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Investment Securities (Tables)
6 Months Ended
Jun. 30, 2023
Investment Securities  
Schedule of amortized cost and fair value of securities

June 30, 2023

December 31, 2022

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

$

128,594

$

$

(11,709)

$

116,885

$

163,309

$

$

(12,327)

$

150,982

Government-sponsored enterprises debt securities

45,000

(760)

44,240

45,000

(699)

44,301

Mortgage-backed securities:

Residential - Government agency

63,486

(6,284)

57,202

66,792

(7,069)

59,723

Residential - Government-sponsored enterprises

1,229,375

(146,383)

1,082,992

1,317,718

(157,263)

1,160,455

Commercial - Government agency

276,365

(50,903)

225,462

282,700

(44,847)

237,853

Commercial - Government-sponsored enterprises

96,441

(8,544)

87,897

130,612

(11,039)

119,573

Commercial - Non-agency

21,964

(585)

21,379

21,964

(493)

21,471

Collateralized mortgage obligations:

Government agency

688,844

(83,623)

605,221

738,524

(85,202)

653,322

Government-sponsored enterprises

496,867

(69,387)

427,480

533,103

(70,971)

462,132

Collateralized loan obligations

249,889

(9,275)

240,614

249,877

50

(8,606)

241,321

Total available-for-sale securities

$

3,296,825

$

$

(387,453)

$

2,909,372

$

3,549,599

$

50

$

(398,516)

$

3,151,133

Government agency debt securities

$

53,189

$

$

(5,675)

$

47,514

$

54,318

$

$

(5,674)

$

48,644

Mortgage-backed securities:

Residential - Government agency

45,097

(5,484)

39,613

46,302

(6,294)

40,008

Residential - Government-sponsored enterprises

102,940

(11,898)

91,042

106,534

(12,978)

93,556

Commercial - Government agency

30,675

(6,381)

24,294

30,544

(5,229)

25,315

Commercial - Government-sponsored enterprises

1,137,157

196

(129,963)

1,007,390

1,150,449

(138,451)

1,011,998

Collateralized mortgage obligations:

Government agency

1,036,671

(119,506)

917,165

1,080,492

(122,378)

958,114

Government-sponsored enterprises

1,720,672

(198,450)

1,522,222

1,798,178

(207,045)

1,591,133

Debt securities issued by states and political subdivisions

54,007

(5,986)

48,021

53,822

(7,768)

46,054

Total held-to-maturity securities

$

4,180,408

$

196

$

(483,343)

$

3,697,261

$

4,320,639

$

$

(505,817)

$

3,814,822

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

June 30, 2023

Amortized

Fair

(dollars in thousands)

  

Cost

  

Value

Available-for-sale securities

Due in one year or less

$

44,820

$

44,242

Due after one year through five years

60,590

57,478

Due after five years through ten years

175,172

162,622

Due after ten years

164,865

158,776

445,447

423,118

Mortgage-backed securities:

Residential - Government agency

63,486

57,202

Residential - Government-sponsored enterprises

1,229,375

1,082,992

Commercial - Government agency

276,365

225,462

Commercial - Government-sponsored enterprises

96,441

87,897

Total mortgage-backed securities

1,665,667

1,453,553

Collateralized mortgage obligations:

Government agency

688,844

605,221

Government-sponsored enterprises

496,867

427,480

Total collateralized mortgage obligations

1,185,711

1,032,701

Total available-for-sale securities

$

3,296,825

$

2,909,372

Held-to-maturity securities

Due in one year or less

$

$

Due after one year through five years

Due after five years through ten years

10,255

9,264

Due after ten years

96,941

86,271

107,196

95,535

Mortgage-backed securities:

Residential - Government agency

45,097

39,613

Residential - Government-sponsored enterprises

102,940

91,042

Commercial - Government agency

30,675

24,294

Commercial - Government-sponsored enterprises

1,137,157

1,007,390

Total mortgage-backed securities

1,315,869

1,162,339

Collateralized mortgage obligations:

Government agency

1,036,671

917,165

Government-sponsored enterprises

1,720,672

1,522,222

Total collateralized mortgage obligations

2,757,343

2,439,387

Total held-to-maturity securities

$

4,180,408

$

3,697,261

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

Time in Continuous Loss as of June 30, 2023

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

$

(708)

$

19,255

$

(11,001)

$

97,630

$

(11,709)

$

116,885

Government-sponsored enterprises debt securities

(760)

44,240

(760)

44,240

Mortgage-backed securities:

Residential - Government agency

(6,284)

57,202

(6,284)

57,202

Residential - Government-sponsored enterprises

(8,831)

165,828

(137,552)

917,164

(146,383)

1,082,992

Commercial - Government agency

(104)

4,256

(50,799)

221,206

(50,903)

225,462

Commercial - Government-sponsored enterprises

(546)

15,738

(7,998)

72,159

(8,544)

87,897

Commercial - Non-agency

(585)

21,379

(585)

21,379

Collateralized mortgage obligations:

Government agency

(1,260)

31,225

(82,363)

573,996

(83,623)

605,221

Government-sponsored enterprises

(2,894)

36,881

(66,493)

390,599

(69,387)

427,480

Collateralized loan obligations

(6,360)

163,538

(2,915)

77,076

(9,275)

240,614

Total available-for-sale securities with unrealized losses

$

(22,048)

$

502,340

$

(365,405)

$

2,407,032

$

(387,453)

$

2,909,372

Time in Continuous Loss as of December 31, 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

$

(2,962)

$

83,870

$

(9,365)

$

67,112

$

(12,327)

$

150,982

Government-sponsored enterprises debt securities

(699)

44,301

(699)

44,301

Mortgage-backed securities:

Residential - Government agency

(7,069)

59,723

(7,069)

59,723

Residential - Government-sponsored enterprises

(73,954)

645,338

(83,309)

515,117

(157,263)

1,160,455

Commercial - Government agency

(15,852)

108,842

(28,995)

129,011

(44,847)

237,853

Commercial - Government-sponsored enterprises

(7,348)

94,657

(3,691)

24,916

(11,039)

119,573

Commercial - Non-agency

(493)

21,471

(493)

21,471

Collateralized mortgage obligations:

Government agency

(74,797)

596,907

(10,405)

56,415

(85,202)

653,322

Government-sponsored enterprises

(21,916)

198,108

(49,055)

264,024

(70,971)

462,132

Collateralized loan obligations:

(8,606)

170,042

(8,606)

170,042

Total available-for-sale securities with unrealized losses

$

(213,696)

$

2,023,259

$

(184,820)

$

1,056,595

$

(398,516)

$

3,079,854