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Securities (Tables)
 3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Available-for-sale
The amortized cost, estimated fair value, and allowance for securities credit losses of debt securities available-for-sale and held-to-maturity at March 31, 2022 and December 31, 2021 are as follows (in thousands):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value		Allowance for Credit Losses
At March 31, 2022
Debt securities available-for-sale:
U.S. government and agency obligations$145,690 $206 $(3,855)$142,041 $— 
Corporate debt securities5,000 — (216)4,784 — 
Asset-backed securities302,389 — (5,300)297,089 — 
Agency commercial mortgage-backed securities (“MBS”)111,399 — (8,843)102,556 — 
Total debt securities available-for-sale$564,478 $206 $(18,214)$546,470 $— 
Debt securities held-to-maturity:
State, municipal and sovereign debt obligations$272,250 $396 $(12,673)$259,973 $(69)
Corporate debt securities64,198 917 (1,951)63,164 (1,272)
Mortgage-backed securities:
Agency residential730,960 467 (38,828)692,599 — 
Agency commercial4,163 3 (45)4,121 — 
Non-agency commercial32,057 3 (1,025)31,035 (39)
Total mortgage-backed securities767,180 473 (39,898)727,755 (39)
Total debt securities held-to-maturity$1,103,628 $1,786 $(54,522)$1,050,892 $(1,380)
Total debt securities$1,668,106 $1,992 $(72,736)$1,597,362 $(1,380)
At December 31, 2021
Debt securities available-for-sale:
U.S. government and agency obligations$164,756 $1,135 $(471)$165,420 $— 
Corporate debt securities5,000 42 (11)5,031 — 
Asset-backed securities298,976 41 (1,489)297,528 — 
Agency commercial MBS101,142 57 (923)100,276 — 
Total debt securities available-for-sale$569,874 $1,275 $(2,894)$568,255 $— 
Debt securities held-to-maturity:
State, municipal, and sovereign debt obligations$281,389 $10,185 $(1,164)$290,410 $(85)
Corporate debt securities68,823 1,628 (1,279)69,172 (1,343)
Mortgage-backed securities:
Agency residential756,844 6,785 (7,180)756,449 — 
Agency commercial4,385 7 (44)4,348 — 
Non-agency commercial32,107 362 (104)32,365 (39)
Total mortgage-backed securities793,336 7,154 (7,328)793,162 (39)
Total debt securities held-to-maturity$1,143,548 $18,967 $(9,771)$1,152,744 $(1,467)
Total debt securities$1,713,422 $20,242 $(12,665)$1,720,999 $(1,467)
Debt Securities, Held-to-maturity, Allowance for Credit Loss
The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the three months ended March 31, 2022 and 2021 (in thousands):
Three Months Ended March 31,
20222021
Allowance for securities credit losses
Beginning balance$(1,467)$(1,715)
Benefit (provision) for credit loss expense87 (2)
Total ending allowance balance$(1,380)$(1,717)
Carrying Value of Held-to-Maturity Investment Securities The carrying value of the debt securities held-to-maturity at March 31, 2022 and December 31, 2021 is as follows (in thousands): 
March 31,December 31,
20222021
Amortized cost$1,103,628 $1,143,548 
Net loss on date of transfer from available-for-sale(13,556)(13,556)
Allowance for securities credit losses(1,380)(1,467)
Accretion of net unrealized loss on securities reclassified as held-to-maturity10,822 10,668 
Carrying value$1,099,514 $1,139,193 
The realized and unrealized gains or losses on equity securities for the three months ended March 31, 2022 and 2021 are shown in the table below (in thousands):
Three Months Ended March 31,
20222021
Net (loss) gain on equity investments$(2,786)$8,287 
Less: Net gains recognized on equity securities sold1,582 8,123 
Unrealized (loss) gain recognized on equity securities still held$(4,368)$164 
Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity
The amortized cost and estimated fair value of debt securities at March 31, 2022 by contractual maturity are shown below (in thousands).
March 31, 2022Amortized
Cost		Estimated
Fair Value
Less than one year$95,878 $95,857 
Due after one year through five years153,847 148,910 
Due after five years through ten years242,079 232,695 
Due after ten years297,723 289,589 
$789,527 $767,051 
Estimated Fair Value and Unrealized Loss for Securities Available-for-Sale and Held-to-Maturity
The estimated fair value and unrealized losses for debt securities available-for-sale and held-to-maturity at March 31, 2022 and December 31, 2021, segregated by the duration of the unrealized losses, are as follows (in thousands):
 Less than 12 months12 months or longerTotal
 Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses
At March 31, 2022
Debt securities available-for-sale:
U.S. government and agency obligations$76,857 $(3,811)$5,017 $(44)$81,874 $(3,855)
Corporate debt securities4,784 (216)— — 4,784 (216)
Asset-backed securities266,780 (5,058)15,309 (242)282,089 (5,300)
Agency commercial MBS102,556 (8,843)— — 102,556 (8,843)
Total debt securities available-for-sale450,977 (17,928)20,326 (286)471,303 (18,214)
Debt securities held-to-maturity:
State, municipal and sovereign debt obligations203,363 (11,481)15,508 (1,192)218,871 (12,673)
Corporate debt securities6,080 (87)36,467 (1,864)42,547 (1,951)
Mortgage-backed securities:
Agency residential469,893 (24,938)170,870 (13,890)640,764 (38,828)
Agency commercial608 (2)2,393 (43)3,001 (45)
Non-agency commercial30,032 (1,025)— — 30,032 (1,025)
Total mortgage-backed securities500,533 (25,965)173,263 (13,933)673,797 (39,898)
Total debt securities held-to-maturity709,976 (37,533)225,238 (16,989)935,215 (54,522)
Total debt securities$1,160,953 $(55,461)$245,564 $(17,275)$1,406,518 $(72,736)
At December 31, 2021
Debt securities available-for-sale:
U.S. government and agency obligations$82,395 $(471)$— $— $82,395 $(471)
Corporate debt securities1,989 (11)— — 1,989 (11)
Asset-backed securities279,486 (1,489)— — 279,486 (1,489)
Agency commercial MBS80,726 (923)— — 80,726 (923)
Total debt securities available-for-sale444,596 (2,894)— — 444,596 (2,894)
Debt securities held-to-maturity:
State, municipal, and sovereign debt obligations75,329 (1,063)4,383 (101)79,712 (1,164)
Corporate debt securities38,304 (1,279)— — 38,304 (1,279)
Mortgage-backed securities:
Agency residential445,399 (5,822)50,133 (1,358)495,532 (7,180)
Agency commercial2,255 (41)886 (3)3,141 (44)
Non-agency commercial10,722 (104)— — 10,722 (104)
Total mortgage-backed securities458,376 (5,967)51,019 (1,361)509,395 (7,328)
Total debt securities held-to-maturity572,009 (8,309)55,402 (1,462)627,411 (9,771)
Total debt securities$1,016,605 $(11,203)$55,402 $(1,462)$1,072,007 $(12,665)
Schedule of Debt Securities, Held-to-maturity, Credit Quality Indicator The amortized cost of debt securities held-to-maturity at March 31, 2022, aggregated by credit quality indicator are as follows (in thousands):
Investment GradeNon-Investment Grade/Non-ratedTotal
As of March 31, 2022
State, municipal and sovereign debt obligations$272,250 $— $272,250 
Corporate debt securities48,211 15,987 64,198 
Non-agency commercial MBS32,057 — 32,057 
Total debt securities held-to-maturity$352,518 $15,987 $368,505