XML 35 R25.htm IDEA: XBRL DOCUMENT

Investment Securities, Equity Securities with Readily Determinable Fair Values and Other Investments (Tables)

3 Months Ended

Mar. 31, 2023

Investment Securities, Equity Securities with Readily Determinable Fair Values and Other Investments

Amortized cost and estimated fair value by type of investment security

The amortized cost and estimated fair value by type of investment security at March 31, 2023 are as follows:


	Held to Maturity
			Gross		Gross
	Amortized		unrealized		unrealized		Estimated		Carrying
	cost		gains		losses		fair value		value

	(Dollars in Thousands)
Other securities	$	3,400	$	—	$	—	$	3,400	$	3,400
Total investment securities	$	3,400	$	—	$	—	$	3,400	$	3,400


	Available for Sale Debt Securities
			Gross		Gross
	Amortized		unrealized		unrealized		Estimated		Carrying
	cost		gains		losses		fair value		value⁽¹⁾

	(Dollars in Thousands)
U.S. Treasury securities	$	49,967	$	—	$	(42)	$	49,925	$	49,925
Residential mortgage-backed securities		5,184,217		5,289		(542,277)		4,647,229		4,647,229
Obligations of states and political subdivisions		162,947		1,485		(1,768)		162,664		162,664
Total investment securities	$	5,397,131	$	6,774	$	(544,087)	$	4,859,818	$	4,859,818

(1)	Included in the carrying value of residential mortgage-backed securities are $810,907 of mortgage-backed securities issued by Ginnie Mae and $3,836,322 of mortgage-backed securities issued by Fannie Mae and Freddie Mac.

The amortized cost and estimated fair value by type of investment security at December 31, 2022 are as follows:


	Held to Maturity
			Gross		Gross
	Amortized		unrealized		unrealized		Estimated		Carrying
	cost		gains		losses		fair value		value

	(Dollars in Thousands)
Other securities	$	3,400	$	—	$	—	$	3,400	$	3,400
Total investment securities	$	3,400	$	—	$	—	$	3,400	$	3,400


	Available for Sale
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair		Carrying
	cost		gains		losses		value		value⁽¹⁾

	(Dollars in Thousands)
U.S. Treasury securities	$	49,752	$	—	$	(359)	$	49,393	$	49,393
Residential mortgage-backed securities		4,805,735		3,145		(599,668)		4,209,212		4,209,212
Obligations of states and political subdivisions		163,509		927		(5,245)		159,191		159,191
Total investment securities	$	5,018,996	$	4,072	$	(605,272)	$	4,417,796	$	4,417,796

(1)	Included in the carrying value of residential mortgage-backed securities are $681,121 of mortgage-backed securities issued by Ginnie Mae and $3,528,091 of mortgage-backed securities issued by Fannie Mae and Freddie.

Amortized cost and fair value of investment securities, by contractual maturity


	Held to Maturity				Available for Sale
	Amortized		Estimated		Amortized		Estimated
	Cost		fair value		Cost		fair value

	(Dollars in Thousands)
Due in one year or less	$	1,075	$	1,075	$	49,967	$	49,925
Due after one year through five years		2,325		2,325		—		—
Due after five years through ten years		—		—		440		440
Due after ten years		—		—		162,507		162,224
Residential mortgage-backed securities		—		—		5,184,217		4,647,229
Total investment securities	$	3,400	$	3,400	$	5,397,131	$	4,859,818

Gross unrealized losses on investment securities and the related fair value

Gross unrealized losses on debt investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual debt securities have been in a continuous unrealized loss position at March 31, 2023, were as follows:


	Less than 12 months				12 months or more				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses

	(Dollars in Thousands)
Available for sale:
U.S. Treasury securities	$	49,925	$	(42)	$	—	$	—	$	49,925	$	(42)
Residential mortgage-backed securities		1,438,275		(44,176)		2,969,348		(498,101)		4,407,623		(542,277)
Obligations of states and political subdivisions		105,758		(1,768)		—		—		105,758		(1,768)
	$	1,593,958	$	(45,986)	$	2,969,348	$	(498,101)	$	4,563,306	$	(544,087)

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 December 31, 2022 were as follows:


	Less than 12 months				12 months or more				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses

	(Dollars in Thousands)
Available for sale:
U.S. Treasury securities	$	49,394	$	(359)	$	—	$	—	$	49,394	$	(359)
Residential mortgage-backed securities		1,357,905		(87,815)		2,566,975		(511,853)		3,924,880		(599,668)
Obligations of states and political subdivisions		118,772		(5,245)		—		—		118,772		(5,245)
	$	1,526,071	$	(93,419)	$	2,566,975	$	(511,853)	$	4,093,046	$	(605,272)

Summary of unrealized and realized gains and losses recognized in net income on equity securities


	Three Months Ended
	March 31, 2023
	(Dollars in Thousands)


Net gains recognized during the period on equity securities	$	34
Less: Net gains and (losses) recognized during the period on equity securities sold during the period		—

Unrealized gains recognized during the reporting period on equity securities still held at the reporting date	$	34


	Three Months Ended
	March 31, 2022
	(Dollars in Thousands)


Net losses recognized during the period on equity securities	$	(269)
Less: Net gains and (losses) recognized during the period on equity securities sold during the period		—

Unrealized losses recognized during the reporting period on equity securities still held at the reporting date	$	(269)