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Investment Securities (Tables)
3 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Available for Sale The amortized cost, gross unrealized gains and losses and fair value of available for sale debt securities at March 31, 2021 and December 31, 2020 were as follows: 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
 (in thousands)
March 31, 2021
U.S. Treasury securities$50,027 $1,172 $— $51,199 
U.S. government agency securities22,899 1,123 (12)24,010 
Obligations of states and political subdivisions:
Obligations of states and state agencies36,075 793 — 36,868 
Municipal bonds35,223 637 (6)35,854 
Total obligations of states and political subdivisions71,298 1,430 (6)72,722 
Residential mortgage-backed securities852,398 27,254 (1,316)878,336 
Corporate and other debt securities87,960 2,076 (82)89,954 
Total $1,084,582 $33,055 $(1,416)$1,116,221 
December 31, 2020
U.S. Treasury securities$50,031 $1,362 $— $51,393 
U.S. government agency securities25,067 1,103 (13)26,157 
Obligations of states and political subdivisions:
Obligations of states and state agencies40,861 970 (32)41,799 
Municipal bonds37,489 731 (69)38,151 
Total obligations of states and political subdivisions78,350 1,701 (101)79,950 
Residential mortgage-backed securities1,050,369 40,426 (773)1,090,022 
Corporate and other debt securities89,689 2,294 (32)91,951 
Total$1,293,506 $46,886 $(919)$1,339,473 
Age of Unrealized Losses and Fair Value of Related Available for Sale Debt Securities
The age of unrealized losses and fair value of the related available for sale debt securities at March 31, 2021 and December 31, 2020 were as follows: 
 Less than
Twelve Months
More than
Twelve Months
Total
 Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
 (in thousands)
March 31, 2021
U.S. government agency securities$— $— $1,430 $(12)$1,430 $(12)
Municipal bonds6,847 (6)— — 6,847 (6)
Residential mortgage-backed securities67,489 (984)23,251 (332)90,740 (1,316)
Corporate and other debt securities22,120 (82)— — 22,120 (82)
Total$96,456 $(1,072)$24,681 $(344)$121,137 $(1,416)
December 31, 2020
U.S. government agency securities$— $— $1,479 $(13)$1,479 $(13)
Obligations of states and political subdivisions:
Obligations of states and state agencies
— — 1,010 (32)1,010 (32)
Municipal bonds6,777 (69)— — 6,777 (69)
Total obligations of states and political subdivisions
6,777 (69)1,010 (32)7,787 (101)
Residential mortgage-backed securities41,418 (500)27,911 (273)69,329 (773)
Corporate and other debt securities12,517 (32)— — 12,517 (32)
Total$60,712 $(601)$30,400 $(318)$91,112 $(919)
Contractual Maturities of Debt Securities Available for Sale
The contractual maturities of available for sale debt securities at March 31, 2021 are set forth in the following table. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary.
 March 31, 2021
 Amortized
Cost
Fair
Value
 (in thousands)
Due in one year$13,361 $13,421 
Due after one year through five years77,866 79,806 
Due after five years through ten years92,143 94,029 
Due after ten years48,814 50,629 
Residential mortgage-backed securities852,398 878,336 
Total $1,084,582 $1,116,221 
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Held to Maturity
The amortized cost, gross unrealized gains and losses and fair value of debt securities held to maturity at March 31, 2021 and December 31, 2020 were as follows: 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
 (in thousands)
March 31, 2021
U.S. Treasury securities$68,031 $6,148 $— $74,179 
U.S. government agency securities5,659 136 — 5,795 
Obligations of states and political subdivisions:
Obligations of states and state agencies254,991 6,390 (141)261,240 
Municipal bonds199,030 5,406 (2)204,434 
Total obligations of states and political subdivisions454,021 11,796 (143)465,674 
Residential mortgage-backed securities1,787,211 29,249 (18,719)1,797,741 
Trust preferred securities37,354 52 (6,678)30,728 
Corporate and other debt securities38,750 566 (72)39,244 
Total $2,391,026 $47,947 $(25,612)$2,413,361 
December 31, 2020
U.S. Treasury securities$68,126 $7,358 $— $75,484 
U.S. government agency securities6,222 291 — 6,513 
Obligations of states and political subdivisions:
Obligations of states and state agencies262,762 8,060 (105)270,717 
Municipal bonds207,497 6,292 — 213,789 
Total obligations of states and political subdivisions470,259 14,352 (105)484,506 
Residential mortgage-backed securities1,550,306 39,603 (254)1,589,655 
Trust preferred securities37,348 50 (7,365)30,033 
Corporate and other debt securities40,750 672 (1)41,421 
Total $2,173,011 $62,326 $(7,725)$2,227,612 
Age of Unrealized Losses and Fair Value of Related Debt Securities Held to Maturity
The age of unrealized losses and fair value of related debt securities held to maturity at March 31, 2021 and December 31, 2020 were as follows: 
 Less than
Twelve Months
More than
Twelve Months
Total
 Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
 (in thousands)
March 31, 2021
Obligations of states and political subdivisions:
Obligations of states and state agencies
$809 $(30)$5,521 $(111)$6,330 $(141)
Municipal bonds1,328 (2)— — 1,328 (2)
Total obligations of states and political subdivisions
2,137 (32)5,521 (111)7,658 (143)
Residential mortgage-backed securities
903,746 (18,713)1,838 (6)905,584 (18,719)
Trust preferred securities— — 29,322 (6,678)29,322 (6,678)
Corporate and other debt securities2,928 (72)— — 2,928 (72)
Total$908,811 $(18,817)$36,681 $(6,795)$945,492 $(25,612)
December 31, 2020
Obligations of states and state agencies$5,546 $(105)$— $— $5,546 $(105)
Residential mortgage-backed securities
21,599 (245)2,470 (9)24,069 (254)
Trust preferred securities— — 28,630 (7,365)28,630 (7,365)
Corporate and other debt securities
10,749 (1)— — 10,749 (1)
Total$37,894 $(351)$31,100 $(7,374)$68,994 $(7,725)
Contractual Maturities of Debt Securities Held to Maturity
The contractual maturities of investments in debt securities held to maturity at March 31, 2021 are set forth in the table below. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary.  
 March 31, 2021
 Amortized
Cost
Fair
Value
 (in thousands)
Due in one year$26,173 $26,306 
Due after one year through five years228,929 239,320 
Due after five years through ten years149,406 152,366 
Due after ten years199,307 197,628 
Residential mortgage-backed securities1,787,211 1,797,741 
Total$2,391,026 $2,413,361 
Amortized Cost of Debt Securities Held to Maturity by External Credit Rating The following table summarizes the amortized cost of held to maturity debt securities by external credit rating at March 31, 2021 and December 31, 2020.
AAA/AA/A RatedBBB ratedNon-investment grade ratedNon-ratedTotal
 (in thousands)
March 31, 2021
U.S. Treasury securities$68,031 $— $— $— $68,031 
U.S. government agency securities5,659 — — — 5,659 
Obligations of states and political subdivisions:
Obligations of states and state agencies222,683 — 5,632 26,676 254,991 
Municipal bonds157,212 — — 41,818 199,030 
Total obligations of states and political subdivisions
379,895 — 5,632 68,494 454,021 
Residential mortgage-backed securities1,787,211 — — — 1,787,211 
Trust preferred securities— — — 37,354 37,354 
Corporate and other debt securities— 8,000 — 30,750 38,750 
Total $2,240,796 $8,000 $5,632 $136,598 $2,391,026 
December 31, 2020
U.S. Treasury securities$68,126 $— $— $— $68,126 
U.S. government agency securities6,222 — — — 6,222 
Obligations of states and political subdivisions:
Obligations of states and state agencies228,286 — 5,650 28,826 262,762 
Municipal bonds166,408 — — 41,089 207,497 
Total obligations of states and political subdivisions
394,694 — 5,650 69,915 470,259 
Residential mortgage-backed securities1,550,306 — — — 1,550,306 
Trust preferred securities— — — 37,348 37,348 
Corporate and other debt securities— 5,000 — 35,750 40,750 
Total investment securities held to maturity$2,019,348 $5,000 $5,650 $143,013 $2,173,011