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Investment Securities (Tables)
9 Months Ended
Sep. 30, 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 September 30, 2021 and December 31, 2020 were as follows: 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
 (in thousands)
September 30, 2021
U.S. government agency securities$20,408 $1,041 $(7)$21,442 
Obligations of states and political subdivisions:
Obligations of states and state agencies29,752 239 (39)29,952 
Municipal bonds53,186 440 (429)53,197 
Total obligations of states and political subdivisions82,938 679 (468)83,149 
Residential mortgage-backed securities973,543 21,761 (2,476)992,828 
Corporate and other debt securities107,901 3,262 (305)110,858 
Total $1,184,790 $26,743 $(3,256)$1,208,277 
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)$1,339,473 
Age of Unrealized Losses and Fair Value of Related Available for Sale Debt Securities
The age of unrealized losses and fair value of the related available for sale debt securities at September 30, 2021 and December 31, 2020 were as follows: 
 Less than
Twelve Months
More than
Twelve Months
Total
 Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
 (in thousands)
September 30, 2021
U.S. government agency securities$— $— $1,355 $(7)$1,355 $(7)
Obligations of states and political subdivisions:
Obligations of states and state agencies
10,344 (39)— — 10,344 (39)
Municipal bonds25,100 (429)— — 25,100 (429)
Total obligations of states and political subdivisions
35,444 (468)— — 35,444 (468)
Residential mortgage-backed securities264,495 (2,138)12,058 (338)276,553 (2,476)
Corporate and other debt securities19,175 (305)— — 19,175 (305)
Total$319,114 $(2,911)$13,413 $(345)$332,527 $(3,256)
December 31, 2020
U.S. government agency securities$— $— $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 September 30, 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.
 September 30, 2021
 Amortized
Cost
Fair
Value
 (in thousands)
Due in one year$10,183 $10,294 
Due after one year through five years31,000 31,750 
Due after five years through ten years84,781 87,587 
Due after ten years85,283 85,818 
Residential mortgage-backed securities973,543 992,828 
Total $1,184,790 $1,208,277 
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 September 30, 2021 and December 31, 2020 were as follows: 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
 (in thousands)
September 30, 2021
U.S. Treasury securities$67,716 $5,182 $— $72,898 
U.S. government agency securities4,817 198 — 5,015 
Obligations of states and political subdivisions:
Obligations of states and state agencies161,929 3,866 (293)165,502 
Municipal bonds191,477 4,066 (142)195,401 
Total obligations of states and political subdivisions353,406 7,932 (435)360,903 
Residential mortgage-backed securities2,072,700 21,898 (18,001)2,076,597 
Trust preferred securities37,014 (5,511)31,507 
Corporate and other debt securities48,750 650 (9)49,391 
Total $2,584,403 $35,864 $(23,956)$2,596,311 
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 September 30, 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)
September 30, 2021
Obligations of states and political subdivisions:
Obligations of states and state agencies
$10,541 $(218)$5,519 $(75)$16,060 $(293)
Municipal bonds14,917 (142)— — 14,917 (142)
Total obligations of states and political subdivisions
25,458 (360)5,519 (75)30,977 (435)
Residential mortgage-backed securities
1,292,965 (17,978)2,546 (23)1,295,511 (18,001)
Trust preferred securities— — 30,503 (5,511)30,503 (5,511)
Corporate and other debt securities6,991 (9)— — 6,991 (9)
Total$1,325,414 $(18,347)$38,568 $(5,609)$1,363,982 $(23,956)
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 September 30, 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.  
 September 30, 2021
 Amortized
Cost
Fair
Value
 (in thousands)
Due in one year$22,683 $22,845 
Due after one year through five years231,112 239,893 
Due after five years through ten years66,064 67,333 
Due after ten years191,844 189,643 
Residential mortgage-backed securities2,072,700 2,076,597 
Total$2,584,403 $2,596,311 
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 September 30, 2021 and December 31, 2020.
AAA/AA/A RatedBBB ratedNon-investment grade ratedNon-ratedTotal
 (in thousands)
September 30, 2021
U.S. Treasury securities$67,716 $— $— $— $67,716 
U.S. government agency securities4,817 — — — 4,817 
Obligations of states and political subdivisions:
Obligations of states and state agencies135,122 — 5,595 21,212 161,929 
Municipal bonds150,468 — — 41,009 191,477 
Total obligations of states and political subdivisions
285,590 — 5,595 62,221 353,406 
Residential mortgage-backed securities2,072,700 — — — 2,072,700 
Trust preferred securities— — — 37,014 37,014 
Corporate and other debt securities2,000 6,000 — 40,750 48,750 
Total $2,432,823 $6,000 $5,595 $139,985 $2,584,403 
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$2,019,348 $5,000 $5,650 $143,013 $2,173,011