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Securities (Tables)
6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Summary of Amortized Cost and Fair Value of Securities Available for Sale
The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale (“AFS”) and held-to-maturity (“HTM”) at June 30, 2024 and December 31, 2023 are summarized as follows:
 June 30, 2024
(In thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross Unrealized
Losses
Fair
Value
Available-for-Sale Debt Securities   
U.S. Treasury securities and obligations of U.S. government agencies$52,081 $84 $(526)$51,639 
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities1,410,486 930 (197,486)1,213,930 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities315,649 1,508 (17,993)299,164 
Private mortgage-backed securities and collateralized mortgage obligations131,251 60 (10,633)120,678 
Collateralized loan obligations267,780 662 (82)268,360 
Obligations of state and political subdivisions7,316 — (1,362)5,954 
Other debt securities7,389 90 — 7,479 
Totals$2,191,952 $3,334 $(228,082)$1,967,204 
Held-to-Maturity Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities$568,957 $— $(119,883)$449,074 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities89,098 — (10,845)78,253 
Totals$658,055 $— $(130,728)$527,327 
 December 31, 2023
(In thousands)Amortized
Cost
Gross Unrealized
Gains
Gross Unrealized
Losses
Fair
Value
Available-for-Sale Debt Securities    
U.S. Treasury securities and obligations of U.S. government agencies$37,718 $205 $(478)$37,445 
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities1,152,753 780 (184,152)969,381 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities385,013 2,824 (19,565)368,272 
Private mortgage-backed securities and collateralized mortgage obligations135,878 36 (10,911)125,003 
Collateralized loan obligations300,855 11 (1,411)299,455 
Obligations of state and political subdivisions10,486 — (1,096)9,390 
Other debt securities26,599 576 (101)27,074 
Totals$2,049,302 $4,432 $(217,714)$1,836,020 
Held-to-Maturity Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities$590,676 $— $(111,746)$478,930 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities89,637 — (10,208)79,429 
Totals$680,313 $— $(121,954)$558,359 
Summary of Amortized Cost and Fair Value of Held-to-Maturity Securities
The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale (“AFS”) and held-to-maturity (“HTM”) at June 30, 2024 and December 31, 2023 are summarized as follows:
 June 30, 2024
(In thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross Unrealized
Losses
Fair
Value
Available-for-Sale Debt Securities   
U.S. Treasury securities and obligations of U.S. government agencies$52,081 $84 $(526)$51,639 
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities1,410,486 930 (197,486)1,213,930 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities315,649 1,508 (17,993)299,164 
Private mortgage-backed securities and collateralized mortgage obligations131,251 60 (10,633)120,678 
Collateralized loan obligations267,780 662 (82)268,360 
Obligations of state and political subdivisions7,316 — (1,362)5,954 
Other debt securities7,389 90 — 7,479 
Totals$2,191,952 $3,334 $(228,082)$1,967,204 
Held-to-Maturity Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities$568,957 $— $(119,883)$449,074 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities89,098 — (10,845)78,253 
Totals$658,055 $— $(130,728)$527,327 
 December 31, 2023
(In thousands)Amortized
Cost
Gross Unrealized
Gains
Gross Unrealized
Losses
Fair
Value
Available-for-Sale Debt Securities    
U.S. Treasury securities and obligations of U.S. government agencies$37,718 $205 $(478)$37,445 
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities1,152,753 780 (184,152)969,381 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities385,013 2,824 (19,565)368,272 
Private mortgage-backed securities and collateralized mortgage obligations135,878 36 (10,911)125,003 
Collateralized loan obligations300,855 11 (1,411)299,455 
Obligations of state and political subdivisions10,486 — (1,096)9,390 
Other debt securities26,599 576 (101)27,074 
Totals$2,049,302 $4,432 $(217,714)$1,836,020 
Held-to-Maturity Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities$590,676 $— $(111,746)$478,930 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities89,637 — (10,208)79,429 
Totals$680,313 $— $(121,954)$558,359 
Summary of Investments Classified by Contractual Maturity Securities not due at a single maturity date are shown separately.
 Held-to-MaturityAvailable-for-Sale
(In thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in less than one year$— $— $1,175 $1,172 
Due after one year through five years— — 5,916 5,879 
Due after five years through ten years— — 29,891 29,763 
Due after ten years— — 22,415 20,779 
 — — 59,397 57,593 
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities568,957 449,074 1,410,486 1,213,930 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities89,098 78,253 315,649 299,164 
Private mortgage-backed securities and collateralized mortgage obligations— — 131,251 120,678 
Collateralized loan obligations— — 267,780 268,360 
Other debt securities— — 7,389 7,479 
Totals$658,055 $527,327 $2,191,952 $1,967,204 
Schedule of Debt Securities in Unrealized Loss Position The tables below indicate the fair value of AFS debt securities with unrealized losses for which no allowance for credit losses has been recorded.
 June 30, 2024
 Less Than 12 Months12 Months or Longer
Total1
(In thousands)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
U.S. Treasury securities and obligations of U.S. government agencies$21,658 $(34)$22,384 $(492)$44,042 $(526)
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities254,312 (2,037)849,763 (195,449)1,104,075 (197,486)
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities16,902 (96)207,786 (17,897)224,688 (17,993)
Private mortgage-backed securities and collateralized mortgage obligations7,720 (73)108,756 (10,560)116,476 (10,633)
Collateralized loan obligations30,452 (48)36,583 (34)67,035 (82)
Obligations of state and political subdivisions323 (9)5,451 (1,353)5,774 (1,362)
Totals$331,366 $(2,297)$1,230,724 $(225,785)$1,562,090 $(228,082)
1Comprised of 414 individual securities.
 December 31, 2023
 Less Than 12 Months12 Months or Longer
Total1
(In thousands)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
U.S. Treasury securities and obligations of U.S. government agencies$24,933 $(143)$3,594 $(335)$28,527 $(478)
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities91,867 (9,320)826,324 (174,832)918,191 (184,152)
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities24,251 (1,270)262,666 (18,295)286,917 (19,565)
Private mortgage-backed securities and collateralized mortgage obligations3,945 (69)119,475 (10,842)123,420 (10,911)
Collateralized loan obligations60,087 (223)232,545 (1,188)292,632 (1,411)
Obligations of state and political subdivisions326 (2)9,064 (1,094)9,390 (1,096)
Other debt securities10,579 (101)— — 10,579 (101)
Totals$215,988 $(11,128)$1,453,668 $(206,586)$1,669,656 $(217,714)
1Comprised of 504 individual securities.