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Securities (Tables)
9 Months Ended
Sep. 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 September 30, 2024 and December 31, 2023 are summarized as follows:
 September 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$30,542 $375 $(335)$30,582 
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities1,558,076 8,560 (158,627)1,408,009 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities299,975 3,860 (11,586)292,249 
Private mortgage-backed securities and collateralized mortgage obligations136,038 288 (7,028)129,298 
Collateralized loan obligations286,042 648 (158)286,532 
Obligations of state and political subdivisions7,137 (1,216)5,930 
Other debt securities7,389 66 — 7,455 
Totals$2,325,199 $13,806 $(178,950)$2,160,055 
Held-to-Maturity Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities$557,119 $— $(99,722)$457,397 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities88,931 — (7,843)81,088 
Totals$646,050 $— $(107,565)$538,485 
 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 September 30, 2024 and December 31, 2023 are summarized as follows:
 September 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$30,542 $375 $(335)$30,582 
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities1,558,076 8,560 (158,627)1,408,009 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities299,975 3,860 (11,586)292,249 
Private mortgage-backed securities and collateralized mortgage obligations136,038 288 (7,028)129,298 
Collateralized loan obligations286,042 648 (158)286,532 
Obligations of state and political subdivisions7,137 (1,216)5,930 
Other debt securities7,389 66 — 7,455 
Totals$2,325,199 $13,806 $(178,950)$2,160,055 
Held-to-Maturity Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities$557,119 $— $(99,722)$457,397 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities88,931 — (7,843)81,088 
Totals$646,050 $— $(107,565)$538,485 
 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)$558,359 
Summary of Investments Classified by Contractual Maturity
The amortized cost and fair value of securities HTM and AFS as of September 30, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
 Held-to-MaturityAvailable-for-Sale
(In thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in less than one year$— $— $999 $999 
Due after one year through five years— — 6,163 6,187 
Due after five years through ten years— — 8,373 8,413 
Due after ten years— — 22,144 20,913 
 — — 37,679 36,512 
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities557,119 457,397 1,558,076 1,408,009 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities88,931 81,088 299,975 292,249 
Private mortgage-backed securities and collateralized mortgage obligations— — 136,038 129,298 
Collateralized loan obligations— — 286,042 286,532 
Other debt securities— — 7,389 7,455 
Totals$646,050 $538,485 $2,325,199 $2,160,055 
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.
 September 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$372 $(1)$20,513 $(334)$20,885 $(335)
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities103,020 (449)828,586 (158,178)931,606 (158,627)
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities— — 198,386 (11,586)198,386 (11,586)
Private mortgage-backed securities and collateralized mortgage obligations— — 106,748 (7,028)106,748 (7,028)
Collateralized loan obligations53,893 (139)7,723 (19)61,616 (158)
Obligations of state and political subdivisions— — 5,588 (1,216)5,588 (1,216)
Totals$157,285 $(589)$1,167,544 $(178,361)$1,324,829 $(178,950)
1Comprised of 350 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.