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Investment Securities | 9 Months Ended
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Sep. 30, 2021
Investment Securities |
Investment Securities | Note 5 — Investment Securities ​ The following is the amortized cost and fair value of investment securities held-to-maturity: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross |  | Gross | ​ | ​ | ​ |
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair |
(Dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Value |
September 30, 2021: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agencies | ​ | $ | 87,912 | ​ | $ | — | ​ | $ | (2,162) | ​ | $ | 85,750 | ​
Residential mortgage-backed securities issued by U.S. government | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
agencies or sponsored enterprises | ​ | ​ | 1,028,847 | ​ | ​ | — | ​ | ​ | (19,505) | ​ | ​ | 1,009,342 | ​
Residential collateralized mortgage-obligations issued by U.S. government | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
agencies or sponsored enterprises | ​ | ​ | 144,540 | ​ | ​ | — | ​ | ​ | (4,029) | ​ | ​ | 140,511 | ​
Commercial mortgage-backed securities issued by U.S. government | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
agencies or sponsored enterprises | ​ | ​ | 316,330 | ​ | ​ | 83 | ​ | ​ | (6,586) | ​ | ​ | 309,827 | ​
Small Business Administration loan-backed securities | ​ | ​ | 63,856 | ​ | ​ | — | ​ | ​ | (2,102) | ​ | ​ | 61,754 | ​
​ | ​ | $ | 1,641,485 | ​ | $ | 83 | ​ | $ | (34,384) | ​ | $ | 1,607,184 | ​
December 31, 2020: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agencies | ​ | $ | 25,000 | ​ | $ | 1 | ​ | $ | — | ​ | $ | 25,001 | ​
Residential mortgage-backed securities issued by U.S. government | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
agencies or sponsored enterprises | ​ | ​ | 632,269 | ​ | ​ | 1,827 | ​ | ​ | (1,032) | ​ | ​ | 633,064 | ​
Residential collateralized mortgage-obligations issued by U.S. government | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
agencies or sponsored enterprises | ​ | ​ | 75,767 | ​ | ​ | 405 | ​ | ​ | — | ​ | ​ | 76,172 | ​
Commercial mortgage-backed securities issued by U.S. government | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
agencies or sponsored enterprises | ​ | ​ | 174,506 | ​ | ​ | 300 | ​ | ​ | (91) | ​ | ​ | 174,715 | ​
Small Business Administration loan-backed securities | ​ | ​ | 48,000 | ​ | ​ | 231 | ​ | ​ | — | ​ | ​ | 48,231 | ​
​ | ​ | $ | 955,542 | ​ | $ | 2,764 | ​ | $ | (1,123) | ​ | $ | 957,183 | ​
​ The following is the amortized cost and fair value of investment securities available for sale: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair |
(Dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Value |
September 30, 2021: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agencies | ​ | $ | 74,336 | ​ | $ | — | ​ | $ | (1,493) | ​ | $ | 72,843 | ​
Residential mortgage-backed securities issued by U.S. government | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
agencies or sponsored enterprises | ​ |  | 1,639,495 | ​ |  | 8,307 | ​ |  | (17,354) | ​ |  | 1,630,448 | ​
Residential collateralized mortgage-obligations issued by U.S. government | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
agencies or sponsored enterprises | ​ | ​ | 703,245 | ​ | ​ | 9,924 | ​ | ​ | (5,041) | ​ | ​ | 708,128 | ​
Commercial mortgage-backed securities issued by U.S. government | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
agencies or sponsored enterprises | ​ | ​ | 1,003,259 | ​ | ​ | 7,294 | ​ | ​ | (11,265) | ​ | ​ | 999,288 | ​
State and municipal obligations | ​ |  | 720,417 | ​ |  | 13,218 | ​ |  | (4,033) | ​ |  | 729,602 | ​
Small Business Administration loan-backed securities | ​ |  | 477,765 | ​ |  | 3,700 | ​ |  | (4,065) | ​ |  | 477,400 | ​
Corporate securities | ​ | ​ | 13,522 | ​ | ​ | 323 | ​ | ​ | — | ​ | ​ | 13,845 | ​
​ | ​ | $ | 4,632,039 | ​ | $ | 42,766 | ​ | $ | (43,251) | ​ | $ | 4,631,554 | ​
December 31, 2020: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agencies | ​ | $ | 29,882 | ​ | $ | 16 | ​ | $ | (642) | ​ | $ | 29,256 | ​
Residential mortgage-backed securities issued by U.S. government | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
agencies or sponsored enterprises | ​ | ​ | 1,351,506 | ​ | ​ | 16,657 | ​ | ​ | (1,031) | ​ | ​ | 1,367,132 | ​
Residential collateralized mortgage-obligations issued by U.S. government | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
agencies or sponsored enterprises | ​ | ​ | 739,797 | ​ | ​ | 16,579 | ​ | ​ | (825) | ​ | ​ | 755,551 | ​
Commercial mortgage-backed securities issued by U.S. government | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
agencies or sponsored enterprises | ​ | ​ | 229,219 | ​ | ​ | 10,939 | ​ | ​ | (50) | ​ | ​ | 240,108 | ​
State and municipal obligations | ​ | ​ | 502,575 | ​ | ​ | 17,491 | ​ | ​ | (27) | ​ | ​ | 520,039 | ​
Small Business Administration loan-backed securities | ​ |  | 401,496 | ​ |  | 4,978 | ​ |  | (1,590) | ​ |  | 404,884 | ​
Corporate securities | ​ |  | 13,562 | ​ |  | 140 | ​ |  | — | ​ |  | 13,702 | ​
​ | ​ | $ | 3,268,037 | ​ | $ | 66,800 | ​ | $ | (4,165) | ​ | $ | 3,330,672 | ​
​ During the three months ended September 30, 2021, the Company recognized gains of $680,000 and losses of $615,000 (a net gain of $65,000) from the sale of available for sale securities. During the nine months ended September 30, 2021, the Company recognized gains of $748,000 and losses of $648,000 (a net gain of $100,000) from the sale of available for sale securities. During the three and nine months ended September 30, 2020, there were gains of $469,000 and losses of $454,000 (a net gain of $15,000) from the sale of available for sale securities. The following is the amortized cost and carrying value of other investment securities: ​
​ | ​ | ​ | ​ | ​
​ | ​ | Carrying |
(Dollars in thousands) |  | Value |
September 30, 2021: | ​ | ​ | ​ | ​
Federal Home Loan Bank stock | ​ | $ | 16,283 | ​
Federal Reserve Bank stock | ​ | ​ | 129,716 | ​
Investment in unconsolidated subsidiaries | ​ |  | 3,563 | ​
Other nonmarketable investment securities | ​ |  | 11,030 | ​
​ | ​ | $ | 160,592 | ​
December 31, 2020: | ​ | ​ | ​ | ​
Federal Home Loan Bank stock | ​ | $ | 15,083 | ​
Federal Reserve Bank stock | ​ | ​ | 129,871 | ​
Investment in unconsolidated subsidiaries | ​ |  | 4,941 | ​
Other nonmarketable investment securities | ​ |  | 10,548 | ​
​ | ​ | $ | 160,443 | ​
​ Our other investment securities consist of non-marketable equity securities that have no readily determinable market value. Accordingly, when evaluating these securities for impairment, Management considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. As of September 30, 2021, we determined that there was no impairment on other investment securities. The amortized cost and fair value of debt securities at September 30, 2021, by contractual maturity are detailed below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Securities | ​ | Securities |
​ | ​ | Held-to-Maturity | ​ | Available for Sale |
​ | ​ | Amortized | ​ | Fair | ​ | Amortized | ​ | Fair |
(Dollars in thousands) |  | Cost |  | Value |  | Cost |  | Value |
Due in one year or less |  | $ | — | ​ | $ | — |  | $ | 10,948 |  | $ | 10,998 | ​
Due after one year through five years | ​ |  | — | ​ |  | — | ​ |  | 102,771 | ​ |  | 105,345 | ​
Due after five years through ten years | ​ |  | 141,285 | ​ |  | 137,970 | ​ |  | 752,981 | ​ |  | 757,174 | ​
Due after ten years | ​ |  | 1,500,200 | ​ |  | 1,469,214 | ​ |  | 3,765,339 | ​ |  | 3,758,037 | ​
​ | ​ | $ | 1,641,485 | ​ | $ | 1,607,184 | ​ | $ | 4,632,039 | ​ | $ | 4,631,554 | ​
​ Information pertaining to our securities with gross unrealized losses at September 30, 2021 and December 31, 2020, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less Than | ​ | Twelve Months |
​ | ​ | Twelve Months | ​ | or More |
​ | ​ | Gross | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ |
​ | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair |
(Dollars in thousands) |  | Losses |  | Value |  | Losses |  | Value |
September 30, 2021: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities Held-to-Maturity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agencies | ​ | $ | 2,162 | ​ | $ | 85,750 | ​ | $ | — | ​ | $ | — | ​
Residential mortgage-backed securities issued by U.S. government | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
agencies or sponsored enterprises | ​ | ​ | 19,505 | ​ | ​ | 1,009,342 | ​ | ​ | — | ​ | ​ | — | ​
Residential collateralized mortgage-obligations issued by U.S. government | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
agencies or sponsored enterprises | ​ | ​ | 4,029 | ​ | ​ | 140,511 | ​ | ​ | — | ​ | ​ | — | ​
Commercial mortgage-backed securities issued by U.S. government | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
agencies or sponsored enterprises | ​ | ​ | 6,586 | ​ | ​ | 232,991 | ​ | ​ | — | ​ | ​ | — | ​
Small Business Administration loan-backed securities | ​ | ​ | 2,102 | ​ | ​ | 61,754 | ​ | ​ | — | ​ | ​ | — | ​
​ | ​ | $ | 34,384 | ​ | $ | 1,530,348 | ​ | $ | — | ​ | $ | — | ​
Securities Available for Sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agencies | ​ | $ | 245 | ​ | $ | 49,092 | ​ | $ | 1,248 | ​ | $ | 23,752 | ​
Residential mortgage-backed securities issued by U.S. government | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
agencies or sponsored enterprises | ​ | ​ | 14,125 | ​ | ​ | 1,000,634 | ​ | ​ | 3,229 | ​ | ​ | 92,550 | ​
Residential collateralized mortgage-obligations issued by U.S. government | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
agencies or sponsored enterprises | ​ | ​ | 5,041 | ​ |  | 157,770 | ​ |  | — | ​ |  | — | ​
Commercial mortgage-backed securities issued by U.S. government | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
agencies or sponsored enterprises | ​ |  | 7,684 | ​ | ​ | 617,854 | ​ | ​ | 3,581 | ​ | ​ | 79,540 | ​
State and municipal obligations | ​ |  | 3,956 | ​ | ​ | 238,688 | ​ | ​ | 77 | ​ | ​ | 4,025 | ​
Small Business Administration loan-backed securities | ​ |  | 2,417 | ​ | ​ | 134,438 | ​ | ​ | 1,648 | ​ | ​ | 116,233 | ​
​ | ​ | $ | 33,468 | ​ | $ | 2,198,476 | ​ | $ | 9,783 | ​ | $ | 316,100 | ​
December 31, 2020: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities Held-to-Maturity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage-backed securities issued by U.S. government | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
agencies or sponsored enterprises | ​ | $ | 1,032 | ​ | $ | 213,146 | ​ | $ | — | ​ | $ | — | ​
Commercial mortgage-backed securities issued by U.S. government | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
agencies or sponsored enterprises | ​ | ​ | 91 | ​ | ​ | 27,445 | ​ | ​ | — | ​ | ​ | — | ​
​ | ​ | $ | 1,123 | ​ | $ | 240,591 | ​ | $ | — | ​ | $ | — | ​
Securities Available for Sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agencies | ​ | $ | 642 | ​ | $ | 24,358 | ​ | $ | — | ​ | $ | — | ​
Residential mortgage-backed securities issued by U.S. government | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
agencies or sponsored enterprises | ​ | ​ | 1,031 | ​ | ​ | 260,411 | ​ | ​ | — | ​ | ​ | — | ​
Residential collateralized mortgage-obligations issued by U.S. government | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
agencies or sponsored enterprises | ​ | ​ | 825 | ​ |  | 140,333 | ​ |  | — | ​ |  | — | ​
Commercial mortgage-backed securities issued by U.S. government | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
agencies or sponsored enterprises | ​ | ​ | 46 | ​ | ​ | 13,594 | ​ | ​ | 4 | ​ | ​ | 871 | ​
State and municipal obligations | ​ | ​ | 27 | ​ | ​ | 8,620 | ​ | ​ | — | ​ | ​ | — | ​
Small Business Administration loan-backed securities | ​ | ​ | 573 | ​ | ​ | 94,981 | ​ | ​ | 1,017 | ​ | ​ | 104,254 | ​
​ | ​ | $ | 3,144 | ​ | $ | 542,297 | ​ | $ | 1,021 | ​ | $ | 105,125 | ​
​ Management evaluates securities for impairment where there has been a decline in fair value below the amortized cost basis of a security to determine whether there is a credit loss associated with the decline in fair value on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Credit losses are calculated individually, rather than collectively, using a discounted cash flow method, whereby Management compares the present value of expected cash flows with the amortized cost basis of the security. The credit loss component would be recognized through the provision for credit losses. Consideration is given to (1) the financial condition and near-term prospects of the issuer including looking at default and delinquency rates, (2) the outlook for receiving the contractual cash flows of the investments, (3) the length of time and the extent to which the fair value has been less than cost, (4) our intent and ability to retain our investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value or for a debt security whether it is more-likely-than-not that we will be required to sell the debt security prior to recovering its fair value, (5) the anticipated outlook for changes in the general level of interest rates, (6) credit ratings, (7) third party guarantees, and (8) collateral values. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, the results of reviews of the issuer’s financial condition, and the issuer’s anticipated ability to pay the contractual cash flows of the investments. The Company performed an analysis that determined that the following securities have a zero expected credit loss: U.S. Treasury Securities, Agency-Backed Securities including securities issued by GNMA, FNMA, FHLB, FFCB and SBA. All of the U.S. Treasury and Agency-Backed Securities have the full faith and credit backing of the United States Government or one of its agencies. Municipal securities and all other securities that do not have a zero expected credit loss are evaluated quarterly to determine whether there is a credit loss associated with a decline in fair value. All debt securities in an unrealized loss position as of September 30, 2021 continue to perform as scheduled and we do not believe there is a credit loss or a provision for credit losses is necessary. ​ Also, as part of our evaluation of our intent and ability to hold investments for a period of time sufficient to allow for any anticipated recovery in the market, we consider our investment strategy, cash flow needs, liquidity position, capital adequacy and interest rate risk position. We do not currently intend to sell the securities within the portfolio and it is not more-likely-than-not that we will be required to sell the debt securities. See Note 2 – Summary of Significant Account Policies for further discussion. ​ Management continues to monitor all of our securities with a high degree of scrutiny. There can be no assurance we will not conclude in future periods that conditions existing at that time indicate some or all of its securities may be sold or would require a charge to earnings as a provision for credit losses in such periods.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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