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INVESTMENTS (Tables)
9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities, Available-for-sale The following is a summary of our investment securities as of September 30, 2022 and December 31, 2021 (in thousands):
September 30, 2022
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Carrying
Value
Cash equivalents$379,081 $18 $— $379,099 
Available for sale:
U.S. government and agency obligations402,690 (11,027)391,672 
Corporate obligations540,226 (47,716)492,514 
State and municipal obligations11,575 — (283)11,292 
Certificates of deposit13,367 — — 13,367 
Mortgage-backed securities171,915 — (18,144)153,771 
Asset-backed securities69,001 (4,171)64,831 
Other390 — (17)373 
Total available-for-sale securities1,209,164 14 (81,358)1,127,820 
Held to maturity:
U.S. government and agency obligations7,007 — — 7,007 
Certificates of deposit1,447 — — 1,447 
Total held-to-maturity securities8,454 — — 8,454 
Total investments$1,596,699 $32 $(81,358)$1,515,373 
December 31, 2021
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Carrying
Value
Cash equivalents$192,623 $— $— $192,623 
Available for sale:
U.S. government and agency obligations311,936 259 (2,200)309,995 
Corporate obligations313,965 326 (1,104)313,187 
State and municipal obligations16,122 33 (38)16,117 
Certificates of deposit18,752 — — 18,752 
Mortgage-backed securities38,558 63 (67)38,554 
Other42,889 13 (30)42,872 
Total available-for-sale securities742,222 694 (3,439)739,477 
Held to maturity:
U.S. government and agency obligations7,739 — — 7,739 
Certificates of deposit1,447 — — 1,447 
Total held-to-maturity securities9,186 — — 9,186 
Total investments$944,031 $694 $(3,439)$941,286 
Schedule of Debt Securities, Held-to-maturity The following is a summary of our investment securities as of September 30, 2022 and December 31, 2021 (in thousands):
September 30, 2022
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Carrying
Value
Cash equivalents$379,081 $18 $— $379,099 
Available for sale:
U.S. government and agency obligations402,690 (11,027)391,672 
Corporate obligations540,226 (47,716)492,514 
State and municipal obligations11,575 — (283)11,292 
Certificates of deposit13,367 — — 13,367 
Mortgage-backed securities171,915 — (18,144)153,771 
Asset-backed securities69,001 (4,171)64,831 
Other390 — (17)373 
Total available-for-sale securities1,209,164 14 (81,358)1,127,820 
Held to maturity:
U.S. government and agency obligations7,007 — — 7,007 
Certificates of deposit1,447 — — 1,447 
Total held-to-maturity securities8,454 — — 8,454 
Total investments$1,596,699 $32 $(81,358)$1,515,373 
December 31, 2021
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Carrying
Value
Cash equivalents$192,623 $— $— $192,623 
Available for sale:
U.S. government and agency obligations311,936 259 (2,200)309,995 
Corporate obligations313,965 326 (1,104)313,187 
State and municipal obligations16,122 33 (38)16,117 
Certificates of deposit18,752 — — 18,752 
Mortgage-backed securities38,558 63 (67)38,554 
Other42,889 13 (30)42,872 
Total available-for-sale securities742,222 694 (3,439)739,477 
Held to maturity:
U.S. government and agency obligations7,739 — — 7,739 
Certificates of deposit1,447 — — 1,447 
Total held-to-maturity securities9,186 — — 9,186 
Total investments$944,031 $694 $(3,439)$941,286 
Schedule of Available-for-sale Investment With Gross Unrealized Losses
The fair value of available-for-sale investments, including those that are cash equivalents, with gross unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2022 and December 31, 2021 were as follows (in thousands):
September 30, 2022
Less Than 12 Months12 Months or GreaterTotal
Description of InvestmentsFair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
U.S. government and agency obligations257,637 (4,296)123,821 (6,731)381,458 (11,027)
Corporate obligations472,630 (46,707)16,898 (1,009)489,528 (47,716)
State and municipal obligations10,468 (257)824 (26)11,292 (283)
Mortgage-backed securities153,771 (18,144)— — 153,771 (18,144)
Asset-backed securities62,756 (4,171)— — 62,756 (4,171)
Other— — 374 (17)374 (17)
Total securities$957,262 $(73,575)$141,917 $(7,783)$1,099,179 $(81,358)
December 31, 2021
Less Than 12 Months12 Months or GreaterTotal
Description of InvestmentsFair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
U.S. government and agency obligations286,823 (2,200)— — 286,823 (2,200)
Corporate obligations234,070 (1,104)— — 234,070 (1,104)
State and municipal obligations10,442 (38)— — 10,442 (38)
Mortgage-backed securities32,715 (67)— — 32,715 (67)
Other29,115 (30)— — 29,115 (30)
Total securities$593,165 $(3,439)$— $— $593,165 $(3,439)
Schedule of Available-for-sale Securities by Contractual Maturity
As of September 30, 2022, the maturity of available-for-sale securities, by contractual maturity, reflected at amortized cost and fair value were as follows (in thousands):
Amortized
Cost
Fair
Value
Due in one year or less$278,680 $275,803 
Due after one year through five years551,078 514,924 
Due after five years through 10 years373,324 331,655 
Due after 10 years6,082 5,438 
Total debt securities$1,209,164 $1,127,820