Investment Securities (Tables)

6 Months Ended

Jun. 30, 2022

Investment Securities

Schedule of amortized cost and fair value of securities

	June 30, 2022								December 31, 2021
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
U.S. Treasury and government agency debt securities	$	168,129	$	—	$	(8,964)	$	159,165	$	196,662	$	125	$	(4,224)	$	192,563
Government-sponsored enterprises debt securities		20,000		—		(37)		19,963		—		—		—		—
Mortgage-backed securities:
Residential - Government agency		72,027		—		(4,069)		67,958		135,764		1,791		(291)		137,264
Residential - Government-sponsored enterprises		1,444,461		24		(111,470)		1,333,015		1,496,605		6,914		(12,419)		1,491,100
Commercial - Government agency		297,271		—		(29,614)		267,657		392,443		1,741		(6,521)		387,663
Commercial - Government-sponsored enterprises		147,160		918		(6,242)		141,836		1,415,511		2,646		(48,714)		1,369,443
Commercial - Non-agency		21,957		—		(407)		21,550		—		—		—		—
Collateralized mortgage obligations:
Government agency		1,102,277		—		(76,938)		1,025,339		2,103,187		7,768		(31,432)		2,079,523
Government-sponsored enterprises		744,622		—		(60,062)		684,560		2,671,131		3,608		(53,695)		2,621,044
Collateralized loan obligations		249,905		45		(3,247)		246,703		105,245		2		—		105,247
Debt securities issued by states and political subdivisions		—		—		—		—		44,185		—		—		44,185
Total available-for-sale securities	$	4,267,809	$	987	$	(301,050)	$	3,967,746	$	8,560,733	$	24,595	$	(157,296)	$	8,428,032
Government agency debt securities	$	55,148	$	—	$	(2,405)	$	52,743	$	—	$	—	$	—	$	—
Mortgage-backed securities:
Residential - Government agency		47,309		—		(3,031)		44,278		—		—		—		—
Residential - Government-sponsored enterprises		93,458		—		(6,117)		87,341		—		—		—		—
Commercial - Government agency		30,497		—		(2,685)		27,812		—		—		—		—
Commercial - Government-sponsored enterprises		1,173,398		—		(63,627)		1,109,771		—		—		—		—
Collateralized mortgage obligations:
Government agency		879,010		—		(31,243)		847,767		—		—		—		—
Government-sponsored enterprises		1,760,755		—		(69,483)		1,691,272		—		—		—		—
Debt securities issued by states and political subdivisions		53,640		—		(3,844)		49,796		—		—		—		—
Total held-to-maturity securities	$	4,093,215	$	—	$	(182,435)	$	3,910,780	$	—	$	—	$	—	$	—

Schedule of amortized cost and fair value of debt securities by contractual maturity

	June 30, 2022
	Amortized		Fair
(dollars in thousands)	Cost		Value
Due in one year or less	$	30,106	$	29,762
Due after one year through five years		79,915		77,983
Due after five years through ten years		177,556		170,656
Due after ten years		172,414		168,980
		459,991		447,381
Mortgage-backed securities:
Residential - Government agency		72,027		67,958
Residential - Government-sponsored enterprises		1,444,461		1,333,015
Commercial - Government agency		297,271		267,657
Commercial - Government-sponsored enterprises		147,160		141,836
Total mortgage-backed securities		1,960,919		1,810,466
Collateralized mortgage obligations:
Government agency		1,102,277		1,025,339
Government-sponsored enterprises		744,622		684,560
Total collateralized mortgage obligations		1,846,899		1,709,899
Total available-for-sale securities	$	4,267,809	$	3,967,746
Due in one year or less	$	—	$	—
Due after one year through five years		—		—
Due after five years through ten years		—		—
Due after ten years		108,788		102,539
		108,788		102,539
Mortgage-backed securities:
Residential - Government agency		47,309		44,278
Residential - Government-sponsored enterprises		93,458		87,341
Commercial - Government agency		30,497		27,812
Commercial - Government-sponsored enterprises		1,173,398		1,109,771
Total mortgage-backed securities		1,344,662		1,269,202
Collateralized mortgage obligations:
Government agency		879,010		847,767
Government-sponsored enterprises		1,760,755		1,691,272
Total collateralized mortgage obligations		2,639,765		2,539,039
Total held-to-maturity securities	$	4,093,215	$	3,910,780

Schedule of gross unrealized losses and fair values of securities in a continuous loss position

	Time in Continuous Loss as of June 30, 2022
	Less Than 12 Months				12 Months or More				Total
	Unrealized				Unrealized				Unrealized
(dollars in thousands)	Losses		Fair Value		Losses		Fair Value		Losses		Fair Value
U.S. Treasury and government agency debt securities	$	(2,239)	$	87,782	$	(6,725)	$	71,383	$	(8,964)	$	159,165
Government-sponsored enterprises debt securities		(37)		19,964		—		—		(37)		19,964
Mortgage-backed securities:
Residential - Government agency		(4,069)		67,958		—		—		(4,069)		67,958
Residential - Government-sponsored enterprises		(110,301)		1,303,823		(1,169)		9,196		(111,470)		1,313,019
Commercial - Government agency		(12,813)		150,595		(16,801)		116,854		(29,614)		267,449
Commercial - Government-sponsored enterprises		(4,482)		77,564		(1,760)		18,478		(6,242)		96,042
Commercial - Non-agency		(407)		21,550		—		—		(407)		21,550
Collateralized mortgage obligations:
Government agency		(74,997)		988,818		(1,941)		16,549		(76,938)		1,005,367
Government-sponsored enterprises		(41,157)		517,636		(18,905)		166,924		(60,062)		684,560
Collateralized loan obligations:		(3,247)		170,425		—		—		(3,247)		170,425
Total available-for-sale securities with unrealized losses	$	(253,749)	$	3,406,115	$	(47,301)	$	399,384	$	(301,050)	$	3,805,499

	Time in Continuous Loss as of December 31, 2021
	Less Than 12 Months				12 Months or More				Total
	Unrealized				Unrealized				Unrealized
(dollars in thousands)	Losses		Fair Value		Losses		Fair Value		Losses		Fair Value
U.S. Treasury and government agency debt securities	$	(3,355)	$	134,468	$	(869)	$	16,642	$	(4,224)	$	151,110
Mortgage-backed securities:
Residential - Government agency		(291)		51,231		—		—		(291)		51,231
Residential - Government-sponsored enterprises		(10,876)		1,230,104		(1,543)		32,415		(12,419)		1,262,519
Commercial - Government agency		(5,239)		186,024		(1,282)		26,063		(6,521)		212,087
Commercial - Government-sponsored enterprises		(22,179)		744,819		(26,535)		397,123		(48,714)		1,141,942
Collateralized mortgage obligations:
Government agency		(31,432)		1,441,848		—		—		(31,432)		1,441,848
Government-sponsored enterprises		(52,551)		2,255,535		(1,144)		24,959		(53,695)		2,280,494
Total available-for-sale securities with unrealized losses	$	(125,923)	$	6,044,029	$	(31,373)	$	497,202	$	(157,296)	$	6,541,231