Securities (Tables)
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6 Months Ended |
Jun. 30, 2021 |
Investments, Debt and Equity Securities [Abstract] |
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Securities Available-for-Sale |
A summary of the Company's securities portfolio by category and maturity is presented in the following tables. Securities Portfolio (Dollar amounts in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2021 | | As of December 31, 2020 | | | Amortized Cost | | Gross Unrealized | | | | Fair Value | | Amortized Cost | | Gross Unrealized | | | | Fair Value | | | | Gains | | Losses | | | | | | Gains | | Losses | | | | Securities Available-for-Sale | | | | | | | | | | | | | | | | | U.S. treasury securities | | $ | 1,000 | | | $ | 3 | | | $ | — | | | | | $ | 1,003 | | | $ | 12,001 | | | $ | 50 | | | $ | — | | | | | $ | 12,051 | | U.S. agency securities | | 612,173 | | | 1,996 | | | (15,372) | | | | | 598,797 | | | 654,321 | | | 3,129 | | | (4,976) | | | | | 652,474 | | Collateralized mortgage obligations ("CMOs") | | 1,336,291 | | | 16,936 | | | (13,601) | | | | | 1,339,626 | | | 1,415,312 | | | 27,529 | | | (4,323) | | | | | 1,438,518 | | Other mortgage-backed securities ("MBSs") | | 808,967 | | | 9,762 | | | (4,368) | | | | | 814,361 | | | 566,830 | | | 14,650 | | | (640) | | | | | 580,840 | | Municipal securities | | 212,308 | | | 9,822 | | | (229) | | | | | 221,901 | | | 224,446 | | | 11,573 | | | (4) | | | | | 236,015 | | Corporate debt securities | | 173,069 | | | 7,451 | | | (14) | | | | | 180,506 | | | 170,570 | | | 6,210 | | | (270) | | | | | 176,510 | | | | | | | | | | | | | | | | | | | | | | | Total securities available-for-sale | | $ | 3,143,808 | | | $ | 45,970 | | | $ | (33,584) | | | | | $ | 3,156,194 | | | $ | 3,043,480 | | | $ | 63,141 | | | $ | (10,213) | | | | | $ | 3,096,408 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Securities Held-to-Maturity | | | | | | | | | | | | | | | | | | | Municipal securities | | $ | 11,593 | | | $ | — | | | $ | (468) | | | | | $ | 11,125 | | | $ | 12,291 | | | $ | — | | | $ | (385) | | | | | $ | 11,906 | | Allowance for securities held-to- maturity | | (220) | | | | | | | | | $ | (220) | | | (220) | | | | | | | | | $ | (220) | | Total securities held-to-maturity, net | | $ | 11,373 | | | $ | — | | | $ | (468) | | | | | $ | 10,905 | | | $ | 12,071 | | | $ | — | | | $ | (385) | | | | | $ | 11,686 | | Equity Securities | | | | | | | | | | $ | 112,977 | | | | | | | | | | | $ | 76,404 | |
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Securities Held-to-Maturity |
A summary of the Company's securities portfolio by category and maturity is presented in the following tables. Securities Portfolio (Dollar amounts in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2021 | | As of December 31, 2020 | | | Amortized Cost | | Gross Unrealized | | | | Fair Value | | Amortized Cost | | Gross Unrealized | | | | Fair Value | | | | Gains | | Losses | | | | | | Gains | | Losses | | | | Securities Available-for-Sale | | | | | | | | | | | | | | | | | U.S. treasury securities | | $ | 1,000 | | | $ | 3 | | | $ | — | | | | | $ | 1,003 | | | $ | 12,001 | | | $ | 50 | | | $ | — | | | | | $ | 12,051 | | U.S. agency securities | | 612,173 | | | 1,996 | | | (15,372) | | | | | 598,797 | | | 654,321 | | | 3,129 | | | (4,976) | | | | | 652,474 | | Collateralized mortgage obligations ("CMOs") | | 1,336,291 | | | 16,936 | | | (13,601) | | | | | 1,339,626 | | | 1,415,312 | | | 27,529 | | | (4,323) | | | | | 1,438,518 | | Other mortgage-backed securities ("MBSs") | | 808,967 | | | 9,762 | | | (4,368) | | | | | 814,361 | | | 566,830 | | | 14,650 | | | (640) | | | | | 580,840 | | Municipal securities | | 212,308 | | | 9,822 | | | (229) | | | | | 221,901 | | | 224,446 | | | 11,573 | | | (4) | | | | | 236,015 | | Corporate debt securities | | 173,069 | | | 7,451 | | | (14) | | | | | 180,506 | | | 170,570 | | | 6,210 | | | (270) | | | | | 176,510 | | | | | | | | | | | | | | | | | | | | | | | Total securities available-for-sale | | $ | 3,143,808 | | | $ | 45,970 | | | $ | (33,584) | | | | | $ | 3,156,194 | | | $ | 3,043,480 | | | $ | 63,141 | | | $ | (10,213) | | | | | $ | 3,096,408 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Securities Held-to-Maturity | | | | | | | | | | | | | | | | | | | Municipal securities | | $ | 11,593 | | | $ | — | | | $ | (468) | | | | | $ | 11,125 | | | $ | 12,291 | | | $ | — | | | $ | (385) | | | | | $ | 11,906 | | Allowance for securities held-to- maturity | | (220) | | | | | | | | | $ | (220) | | | (220) | | | | | | | | | $ | (220) | | Total securities held-to-maturity, net | | $ | 11,373 | | | $ | — | | | $ | (468) | | | | | $ | 10,905 | | | $ | 12,071 | | | $ | — | | | $ | (385) | | | | | $ | 11,686 | | Equity Securities | | | | | | | | | | $ | 112,977 | | | | | | | | | | | $ | 76,404 | |
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Equity Securities |
A summary of the Company's securities portfolio by category and maturity is presented in the following tables. Securities Portfolio (Dollar amounts in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2021 | | As of December 31, 2020 | | | Amortized Cost | | Gross Unrealized | | | | Fair Value | | Amortized Cost | | Gross Unrealized | | | | Fair Value | | | | Gains | | Losses | | | | | | Gains | | Losses | | | | Securities Available-for-Sale | | | | | | | | | | | | | | | | | U.S. treasury securities | | $ | 1,000 | | | $ | 3 | | | $ | — | | | | | $ | 1,003 | | | $ | 12,001 | | | $ | 50 | | | $ | — | | | | | $ | 12,051 | | U.S. agency securities | | 612,173 | | | 1,996 | | | (15,372) | | | | | 598,797 | | | 654,321 | | | 3,129 | | | (4,976) | | | | | 652,474 | | Collateralized mortgage obligations ("CMOs") | | 1,336,291 | | | 16,936 | | | (13,601) | | | | | 1,339,626 | | | 1,415,312 | | | 27,529 | | | (4,323) | | | | | 1,438,518 | | Other mortgage-backed securities ("MBSs") | | 808,967 | | | 9,762 | | | (4,368) | | | | | 814,361 | | | 566,830 | | | 14,650 | | | (640) | | | | | 580,840 | | Municipal securities | | 212,308 | | | 9,822 | | | (229) | | | | | 221,901 | | | 224,446 | | | 11,573 | | | (4) | | | | | 236,015 | | Corporate debt securities | | 173,069 | | | 7,451 | | | (14) | | | | | 180,506 | | | 170,570 | | | 6,210 | | | (270) | | | | | 176,510 | | | | | | | | | | | | | | | | | | | | | | | Total securities available-for-sale | | $ | 3,143,808 | | | $ | 45,970 | | | $ | (33,584) | | | | | $ | 3,156,194 | | | $ | 3,043,480 | | | $ | 63,141 | | | $ | (10,213) | | | | | $ | 3,096,408 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Securities Held-to-Maturity | | | | | | | | | | | | | | | | | | | Municipal securities | | $ | 11,593 | | | $ | — | | | $ | (468) | | | | | $ | 11,125 | | | $ | 12,291 | | | $ | — | | | $ | (385) | | | | | $ | 11,906 | | Allowance for securities held-to- maturity | | (220) | | | | | | | | | $ | (220) | | | (220) | | | | | | | | | $ | (220) | | Total securities held-to-maturity, net | | $ | 11,373 | | | $ | — | | | $ | (468) | | | | | $ | 10,905 | | | $ | 12,071 | | | $ | — | | | $ | (385) | | | | | $ | 11,686 | | Equity Securities | | | | | | | | | | $ | 112,977 | | | | | | | | | | | $ | 76,404 | |
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Remaining Contractual Maturity of Securities |
Remaining Contractual Maturity of Securities (Dollar amounts in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2021 | | | Available-for-Sale | | Held-to-Maturity | | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | One year or less | | $ | 94,281 | | | $ | 94,626 | | | $ | 1,971 | | | $ | 1,891 | | After one year to five years | | 176,306 | | | 176,952 | | | 4,335 | | | 4,160 | | After five years to ten years | | 727,963 | | | 730,629 | | | 2,658 | | | 2,551 | | After ten years | | — | | | — | | | 2,629 | | | 2,523 | | Securities that do not have a single contractual maturity date | | 2,145,258 | | | 2,153,987 | | | — | | | — | | Total | | $ | 3,143,808 | | | $ | 3,156,194 | | | $ | 11,593 | | | $ | 11,125 | |
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Securities in an Unrealized Loss Position |
The following table presents the aggregate amount of unrealized losses and the aggregate related fair values of securities with unrealized losses as of June 30, 2021 and December 31, 2020. Securities in an Unrealized Loss Position (Dollar amounts in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less Than 12 Months | | 12 Months or Longer | | Total | | | Number of Securities | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | As of June 30, 2021 | | | | | | | | | | | | | Securities Available-for-Sale | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. agency securities | | 64 | | | $ | 376,464 | | | $ | 13,721 | | | $ | 51,780 | | | $ | 1,651 | | | $ | 428,244 | | | $ | 15,372 | | CMOs | | 150 | | | 568,946 | | | 12,450 | | | 26,307 | | | 1,151 | | | 595,253 | | | 13,601 | | MBSs | | 62 | | | 265,493 | | | 3,739 | | | 31,417 | | | 629 | | | 296,910 | | | 4,368 | | Municipal securities | | 12 | | | 10,929 | | | 229 | | | — | | | — | | | 10,929 | | | 229 | | | | | | | | | | | | | | | | | Corporate debt securities | | 1 | | | — | | | — | | | 3,212 | | | 14 | | | 3,212 | | | 14 | | Total | | 289 | | | $ | 1,221,832 | | | $ | 30,139 | | | $ | 112,716 | | | $ | 3,445 | | | $ | 1,334,548 | | | $ | 33,584 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2020 | | | | | | | | | | | | | | | Securities Available-for-Sale | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. agency securities | | 48 | | | $ | 253,841 | | | $ | 4,764 | | | $ | 14,932 | | | $ | 212 | | | $ | 268,773 | | | $ | 4,976 | | CMOs | | 104 | | | 349,853 | | | 3,205 | | | 86,618 | | | 1,118 | | | 436,471 | | | 4,323 | | MBSs | | 19 | | | 69,838 | | | 550 | | | 12,307 | | | 90 | | | 82,145 | | | 640 | | Municipal securities | | 4 | | | 1,012 | | | 4 | | | — | | | — | | | 1,012 | | | 4 | | Corporate debt securities | | 3 | | | 8,100 | | | 105 | | | 9,513 | | | 165 | | | 17,613 | | | 270 | | Total | | 178 | | | $ | 682,644 | | | $ | 8,628 | | | $ | 123,370 | | | $ | 1,585 | | | $ | 806,014 | | | $ | 10,213 | | | | | | | | | | | | | | | | | | | | | |
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