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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023, and December 31, 2022, were as follows:

(dollars in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
June 30, 2023
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies		$	235,178			$	472			$	(14,569	)		$	221,081
Debt Securities Issued by States and Political Subdivisions			107,621				142				(11,223	)			96,540
Debt Securities Issued by U.S. Government-Sponsored Enterprises			1,757				—				(120	)			1,637
Debt Securities Issued by Corporations			844,587				552				(56,385	)			788,754
Mortgage-Backed Securities:
Residential - Government Agencies			771,006				174				(95,976	)			675,204
Residential - U.S. Government-Sponsored Enterprises			869,381				—				(124,667	)			744,714
Commercial - Government Agencies or Sponsored Agencies			163,474				—				(24,681	)			138,793
Total Mortgage-Backed Securities			1,803,861				174				(245,324	)			1,558,711
Total		$	2,993,004			$	1,340			$	(327,621	)		$	2,666,723
Held-to-Maturity:
Debt Securities Issued by the U.S. Treasury and Government Agencies		$	131,678			$	—			$	(17,666	)		$	114,012
Debt Securities Issued by Corporations			12,094				—				(2,174	)			9,920
Mortgage-Backed Securities:
Residential - Government Agencies			1,761,490				11				(290,874	)			1,470,627
Residential - U.S. Government-Sponsored Enterprises			2,856,709				7				(387,659	)			2,469,057
Commercial - Government Agencies or Sponsored Agencies			440,727				—				(93,340	)			347,387
Total Mortgage-Backed Securities			5,058,926				18				(771,873	)			4,287,071
Total		$	5,202,698			$	18			$	(791,713	)		$	4,411,003
December 31, 2022
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies		$	248,335			$	638			$	(15,067	)		$	233,906
Debt Securities Issued by States and Political Subdivisions			107,689				158				(12,582	)			95,265
Debt Securities Issued by U.S. Government-Sponsored Enterprises			48,807				—				(179	)			48,628
Debt Securities Issued by Corporations			850,585				809				(56,736	)			794,658
Mortgage-Backed Securities:
Residential - Government Agencies			828,798				245				(96,215	)			732,828
Residential - U.S. Government-Sponsored Enterprises			919,980				1				(126,110	)			793,871
Commercial - Government Agencies or Sponsored Agencies			168,242				—				(22,575	)			145,667
Total Mortgage-Backed Securities			1,917,020				246				(244,900	)			1,672,366
Total		$	3,172,436			$	1,851			$	(329,464	)		$	2,844,823
Held-to-Maturity:
Debt Securities Issued by the U.S. Treasury and Government Agencies		$	131,619			$	—			$	(18,202	)		$	113,417
Debt Securities Issued by Corporations			17,014				—				(2,534	)			14,480
Mortgage-Backed Securities:
Residential - Government Agencies			1,848,239				35				(294,047	)			1,554,227
Residential - U.S. Government-Sponsored Enterprises			2,968,322				8				(397,055	)			2,571,275
Commercial - Government Agencies or Sponsored Agencies			448,945				—				(86,951	)			361,994
Total Mortgage-Backed Securities			5,265,506				43				(778,053	)			4,487,496
Total		$	5,414,139			$	43			$	(798,789	)		$	4,615,393

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, 2023. 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		$	9,012			$	8,980
Due After One Year Through Five Years			443,955				419,503
Due After Five Years Through Ten Years			651,597				595,753
Due After Ten Years			6,380				5,172
			1,110,944				1,029,408
Debt Securities Issued by Government Agencies			78,199				78,604
Mortgage-Backed Securities:
Residential - Government Agencies			771,006				675,204
Residential - U.S. Government-Sponsored Enterprises			869,381				744,714
Commercial - Government Agencies or Sponsored Agencies			163,474				138,793
Total Mortgage-Backed Securities			1,803,861				1,558,711
Total		$	2,993,004			$	2,666,723
Held-to-Maturity:
Due After One Year Through Five Years			83,436				73,401
Due After Five Year Through Ten Years			49,448				41,783
Due After Ten Years			10,888				8,748
			143,772				123,932
Mortgage-Backed Securities:
Residential - Government Agencies			1,761,490				1,470,627
Residential - U.S. Government-Sponsored Enterprises			2,856,709				2,469,057
Commercial - Government Agencies or Sponsored Agencies			440,727				347,387
Total Mortgage-Backed Securities			5,058,926				4,287,071
Total		$	5,202,698			$	4,411,003

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, 2023, and June 30, 2022:

		Three Months Ended June 30,								Six Months Ended June 30,
(dollars in thousands)		2023				2022				2023				2022
Total Losses on Sales of Investment Securities		$	(1,310	)		$	(1,295	)		$	(3,102	)		$	(2,840	)

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, 2023
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury    and Government Agencies		$	13,669			$	(54	)		$	145,838			$	(14,515	)		$	159,507			$	(14,569	)
Debt Securities Issued by States    and Political Subdivisions			25,209				(126	)			62,113				(11,097	)			87,322				(11,223	)
Debt Securities Issued by U.S. Government-    Sponsored Enterprises			—				—				1,636				(120	)			1,636				(120	)
Debt Securities Issued by Corporations			376,871				(2,133	)			368,538				(54,252	)			745,409				(56,385	)
Mortgage-Backed Securities:
Residential - Government Agencies			53,525				(1,939	)			617,092				(94,037	)			670,617				(95,976	)
Residential - U.S. Government-Sponsored Enterprises			10,064				(468	)			734,650				(124,199	)			744,714				(124,667	)
Commercial - Government Agencies or Sponsored Agencies			734				(33	)			138,059				(24,648	)			138,793				(24,681	)
Total Mortgage-Backed Securities			64,323				(2,440	)			1,489,801				(242,884	)			1,554,124				(245,324	)
Total		$	480,072			$	(4,753	)		$	2,067,926			$	(322,868	)		$	2,547,998			$	(327,621	)
December 31, 2022
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury    and Government Agencies		$	28,574			$	(1,118	)		$	127,841			$	(13,949	)		$	156,415			$	(15,067	)
Debt Securities Issued by States    and Political Subdivisions			11,341				(1,240	)			49,985				(11,342	)			61,326				(12,582	)
Debt Securities Issued by U.S. Government-    Sponsored Enterprises			47,825				(108	)			803				(71	)			48,628				(179	)
Debt Securities Issued by Corporations			438,225				(7,995	)			284,350				(48,741	)			722,575				(56,736	)
Mortgage-Backed Securities:
Residential - Government Agencies			386,809				(30,492	)			340,824				(65,723	)			727,633				(96,215	)
Residential - U.S. Government-Sponsored Enterprises			194,684				(22,294	)			598,986				(103,816	)			793,670				(126,110	)
Commercial - Government Agencies or Sponsored Agencies			98,694				(13,247	)			46,973				(9,328	)			145,667				(22,575	)
Total Mortgage-Backed Securities			680,187				(66,033	)			986,783				(178,867	)			1,666,970				(244,900	)
Total		$	1,206,152			$	(76,494	)		$	1,449,762			$	(252,970	)		$	2,655,914			$	(329,464	)

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, 2023, and June 30, 2022, were as follows:

		Three Months Ended June 30,								Six Months Ended June 30,
(dollars in thousands)		2023				2022				2023				2022
Taxable		$	46,593			$	36,809			$	94,350			$	72,599
Non-Taxable			83				12				167				23
Total Interest Income from Investment Securities		$	46,676			$	36,821			$	94,517			$	72,622

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

As of June 30, 2023, and December 31, 2022, 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, 2023				December 31, 2022
Federal Home Loan Bank of Des Moines Stock		$	80,000			$	26,000
Federal Reserve Bank Stock			27,277				27,065
Total		$	107,277			$	53,065

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Tabular disclosure of realized and unrealized gain (loss) on investment in security.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
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