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Investment Securities (Tables)

9 Months Ended

Sep. 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 September 30, 2023, and December 31, 2022, were as follows:

(dollars in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
September 30, 2023
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies		$	228,181			$	408			$	(15,133	)		$	213,456
Debt Securities Issued by States and Political Subdivisions			73,722				—				(13,120	)			60,602
Debt Securities Issued by U.S. Government-Sponsored Enterprises			1,757				—				(117	)			1,640
Debt Securities Issued by Corporations			706,693				7				(57,560	)			649,140
Mortgage-Backed Securities:
Residential - Government Agencies			740,652				101				(108,806	)			631,947
Residential - U.S. Government-Sponsored Enterprises			841,441				—				(142,092	)			699,349
Commercial - Government Agencies or Sponsored Agencies			159,647				—				(28,457	)			131,190
Total Mortgage-Backed Securities			1,741,740				101				(279,355	)			1,462,486
Total		$	2,752,093			$	516			$	(365,285	)		$	2,387,324
Held-to-Maturity:
Debt Securities Issued by the U.S. Treasury and Government Agencies		$	131,710			$	—			$	(20,301	)		$	111,409
Debt Securities Issued by Corporations			11,788				—				(2,582	)			9,206
Mortgage-Backed Securities:
Residential - Government Agencies			1,712,317				—				(330,120	)			1,382,197
Residential - U.S. Government-Sponsored Enterprises			2,794,307				5				(519,138	)			2,275,174
Commercial - Government Agencies or Sponsored Agencies			437,891				—				(111,408	)			326,483
Total Mortgage-Backed Securities			4,944,515				5				(960,666	)			3,983,854
Total		$	5,088,013			$	5			$	(983,549	)		$	4,104,469
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 September 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		$	1,798			$	1,768
Due After One Year Through Five Years			332,832				309,375
Due After Five Years Through Ten Years			598,290				537,433
Due After Ten Years			6,380				4,866
			939,300				853,442
Debt Securities Issued by Government Agencies			71,053				71,396
Mortgage-Backed Securities:
Residential - Government Agencies			740,652				631,947
Residential - U.S. Government-Sponsored Enterprises			841,441				699,349
Commercial - Government Agencies or Sponsored Agencies			159,647				131,190
Total Mortgage-Backed Securities			1,741,740				1,462,486
Total		$	2,752,093			$	2,387,324
Held-to-Maturity:
Due in One Year or Less			966				943
Due After One Year Through Five Years			82,244				71,390
Due After Five Year Through Ten Years			60,288				48,282
			143,498				120,615
Mortgage-Backed Securities:
Residential - Government Agencies			1,712,317				1,382,197
Residential - U.S. Government-Sponsored Enterprises			2,794,307				2,275,174
Commercial - Government Agencies or Sponsored Agencies			437,891				326,483
Total Mortgage-Backed Securities			4,944,515				3,983,854
Total		$	5,088,013			$	4,104,469

Schedule of Losses on Sales of Investment Securities

The table below presents the losses from the sales of investment securities for the three and nine months ended September 30, 2023, and September 30, 2022:

		Three Months Ended September 30,								Nine Months Ended September 30,
(dollars in thousands)		2023				2022				2023				2022
Gross Gains on Sales of Investment Securities		$	145			$	—			$	145			$	—
Gross Losses on Sales of Investment Securities			(6,879	)			(2,147	)			(9,981	)			(4,987	)
Total Losses on Sales of Investment Securities		$	(6,734	)		$	(2,147	)		$	(9,836	)		$	(4,987	)

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
September 30, 2023
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury    and Government Agencies		$	8,272			$	(24	)		$	150,513			$	(15,109	)		$	158,785			$	(15,133	)
Debt Securities Issued by States    and Political Subdivisions			236				(8	)			60,152				(13,112	)			60,388				(13,120	)
Debt Securities Issued by U.S. Government-    Sponsored Enterprises			—				—				1,639				(117	)			1,639				(117	)
Debt Securities Issued by Corporations			322,435				(2,565	)			301,697				(54,995	)			624,132				(57,560	)
Mortgage-Backed Securities:
Residential - Government Agencies			11,455				(70	)			616,352				(108,736	)			627,807				(108,806	)
Residential - U.S. Government-Sponsored Enterprises			330				(7	)			699,020				(142,085	)			699,350				(142,092	)
Commercial - Government Agencies or Sponsored Agencies			—				—				131,189				(28,457	)			131,189				(28,457	)
Total Mortgage-Backed Securities			11,785				(77	)			1,446,561				(279,278	)			1,458,346				(279,355	)
Total		$	342,728			$	(2,674	)		$	1,960,562			$	(362,611	)		$	2,303,290			$	(365,285	)
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 nine months ended September 30, 2023, and September 30, 2022, were as follows:

		Three Months Ended September 30,								Nine Months Ended September 30,
(dollars in thousands)		2023				2022				2023				2022
Taxable		$	46,367			$	37,231			$	140,718			$	109,830
Non-Taxable			23				7				189				31
Total Interest Income from Investment Securities		$	46,390			$	37,238			$	140,907			$	109,861

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

As of September 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)		September 30, 2023				December 31, 2022
Federal Home Loan Bank of Des Moines Stock		$	32,000			$	26,000
Federal Reserve Bank Stock			27,400				27,065
Total		$	59,400			$	53,065

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