Investment Securities (Tables)

6 Months Ended

Jun. 30, 2022

Investments Debt And Equity Securities [Abstract]

Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Investment Securities

The amortized cost, gross unrealized gains and losses, and fair value of the Company’s investment securities as of June 30, 2022, and December 31, 2021, were as follows:

(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
June 30, 2022
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies	$	272,935	$	1,640	$	(10,689	)	$	263,886
Debt Securities Issued by States and Political Subdivisions		74,698		2		(8,859	)		65,841
Debt Securities Issued by U.S. Government-Sponsored Enterprises		1,758		—		(85	)		1,673
Debt Securities Issued by Corporations		432,016		—		(47,697	)		384,319
Mortgage-Backed Securities:
Residential - Government Agencies		1,348,519		566		(122,746	)		1,226,339
Residential - U.S. Government-Sponsored Enterprises		2,104,396		13		(254,542	)		1,849,867
Commercial - Government Agencies or Sponsored Agencies		178,008		—		(14,457	)		163,551
Total Mortgage-Backed Securities		3,630,923		579		(391,745	)		3,239,757
Total	$	4,412,330	$	2,221	$	(459,075	)	$	3,955,476
Held-to-Maturity:
Debt Securities Issued by the U.S. Treasury and Government Agencies	$	131,556	$	—	$	(13,058	)	$	118,498
Debt Securities Issued by Corporations		18,672		—		(1,857	)		16,815
Mortgage-Backed Securities:
Residential - Government Agencies		1,605,791		721		(173,760	)		1,432,752
Residential - U.S. Government-Sponsored Enterprises		2,107,997		21		(247,438	)		1,860,580
Commercial - Government Agencies or Sponsored Agencies		457,677		—		(62,583	)		395,094
Total Mortgage-Backed Securities		4,171,465		742		(483,781	)		3,688,426
Total	$	4,321,693	$	742	$	(498,696	)	$	3,823,739
December 31, 2021
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies	$	248,858	$	1,513	$	(284	)	$	250,087
Debt Securities Issued by States and Political Subdivisions		74,743		1,080		(5	)		75,818
Debt Securities Issued by U.S. Government-Sponsored Enterprises		1,758		33		(11	)		1,780
Debt Securities Issued by Corporations		384,590		2,339		(3,816	)		383,113
Mortgage-Backed Securities:
Residential - Government Agencies		1,327,990		9,818		(18,766	)		1,319,042
Residential - U.S. Government-Sponsored Enterprises		2,127,781		4,792		(42,247	)		2,090,326
Commercial - Government Agencies or Sponsored Agencies		155,164		1,885		(1,159	)		155,890
Total Mortgage-Backed Securities		3,610,935		16,495		(62,172	)		3,565,258
Total	$	4,320,884	$	21,460	$	(66,288	)	$	4,276,056
Held-to-Maturity:
Debt Securities Issued by the U.S. Treasury and Government Agencies	$	131,495	$	287	$	(643	)	$	131,139
Debt Securities Issued by Corporations		20,316		76		(249	)		20,143
Mortgage-Backed Securities:
Residential - Government Agencies		1,774,394		12,139		(30,621	)		1,755,912
Residential - U.S. Government-Sponsored Enterprises		2,286,880		15,508		(32,627	)		2,269,761
Commercial - Government Agencies or Sponsored Agencies		481,695		324		(12,355	)		469,664
Total Mortgage-Backed Securities		4,542,969		27,971		(75,603	)		4,495,337
Total	$	4,694,780	$	28,334	$	(76,495	)	$	4,646,619

Analysis of the Contractual Maturities of Investment Securities

The table below presents an analysis of the contractual maturities of the Company’s investment securities as of June 30, 2022. Debt securities issued by government agencies (Small Business Administration securities) and mortgage-backed securities are disclosed separately in the table below as these investment securities may prepay prior to their scheduled contractual maturity dates.

(dollars in thousands)	Amortized Cost		Fair Value
Available-for-Sale:
Due in One Year or Less	$	902	$	902
Due After One Year Through Five Years		278,482		263,219
Due After Five Years Through Ten Years		372,109		322,093
Due After Ten Years		13,130		11,133
		664,623		597,347
Debt Securities Issued by Government Agencies		116,784		118,372
Mortgage-Backed Securities:
Residential - Government Agencies		1,348,519		1,226,339
Residential - U.S. Government-Sponsored Enterprises		2,104,396		1,849,867
Commercial - Government Agencies or Sponsored Agencies		178,008		163,551
Total Mortgage-Backed Securities		3,630,923		3,239,757
Total	$	4,412,330	$	3,955,476
Held-to-Maturity:
Due After One Year Through Five Years		15,022		14,223
Due After Five Year Through Ten Years		124,057		111,628
Due After Ten Years		11,149		9,462
		150,228		135,313
Mortgage-Backed Securities:
Residential - Government Agencies		1,605,791		1,432,752
Residential - U.S. Government-Sponsored Enterprises		2,107,997		1,860,580
Commercial - Government Agencies or Sponsored Agencies		457,677		395,094
Total Mortgage-Backed Securities		4,171,465		3,688,426
Total	$	4,321,693	$	3,823,739

Schedule of Losses on Sales of Investment Securities

The table below presents the losses from the sales of investment securities for the three and six months ended June 30, 2022, and June 30, 2021:

	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands)	2022			2021			2022			2021
Gross Gains on Sales of Investment Securities	$	—		$	3,675		$	—		$	3,675
Gross Losses on Sales of Investment Securities		(1,295	)		(1,252	)		(2,840	)		(2,455	)
Total Losses on Sales of Investment Securities	$	(1,295	)	$	2,423		$	(2,840	)	$	1,220

Schedule of AFS Debt Securities in an Unrealized Loss Position

The following table summarizes the Company’s AFS debt securities in an unrealized loss position for which an allowance for credit losses was not deemed necessary, aggregated by major security type and length of time in a continuous unrealized loss position:

	Less Than 12 Months					12 Months or Longer					Total
(dollars in thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
June 30, 2022
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies	$	146,219	$	(10,637	)	$	6,682	$	(52	)	$	152,901	$	(10,689	)
Debt Securities Issued by States and Political Subdivisions		64,952		(8,859	)		—		—			64,952		(8,859	)
Debt Securities Issued by U.S. Government- Sponsored Enterprises		1,614		(79	)		60		(6	)		1,674		(85	)
Debt Securities Issued by Corporations		278,163		(38,854	)		106,156		(8,843	)		384,319		(47,697	)
Mortgage-Backed Securities:
Residential - Government Agencies		849,208		(61,865	)		342,358		(60,881	)		1,191,566		(122,746	)
Residential - U.S. Government-Sponsored Enterprises		946,822		(99,484	)		902,647		(155,058	)		1,849,469		(254,542	)
Commercial-Government Agencies or Sponsored Agencies		144,817		(11,126	)		18,734		(3,331	)		163,551		(14,457	)
Total Mortgage-Backed Securities		1,940,847		(172,475	)		1,263,739		(219,270	)		3,204,586		(391,745	)
Total	$	2,431,795	$	(230,904	)	$	1,376,637	$	(228,171	)	$	3,808,432	$	(459,075	)

December 31, 2021
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies	$	51,455	$	(195	)	$	9,995	$	(89	)	$	61,450	$	(284	)
Debt Securities Issued by States and Political Subdivisions		643		(5	)		—		—			643		(5	)
Debt Securities Issued by U.S. Government- Sponsored Enterprises		814		(10	)		49		(1	)		863		(11	)
Debt Securities Issued by Corporations		249,629		(2,846	)		64,029		(970	)		313,658		(3,816	)
Mortgage-Backed Securities:
Residential - Government Agencies		810,157		(17,131	)		41,471		(1,635	)		851,628		(18,766	)
Residential - U.S. Government-Sponsored Enterprises		1,670,500		(35,711	)		180,205		(6,536	)		1,850,705		(42,247	)
Commercial - Government Agencies or Sponsored Agencies		25,664		(223	)		21,810		(936	)		47,474		(1,159	)
Total Mortgage-Backed Securities		2,506,321		(53,065	)		243,486		(9,107	)		2,749,807		(62,172	)
Total	$	2,808,862	$	(56,121	)	$	317,559	$	(10,167	)	$	3,126,421	$	(66,288	)

Schedule of Interest Income from Taxable and Non-taxable Investment Securities

Interest income from taxable and non-taxable investment securities for the three and six months ended June 30, 2022, and June 30, 2021, were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands)	2022		2021		2022		2021
Taxable	$	36,809	$	29,765	$	72,599	$	58,621
Non-Taxable		12		278		23		559
Total Interest Income from Investment Securities	$	36,821	$	30,043	$	72,622	$	59,180

Schedule of Carrying Value of Federal Home Loan Bank of Des Moines Stock and Federal Reserve Bank Stock

As of June 30, 2022, and December 31, 2021, the carrying value of the Company’s Federal Home Loan Bank of Des Moines stock and Federal Reserve Bank stock was as follows:

(dollars in thousands)	June 30, 2022		December 31, 2021
Federal Home Loan Bank of Des Moines Stock	$	10,000	$	10,000
Federal Reserve Bank Stock		26,840		26,624
Total	$	36,840	$	36,624