XML 91 R27.htm IDEA: XBRL DOCUMENT v3.20.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost, gross unrealized gains and losses, and fair value of investment securities

The amortized cost, gross unrealized gains and losses, and fair value of the Company’s investment securities as of March 31, 2020, and December 31, 2019, were as follows:

(dollars in thousands)
Amortized Cost

 
Gross
Unrealized Gains

 
Gross
Unrealized Losses

 
Fair Value

March 31, 2020
 

 
 

 
 

 
 

Available-for-Sale:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
202,065

 
$
262

 
$
(1,238
)
 
$
201,089

Debt Securities Issued by States and Political Subdivisions
53,981

 
1,043

 
(1
)
 
55,023

Debt Securities Issued by U.S. Government-Sponsored Enterprises
936


76


—

 
1,012

Debt Securities Issued by Corporations
274,353

 
1,969

 
(5,146
)
 
271,176

Mortgage-Backed Securities:
 

 
 

 
 

 
 

    Residential - Government Agencies
1,159,266

 
41,360

 
(1,412
)
 
1,199,214

    Residential - U.S. Government-Sponsored Enterprises
635,161

 
26,178

 
(166
)
 
661,173

    Commercial - Government Agencies
287,441

 
5,790

 
(869
)
 
292,362

Total Mortgage-Backed Securities
2,081,868

 
73,328

 
(2,447
)
 
2,152,749

Total
$
2,613,203

 
$
76,678

 
$
(8,832
)
 
$
2,681,049

Held-to-Maturity:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
214,612

 
$
2,111

 
$
—

 
$
216,723

Debt Securities Issued by States and Political Subdivisions
54,543

 
1,017

 
—

 
55,560

Debt Securities Issued by Corporations
14,243

 
104

 
—

 
14,347

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
994,405

 
38,678

 
(36
)
 
1,033,047

    Residential - U.S. Government-Sponsored Enterprises
1,648,144

 
57,554

 
—

 
1,705,698

    Commercial - Government Agencies
78,192

 
763

 
(310
)
 
78,645

Total Mortgage-Backed Securities
2,720,741

 
96,995


(346
)

2,817,390

Total
$
3,004,139

 
$
100,227

 
$
(346
)
 
$
3,104,020

 
 
 
 
 
 
 
 
December 31, 2019
 

 
 

 
 

 
 

Available-for-Sale:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
222,365

 
$
213

 
$
(1,447
)
 
$
221,131

Debt Securities Issued by States and Political Subdivisions
54,480

 
631

 
(14
)
 
55,097

Debt Securities Issued by U.S. Government-Sponsored Enterprises
22,128

 
19

 
—

 
22,147

Debt Securities Issued by Corporations
335,553

 
1,401

 
(633
)
 
336,321

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
1,164,466

 
11,627

 
(3,267
)
 
1,172,826

    Residential - U.S. Government-Sponsored Enterprises
584,272

 
4,363

 
(1,874
)
 
586,761

    Commercial - Government Agencies
224,372

 
2,889

 
(2,541
)
 
224,720

Total Mortgage-Backed Securities
1,973,110

 
18,879

 
(7,682
)
 
1,984,307

Total
$
2,607,636

 
$
21,143

 
$
(9,776
)
 
$
2,619,003

Held-to-Maturity:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
274,375

 
$
1,319

 
$
(31
)
 
$
275,663

Debt Securities Issued by States and Political Subdivisions
54,811

 
1,236

 
—

 
56,047

Debt Securities Issued by Corporations
14,975

 
—

 
(138
)
 
14,837

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
1,067,416

 
13,247

 
(5,348
)
 
1,075,315

    Residential - U.S. Government-Sponsored Enterprises
1,546,479

 
13,871

 
(2,478
)
 
1,557,872

    Commercial - Government Agencies
84,238

 
317

 
(1,407
)
 
83,148

Total Mortgage-Backed Securities
2,698,133

 
27,435

 
(9,233
)
 
2,716,335

Total
$
3,042,294

 
$
29,990

 
$
(9,402
)
 
$
3,062,882
Analysis of the contractual maturities of investment securities
The table below presents an analysis of the contractual maturities of the Company’s investment securities as of March 31, 2020.  Debt securities issued by government agencies (Small Business Administration securities) and mortgage-backed securities are disclosed separately in the table below as these investment securities may prepay prior to their scheduled contractual maturity dates.
(dollars in thousands)
Amortized Cost

 
Fair Value

Available-for-Sale:
 

 
 

Due in One Year or Less
$
66,246

 
$
66,355

Due After One Year Through Five Years
96,977

 
95,275

Due After Five Years Through Ten Years
167,141

 
166,707

Due After Ten Years
50

 
51

 
330,414

 
328,388

 
 
 
 
Debt Securities Issued by Government Agencies
200,921

 
199,912

Mortgage-Backed Securities:
 

 
 

    Residential - Government Agencies
1,159,266

 
1,199,214

    Residential - U.S. Government-Sponsored Enterprises
635,161

 
661,173

    Commercial - Government Agencies
287,441

 
292,362

Total Mortgage-Backed Securities
2,081,868

 
2,152,749

Total
$
2,613,203

 
$
2,681,049

 
 
 
 
Held-to-Maturity:
 

 
 

Due in One Year or Less
$
234,892

 
$
237,171

Due After One Year Through Five Years
48,506

 
49,459

 
283,398

 
286,630

Mortgage-Backed Securities:
 

 
 

    Residential - Government Agencies
994,405

 
1,033,047

    Residential - U.S. Government-Sponsored Enterprises
1,648,144

 
1,705,698

    Commercial - Government Agencies
78,192

 
78,645

Total Mortgage-Backed Securities
2,720,741

 
2,817,390

Total
$
3,004,139

 
$
3,104,020
Schedule of gains (losses) on sale of investment securities
The table below presents the gains and losses from the sales of investment securities for the three months ended March 31, 2020, and March 31, 2019:
 
Three Months Ended
March 31,
(dollars in thousands)
2020

 
2019

Gross Gains on Sales of Investment Securities
$
77

 
$
2,030

Gross Losses on Sales of Investment Securities
(1,047
)
 
(2,865
)
Net Gains (Losses) on Sales of Investment Securities
$
(970
)
 
$
(835
)
Schedule of investment securities in an unrealized loss position
The following table summarizes the Company’s AFS debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by major security type and length of time in a continuous unrealized loss position:
 
Less Than 12 Months
 
12 Months or Longer
 
Total
(dollars in thousands)
Fair Value

 
Gross Unrealized Losses

 
Fair Value

 
Gross Unrealized Losses

 
Fair Value

 
Gross Unrealized Losses

March 31, 2020
 

 
 

 
 

 
 

 
 

 
 

Available-for-Sale:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
   and Government Agencies
$
97,978

 
$
(1,126
)
 
$
53,511

 
$
(112
)
 
$
151,489

 
$
(1,238
)
Debt Securities Issued by States
   and Political Subdivisions
—

 
—

 
355

 
(1
)
 
355

 
(1
)
Debt Securities Issued by Corporations
50,000

 
(644
)
 
100,866

 
(4,502
)
 
150,866

 
(5,146
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 


 


    Residential - Government Agencies
54,491

 
(1,072
)
 
65,155

 
(340
)
 
119,646

 
(1,412
)
    Residential - U.S. Government-Sponsored Enterprises
—

 
—

 
10,994

 
(166
)
 
10,994

 
(166
)
    Commercial - Government Agencies
51,105

 
(869
)
 
—

 
—

 
51,105

 
(869
)
Total Mortgage-Backed Securities
105,596

 
(1,941
)
 
76,149

 
(506
)
 
181,745

 
(2,447
)
Total
$
253,574

 
$
(3,711
)
 
$
230,881

 
$
(5,121
)
 
$
484,455

 
$
(8,832
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2019
 

 
 

 
 

 
 

 
 

 
 

Available-for-Sale:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
     and Government Agencies
$
65,479

 
$
(188
)
 
$
101,761

 
$
(1,259
)
 
$
167,240

 
$
(1,447
)
Debt Securities Issued by States
     and Political Subdivisions
6,788

 
(14
)
 
440

 
—

 
7,228

 
(14
)
Debt Securities Issued by Corporations
25,892

 
(326
)
 
74,693

 
(307
)
 
100,585

 
(633
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 
 
 
 
     Residential - Government Agencies
119,271

 
(526
)
 
170,805

 
(2,741
)
 
290,076

 
(3,267
)
     Residential - U.S. Government-Sponsored Enterprises
187,861

 
(816
)
 
73,720

 
(1,058
)
 
261,581

 
(1,874
)
     Commercial - Government Agencies
59,826

 
(319
)
 
52,965

 
(2,222
)
 
112,791

 
(2,541
)
Total Mortgage-Backed Securities
366,958

 
(1,661
)
 
297,490

 
(6,021
)
 
664,448

 
(7,682
)
Total
$
465,117

 
$
(2,189
)
 
$
474,384

 
$
(7,587
)
 
$
939,501

 
$
(9,776
)
Schedule of interest income from taxable and non-taxable investment securities
Interest income from taxable and non-taxable investment securities for the three months ended March 31, 2020, and March 31, 2019, were as follows:
 
Three Months Ended
March 31,
(dollars in thousands)
2020

 
2019

Taxable
$
35,393

 
$
31,992

Non-Taxable
570

 
3,361

Total Interest Income from Investment Securities
$
35,963

 
$
35,353
Schedule of carrying value of company's Federal Home Loan Bank and Federal Reserve Bank
As of March 31, 2020, and December 31, 2019, the carrying value of the Company’s Federal Home Loan Bank of Des Moines stock and Federal Reserve Bank stock was as follows:
(dollars in thousands)
March 31,
2020

 
December 31,
2019

Federal Home Loan Bank Stock
$
15,000

 
$
13,000

Federal Reserve Bank Stock
21,198

 
21,093

Total
$
36,198

 
$
34,093