XML 22 R13.htm IDEA: XBRL DOCUMENT
v3.22.2

Securities | 6 Months Ended
--- | ---
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Securities The following table summarizes the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities:
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
June 30, 2022 |  | (in thousands)
Available for sale |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 3,447,262 |  |  | $ | 1,016 |  |  | $ | (309,514) |  |  | $ | 3,138,764 |
Other asset-backed securities |  | 419,448 |  |  | — |  |  | (39,480) |  |  | 379,968 |
State and municipal securities |  | 989,070 |  |  | 629 |  |  | (111,371) |  |  | 878,328 |
U.S. government agency and government-sponsored enterprise securities |  | 240,375 |  |  | 58 |  |  | (11,005) |  |  | 229,428 |
U.S. government securities |  | 182,681 |  |  | — |  |  | (11,362) |  |  | 171,319 |
Non-agency collateralized mortgage obligations |  | 368,687 |  |  | — |  |  | (43,926) |  |  | 324,761 |
Total available for sale |  | $ | 5,647,523 |  |  | $ | 1,703 |  |  | $ | (526,658) |  |  | $ | 5,122,568 |
Held to maturity |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 2,149,255 |  |  | $ | — |  |  | $ | (236,729) |  |  | $ | 1,912,526 |
Total held to maturity |  | $ | 2,149,255 |  |  | $ | — |  |  | $ | (236,729) |  |  | $ | 1,912,526 |
December 31, 2021 |  |  |  |  |  |  |  |
Available for sale |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 3,738,616 |  |  | $ | 45,077 |  |  | $ | (38,092) |  |  | $ | 3,745,601 |
Other asset-backed securities |  | 469,052 |  |  | 3,802 |  |  | (9,791) |  |  | 463,063 |
State and municipal securities |  | 983,704 |  |  | 18,525 |  |  | (4,938) |  |  | 997,291 |
U.S. government agency and government-sponsored enterprise securities |  | 252,755 |  |  | 3,095 |  |  | (3,274) |  |  | 252,576 |
U.S. government securities |  | 158,367 |  |  | — |  |  | (831) |  |  | 157,536 |
Non-agency collateralized mortgage obligations |  | 295,547 |  |  | 340 |  |  | (955) |  |  | 294,932 |
Total available for sale |  | $ | 5,898,041 |  |  | $ | 70,839 |  |  | $ | (57,881) |  |  | $ | 5,910,999 |
Held to maturity |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 2,148,327 |  |  | $ | 50 |  |  | $ | (25,771) |  |  | $ | 2,122,606 |
Total held to maturity |  | $ | 2,148,327 |  |  | $ | 50 |  |  | $ | (25,771) |  |  | $ | 2,122,606 |
There was no allowance for credit losses on both available for sale securities and held to maturity securities as of June 30, 2022 and December 31, 2021. All of the Company’s debt securities held to maturity were issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit or implicit guarantee of the U.S. government, are widely recognized as “risk free,” and have a long history of zero credit loss. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on nonaccrual is reversed against interest income. There were no amounts of accrued interest reversed against interest income for the three or six months ended June 30, 2022 and 2021. Accrued interest receivable for debt securities is included in “Interest receivable” on the Company’s Consolidated Balance Sheet and is not reflected in the balances in the table above. At June 30, 2022 and December 31, 2021, accrued interest receivable for securities available for sale was $18.5 million and $19.2 million, respectively. At June 30, 2022 and December 31, 2021, accrued interest receivable for securities held to maturity was $4.4 million. The Company does not measure an allowance for credit losses for accrued interest receivable. The following table provides the proceeds and both gross realized gains and losses on sales and calls of debt securities available for sale as well as other securities gains and losses for the periods indicated:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
|  | (in thousands)
Proceeds from sales of debt securities available for sale |  | $ | — |  |  | $ | 26,914 |  |  | $ | — |  |  | $ | 26,914 |
Gross realized gains from sales of debt securities available for sale |  | $ | — |  |  | $ | 751 |  |  | $ | — |  |  | $ | 751 |
Gross realized losses from sales of debt securities available for sale |  | — |  |  | (437) |  |  | — |  |  | (437) |
Investment securities gains, net |  | $ | — |  |  | $ | 314 |  |  | $ | — |  |  | $ | 314 |
There were no gains or losses recognized on equity securities during the three and six month periods ended June 30, 2022 and 2021. The scheduled contractual maturities of debt securities at the period presented below are as follows:
|  | June 30, 2022
|  | Available for sale |  | Held to maturity
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
|  | (in thousands)
Due within one year |  | $ | 82,217 |  |  | $ | 82,117 |  |  | $ | — |  |  | $ | — |
Due after one year through five years |  | 1,072,574 |  |  | 1,032,016 |  |  | 218,714 |  |  | 199,431 |
Due after five years through ten years |  | 1,342,718 |  |  | 1,235,074 |  |  | 1,079,230 |  |  | 963,623 |
Due after ten years |  | 3,150,014 |  |  | 2,773,361 |  |  | 851,311 |  |  | 749,472 |
Total debt securities |  | $ | 5,647,523 |  |  | $ | 5,122,568 |  |  | $ | 2,149,255 |  |  | $ | 1,912,526 |
The following table summarizes the carrying value of securities pledged as collateral to secure public funds, borrowings and other purposes as permitted or required by law:
|  | June 30, 2022
|  | (in thousands)
To secure public funds |  | $ | 558,331 |
To secure borrowings |  | 91,525 |
Other securities pledged |  | 235,258 |
Total securities pledged as collateral |  | $ | 885,114 |
The following table shows the gross unrealized losses and fair value of the Company’s debt securities available for sale for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates presented:
|  | Less than 12 Months |  | 12 Months or More |  | Total
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
June 30, 2022 |  | (in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 2,595,623 |  |  | $ | (249,339) |  |  | $ | 390,944 |  |  | $ | (60,175) |  |  | $ | 2,986,567 |  |  | $ | (309,514) |
Other asset-backed securities |  | 265,060 |  |  | (23,946) |  |  | 114,909 |  |  | (15,534) |  |  | 379,969 |  |  | (39,480) |
State and municipal securities |  | 708,006 |  |  | (98,857) |  |  | 73,417 |  |  | (12,514) |  |  | 781,423 |  |  | (111,371) |
U.S. government agency and government-sponsored enterprise securities |  | 87,960 |  |  | (1,781) |  |  | 117,326 |  |  | (9,224) |  |  | 205,286 |  |  | (11,005) |
U.S. government securities |  | 171,319 |  |  | (11,362) |  |  | — |  |  | — |  |  | 171,319 |  |  | (11,362) |
Non-agency collateralized mortgage obligations |  | 324,761 |  |  | (43,926) |  |  | — |  |  | — |  |  | 324,761 |  |  | (43,926) |
Total |  | $ | 4,152,729 |  |  | $ | (429,211) |  |  | $ | 696,596 |  |  | $ | (97,447) |  |  | $ | 4,849,325 |  |  | $ | (526,658) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 2,292,062 |  |  | $ | (30,777) |  |  | $ | 176,946 |  |  | $ | (7,315) |  |  | $ | 2,469,008 |  |  | $ | (38,092) |
Other asset-backed securities |  | 195,708 |  |  | (4,823) |  |  | 117,751 |  |  | (4,968) |  |  | 313,459 |  |  | (9,791) |
State and municipal securities |  | 237,354 |  |  | (3,862) |  |  | 40,343 |  |  | (1,076) |  |  | 277,697 |  |  | (4,938) |
U.S. government agency and government-sponsored enterprise securities |  | 100,813 |  |  | (1,988) |  |  | 48,714 |  |  | (1,286) |  |  | 149,527 |  |  | (3,274) |
U.S. government securities |  | 157,536 |  |  | (831) |  |  | — |  |  | — |  |  | 157,536 |  |  | (831) |
Non-agency collateralized mortgage obligations |  | 212,259 |  |  | (955) |  |  | — |  |  | — |  |  | 212,259 |  |  | (955) |
Total |  | $ | 3,195,732 |  |  | $ | (43,236) |  |  | $ | 383,754 |  |  | $ | (14,645) |  |  | $ | 3,579,486 |  |  | $ | (57,881) |
Debt securities available for sale At June 30, 2022, there were 643 U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligation securities in an unrealized loss position. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company concluded an allowance for credit losses is unnecessary at June 30, 2022. At June 30, 2022, there were 83 other asset-backed securities in an unrealized loss position. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company concluded an allowance for credit losses is unnecessary at June 30, 2022. At June 30, 2022, there were 520 state and municipal government securities in an unrealized loss position. The unrealized losses on state and municipal securities were caused by interest rate changes or widening of market spreads subsequent to the purchase of the individual securities. Management monitors published credit ratings of these securities for adverse changes. As of June 30, 2022, none of the rated obligations of state and local government entities held by the Company had a below investment grade credit rating. Because the credit quality of these securities are investment grade and the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company concluded an allowance for credit losses is unnecessary at June 30, 2022. At June 30, 2022, there were 20 U.S. government agency and government-sponsored enterprise securities in an unrealized loss position. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company concluded an allowance for credit losses is unnecessary at June 30, 2022. At June 30, 2022, there were 10 U.S. government securities in an unrealized loss position. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company concluded an allowance for credit losses is unnecessary at June 30, 2022. At June 30, 2022, there were 56 non-agency collateralized mortgage obligations in an unrealized loss position. The decline in fair value is attributable to changes in interest rates relative to where these investments fall within the yield curve and their individual characteristics. Because the Company does not intend to sell these securities nor does the Company consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company concluded an allowance for credit losses is unnecessary at June 30, 2022.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://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 https://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 https://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 https://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
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration