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Investment Securities (Tables)
6 Months Ended
Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Available for Sale
The amortized cost, gross unrealized gains and losses and fair value of available for sale debt securities at June 30, 2021 and December 31, 2020 were as follows: 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
 (in thousands)
June 30, 2021
U.S. Treasury securities$50,023 $987 $— $51,010 
U.S. government agency securities22,695 1,218 (6)23,907 
Obligations of states and political subdivisions:
Obligations of states and state agencies32,098 614 — 32,712 
Municipal bonds32,440 541 (8)32,973 
Total obligations of states and political subdivisions64,538 1,155 (8)65,685 
Residential mortgage-backed securities823,040 24,490 (1,214)846,316 
Corporate and other debt securities85,441 3,198 (19)88,620 
Total $1,045,737 $31,048 $(1,247)$1,075,538 
December 31, 2020
U.S. Treasury securities$50,031 $1,362 $— $51,393 
U.S. government agency securities25,067 1,103 (13)26,157 
Obligations of states and political subdivisions:
Obligations of states and state agencies40,861 970 (32)41,799 
Municipal bonds37,489 731 (69)38,151 
Total obligations of states and political subdivisions78,350 1,701 (101)79,950 
Residential mortgage-backed securities1,050,369 40,426 (773)1,090,022 
Corporate and other debt securities89,689 2,294 (32)91,951 
Total$1,293,506 $46,886 $(919)$1,339,473 
Age of Unrealized Losses and Fair Value of Related Available for Sale Debt Securities
The age of unrealized losses and fair value of the related available for sale debt securities at June 30, 2021 and December 31, 2020 were as follows: 
 Less than
Twelve Months
More than
Twelve Months
Total
 Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
 (in thousands)
June 30, 2021
U.S. government agency securities$— $— $1,396 $(6)$1,396 $(6)
Municipal bonds4,705 (8)— — 4,705 (8)
Residential mortgage-backed securities116,758 (914)12,726 (300)129,484 (1,214)
Corporate and other debt securities1,981 (19)— — 1,981 (19)
Total$123,444 $(941)$14,122 $(306)$137,566 $(1,247)
December 31, 2020
U.S. government agency securities$— $— $1,479 $(13)$1,479 $(13)
Obligations of states and political subdivisions:
Obligations of states and state agencies
— — 1,010 (32)1,010 (32)
Municipal bonds6,777 (69)— — 6,777 (69)
Total obligations of states and political subdivisions
6,777 (69)1,010 (32)7,787 (101)
Residential mortgage-backed securities41,418 (500)27,911 (273)69,329 (773)
Corporate and other debt securities12,517 (32)— — 12,517 (32)
Total$60,712 $(601)$30,400 $(318)$91,112 $(919)
Contractual Maturities of Debt Securities Available for Sale
The contractual maturities of available for sale debt securities at June 30, 2021 are set forth in the following table. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary.
 June 30, 2021
 Amortized
Cost
Fair
Value
 (in thousands)
Due in one year$6,769 $6,824 
Due after one year through five years84,534 86,491 
Due after five years through ten years79,866 82,581 
Due after ten years51,528 53,326 
Residential mortgage-backed securities823,040 846,316 
Total $1,045,737 $1,075,538 
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Held to Maturity
The amortized cost, gross unrealized gains and losses and fair value of debt securities held to maturity at June 30, 2021 and December 31, 2020 were as follows: 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
 (in thousands)
June 30, 2021
U.S. Treasury securities$67,874 $5,701 $— $73,575 
U.S. government agency securities5,548 265 — 5,813 
Obligations of states and political subdivisions:
Obligations of states and state agencies243,374 5,505 (43)248,836 
Municipal bonds201,006 4,894 (18)205,882 
Total obligations of states and political subdivisions444,380 10,399 (61)454,718 
Residential mortgage-backed securities1,926,900 23,376 (11,668)1,938,608 
Trust preferred securities37,360 51 (5,986)31,425 
Corporate and other debt securities51,750 640 (10)52,380 
Total $2,533,812 $40,432 $(17,725)$2,556,519 
December 31, 2020
U.S. Treasury securities$68,126 $7,358 $— $75,484 
U.S. government agency securities6,222 291 — 6,513 
Obligations of states and political subdivisions:
Obligations of states and state agencies262,762 8,060 (105)270,717 
Municipal bonds207,497 6,292 — 213,789 
Total obligations of states and political subdivisions470,259 14,352 (105)484,506 
Residential mortgage-backed securities1,550,306 39,603 (254)1,589,655 
Trust preferred securities37,348 50 (7,365)30,033 
Corporate and other debt securities40,750 672 (1)41,421 
Total $2,173,011 $62,326 $(7,725)$2,227,612 
Age of Unrealized Losses and Fair Value of Related Debt Securities Held to Maturity
The age of unrealized losses and fair value of related debt securities held to maturity at June 30, 2021 and December 31, 2020 were as follows: 
 Less than
Twelve Months
More than
Twelve Months
Total
 Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
 (in thousands)
June 30, 2021
Obligations of states and political subdivisions:
Obligations of states and state agencies
$— $— $5,570 $(43)$5,570 $(43)
Municipal bonds1,328 (18)— — 1,328 (18)
Total obligations of states and political subdivisions
1,328 (18)5,570 (43)6,898 (61)
Residential mortgage-backed securities
983,406 (11,606)4,608 (62)988,014 (11,668)
Trust preferred securities— — 30,021 (5,986)30,021 (5,986)
Corporate and other debt securities7,990 (10)— — 7,990 (10)
Total$992,724 $(11,634)$40,199 $(6,091)$1,032,923 $(17,725)
December 31, 2020
Obligations of states and state agencies$5,546 $(105)$— $— $5,546 $(105)
Residential mortgage-backed securities
21,599 (245)2,470 (9)24,069 (254)
Trust preferred securities— — 28,630 (7,365)28,630 (7,365)
Corporate and other debt securities
10,749 (1)— — 10,749 (1)
Total$37,894 $(351)$31,100 $(7,374)$68,994 $(7,725)
Contractual Maturities of Debt Securities Held to Maturity
The contractual maturities of investments in debt securities held to maturity at June 30, 2021 are set forth in the table below. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary.  
 June 30, 2021
 Amortized
Cost
Fair
Value
 (in thousands)
Due in one year$27,218 $27,365 
Due after one year through five years247,844 257,620 
Due after five years through ten years129,112 130,979 
Due after ten years202,738 201,947 
Residential mortgage-backed securities1,926,900 1,938,608 
Total$2,533,812 $2,556,519 
Amortized Cost of Debt Securities Held to Maturity by External Credit Rating The following table summarizes the amortized cost of held to maturity debt securities by external credit rating at June 30, 2021 and December 31, 2020.
AAA/AA/A RatedBBB ratedNon-investment grade ratedNon-ratedTotal
 (in thousands)
June 30, 2021
U.S. Treasury securities$67,874 $— $— $— $67,874 
U.S. government agency securities5,548 — — — 5,548 
Obligations of states and political subdivisions:
Obligations of states and state agencies210,548 — 5,613 27,213 243,374 
Municipal bonds158,111 — — 42,895 201,006 
Total obligations of states and political subdivisions
368,659 — 5,613 70,108 444,380 
Residential mortgage-backed securities1,926,900 — — — 1,926,900 
Trust preferred securities— — — 37,360 37,360 
Corporate and other debt securities— 8,000 — 43,750 51,750 
Total $2,368,981 $8,000 $5,613 $151,218 $2,533,812 
December 31, 2020
U.S. Treasury securities$68,126 $— $— $— $68,126 
U.S. government agency securities6,222 — — — 6,222 
Obligations of states and political subdivisions:
Obligations of states and state agencies228,286 — 5,650 28,826 262,762 
Municipal bonds166,408 — — 41,089 207,497 
Total obligations of states and political subdivisions
394,694 — 5,650 69,915 470,259 
Residential mortgage-backed securities1,550,306 — — — 1,550,306 
Trust preferred securities— — — 37,348 37,348 
Corporate and other debt securities— 5,000 — 35,750 40,750 
Total investment securities held to maturity$2,019,348 $5,000 $5,650 $143,013 $2,173,011