XML 48 R35.htm IDEA: XBRL DOCUMENT v3.22.4
Investment Securities (Tables)
 12 Months Ended
Dec. 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 December 31, 2022, and December 31, 2021, were as follows:

 

(dollars in thousands)

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Fair

Value

 

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 States and Political Subdivisions

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

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

 

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 - 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 States and Political Subdivisions

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

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 - 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 December 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

 

$

8,299

 

 

$

8,284

 

Due After One Year Through Five Years

 

 

420,864

 

 

 

400,125

 

Due After Five Years Through Ten Years

 

 

728,474

 

 

 

667,094

 

Due After Ten Years

 

 

6,380

 

 

 

4,989

 

 

 

 

1,164,017

 

 

 

1,080,492

 

Debt Securities Issued by Government Agencies

 

 

91,399

 

 

 

91,965

 

Mortgage-Backed Securities:

 

 

 

 

 

 

 

 

Residential - Government Agencies

 

 

828,798

 

 

 

732,828

 

Residential - U.S. Government-Sponsored Enterprises

 

 

919,980

 

 

 

793,871

 

Commercial - Government Agencies or Sponsored Agencies

 

 

168,242

 

 

 

145,667

 

Total Mortgage-Backed Securities

 

 

1,917,020

 

 

 

1,672,366

 

Total

 

$

3,172,436

 

 

$

2,844,823

 

Held-to-Maturity:

 

 

 

 

 

 

 

 

Due After One Year Through Five Years

 

$

13,494

 

 

$

12,520

 

Due After Five Years Through Ten Years

 

 

124,119

 

 

 

106,682

 

Due After Ten Years

 

 

11,020

 

 

 

8,695

 

 

 

 

148,633

 

 

 

127,897

 

Mortgage-Backed Securities:

 

 

 

 

 

 

 

 

Residential - Government Agencies

 

 

1,848,239

 

 

 

1,554,227

 

Residential - U.S. Government-Sponsored Enterprises

 

 

2,968,322

 

 

 

2,571,275

 

Commercial - Government Agencies or Sponsored Agencies

 

 

448,945

 

 

 

361,994

 

Total Mortgage-Backed Securities

 

 

5,265,506

 

 

 

4,487,496

 

Total

 

$

5,414,139

 

 

$

4,615,393

 
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, 2022, December 31, 2021, and December 31, 2020

 

(dollars in thousands)

 

2022

 

 

2021

 

 

2020

 

Gross Gains on Sales of Investment Securities

 

$

1

 

 

$

3,825

 

 

$

14,257

 

Gross Losses on Sales of Investment Securities

 

 

(6,112

)

 

 

(5,122

)

 

 

(4,325

)

Net Gains (Losses) on Sales of Investment Securities

 

$

(6,111

)

 

$

(1,297

)

 

$

9,932

 
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, 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

)

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 years ended December 31, 2022, December 31, 2021, and December 31, 2020, were as follows:

 

 

 

Year Ended December 31,

 

(dollars in thousands)

 

2022

 

 

2021

 

 

2020

 

Taxable

 

$

151,953

 

 

$

125,529

 

 

$

125,291

 

Non-Taxable

 

 

92

 

 

 

976

 

 

 

2,058

 

Total Interest Income from Investment Securities

 

$

152,045

 

 

$

126,505

 

 

$

127,349

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

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

 

2022

 

 

2021

 

Federal Home Loan Bank of Des Moines Stock

 

$

26,000

 

 

$

10,000

 

Federal Reserve Bank Stock

 

 

27,065

 

 

 

26,624

 

Total

 

$

53,065

 

 

$

36,624