XML 34 R24.htm IDEA: XBRL DOCUMENT v3.23.3

Investment Securities Available for Sale (Tables)

9 Months Ended

Sep. 30, 2023

Investments [Abstract]

Schedule of Available-for-Sale Investment Securities

The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities available for sale at September 30, 2023 and December 31, 2022 are summarized below.

			September 30, 2023
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
U.S. Treasury securities			$	556,791					$	—					$	(47,331)					$	509,460
U.S. Government agency securities			52,140						—						(4,634)						47,506
Mortgage-backed securities issued by U.S. Government agencies			1,040,825						—						(148,571)						892,254
Mortgage-backed securities issued by U.S. Government sponsored enterprises			7,781,751						—						(1,519,999)						6,261,752
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises			710,600						—						(131,764)						578,836
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises			1,023,664						—						(84,929)						938,735
Corporate debt securities and other debt securities			8,984						—						(336)						8,648
Total investment securities available for sale			$	11,174,755					$	—					$	(1,937,564)					$	9,237,191
			December 31, 2022
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
U.S. Treasury securities			$	515,953					$	—					$	(44,140)					$	471,813
U.S. Government agency securities			52,411						—						(3,613)						48,798
Mortgage-backed securities issued by U.S. Government agencies			904,593						1,624						(113,468)						792,749
Mortgage-backed securities issued by U.S. Government sponsored enterprises			8,144,374						936						(1,250,240)						6,895,070
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises			769,498						—						(114,371)						655,127
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises			877,590						—						(71,645)						805,945
Corporate debt securities and other debt securities			8,908						—						(307)						8,601
Total investment securities available for sale			$	11,273,327					$	2,560					$	(1,597,784)					$	9,678,103

Schedule of Gross Unrealized Losses on Investment Securities and Fair Value

Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2023 and December 31, 2022 are presented below.

			September 30, 2023
			Less than 12 Months												12 Months or Longer												Total
(in thousands)			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
U.S. Treasury securities			$	38,011					$	(261)					$	446,097					$	(47,070)					$	484,108					$	(47,331)
U.S. Government agency securities			—						—						47,506						(4,634)						47,506						(4,634)
Mortgage-backed securities issued by U.S. Government agencies			350,730						(14,758)						541,524						(133,813)						892,254						(148,571)
Mortgage-backed securities issued by U.S. Government sponsored enterprises			315,190						(14,825)						5,946,562						(1,505,174)						6,261,752						(1,519,999)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises			—						—						578,836						(131,764)						578,836						(131,764)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises			152,435						(4,362)						786,300						(80,567)						938,735						(84,929)
Corporate debt securities and other debt securities			—						—						8,648						(336)						8,648						(336)
Total			$	856,366					$	(34,206)					$	8,355,473					$	(1,903,358)					$	9,211,839					$	(1,937,564)
			December 31, 2022
			Less than 12 Months												12 Months or Longer												Total
(in thousands)			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
U.S. Treasury securities			$	139,737					$	(6,789)					$	307,582					$	(37,351)					$	447,319					$	(44,140)
U.S. Government agency securities			28,938						(1,053)						19,603						(2,560)						48,541						(3,613)
Mortgage-backed securities issued by U.S. Government agencies			187,655						(5,952)						521,395						(107,516)						709,050						(113,468)
Mortgage-backed securities issued by U.S. Government sponsored enterprises			1,473,348						(120,135)						5,365,233						(1,130,105)						6,838,581						(1,250,240)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises			119,649						(10,311)						535,478						(104,060)						655,127						(114,371)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises			565,382						(29,383)						240,564						(42,262)						805,946						(71,645)
Corporate debt securities and other debt securities			8,601						(307)						—						—						8,601						(307)
Total			$	2,523,310					$	(173,930)					$	6,989,855					$	(1,423,854)					$	9,513,165					$	(1,597,784)

Schedule of Amortized Cost and Estimated Fair Value by Contractual Maturity of Investment Securities Available-for-Sale

The amortized cost and fair value by contractual maturity of investment securities available for sale at September 30, 2023 are shown below. The expected life of MBSs or CMOs may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, MBSs and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date.

			Distribution of Maturities at September 30, 2023
(in thousands)			Within One  Year						1 to 5 Years						5 to 10  Years						More Than  10 Years						Total
Amortized Cost
U.S. Treasury securities			$	25,352					$	481,570					$	49,869					$	—					$	556,791
U.S. Government agency securities			—						52,140						—						—						52,140
Mortgage-backed securities issued by U.S. Government agencies			36						267						4						1,040,518						1,040,825
Mortgage-backed securities issued by U.S. Government sponsored enterprises			—						18,277						78,557						7,684,917						7,781,751
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises			—						58						10,944						699,598						710,600
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises			29,718						725,148						207,265						61,533						1,023,664
Corporate debt securities and other debt securities			—						8,984						—						—						8,984
Total amortized cost			$	55,106					$	1,286,444					$	346,639					$	9,486,566					$	11,174,755
Fair Value
U.S. Treasury securities			$	25,352					$	445,205					$	38,903					$	—					$	509,460
U.S. Government agency securities			—						47,506						—						—						47,506
Mortgage-backed securities issued by U.S. Government agencies			34						257						3						891,960						892,254
Mortgage-backed securities issued by U.S. Government sponsored enterprises			—						17,284						70,862						6,173,606						6,261,752
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises			—						56						10,337						568,443						578,836
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises			28,977						682,703						171,393						55,662						938,735
Corporate debt securities and other debt securities			—						8,648						—						—						8,648
Total fair value			$	54,363					$	1,201,659					$	291,498					$	7,689,671					$	9,237,191

Schedule of Sales Activities of Available-for-Sale Securities

Gross gains and gross losses on sales of securities available for sale for the three and nine months ended September 30, 2023 and 2022 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income (loss) at the time of sale.

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)			2023						2022						2023						2022
Gross realized gains on sales			$	—					$	—					$	1,030					$	—
Gross realized losses on sales			—						—						—						—
Investment securities gains (losses), net			$	—					$	—					$	1,030					$	—

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-4

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of realized gains and losses on investments reported in the statement of income.

+ References

No definition available.

+ Details

Name:	us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration