Marketable Securities (Tables)
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9 Months Ended |
Sep. 30, 2023 |
Investments, Debt and Equity Securities [Abstract] |
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Schedule of the portfolio of investment securities available-for-sale |
The following table shows the portfolio of marketable securities available-for-sale at September 30, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Amortized cost | | Gross unrealized holding gains | | Gross unrealized holding losses | | Fair value | Debt issued by the U.S government and agencies: | | | | | | | | Due after one year through five years | $ | 20,000 | | | — | | | (1,750) | | | 18,250 | | Due after ten years | 50,166 | | | — | | | (11,890) | | | 38,276 | | | | | | | | | | Debt issued by government-sponsored enterprises: | | | | | | | | | | | | | | | | Due after one year through five years | 45,985 | | | — | | | (7,502) | | | 38,483 | | Due after five years through ten years | 434 | | | — | | | (11) | | | 423 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Municipal securities: | | | | | | | | | | | | | | | | Due after one year through five years | 954 | | | 3 | | | (9) | | | 948 | | Due after five years through ten years | 21,976 | | | — | | | (3,055) | | | 18,921 | | Due after ten years | 62,990 | | | — | | | (14,788) | | | 48,202 | | | | | | | | | | Corporate debt issues: | | | | | | | | | | | | | | | | Due after five years through ten years | 8,464 | | | — | | | (1,000) | | | 7,464 | | | | | | | | | | Residential mortgage-backed securities: | | | | | | | | Fixed rate pass-through | 213,849 | | | — | | | (35,305) | | | 178,544 | | Variable rate pass-through | 7,501 | | | 2 | | | (169) | | | 7,334 | | | | | | | | | | Fixed rate agency CMOs | 805,086 | | | — | | | (175,985) | | | 629,101 | | Variable rate agency CMOs | 24,675 | | | 28 | | | (573) | | | 24,130 | | Total residential mortgage-backed securities | 1,051,111 | | | 30 | | | (212,032) | | | 839,109 | | Total marketable securities available-for-sale | $ | 1,262,080 | | | 33 | | | (252,037) | | | 1,010,076 | |
The following table shows the portfolio of marketable securities available-for-sale at December 31, 2022 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | Amortized cost | | Gross unrealized holding gains | | Gross unrealized holding losses | | Fair value | Debt issued by the U.S. government and agencies: | | | | | | | | Due after one year through five years | $ | 20,000 | | | — | | | (1,799) | | | 18,201 | | Due after ten years | 53,152 | | | — | | | (10,761) | | | 42,391 | | | | | | | | | | Debt issued by government-sponsored enterprises: | | | | | | | | | | | | | | | | Due after one year through five years | 993 | | | — | | | (49) | | | 944 | | | | | | | | | | Due after five years through ten years | 45,814 | | | — | | | (7,557) | | | 38,257 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Municipal securities: | | | | | | | | Due within one year | 506 | | | — | | | (1) | | | 505 | | Due after one year through five years | 986 | | | 21 | | | (13) | | | 994 | | Due after five years through ten years | 36,332 | | | — | | | (2,290) | | | 34,042 | | Due after ten years | 89,631 | | | 8 | | | (13,414) | | | 76,225 | | | | | | | | | | Corporate debt issues: | | | | | | | | | | | | | | | | Due after five years through ten years | 13,540 | | | — | | | (562) | | | 12,978 | | | | | | | | | | Residential mortgage-backed securities: | | | | | | | | Fixed rate pass-through | 227,122 | | | 35 | | | (31,171) | | | 195,986 | | Variable rate pass-through | 8,837 | | | 10 | | | (184) | | | 8,663 | | | | | | | | | | Fixed rate agency CMOs | 906,962 | | | — | | | (145,284) | | | 761,678 | | Variable rate agency CMOs | 27,853 | | | 31 | | | (640) | | | 27,244 | | Total residential mortgage-backed securities | 1,170,774 | | | 76 | | | (177,279) | | | 993,571 | | Total marketable securities available-for-sale | $ | 1,431,728 | | | 105 | | | (213,725) | | | 1,218,108 | |
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Schedule of the portfolio of investment securities held-to-maturity |
The following table shows the portfolio of marketable securities held-to-maturity at September 30, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Amortized cost | | Gross unrealized holding gains | | Gross unrealized holding losses | | Fair value | Debt issued by government-sponsored enterprises: | | | | | | | | Due after one year through five years | $ | 49,471 | | | — | | | (6,830) | | | 42,641 | | Due after five years through ten years | 74,986 | | | — | | | (14,901) | | | 60,085 | | | | | | | | | | Residential mortgage-backed securities: | | | | | | | | Fixed rate pass-through | 151,411 | | | — | | | (27,070) | | | 124,341 | | Variable rate pass-through | 468 | | | — | | | (8) | | | 460 | | Fixed rate agency CMOs | 553,241 | | | — | | | (98,606) | | | 454,635 | | Variable rate agency CMOs | 529 | | | — | | | (10) | | | 519 | | Total residential mortgage-backed securities | 705,649 | | | — | | | (125,694) | | | 579,955 | | Total marketable securities held-to-maturity | $ | 830,106 | | | — | | | (147,425) | | | 682,681 | |
The following table shows the portfolio of marketable securities held-to-maturity at December 31, 2022 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Amortized cost | | Gross unrealized holding gains | | Gross unrealized holding losses | | Fair value | Debt issued by government-sponsored enterprises: | | | | | | | | Due after one year through five years | $ | 29,478 | | | — | | | (3,676) | | | 25,802 | | Due after five years through ten years | 94,977 | | | — | | | (18,157) | | | 76,820 | | | | | | | | | | | | | | | | | | Residential mortgage-backed securities: | | | | | | | | Fixed rate pass-through | 163,196 | | | — | | | (24,684) | | | 138,512 | | Variable rate pass-through | 542 | | | — | | | (12) | | | 530 | | Fixed rate agency CMOs | 592,527 | | | — | | | (83,325) | | | 509,202 | | Variable rate agency CMOs | 529 | | | — | | | (11) | | | 518 | | Total residential mortgage-backed securities | 756,794 | | | — | | | (108,032) | | | 648,762 | | Total marketable securities held-to-maturity | $ | 881,249 | | | — | | | (129,865) | | | 751,384 | |
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Information regarding the issuers and the carrying values of the entity's mortgage-backed securities |
The following table shows the contractual maturity of our residential mortgage-backed securities available-for-sale at September 30, 2023 (in thousands): | | | | | | | | | | | | | Amortized cost | | Fair value | | | | | | | | | | | | | | | | | Residential mortgage-backed securities: | | | | Due within one year | $ | 60 | | | 59 | | Due after one year through five years | 25,302 | | | 23,185 | | Due after five years through ten years | 27,837 | | | 25,424 | | Due after ten years | 997,912 | | | 790,441 | | Total residential mortgage-backed securities | $ | 1,051,111 | | | 839,109 | | | | | |
The following table shows the contractual maturity of our residential mortgage-backed securities held-to-maturity at September 30, 2023 (in thousands): | | | | | | | | | | | | | Amortized cost | | Fair value | | | | | | | | | | | | | | | | | Residential mortgage-backed securities: | | | | | | | | Due after one year through five years | $ | 20,343 | | | 17,291 | | Due after five years through ten years | 20,225 | | | 15,484 | | Due after ten years | 665,081 | | | 547,180 | | Total residential mortgage-backed securities | $ | 705,649 | | | 579,955 | | | | | |
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Schedule of the fair value and gross unrealized losses on investment securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position |
The following table shows the fair value of and gross unrealized losses on available for sale investment securities and held to maturity investment securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at September 30, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | Total | | Fair value | | Unrealized loss | | Fair value | | Unrealized loss | | Fair value | | Unrealized loss | U.S. government-sponsored enterprises | $ | 423 | | | (11) | | | 197,736 | | | (42,873) | | | 198,159 | | | (42,884) | | Municipal securities | 8,412 | | | (526) | | | 59,233 | | | (17,326) | | | 67,645 | | | (17,852) | | Corporate issues | — | | | — | | | 7,464 | | | (1,000) | | | 7,464 | | | (1,000) | | | | | | | | | | | | | | Residential mortgage-backed securities - agency | 25,649 | | | (1,271) | | | 1,390,685 | | | (336,455) | | | 1,416,334 | | | (337,726) | | | | | | | | | | | | | | Total | $ | 34,484 | | | (1,808) | | | 1,655,118 | | | (397,654) | | | 1,689,602 | | | (399,462) | |
The following table shows the fair value of and gross unrealized losses on available for sale investment securities and held to maturity investment securities, for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2022 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | Total | | Fair value | | Unrealized loss | | Fair value | | Unrealized loss | | Fair value | | Unrealized loss | U.S. government-sponsored enterprises | $ | 1,735 | | | (82) | | | 200,679 | | | (41,917) | | | 202,414 | | | (41,999) | | Corporate debt issues | 12,979 | | | (562) | | | — | | | — | | | 12,979 | | | (562) | | | | | | | | | | | | | | Municipal securities | 60,676 | | | (4,047) | | | 44,493 | | | (11,671) | | | 105,169 | | | (15,718) | | Residential mortgage-backed securities - agency | 373,186 | | | (22,796) | | | 1,264,042 | | | (262,515) | | | 1,637,228 | | | (285,311) | | Total | $ | 448,576 | | | (27,487) | | | 1,509,214 | | | (316,103) | | | 1,957,790 | | | (343,590) | |
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Schedule of credit quality of held-to-maturity securities |
The following table presents the credit quality of our held-to-maturity securities, based on the latest information available as of September 30, 2023 (in thousands). The credit ratings are sourced from nationally recognized rating agencies, which include Moody’s and S&P, and they are presented based on asset type. All of our held-to-maturity securities were current in their payment of principal and interest as of September 30, 2023. | | | | | | | | | | | | | AA+ | | Total | | | | | | | | | | | | | | | | | Held-to-maturity securities (at amortized cost): | | | | Debt issued by the U.S. government-sponsored enterprises | $ | 124,457 | | | 124,457 | | Residential mortgage-backed securities | 705,649 | | | 705,649 | | Total marketable securities held-to-maturity | $ | 830,106 | | | 830,106 | |
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