XML 47 R37.htm IDEA: XBRL DOCUMENT v3.24.0.1
Investment Securities (Tables)
 12 Months Ended
Dec. 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 December 31, 2023, and December 31, 2022, were as follows:

 

(dollars in thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

223,308

 

 

$

361

 

 

$

(11,096

)

 

$

212,573

 

Debt Securities Issued by States and Political Subdivisions

 

 

73,417

 

 

 

—

 

 

 

(9,611

)

 

 

63,806

 

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

 

 

1,556

 

 

 

—

 

 

 

(80

)

 

 

1,476

 

Debt Securities Issued by Corporations

 

 

706,002

 

 

 

142

 

 

 

(48,443

)

 

 

657,701

 

Mortgage-Backed Securities:

 

 

 

 

 

 

 

 

 

 

 

 

Residential - Government Agencies

 

 

713,918

 

 

 

194

 

 

 

(84,785

)

 

 

629,327

 

Residential - U.S. Government-Sponsored Enterprises

 

 

818,296

 

 

 

7

 

 

 

(109,176

)

 

 

709,127

 

Commercial - Government Agencies - Sponsored Agencies

 

 

157,515

 

 

 

—

 

 

 

(22,592

)

 

 

134,923

 

Total Mortgage-Backed Securities

 

 

1,689,729

 

 

 

201

 

 

 

(216,553

)

 

 

1,473,377

 

Total

 

$

2,694,012

 

 

$

704

 

 

$

(285,783

)

 

$

2,408,933

 

Held-to-Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

131,742

 

 

$

—

 

 

$

(15,211

)

 

$

116,531

 

Debt Securities Issued by Corporations

 

 

11,483

 

 

 

—

 

 

 

(1,998

)

 

 

9,485

 

Mortgage-Backed Securities:

 

 

 

 

 

 

 

 

 

 

 

 

Residential - Government Agencies

 

 

1,674,076

 

 

 

20

 

 

 

(265,493

)

 

 

1,408,603

 

Residential - U.S. Government-Sponsored Enterprises

 

 

2,744,094

 

 

 

9

 

 

 

(369,965

)

 

 

2,374,138

 

Commercial - Government Agencies - Sponsored Agencies

 

 

435,940

 

 

 

—

 

 

 

(91,060

)

 

 

344,880

 

Total Mortgage-Backed Securities

 

 

4,854,110

 

 

 

29

 

 

 

(726,518

)

 

 

4,127,621

 

Total

 

$

4,997,335

 

 

$

29

 

 

$

(743,727

)

 

$

4,253,637

 

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

 

 

 

—

 

 

 

(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 - 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 - 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 December 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

 

$

1,629

 

 

$

1,608

 

Due After One Year Through Five Years

 

 

403,241

 

 

 

376,036

 

Due After Five Years Through Ten Years

 

 

533,344

 

 

 

491,553

 

 

 

938,214

 

 

 

869,197

 

Debt Securities Issued by Government Agencies

 

 

66,069

 

 

 

66,359

 

Mortgage-Backed Securities:

 

 

 

 

 

 

Residential - Government Agencies

 

 

713,918

 

 

 

629,327

 

Residential - U.S. Government-Sponsored Enterprises

 

 

818,296

 

 

 

709,127

 

Commercial - Government Agencies or Sponsored Agencies

 

 

157,515

 

 

 

134,923

 

Total Mortgage-Backed Securities

 

 

1,689,729

 

 

 

1,473,377

 

Total

 

$

2,694,012

 

 

$

2,408,933

 

Held-to-Maturity:

 

 

 

 

 

 

Due in One Year or Less

 

$

726

 

 

$

714

 

Due After One Year Through Five Years

 

 

82,259

 

 

 

74,148

 

Due After Five Years Through Ten Years

 

 

60,240

 

 

 

51,154

 

 

 

143,225

 

 

 

126,016

 

Mortgage-Backed Securities:

 

 

 

 

 

 

Residential - Government Agencies

 

 

1,674,076

 

 

 

1,408,603

 

Residential - U.S. Government-Sponsored Enterprises

 

 

2,744,094

 

 

 

2,374,138

 

Commercial - Government Agencies or Sponsored Agencies

 

 

435,940

 

 

 

344,880

 

Total Mortgage-Backed Securities

 

 

4,854,110

 

 

 

4,127,621

 

Total

 

$

4,997,335

 

 

$

4,253,637

 
Schedule of Gains (Losses) on Sales of Investment Securities

The table below presents the gains and losses from the sales of investment securities for the years ended December 31, 2023, December 31, 2022, and December 31, 2021.

 

(dollars in thousands)

 

2023

 

 

2022

 

 

2021

 

Gross Gains on Sales of Investment Securities

 

$

146

 

 

$

1

 

 

$

3,825

 

Gross Losses on Sales of Investment Securities

 

 

(11,601

)

 

 

(6,112

)

 

 

(5,122

)

Net Gains (Losses) on Sales of Investment Securities

 

$

(11,455

)

 

$

(6,111

)

 

$

(1,297

)
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 has not been recorded, 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

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

7,171

 

 

$

(16

)

 

$

155,341

 

 

$

(11,080

)

 

$

162,512

 

 

$

(11,096

)

Debt Securities Issued by States
   and Political Subdivisions

 

 

237

 

 

 

(2

)

 

 

63,509

 

 

 

(9,609

)

 

 

63,746

 

 

 

(9,611

)

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

 

 

—

 

 

 

—

 

 

 

1,476

 

 

 

(80

)

 

 

1,476

 

 

 

(80

)

Debt Securities Issued by Corporations

 

 

220,987

 

 

 

(4,013

)

 

 

411,573

 

 

 

(44,430

)

 

 

632,560

 

 

 

(48,443

)

Mortgage-Backed Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential - Government Agencies

 

 

9,628

 

 

 

(13

)

 

 

613,926

 

 

 

(84,772

)

 

 

623,554

 

 

 

(84,785

)

Residential - U.S. Government-Sponsored Enterprises

 

 

—

 

 

 

—

 

 

 

708,797

 

 

 

(109,176

)

 

 

708,797

 

 

 

(109,176

)

Commercial - Government Agencies or Sponsored Agencies

 

 

—

 

 

 

—

 

 

 

134,923

 

 

 

(22,592

)

 

 

134,923

 

 

 

(22,592

)

Total Mortgage-Backed Securities

 

 

9,628

 

 

 

(13

)

 

 

1,457,646

 

 

 

(216,540

)

 

 

1,467,274

 

 

 

(216,553

)

Total

 

$

238,023

 

 

$

(4,044

)

 

$

2,089,545

 

 

$

(281,739

)

 

$

2,327,568

 

 

$

(285,783

)

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 years ended December 31, 2023, December 31, 2022, and December 31, 2021, were as follows:

 

 

 

Year Ended December 31,

 

(dollars in thousands)

 

2023

 

 

2022

 

 

2021

 

Taxable

 

$

186,082

 

 

$

151,953

 

 

$

125,529

 

Non-Taxable

 

 

196

 

 

 

92

 

 

 

976

 

Total Interest Income from Investment Securities

 

$

186,278

 

 

$

152,045

 

 

$

126,505

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

As of December 31, 2023, and December 31, 2022, the carrying values of the Company’s Federal Home Loan Bank of Des Moines (“FHLB Des Moines”) stock and Federal Reserve Bank stock were as follows:

 

 

 

December 31,

 

(dollars in thousands)

 

2023

 

 

2022

 

Federal Home Loan Bank of Des Moines Stock

 

$

34,750

 

 

$

26,000

 

Federal Reserve Bank Stock

 

 

27,522

 

 

 

27,065

 

Total

 

$

62,272

 

 

$

53,065