XML 33 R24.htm IDEA: XBRL DOCUMENT v3.23.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2023
Investments Debt And Equity Securities [Abstract]  
Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Investment Securities

The amortized cost, gross unrealized gains and losses, and fair value of the Company’s investment securities as of March 31, 2023, and December 31, 2022, were as follows:

 

(dollars in thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale:

 

 

 

 

 

 

 

 

 

 

 

 

Debt Securities Issued by the U.S. Treasury and Government Agencies

 

$

240,400

 

 

$

535

 

 

$

(12,564

)

 

$

228,371

 

Debt Securities Issued by States and Political Subdivisions

 

 

107,659

 

 

 

458

 

 

 

(10,375

)

 

 

97,742

 

Debt Securities Issued by U.S. Government-Sponsored Enterprises

 

 

48,807

 

 

 

—

 

 

 

(151

)

 

 

48,656

 

Debt Securities Issued by Corporations

 

 

849,661

 

 

 

1,148

 

 

 

(51,776

)

 

 

799,033

 

Mortgage-Backed Securities:

 

 

 

 

 

 

 

 

 

 

 

 

Residential - Government Agencies

 

 

799,732

 

 

 

235

 

 

 

(86,385

)

 

 

713,582

 

Residential - U.S. Government-Sponsored Enterprises

 

 

896,586

 

 

 

2

 

 

 

(113,989

)

 

 

782,599

 

Commercial - Government Agencies or Sponsored Agencies

 

 

166,933

 

 

 

—

 

 

 

(21,833

)

 

 

145,100

 

Total Mortgage-Backed Securities

 

 

1,863,251

 

 

 

237

 

 

 

(222,207

)

 

 

1,641,281

 

Total

 

$

3,109,778

 

 

$

2,378

 

 

$

(297,073

)

 

$

2,815,083

 

Held-to-Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Debt Securities Issued by the U.S. Treasury and Government Agencies

 

$

131,649

 

 

$

—

 

 

$

(15,407

)

 

$

116,242

 

Debt Securities Issued by Corporations

 

 

12,397

 

 

 

—

 

 

 

(2,010

)

 

 

10,387

 

Mortgage-Backed Securities:

 

 

 

 

 

 

 

 

 

 

 

 

Residential - Government Agencies

 

 

1,807,744

 

 

 

58

 

 

 

(253,255

)

 

 

1,554,547

 

Residential - U.S. Government-Sponsored Enterprises

 

 

2,916,693

 

 

 

45

 

 

 

(356,166

)

 

 

2,560,572

 

Commercial - Government Agencies or Sponsored Agencies

 

 

444,332

 

 

 

—

 

 

 

(84,204

)

 

 

360,128

 

Total Mortgage-Backed Securities

 

 

5,168,769

 

 

 

103

 

 

 

(693,625

)

 

 

4,475,247

 

Total

 

$

5,312,815

 

 

$

103

 

 

$

(711,042

)

 

$

4,601,876

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale:

 

 

 

 

 

 

 

 

 

 

 

 

Debt Securities Issued by the U.S. Treasury and Government Agencies

 

$

248,335

 

 

$

638

 

 

$

(15,067

)

 

$

233,906

 

Debt Securities Issued by States and Political Subdivisions

 

 

107,689

 

 

 

158

 

 

 

(12,582

)

 

 

95,265

 

Debt Securities Issued by U.S. Government-Sponsored Enterprises

 

 

48,807

 

 

 

0

 

 

 

(179

)

 

 

48,628

 

Debt Securities Issued by Corporations

 

 

850,585

 

 

 

809

 

 

 

(56,736

)

 

 

794,658

 

Mortgage-Backed Securities:

 

 

 

 

 

 

 

 

 

 

 

 

Residential - Government Agencies

 

 

828,798

 

 

 

245

 

 

 

(96,215

)

 

 

732,828

 

Residential - U.S. Government-Sponsored Enterprises

 

 

919,980

 

 

 

1

 

 

 

(126,110

)

 

 

793,871

 

Commercial - Government Agencies or Sponsored Agencies

 

 

168,242

 

 

 

—

 

 

 

(22,575

)

 

 

145,667

 

Total Mortgage-Backed Securities

 

 

1,917,020

 

 

 

246

 

 

 

(244,900

)

 

 

1,672,366

 

Total

 

$

3,172,436

 

 

$

1,851

 

 

$

(329,464

)

 

$

2,844,823

 

Held-to-Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Debt Securities Issued by the U.S. Treasury and Government Agencies

 

$

131,619

 

 

$

—

 

 

$

(18,202

)

 

$

113,417

 

Debt Securities Issued by Corporations

 

 

17,014

 

 

 

—

 

 

 

(2,534

)

 

 

14,480

 

Mortgage-Backed Securities:

 

 

 

 

 

 

 

 

 

 

 

 

Residential - Government Agencies

 

 

1,848,239

 

 

 

35

 

 

 

(294,047

)

 

 

1,554,227

 

Residential - U.S. Government-Sponsored Enterprises

 

 

2,968,322

 

 

 

8

 

 

 

(397,055

)

 

 

2,571,275

 

Commercial - Government Agencies or Sponsored Agencies

 

 

448,945

 

 

 

—

 

 

 

(86,951

)

 

 

361,994

 

Total Mortgage-Backed Securities

 

 

5,265,506

 

 

 

43

 

 

 

(778,053

)

 

 

4,487,496

 

Total

 

$

5,414,139

 

 

$

43

 

 

$

(798,789

)

 

$

4,615,393

 
Analysis of the Contractual Maturities of Investment Securities

The table below presents an analysis of the contractual maturities of the Company’s investment securities as of March 31, 2023. Debt securities issued by government agencies (Small Business Administration securities) and mortgage-backed securities are disclosed separately in the table below as these investment securities may prepay prior to their scheduled contractual maturity dates.

 

(dollars in thousands)

 

Amortized
Cost

 

 

Fair Value

 

Available-for-Sale:

 

 

 

 

 

 

Due in One Year or Less

 

$

8,904

 

 

$

8,864

 

Due After One Year Through Five Years

 

 

419,407

 

 

 

400,680

 

Due After Five Years Through Ten Years

 

 

728,368

 

 

 

675,121

 

Due After Ten Years

 

 

6,380

 

 

 

5,207

 

 

 

1,163,059

 

 

 

1,089,872

 

Debt Securities Issued by Government Agencies

 

 

83,468

 

 

 

83,930

 

Mortgage-Backed Securities:

 

 

 

 

 

 

Residential - Government Agencies

 

 

799,732

 

 

 

713,582

 

Residential - U.S. Government-Sponsored Enterprises

 

 

896,586

 

 

 

782,599

 

Commercial - Government Agencies or Sponsored Agencies

 

 

166,933

 

 

 

145,100

 

Total Mortgage-Backed Securities

 

 

1,863,251

 

 

 

1,641,281

 

Total

 

$

3,109,778

 

 

$

2,815,083

 

Held-to-Maturity:

 

 

 

 

 

 

Due After One Year Through Five Years

 

 

58,719

 

 

 

52,706

 

Due After Five Year Through Ten Years

 

 

74,373

 

 

 

64,940

 

Due After Ten Years

 

 

10,954

 

 

 

8,983

 

 

 

144,046

 

 

 

126,629

 

Mortgage-Backed Securities:

 

 

 

 

 

 

Residential - Government Agencies

 

 

1,807,744

 

 

 

1,554,547

 

Residential - U.S. Government-Sponsored Enterprises

 

 

2,916,693

 

 

 

2,560,572

 

Commercial - Government Agencies or Sponsored Agencies

 

 

444,332

 

 

 

360,128

 

Total Mortgage-Backed Securities

 

 

5,168,769

 

 

 

4,475,247

 

Total

 

$

5,312,815

 

 

$

4,601,876

 
Schedule of Losses on Sales of Investment Securities

The table below presents the losses from the sales of investment securities for the three months ended March 31, 2023, and March 31, 2022:

 

 

 

Three Months Ended
March 31,

 

 

(dollars in thousands)

 

2023

 

 

2022

 

 

Total Losses on Sales of Investment Securities

 

$

(1,792

)

 

$

(1,545

)

 
Schedule of AFS Debt Securities in an Unrealized Loss Position

The following table summarizes the Company’s AFS debt securities in an unrealized loss position for which an allowance for credit losses was not deemed necessary, aggregated by major security type and length of time in a continuous unrealized loss position:

 

 

 

Less Than 12 Months

 

 

12 Months or Longer

 

 

Total

 

(dollars in thousands)

 

Fair Value

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

 

Gross
Unrealized
Losses

 

March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Securities Issued by the U.S. Treasury
   and Government Agencies

 

$

11,940

 

 

$

(37

)

 

$

148,474

 

 

$

(12,527

)

 

$

160,414

 

 

$

(12,564

)

Debt Securities Issued by States
   and Political Subdivisions

 

 

8,041

 

 

 

(16

)

 

 

62,948

 

 

 

(10,359

)

 

 

70,989

 

 

 

(10,375

)

Debt Securities Issued by U.S. Government-
   Sponsored Enterprises

 

 

47,004

 

 

 

(46

)

 

 

1,652

 

 

 

(105

)

 

 

48,656

 

 

 

(151

)

Debt Securities Issued by Corporations

 

 

149,430

 

 

 

(570

)

 

 

376,921

 

 

 

(51,206

)

 

 

526,351

 

 

 

(51,776

)

Mortgage-Backed Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential - Government Agencies

 

 

56,131

 

 

 

(1,453

)

 

 

652,088

 

 

 

(84,932

)

 

 

708,219

 

 

 

(86,385

)

Residential - U.S. Government-Sponsored Enterprises

 

 

10,399

 

 

 

(365

)

 

 

772,000

 

 

 

(113,624

)

 

 

782,399

 

 

 

(113,989

)

Commercial - Government Agencies or Sponsored Agencies

 

 

753

 

 

 

(22

)

 

 

144,347

 

 

 

(21,811

)

 

 

145,100

 

 

 

(21,833

)

Total Mortgage-Backed Securities

 

 

67,283

 

 

 

(1,840

)

 

 

1,568,435

 

 

 

(220,367

)

 

 

1,635,718

 

 

 

(222,207

)

Total

 

$

283,698

 

 

$

(2,509

)

 

$

2,158,430

 

 

$

(294,564

)

 

$

2,442,128

 

 

$

(297,073

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Securities Issued by the U.S. Treasury
   and Government Agencies

 

$

28,574

 

 

$

(1,118

)

 

$

127,841

 

 

$

(13,949

)

 

$

156,415

 

 

$

(15,067

)

Debt Securities Issued by States
   and Political Subdivisions

 

 

11,341

 

 

 

(1,240

)

 

 

49,985

 

 

 

(11,342

)

 

 

61,326

 

 

 

(12,582

)

Debt Securities Issued by U.S. Government-
   Sponsored Enterprises

 

 

47,825

 

 

 

(108

)

 

 

803

 

 

 

(71

)

 

 

48,628

 

 

 

(179

)

Debt Securities Issued by Corporations

 

 

438,225

 

 

 

(7,995

)

 

 

284,350

 

 

 

(48,741

)

 

 

722,575

 

 

 

(56,736

)

Mortgage-Backed Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential - Government Agencies

 

 

386,809

 

 

 

(30,492

)

 

 

340,824

 

 

 

(65,723

)

 

 

727,633

 

 

 

(96,215

)

Residential - U.S. Government-Sponsored Enterprises

 

 

194,684

 

 

 

(22,294

)

 

 

598,986

 

 

 

(103,816

)

 

 

793,670

 

 

 

(126,110

)

Commercial - Government Agencies or Sponsored Agencies

 

 

98,694

 

 

 

(13,247

)

 

 

46,973

 

 

 

(9,328

)

 

 

145,667

 

 

 

(22,575

)

Total Mortgage-Backed Securities

 

 

680,187

 

 

 

(66,033

)

 

 

986,783

 

 

 

(178,867

)

 

 

1,666,970

 

 

 

(244,900

)

Total

 

$

1,206,152

 

 

$

(76,494

)

 

$

1,449,762

 

 

$

(252,970

)

 

$

2,655,914

 

 

$

(329,464

)
Schedule of Interest Income from Taxable and Non-taxable Investment Securities

Interest income from taxable and non-taxable investment securities for the three months ended March 31, 2023, and March 31, 2022, were as follows:

 

 

 

Three Months Ended
March 31,

 

(dollars in thousands)

 

2023

 

 

2022

 

Taxable

 

$

47,757

 

 

$

35,790

 

Non-Taxable

 

 

84

 

 

 

11

 

Total Interest Income from Investment Securities

 

$

47,841

 

 

$

35,801

 
Schedule of Carrying Value of Federal Home Loan Bank of Des Moines Stock and Federal Reserve Bank Stock

As of March 31, 2023, and December 31, 2022, the carrying value of the Company’s Federal Home Loan Bank of Des Moines stock and Federal Reserve Bank stock was as follows:

 

(dollars in thousands)

 

March 31,
2023

 

 

December 31,
2022

 

Federal Home Loan Bank of Des Moines Stock

 

$

43,000

 

 

$

26,000

 

Federal Reserve Bank Stock

 

 

27,182

 

 

 

27,065

 

Total

 

$

70,182

 

 

$

53,065