
June 30, 2022
HTM investment securities:
Municipal bonds$22 $87 $109 
Schedule of realized gain (loss) on investments
The following table presents the amortized cost of securities sold with related gross realized gains, gross realized losses, and net realized (losses) gains for the periods indicated:
Three Months EndedSix Months Ended
June 30,March 31,June 30,June 30,June 30,
(Dollars in thousands)20222022202120222021
Amortized cost of AFS investment securities sold$45,121 $658,505 $280,199 $703,626 $455,520 
Gross realized gains$$13,637 $10,035 $13,645 $14,272 
Gross realized (losses)(38)(11,503)(4,950)(11,542)(5,141)
Net realized (losses) gains on sales of AFS investment securities$(31)$2,134 $5,085 $2,103 $9,131 
Schedule of amortized cost and estimated fair value of investment securities available for sale by contractual maturity
The amortized cost and estimated fair value of investment securities at June 30, 2022, by contractual maturity, are shown in the table below.
Due in One Year
or Less
Due after One Year
through Five Years
Due after Five Years
through Ten Years
Due after
Ten Years
Total
(Dollars in thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
AFS investment securities:          
U.S. Treasury$19,817 $19,806 $— $— $14,933 $13,554 $— $— $34,750 $33,360 
Agency— — 318,130 297,704 97,045 84,078 37,670 30,513 452,845 412,295 
Corporate debt— — 229,675 223,185 372,645 346,230 — — 602,320 569,415 
Collateralized mortgage obligations— — 47,532 47,032 221,867 205,674 562,942 537,080 832,341 789,786 
Mortgage-backed securities— — — — 569,903 512,789 416,352 361,425 986,255 874,214 
Total AFS investment securities19,817 19,806 595,337 567,921 1,276,393 1,162,325 1,016,964 929,018 2,908,511 2,679,070 
HTM investment securities:
Municipal bonds— — — — 60,867 56,380 1,087,544 880,828 1,148,411 937,208 
Mortgage-backed securities— — — — — — 240,918 217,831 240,918 217,831 
Other— — — — — — 1,462 1,462 1,462 1,462 
Total HTM investment securities— — — — 60,867 56,380 1,329,924 1,100,121 1,390,791 1,156,501 
Total investment securities$19,817 $19,806 $595,337 $567,921 $1,337,260 $1,218,705 $2,346,888 $2,029,139 $4,299,302 $3,835,571