XML 41 R27.htm IDEA: XBRL DOCUMENT v3.23.2
Investment Securities (Tables)
6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Estimated Fair Value of Securities
The amortized cost and estimated fair value of available-for-sale (“AFS”) investment securities were as follows:
(Dollars in thousands)Amortized
 Cost
Gross Unrealized
Gain
Gross Unrealized
Loss
Estimated
Fair Value
AFS investment securities:
June 30, 2023    
U.S. Treasury$14,944 $— $(1,840)$13,104 
Agency463,958 — (50,103)413,855 
Corporate561,128 104 (63,113)498,119 
Collateralized mortgage obligations357,766 — (30,509)327,257 
Mortgage-backed securities888,740 — (129,284)759,456 
Total AFS investment securities$2,286,536 $104 $(274,849)$2,011,791 
December 31, 2022
U.S. Treasury$49,156 $— $(2,139)$47,017 
Agency485,331 — (53,893)431,438 
Corporate586,652 — (44,104)542,548 
Collateralized mortgage obligations829,928 — (65,699)764,229 
Mortgage-backed securities953,678 — (137,897)815,781 
Total AFS investment securities$2,904,745 $— $(303,732)$2,601,013 

The carrying amount and estimated fair value of held-to-maturity (“HTM”) investment securities were as follows:
(Dollars in thousands)Amortized
 Cost
Allowance for Credit LossesNet Carrying AmountGross Unrecognized
Gain
Gross Unrecognized
Loss
Estimated
Fair Value
HTM investment securities:
June 30, 2023
Municipal bonds$1,147,604 $(113)$1,147,491 $— $(238,542)$908,949 
Collateralized mortgage obligations349,328 — 349,328 70 (7,385)342,013 
Mortgage-backed securities224,470 — 224,470 — (33,460)191,010 
Other16,315 — 16,315 — — 16,315 
Total HTM investment securities$1,737,717 $(113)$1,737,604 $70 $(279,387)$1,458,287 
December 31, 2022
Municipal bonds$1,148,055 $(43)$1,148,012 $44 $(257,430)$890,626 
Mortgage-backed securities231,692 — 231,692 — (33,621)198,071 
Other8,399 — 8,399 — — 8,399 
Total HTM investment securities$1,388,146 $(43)$1,388,103 $44 $(291,051)$1,097,096 
Schedule of Number, Fair Value and Gross Unrealized Holding Losses of the Company's Investment Securities by Investment Category and Length of Time that the Securities have been in a Continuous Loss Position
The table below summarizes the number, fair value, and gross unrealized holding losses of the Company’s AFS investment securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of the dates indicated, aggregated by investment category and length of time in a continuous loss position.
 June 30, 2023
 Less than 12 Months12 Months or LongerTotal
(Dollars in thousands)NumberFair
Value
Gross
Unrealized
Losses
NumberFair
Value
Gross
Unrealized
Losses
NumberFair
Value
Gross
Unrealized
Losses
AFS investment securities:
U.S. Treasury— $— $— $13,104 $(1,840)$13,104 $(1,840)
Agency43,105 (895)37 370,751 (49,208)41 413,856 (50,103)
Corporate26,068 (3,932)50 457,013 (59,181)52 483,081 (63,113)
Collateralized mortgage obligations69,635 (991)49 257,622 (29,518)53 327,257 (30,509)
Mortgage-backed securities.27,663 (323)78 731,793 (128,961)80 759,456 (129,284)
Total AFS investment securities12 $166,471 $(6,141)215 $1,830,283 $(268,708)227 $1,996,754 $(274,849)
 December 31, 2022
 Less than 12 Months12 Months or LongerTotal
(Dollars in thousands)NumberFair
Value
Gross
Unrealized
Losses
NumberFair
Value
Gross
Unrealized
Losses
NumberFair
Value
Gross
Unrealized
Losses
AFS investment securities:
U.S. Treasury$33,982 $(237)$13,036 $(1,902)$47,018 $(2,139)
Agency79,895 (1,265)35 351,543 (52,628)43 431,438 (53,893)
Corporate35 327,984 (20,840)21 214,565 (23,264)56 542,549 (44,104)
Collateralized mortgage obligations41 522,955 (33,318)40 241,229 (32,381)81 764,184 (65,699)
Mortgage-backed securities13 91,762 (6,987)68 724,019 (130,910)81 815,781 (137,897)
Total AFS investment securities102 $1,056,578 $(62,647)165 $1,544,392 $(241,085)267 $2,600,970 $(303,732)
Schedule of Allowance for Credit Losses on Company's Held-to-maturity Debt Securities The following table presents a rollforward by major security type of the allowance for credit losses on the Company's HTM debt securities as of and for the periods indicated:
Three Months Ended June 30, 2023
(Dollars in thousands)
 Balance,
March 31, 2023
Provision for Credit Losses
Balance,
June 30, 2023
HTM investment securities:
Municipal bonds$227 $(114)$113 
Three Months Ended June 30, 2022
(Dollars in thousands)
 Balance,
March 31, 2022
Provision for Credit Losses
Balance,
June 30, 2022
HTM investment securities:
Municipal bonds$41 $68 $109 
Six Months Ended June 30, 2023
(Dollars in thousands)
 Balance,
December 31, 2022
Provision for Credit Losses
Balance,
June 30, 2023
HTM investment securities:
Municipal bonds$43 $70 $113 
Six Months Ended June 30, 2022
(Dollars in thousands)
 Balance,
December 31, 2021
Provision for Credit Losses
Balance,
June 30, 2022
HTM investment securities:
Municipal bonds$22 $87 $109 
Schedule of Realized Gain (Loss) on Investments
The following table presents the amortized cost of securities sold with related gross realized gains and losses, as well as net realized gains or losses for the periods indicated:
Three Months EndedSix Months Ended
June 30,June 30,June 30,June 30,
(Dollars in thousands)2023202220232022
Amortized cost of AFS investment securities sold$— $45,121 $304,182 $703,626 
Gross realized gains$— $$986 $13,645 
Gross realized (losses)— (38)(848)(11,542)
Net realized gains on sales of AFS investment securities$— $(31)$138 $2,103 
Schedule of Amortized Cost and Estimated Fair Value of Investment Securities Available for Sale by Contractual Maturity
The amortized cost and estimated fair value of investment securities at June 30, 2023, by contractual maturity, are shown in the table below.
Due in One Year
or Less
Due after One Year
through Five Years
Due after Five Years
through Ten Years
Due after
Ten Years
Total
(Dollars in thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
AFS investment securities:          
U.S. Treasury$— $— $14,944 $13,104 $— $— $— $— $14,944 $13,104 
Agency17,140 16,989 314,680 289,909 106,988 88,101 25,150 18,856 463,958 413,855 
Corporate— — 288,165 283,555 272,963 214,564 — — 561,128 498,119 
Collateralized mortgage obligations15,504 15,441 54,631 53,788 193,285 170,373 94,346 87,655 357,766 327,257 
Mortgage-backed securities27,986 27,663 — — 502,381 438,835 358,373 292,958 888,740 759,456 
Total AFS investment securities60,630 60,093 672,420 640,356 1,075,617 911,873 477,869 399,469 2,286,536 2,011,791 
HTM investment securities:
Municipal bonds— — 10,641 10,179 53,352 47,279 1,083,611 851,491 1,147,604 908,949 
Collateralized mortgage obligations— — 132 132 — — 349,196 341,881 349,328 342,013 
Mortgage-backed securities— — — — — — 224,470 191,010 224,470 191,010 
Other— — — — — — 16,315 16,315 16,315 16,315 
Total HTM investment securities— — 10,773 10,311 53,352 47,279 1,673,592 1,400,697 1,737,717 1,458,287 
Total investment securities$60,630 $60,093 $683,193 $650,667 $1,128,969 $959,152 $2,151,461 $1,800,166 $4,024,253 $3,470,078