XML 33 R24.htm IDEA: XBRL DOCUMENT v3.22.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2022
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, 2022, and December 31, 2021, were as follows:

 

(dollars in thousands)

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Fair Value

 

March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

281,530

 

 

$

1,326

 

 

$

(7,693

)

 

$

275,163

 

Debt Securities Issued by States and Political Subdivisions

 

 

74,724

 

 

 

6

 

 

 

(5,062

)

 

 

69,668

 

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

 

 

1,758

 

 

 

—

 

 

 

(57

)

 

 

1,701

 

Debt Securities Issued by Corporations

 

 

433,216

 

 

 

12

 

 

 

(23,622

)

 

 

409,606

 

Mortgage-Backed Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential - Government Agencies

 

 

1,368,122

 

 

 

1,063

 

 

 

(78,035

)

 

 

1,291,150

 

Residential - U.S. Government-Sponsored Enterprises

 

 

2,201,086

 

 

 

128

 

 

 

(170,933

)

 

 

2,030,281

 

Commercial - Government Agencies or Sponsored Agencies

 

 

188,073

 

 

 

24

 

 

 

(7,132

)

 

 

180,965

 

Total Mortgage-Backed Securities

 

 

3,757,281

 

 

 

1,215

 

 

 

(256,100

)

 

 

3,502,396

 

Total

 

$

4,548,509

 

 

$

2,559

 

 

$

(292,534

)

 

$

4,258,534

 

Held-to-Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

131,526

 

 

$

—

 

 

$

(8,584

)

 

$

122,942

 

Debt Securities Issued by Corporations

 

 

19,496

 

 

 

—

 

 

 

(1,175

)

 

 

18,321

 

Mortgage-Backed Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential - Government Agencies

 

 

1,681,326

 

 

 

3,259

 

 

 

(118,611

)

 

 

1,565,974

 

Residential - U.S. Government-Sponsored Enterprises

 

 

2,189,122

 

 

 

547

 

 

 

(152,862

)

 

 

2,036,807

 

Commercial - Government Agencies or Sponsored Agencies

 

 

468,145

 

 

 

—

 

 

 

(40,927

)

 

 

427,218

 

Total Mortgage-Backed Securities

 

 

4,338,593

 

 

 

3,806

 

 

 

(312,400

)

 

 

4,029,999

 

Total

 

$

4,489,615

 

 

$

3,806

 

 

$

(322,159

)

 

$

4,171,262

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

248,858

 

 

$

1,513

 

 

$

(284

)

 

$

250,087

 

Debt Securities Issued by States and Political Subdivisions

 

 

74,743

 

 

 

1,080

 

 

 

(5

)

 

 

75,818

 

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

 

 

1,758

 

 

 

33

 

 

 

(11

)

 

 

1,780

 

Debt Securities Issued by Corporations

 

 

384,590

 

 

 

2,339

 

 

 

(3,816

)

 

 

383,113

 

Mortgage-Backed Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential - Government Agencies

 

 

1,327,990

 

 

 

9,818

 

 

 

(18,766

)

 

 

1,319,042

 

Residential - U.S. Government-Sponsored Enterprises

 

 

2,127,781

 

 

 

4,792

 

 

 

(42,247

)

 

 

2,090,326

 

Commercial - Government Agencies or Sponsored Agencies

 

 

155,164

 

 

 

1,885

 

 

 

(1,159

)

 

 

155,890

 

Total Mortgage-Backed Securities

 

 

3,610,935

 

 

 

16,495

 

 

 

(62,172

)

 

 

3,565,258

 

Total

 

$

4,320,884

 

 

$

21,460

 

 

$

(66,288

)

 

$

4,276,056

 

Held-to-Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

131,495

 

 

$

287

 

 

$

(643

)

 

$

131,139

 

Debt Securities Issued by Corporations

 

 

20,316

 

 

 

76

 

 

 

(249

)

 

 

20,143

 

Mortgage-Backed Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential - Government Agencies

 

 

1,774,394

 

 

 

12,139

 

 

 

(30,621

)

 

 

1,755,912

 

Residential - U.S. Government-Sponsored Enterprises

 

 

2,286,880

 

 

 

15,508

 

 

 

(32,627

)

 

 

2,269,761

 

Commercial - Government Agencies or Sponsored Agencies

 

 

481,695

 

 

 

324

 

 

 

(12,355

)

 

 

469,664

 

Total Mortgage-Backed Securities

 

 

4,542,969

 

 

 

27,971

 

 

 

(75,603

)

 

 

4,495,337

 

Total

 

$

4,694,780

 

 

$

28,334

 

 

$

(76,495

)

 

$

4,646,619

 

 
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, 2022.  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

 

$

694

 

 

$

696

 

Due After One Year Through Five Years

 

 

279,784

 

 

 

271,681

 

Due After Five Years Through Ten Years

 

 

372,250

 

 

 

345,146

 

Due After Ten Years

 

 

13,130

 

 

 

12,012

 

 

 

 

665,858

 

 

 

629,535

 

Debt Securities Issued by Government Agencies

 

 

125,370

 

 

 

126,603

 

Mortgage-Backed Securities:

 

 

 

 

 

 

 

 

Residential - Government Agencies

 

 

1,368,122

 

 

 

1,291,150

 

Residential - U.S. Government-Sponsored Enterprises

 

 

2,201,086

 

 

 

2,030,281

 

Commercial - Government Agencies or Sponsored Agencies

 

 

188,073

 

 

 

180,965

 

Total Mortgage-Backed Securities

 

 

3,757,281

 

 

 

3,502,396

 

Total

 

$

4,548,509

 

 

$

4,258,534

 

Held-to-Maturity:

 

 

 

 

 

 

 

 

Due After One Year Through Five Years

 

 

15,781

 

 

 

15,127

 

Due After Five Year Through Ten Years

 

 

124,026

 

 

 

115,993

 

Due After Ten Years

 

 

11,215

 

 

 

10,143

 

 

 

 

151,022

 

 

 

141,263

 

Mortgage-Backed Securities:

 

 

 

 

 

 

 

 

Residential - Government Agencies

 

 

1,681,326

 

 

 

1,565,974

 

Residential - U.S. Government-Sponsored Enterprises

 

 

2,189,122

 

 

 

2,036,807

 

Commercial - Government Agencies or Sponsored Agencies

 

 

468,145

 

 

 

427,218

 

Total Mortgage-Backed Securities

 

 

4,338,593

 

 

 

4,029,999

 

Total

 

$

4,489,615

 

 

$

4,171,262

 

 
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, 2022, and March 31, 2021:

 

 

 

Three Months Ended

March 31,

 

(dollars in thousands)

 

2022

 

 

2021

 

Total Losses on Sales of Investment Securities

 

$

(1,545

)

 

$

(1,203

)

 
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, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Securities Issued by the U.S. Treasury

   and Government Agencies

 

$

155,571

 

 

$

(7,610

)

 

$

9,150

 

 

$

(83

)

 

$

164,721

 

 

$

(7,693

)

Debt Securities Issued by States

   and Political Subdivisions

 

 

68,458

 

 

 

(5,062

)

 

 

—

 

 

 

—

 

 

 

68,458

 

 

 

(5,062

)

Debt Securities Issued by U.S. Government-

   Sponsored Enterprises

 

 

1,654

 

 

 

(54

)

 

 

46

 

 

 

(3

)

 

 

1,700

 

 

 

(57

)

Debt Securities Issued by Corporations

 

 

295,711

 

 

 

(19,798

)

 

 

86,176

 

 

 

(3,824

)

 

 

381,887

 

 

 

(23,622

)

Mortgage-Backed Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential - Government Agencies

 

 

1,053,590

 

 

 

(63,144

)

 

 

134,437

 

 

 

(14,891

)

 

 

1,188,027

 

 

 

(78,035

)

Residential - U.S. Government-Sponsored

   Enterprises

 

 

1,228,427

 

 

 

(85,268

)

 

 

786,229

 

 

 

(85,665

)

 

 

2,014,656

 

 

 

(170,933

)

Commercial-Government Agencies or Sponsored Agencies

 

 

155,059

 

 

 

(5,075

)

 

 

20,242

 

 

 

(2,057

)

 

 

175,301

 

 

 

(7,132

)

Total Mortgage-Backed Securities

 

 

2,437,076

 

 

 

(153,487

)

 

 

940,908

 

 

 

(102,613

)

 

 

3,377,984

 

 

 

(256,100

)

Total

 

$

2,958,470

 

 

$

(186,011

)

 

$

1,036,280

 

 

$

(106,523

)

 

$

3,994,750

 

 

$

(292,534

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Securities Issued by the U.S. Treasury

   and Government Agencies

 

$

51,455

 

 

$

(195

)

 

$

9,995

 

 

$

(89

)

 

$

61,450

 

 

$

(284

)

Debt Securities Issued by States

   and Political Subdivisions

 

 

643

 

 

 

(5

)

 

 

—

 

 

 

—

 

 

 

643

 

 

 

(5

)

Debt Securities Issued by U.S. Government-

   Sponsored Enterprises

 

 

814

 

 

 

(10

)

 

 

49

 

 

 

(1

)

 

 

863

 

 

 

(11

)

Debt Securities Issued by Corporations

 

 

249,629

 

 

 

(2,846

)

 

 

64,029

 

 

 

(970

)

 

 

313,658

 

 

 

(3,816

)

Mortgage-Backed Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential - Government Agencies

 

 

810,157

 

 

 

(17,131

)

 

 

41,471

 

 

 

(1,635

)

 

 

851,628

 

 

 

(18,766

)

Residential - U.S. Government-Sponsored Enterprises

 

 

1,670,500

 

 

 

(35,711

)

 

 

180,205

 

 

 

(6,536

)

 

 

1,850,705

 

 

 

(42,247

)

Commercial - Government Agencies or Sponsored Agencies

 

 

25,664

 

 

 

(223

)

 

 

21,810

 

 

 

(936

)

 

 

47,474

 

 

 

(1,159

)

Total Mortgage-Backed Securities

 

 

2,506,321

 

 

 

(53,065

)

 

 

243,486

 

 

 

(9,107

)

 

 

2,749,807

 

 

 

(62,172

)

Total

 

$

2,808,862

 

 

$

(56,121

)

 

$

317,559

 

 

$

(10,167

)

 

$

3,126,421

 

 

$

(66,288

)

 
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, 2022, and March 31, 2021, were as follows:

 

 

 

Three Months Ended

March 31,

 

(dollars in thousands)

 

2022

 

 

2021

 

Taxable

 

$

35,790

 

 

$

28,856

 

Non-Taxable

 

 

11

 

 

 

281

 

Total Interest Income from Investment Securities

 

$

35,801

 

 

$

29,137

 

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

As of March 31, 2022, and December 31, 2021, 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,

2022

 

 

December 31,

2021

 

Federal Home Loan Bank of Des Moines Stock

 

$

10,000

 

 

$

10,000

 

Federal Reserve Bank Stock

 

 

26,726

 

 

 

26,624

 

Total

 

$

36,726

 

 

$

36,624