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Securities (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Investment Securities

The amortized cost and fair value of investment securities were as follows:

 

 

 

March 31, 2024

 

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

 

(Dollars in thousands)

 

Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

14,350

 

 

$

1,830

 

 

$

(335

)

 

$

15,845

 

Collateralized mortgage obligations

 

 

198,180

 

 

 

—

 

 

 

(3,374

)

 

 

194,806

 

Mortgage-backed securities

 

 

105,723

 

 

 

58

 

 

 

(1,132

)

 

 

104,649

 

Total

 

$

318,253

 

 

$

1,888

 

 

$

(4,841

)

 

$

315,300

 

Held to Maturity

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. Government agencies

 

$

7,691

 

 

$

—

 

 

$

(107

)

 

$

7,584

 

States and political subdivisions

 

 

111,699

 

 

 

764

 

 

 

(2,581

)

 

 

109,882

 

Corporate debt securities

 

 

12,000

 

 

 

—

 

 

 

(3,840

)

 

 

8,160

 

Collateralized mortgage obligations

 

 

256,216

 

 

 

—

 

 

 

(25,076

)

 

 

231,140

 

Mortgage-backed securities

 

 

11,598,232

 

 

 

388

 

 

 

(1,477,027

)

 

 

10,121,593

 

Total

 

$

11,985,838

 

 

$

1,152

 

 

$

(1,508,631

)

 

$

10,478,359

 

 

 

 

December 31, 2023

 

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

 

(Dollars in thousands)

 

Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

20,698

 

 

$

1,827

 

 

$

(738

)

 

$

21,787

 

Collateralized mortgage obligations

 

 

321,881

 

 

 

967

 

 

 

(2,804

)

 

 

320,044

 

Mortgage-backed securities

 

 

97,779

 

 

 

96

 

 

 

(1,118

)

 

 

96,757

 

Total

 

$

440,358

 

 

$

2,890

 

 

$

(4,660

)

 

$

438,588

 

Held to Maturity

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. Government agencies

 

$

7,631

 

 

$

—

 

 

$

(52

)

 

$

7,579

 

States and political subdivisions

 

 

116,497

 

 

 

1,864

 

 

 

(2,306

)

 

 

116,055

 

Corporate debt securities

 

 

12,000

 

 

 

—

 

 

 

(4,200

)

 

 

7,800

 

Collateralized mortgage obligations

 

 

263,250

 

 

 

—

 

 

 

(20,864

)

 

 

242,386

 

Mortgage-backed securities

 

 

11,965,930

 

 

 

2,131

 

 

 

(1,357,283

)

 

 

10,610,778

 

Total

 

$

12,365,308

 

 

$

3,995

 

 

$

(1,384,705

)

 

$

10,984,598

 
Securities in Continuous Loss Position

Securities with unrealized losses, segregated by length of time, that have been in a continuous loss position were as follows:

 

 

 

March 31, 2024

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Estimated Fair Value

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

 

Unrealized Losses

 

 

 

(Dollars in thousands)

 

Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

5,265

 

 

$

(335

)

 

$

—

 

 

$

—

 

 

$

5,265

 

 

$

(335

)

Collateralized mortgage obligations

 

 

58,266

 

 

 

(874

)

 

 

136,540

 

 

 

(2,500

)

 

 

194,806

 

 

 

(3,374

)

Mortgage-backed securities

 

 

10,043

 

 

 

(60

)

 

 

91,458

 

 

 

(1,072

)

 

 

101,501

 

 

 

(1,132

)

Total

 

$

73,574

 

 

$

(1,269

)

 

$

227,998

 

 

$

(3,572

)

 

$

301,572

 

 

$

(4,841

)

Held to Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. Government agencies

 

$

7,583

 

 

$

(107

)

 

$

—

 

 

$

—

 

 

$

7,583

 

 

$

(107

)

States and political subdivisions

 

 

14,877

 

 

 

(68

)

 

 

54,906

 

 

 

(2,513

)

 

 

69,783

 

 

 

(2,581

)

Corporate debt securities

 

 

—

 

 

 

—

 

 

 

8,160

 

 

 

(3,840

)

 

 

8,160

 

 

 

(3,840

)

Collateralized mortgage obligations

 

 

47,876

 

 

 

(1,261

)

 

 

183,228

 

 

 

(23,815

)

 

 

231,104

 

 

 

(25,076

)

Mortgage-backed securities

 

 

147,256

 

 

 

(1,836

)

 

 

9,900,482

 

 

 

(1,475,191

)

 

 

10,047,738

 

 

 

(1,477,027

)

Total

 

$

217,592

 

 

$

(3,272

)

 

$

10,146,776

 

 

$

(1,505,359

)

 

$

10,364,368

 

 

$

(1,508,631

)

 

 

 

December 31, 2023

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Estimated Fair Value

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

 

Unrealized Losses

 

 

 

(Dollars in thousands)

 

Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

7,300

 

 

$

(738

)

 

$

—

 

 

$

—

 

 

$

7,300

 

 

$

(738

)

Collateralized mortgage obligations

 

 

54,611

 

 

 

(729

)

 

 

114,758

 

 

 

(2,075

)

 

 

169,369

 

 

 

(2,804

)

Mortgage-backed securities

 

 

1,154

 

 

 

(13

)

 

 

92,211

 

 

 

(1,105

)

 

 

93,365

 

 

 

(1,118

)

Total

 

$

63,065

 

 

$

(1,480

)

 

$

206,969

 

 

$

(3,180

)

 

$

270,034

 

 

$

(4,660

)

Held to Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. Government agencies

 

$

7,580

 

 

$

(52

)

 

$

—

 

 

$

—

 

 

$

7,580

 

 

$

(52

)

States and political subdivisions

 

 

23,085

 

 

 

(79

)

 

 

41,039

 

 

 

(2,227

)

 

 

64,124

 

 

 

(2,306

)

Corporate debt securities

 

 

—

 

 

 

—

 

 

 

7,800

 

 

 

(4,200

)

 

 

7,800

 

 

 

(4,200

)

Collateralized mortgage obligations

 

 

50,147

 

 

 

(470

)

 

 

192,205

 

 

 

(20,394

)

 

 

242,352

 

 

 

(20,864

)

Mortgage-backed securities

 

 

52,853

 

 

 

(807

)

 

 

10,354,514

 

 

 

(1,356,476

)

 

 

10,407,367

 

 

 

(1,357,283

)

Total

 

$

133,665

 

 

$

(1,408

)

 

$

10,595,558

 

 

$

(1,383,297

)

 

$

10,729,223

 

 

$

(1,384,705

)
Investment Securities by Contractual Maturity

The table below summarizes the amortized cost and fair value of investment securities at March 31, 2024, by contractual maturity. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations at any time with or without call or prepayment penalties.

 

 

 

Held to Maturity

 

 

Available for Sale

 

 

 

Amortized Cost

 

 

Fair Value

 

 

Amortized Cost

 

 

Fair Value

 

 

 

(Dollars in thousands)

 

Due in one year or less

 

$

27,214

 

 

$

27,560

 

 

$

—

 

 

$

—

 

Due after one year through five years

 

 

45,853

 

 

 

45,608

 

 

 

—

 

 

 

—

 

Due after five years through ten years

 

 

46,427

 

 

 

41,573

 

 

 

14,350

 

 

 

15,845

 

Due after ten years

 

 

11,896

 

 

 

10,885

 

 

 

—

 

 

 

—

 

Subtotal

 

 

131,390

 

 

 

125,626

 

 

 

14,350

 

 

 

15,845

 

Mortgage-backed securities and collateralized mortgage obligations

 

 

11,854,448

 

 

 

10,352,733

 

 

 

303,903

 

 

 

299,455

 

Total

 

$

11,985,838

 

 

$

10,478,359

 

 

$

318,253

 

 

$

315,300