XML 31 R22.htm IDEA: XBRL DOCUMENT v3.23.1
Securities (Tables)
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Securities

The following table presents the fair value and amortized cost of available-for-sale and held-to-maturity debt securities:

 

 

 

March 31, 2023

 

 

December 31, 2022

 

(unaudited, in thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Available-for-sale debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government sponsored entities and agencies

 

$

253,728

 

 

$

—

 

 

$

(30,293

)

 

$

223,435

 

 

$

259,418

 

 

$

2

 

 

$

(33,450

)

 

$

225,970

 

Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies

 

 

2,086,866

 

 

 

28

 

 

 

(268,644

)

 

 

1,818,250

 

 

 

2,144,015

 

 

 

25

 

 

 

(297,987

)

 

 

1,846,053

 

Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies

 

 

332,800

 

 

 

3

 

 

 

(7,063

)

 

 

325,740

 

 

 

359,811

 

 

 

—

 

 

 

(10,080

)

 

 

349,731

 

Obligations of states and political subdivisions

 

 

86,523

 

 

 

281

 

 

 

(3,014

)

 

 

83,790

 

 

 

96,081

 

 

 

244

 

 

 

(4,097

)

 

 

92,228

 

Corporate debt securities

 

 

14,954

 

 

 

—

 

 

 

(173

)

 

 

14,781

 

 

 

15,451

 

 

 

—

 

 

 

(293

)

 

 

15,158

 

Total available-for-sale debt securities

 

$

2,774,871

 

 

$

312

 

 

$

(309,187

)

 

$

2,465,996

 

 

$

2,874,776

 

 

$

271

 

 

$

(345,907

)

 

$

2,529,140

 

Held-to-maturity debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government sponsored entities and agencies

 

$

4,257

 

 

$

—

 

 

$

(361

)

 

$

3,896

 

 

$

4,357

 

 

$

—

 

 

$

(416

)

 

$

3,941

 

Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies

 

 

44,054

 

 

 

—

 

 

 

(3,251

)

 

 

40,803

 

 

 

45,909

 

 

 

—

 

 

 

(3,809

)

 

 

42,100

 

Obligations of states and political subdivisions

 

 

1,170,586

 

 

 

1,421

 

 

 

(128,908

)

 

 

1,043,099

 

 

 

1,177,986

 

 

 

577

 

 

 

(159,975

)

 

 

1,018,588

 

Corporate debt securities

 

 

20,350

 

 

 

—

 

 

 

(463

)

 

 

19,887

 

 

 

20,377

 

 

 

—

 

 

 

(616

)

 

 

19,761

 

Total held-to-maturity debt securities (1)

 

$

1,239,247

 

 

$

1,421

 

 

$

(132,983

)

 

$

1,107,685

 

 

$

1,248,629

 

 

$

577

 

 

$

(164,816

)

 

$

1,084,390

 

Total debt securities

 

$

4,014,118

 

 

$

1,733

 

 

$

(442,170

)

 

$

3,573,681

 

 

$

4,123,405

 

 

$

848

 

 

$

(510,723

)

 

$

3,613,530

 
(1)
Total held-to-maturity debt securities are presented on the balance sheet net of their allowance for credit losses totaling $0.2 million at March 31, 2023 and December 31, 2022, respectively.
Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity 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 date at March 31, 2023. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay debt obligations with or without prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are classified in the table below based on their contractual maturity date; however, regular principal payments and prepayments of principal are received on a monthly basis.

 

(unaudited, in thousands)

 

Amortized Cost

 

 

Fair Value

 

Available-for-sale debt securities

 

 

 

 

 

 

Within one year

 

$

33,866

 

 

$

33,574

 

After 1 year through 5 years

 

 

127,233

 

 

 

124,052

 

After 5 years through 10 years

 

 

421,089

 

 

 

402,959

 

After 10 years

 

 

2,192,683

 

 

 

1,905,411

 

Total available-for-sale debt securities

 

$

2,774,871

 

 

$

2,465,996

 

Held-to-maturity debt securities

 

 

 

 

 

 

Within one year

 

$

22,622

 

 

$

22,573

 

After 1 year through 5 years

 

 

112,334

 

 

 

111,640

 

After 5 years through 10 years

 

 

396,064

 

 

 

375,084

 

After 10 years

 

 

708,227

 

 

 

598,388

 

Total held-to-maturity debt securities

 

$

1,239,247

 

 

$

1,107,685

 

Total debt securities

 

$

4,014,118

 

 

$

3,573,681

 
Schedule of Gross Realized Gains and Losses on the Sales and Calls of 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 from both sales and market adjustments, for the three months ended March 31, 2023 and 2022, respectively. All gains and losses presented in the table below are included in the net securities gains (losses) line item of the income statement. For those equity securities relating to the key officer and director deferred compensation plan, the corresponding change in the obligation to the participant is recognized in employee benefits expense.

 

 

 

For the Three Months
Ended March 31,

 

 

(unaudited, in thousands)

 

2023

 

 

2022

 

 

Debt securities:

 

 

 

 

 

 

 

Gross realized gains

 

$

64

 

 

$

31

 

 

Gross realized losses

 

 

(197

)

 

 

(2

)

 

Net (losses) gains on debt securities

 

 

(133

)

 

 

29

 

 

Equity securities:

 

 

 

 

 

 

 

Net unrealized gains (losses) recognized on securities still held

 

 

278

 

 

 

(679

)

 

Net securities gains (losses)

 

$

145

 

 

$

(650

)

 
Schedule of Allowance for Credit Losses on Held-to-maturity Securities

The following table provides a roll-forward of the allowance for credit losses on held-to-maturity securities for the three months ended March 31, 2023 and 2022:

 

 

Allowance for Credit Losses By Category

 

 

For the Three Months Ended March 31, 2023 and 2022

 

 

 

 

Residential mortgage

 

 

 

 

 

 

 

 

 

 

-backed

 

 

 

 

 

 

 

 

 

 

securities and

 

 

 

 

 

 

 

 

 

 

collateralized

 

 

 

 

 

 

 

 

 

 

mortgage obligations

 

Obligations of

 

 

 

 

 

 

U.S. Government

 

of government

 

state and

 

Corporate

 

 

 

 

sponsored

 

sponsored entities

 

political

 

debt

 

 

(unaudited, in thousands)

entities and agencies

 

and agencies

 

subdivisions

 

Securities

 

Total

 

Balance at December 31, 2022

$

—

 

$

—

 

$

167

 

$

53

 

$

220

 

Current period provision (1)

 

—

 

 

—

 

 

(6

)

 

(2

)

 

(8

)

Write-offs

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Recoveries

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Balance at March 31, 2023

$

—

 

$

—

 

$

161

 

$

51

 

$

212

 

.

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021

$

—

 

$

—

 

$

174

 

$

94

 

$

268

 

Current period provision (1)

 

—

 

 

—

 

 

(14

)

 

31

 

 

17

 

Write-offs

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Recoveries

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Balance at March 31, 2022

$

—

 

$

—

 

$

160

 

$

125

 

$

285

 

(1) The total provision for credit losses on held-to-maturity securities is reported in the consolidated statements of income in the provision for credit losses line item, which also includes the provision for credit losses - loans and loan commitments. For more information on the provision relating to loans and loan commitments, please see Footnote 4, "Loans and the Allowance for Credit Losses."
Schedule of Unrealized Losses on Investment Securities

The following tables provide information on unrealized losses on available-for-sale debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more, for which an allowance for credit losses has not been recorded, as of March 31, 2023 and December 31, 2022, respectively:

 

 

 

March 31, 2023

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

(unaudited, dollars in thousands)

 

Fair
Value

 

 

Unrealized
Losses

 

 

# of
Securities

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

# of
Securities

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

# of
Securities

 

U.S. Government sponsored entities and agencies

 

$

28,638

 

 

$

(1,020

)

 

 

20

 

 

$

194,761

 

 

$

(29,273

)

 

 

27

 

 

$

223,399

 

 

$

(30,293

)

 

 

47

 

Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies

 

 

164,019

 

 

 

(7,064

)

 

 

85

 

 

 

1,651,930

 

 

 

(261,580

)

 

 

403

 

 

 

1,815,949

 

 

 

(268,644

)

 

 

488

 

Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies

 

 

82,142

 

 

 

(1,129

)

 

 

17

 

 

 

239,347

 

 

 

(5,934

)

 

 

51

 

 

 

321,489

 

 

 

(7,063

)

 

 

68

 

Obligations of state and political subdivisions

 

 

42,991

 

 

 

(603

)

 

 

75

 

 

 

23,479

 

 

 

(2,411

)

 

 

33

 

 

 

66,470

 

 

 

(3,014

)

 

 

108

 

Corporate debt securities

 

 

4,879

 

 

 

(74

)

 

 

1

 

 

 

6,901

 

 

 

(99

)

 

 

5

 

 

 

11,780

 

 

 

(173

)

 

 

6

 

Total

 

$

322,669

 

 

$

(9,890

)

 

 

198

 

 

$

2,116,418

 

 

$

(299,297

)

 

 

519

 

 

$

2,439,087

 

 

$

(309,187

)

 

 

717

 

 

 

 

December 31, 2022

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

(dollars in thousands)

 

Fair
Value

 

 

Unrealized
Losses

 

 

# of
Securities

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

# of
Securities

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

# of
Securities

 

U.S. Government sponsored entities and agencies

 

$

107,011

 

 

$

(8,435

)

 

 

35

 

 

$

118,779

 

 

$

(25,015

)

 

 

13

 

 

$

225,790

 

 

$

(33,450

)

 

 

48

 

Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies

 

 

514,789

 

 

 

(39,246

)

 

 

294

 

 

 

1,328,906

 

 

 

(258,741

)

 

 

202

 

 

 

1,843,695

 

 

 

(297,987

)

 

 

496

 

Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies

 

 

190,189

 

 

 

(5,106

)

 

 

38

 

 

 

159,543

 

 

 

(4,974

)

 

 

36

 

 

 

349,732

 

 

 

(10,080

)

 

 

74

 

Obligations of states and political subdivisions

 

 

67,822

 

 

 

(1,815

)

 

 

128

 

 

 

7,812

 

 

 

(2,282

)

 

 

10

 

 

 

75,634

 

 

 

(4,097

)

 

 

138

 

Corporate debt securities

 

 

7,225

 

 

 

(226

)

 

 

3

 

 

 

4,433

 

 

 

(67

)

 

 

3

 

 

 

11,658

 

 

 

(293

)

 

 

6

 

Total

 

$

887,036

 

 

$

(54,828

)

 

 

498

 

 

$

1,619,473

 

 

$

(291,079

)

 

 

264

 

 

$

2,506,509

 

 

$

(345,907

)

 

 

762