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Investment Securities Available-for-Sale (Tables)
12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost and estimated fair value of securities available-for-sale
Amortized cost and estimated fair value of securities available-for-sale and held-to-maturity are summarized as follows:
December 31, 2022Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Estimated
Fair
Value
(dollars in thousands)Credit Losses
Investment securities available-for-sale:
U.S. treasury bonds$49,793 $— $(3,466)$— $46,327 
U.S. agency securities747,777 — (78,049)— 669,728 
Residential mortgage-backed securities937,557 18 (117,072)— 820,503 
Commercial mortgage-backed securities56,071 — (5,858)— 50,213 
Municipal bonds10,700 45 (658)— 10,087 
Corporate bonds2,000 — (175)(17)1,808 
Total available-for-sale securities$1,803,898 $63 $(205,278)$(17)$1,598,666 
December 31, 2022Amortized
Cost
Gross
Unrecognized
Gains
Gross
Unrecognized
Losses
Estimated
(dollars in thousands)Fair Value
Investment securities held-to-maturity:
Residential mortgage-backed securities$741,057 $— $(88,390)$652,667 
Commercial mortgage-backed securities92,557 — (11,993)80,564 
Municipal bonds128,273 — (12,092)116,181 
Corporate bonds132,253 — (12,958)119,295 
1,094,140 $— $(125,433)$968,707 
     Allowance for credit losses(766)
Total held-to-maturity securities, net of ACL$1,093,374 
December 31, 2021Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance forEstimated
Fair
Value
(dollars in thousands)Credit Losses
Investment securities available-for-sale:
U.S. treasury bonds$49,693 $22 $(257)$— $49,458 
U.S. agency securities629,273 736 (7,622)— 622,387
Residential mortgage-backed securities1,634,421 4,053 (20,447)— 1,618,027
Commercial mortgage-backed securities58,352 1,644 (350)— 59,646 
Municipal bonds141,916 3,865 (347)(3)145,431
Corporate bonds129,012 648 (584)(617)128,459
$2,642,667 $10,968 $(29,607)$(620)$2,623,408 
Schedule of unrealized losses and fair value by length of time
Gross unrealized losses and fair value by length of time that the individual available-for-sale securities have been in a continuous unrealized loss position as of December 31, 2022 and 2021 are as follows:
Investment securities available-for-sale:Less than
12 Months
12 Months
or Greater
Total
December 31, 2022Number of
Securities
Estimated
Fair
Value
Unrealized
Losses
Estimated
Fair
Value
Unrealized
Losses
Estimated
Fair
Value
Unrealized
Losses
(dollars in thousands)
U.S. treasury bonds$— $— $46,327 $(3,466)$46,327 $(3,466)
U.S. agency securities85 490,699 (58,437)179,029 (19,612)669,728 (78,049)
Residential mortgage-backed securities157 3,994 — 808,697 (117,073)812,691 (117,073)
Commercial mortgage-backed securities14 471 (2)49,742 (5,855)50,213 (5,857)
Municipal bonds— — 8,299 (658)8,299 (658)
Corporate bonds— — 1,825 (175)1,825 (175)
260$495,164 $(58,439)$1,093,919 $(146,839)$1,589,083 $(205,278)
Investment securities held-to-maturity:Less than
12 Months
12 Months
or Greater
Total
December 31, 2022Number of
Securities
Estimated
Fair
Value
Unrealized
Losses
Estimated
Fair
Value
Unrealized
Losses
Estimated
Fair
Value
Unrealized
Losses
(dollars in thousands)
Residential mortgage-backed securities143 $— $— $652,667 $(88,390)$652,667 $(88,390)
Commercial mortgage-backed securities16 — — 80,564 (11,993)$80,564 (11,993)
Municipal bonds43 3,110 (45)113,071 (12,047)$116,181 (12,092)
Corporate bonds30 20,771 (3,183)86,451 (9,775)$107,222 (12,958)
232$23,881 $(3,228)$932,753 $(122,205)$956,634 $(125,433)
Investment securities available-for-saleLess than
12 Months
12 Months
or Greater
Total
December 31, 2021Number of
Securities
Estimated
Fair
Value
Unrealized
Losses
Estimated
Fair
Value
Unrealized
Losses
Estimated
Fair
Value
Unrealized
Losses
(dollars in thousands)
U.S. treasury bonds$24,593 $(257)$— $— $24,593 $(257)
U.S. agency securities64 452,966 (6,256)68,977 (1,366)521,943 (7,622)
Residential mortgage-backed securities149 1,327,519 $(16,841)84,500 (3,606)1,412,019 (20,447)
Commercial mortgage-backed securities— — 23,561 (350)23,561 (350)
Municipal bonds20,181 $(347)— — 20,181 (347)
Corporate bonds13 66,051 $(584)— $— 66,051 (584)
239$1,891,310 $(24,285)$177,038 $(5,322)$2,068,348 $(29,607)
Schedule of amortized cost and estimated fair value of investments available-for-sale by contractual maturity The amortized cost and estimated fair value of investments available-for-sale at December 31, 2022 and 2021 by contractual maturity are shown in the table below. Expected maturities for residential mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Investment securities available-for-sale:
December 31, 2022December 31, 2021
(dollars in thousands)Amortized
Cost
Estimated
Fair Value
Amortized
Cost
Estimated
Fair Value
U.S. agency securities maturing:
One year or less$549,137 $490,699 $425,597 $421,347 
After one year through five years111,742 100,297 141,537 140,785 
Five years through ten years73,886 68,180 62,092 60,255 
After ten years13,012 10,552 
Residential mortgage-backed securities937,557 820,503 1,634,468 1,618,027 
Commercial mortgage-backed securities56,071 50,213 58,352 59,646 
Municipal bonds maturing:
One year or less300 300 4,806 4,861 
After one year through five years1,444 1,488 25,457 26,816 
Five years through ten years8,956 8,299 97,945 99,960 
After ten years— — 13,708 13,797 
Corporate bonds maturing:
One year or less— — 18,924 18,991 
After one year through five years2,000 1,825 54,630 54,833 
Five years through ten years— — 55,458 55,252 
After ten years— — — — 
U.S. treasury49,793 46,327 49,693 49,458 
1,803,898 1,598,683 2,642,667 2,624,028 
Allowance for credit losses— (17)— (620)
$1,803,898 $1,598,666 $2,642,667 $2,623,408 
Investment securities held-to-maturity:December 31, 2022December 31, 2021
(dollars in thousands)Amortized
Cost
Estimated
Fair Value
Amortized
Cost
Estimated
Fair Value
Residential mortgage-backed securities$741,057 $652,667 $— $— 
Commercial mortgage-backed securities92,557 80,564 
Municipal bonds maturing:
One year or less3,139 3,110 — — 
After one year through five years35,579 33,743 — — 
Five years through ten years77,262 67,945 — — 
After ten years12,293 11,383 — — 
Corporate bonds maturing:
One year or less23,954 20,771 — — 
After one year through five years84,953 77,997 — — 
Five years through ten years23,346 20,527 — — 
1,094,140 968,707 — — 
Allowance for credit losses(766)— — — 
$1,093,374 $968,707 $— $—