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Securities (Tables)
 9 Months Ended
Sep. 30, 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:

 

 

 

September 30, 2024

 

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

 

(Dollars in thousands)

 

Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

14,350

 

 

$

1,982

 

 

$

(50

)

 

$

16,282

 

Collateralized mortgage obligations

 

 

208,902

 

 

 

22

 

 

 

(2,125

)

 

 

206,799

 

Mortgage-backed securities

 

 

109,232

 

 

 

97

 

 

 

(996

)

 

 

108,333

 

Total

 

$

332,484

 

 

$

2,101

 

 

$

(3,171

)

 

$

331,414

 

Held to Maturity

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

7,810

 

 

$

17

 

 

$

(3

)

 

$

7,824

 

States and political subdivisions

 

 

93,657

 

 

 

736

 

 

 

(1,969

)

 

 

92,424

 

Corporate debt securities

 

 

12,000

 

 

 

—

 

 

 

(3,600

)

 

 

8,400

 

Collateralized mortgage obligations

 

 

240,087

 

 

 

425

 

 

 

(14,323

)

 

 

226,189

 

Mortgage-backed securities

 

 

10,615,788

 

 

 

5,721

 

 

 

(992,286

)

 

 

9,629,223

 

Total

 

$

10,969,342

 

 

$

6,899

 

 

$

(1,012,181

)

 

$

9,964,060

 

 

 

 

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:

 

 

 

September 30, 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

 

$

—

 

 

$

—

 

 

$

3,450

 

 

$

(50

)

 

$

3,450

 

 

$

(50

)

Collateralized mortgage obligations

 

 

36,514

 

 

 

(204

)

 

 

129,093

 

 

 

(1,921

)

 

 

165,607

 

 

 

(2,125

)

Mortgage-backed securities

 

 

14,412

 

 

 

(56

)

 

 

90,003

 

 

 

(940

)

 

 

104,415

 

 

 

(996

)

Total

 

$

50,926

 

 

$

(260

)

 

$

222,546

 

 

$

(2,911

)

 

$

273,472

 

 

$

(3,171

)

Held to Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

 

$

—

 

 

$

1,989

 

 

$

(3

)

 

$

1,989

 

 

$

(3

)

States and political subdivisions

 

 

647

 

 

 

(1

)

 

 

49,214

 

 

 

(1,968

)

 

 

49,861

 

 

 

(1,969

)

Corporate debt securities

 

 

—

 

 

 

—

 

 

 

8,400

 

 

 

(3,600

)

 

 

8,400

 

 

 

(3,600

)

Collateralized mortgage obligations

 

 

29

 

 

 

—

 

 

 

196,396

 

 

 

(14,323

)

 

 

196,425

 

 

 

(14,323

)

Mortgage-backed securities

 

 

1,420

 

 

 

(12

)

 

 

9,353,645

 

 

 

(992,274

)

 

 

9,355,065

 

 

 

(992,286

)

Total

 

$

2,096

 

 

$

(13

)

 

$

9,609,644

 

 

$

(1,012,168

)

 

$

9,611,740

 

 

$

(1,012,181

)

 

 

 

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 September 30, 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

 

$

17,607

 

 

$

17,629

 

 

$

—

 

 

$

—

 

Due after one year through five years

 

 

48,525

 

 

 

48,545

 

 

 

—

 

 

 

—

 

Due after five years through ten years

 

 

39,826

 

 

 

35,711

 

 

 

14,350

 

 

 

16,282

 

Due after ten years

 

 

7,509

 

 

 

6,763

 

 

 

—

 

 

 

—

 

Subtotal

 

 

113,467

 

 

 

108,648

 

 

 

14,350

 

 

 

16,282

 

Mortgage-backed securities and collateralized mortgage obligations

 

 

10,855,875

 

 

 

9,855,412

 

 

 

318,134

 

 

 

315,132

 

Total

 

$

10,969,342

 

 

$

9,964,060

 

 

$

332,484

 

 

$

331,414