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Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024, and December 31, 2023, were as follows:
(dollars in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |
Debt Securities Issued by the U.S. Treasury and Government Agencies |  | $ | 217,711 |  |  | $ | 267 |  |  | $ | (11,666 | ) |  | $ | 206,312 |
Debt Securities Issued by States and Political Subdivisions |  |  | 73,337 |  |  |  | — |  |  |  | (9,886 | ) |  |  | 63,451 |
Debt Securities Issued by U.S. Government-Sponsored Enterprises |  |  | 1,506 |  |  |  | — |  |  |  | (81 | ) |  |  | 1,425 |
Debt Securities Issued by Corporations |  |  | 705,308 |  |  |  | 244 |  |  |  | (44,406 | ) |  |  | 661,146 |
Mortgage-Backed Securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential - Government Agencies |  |  | 691,565 |  |  |  | 119 |  |  |  | (89,408 | ) |  |  | 602,276 |
Residential - U.S. Government-Sponsored Enterprises |  |  | 797,610 |  |  |  | 5 |  |  |  | (113,042 | ) |  |  | 684,573 |
Commercial - Government Agencies or Sponsored Agencies |  |  | 155,691 |  |  |  | — |  |  |  | (22,823 | ) |  |  | 132,868 |
Total Mortgage-Backed Securities |  |  | 1,644,866 |  |  |  | 124 |  |  |  | (225,273 | ) |  |  | 1,419,717 |
Total |  | $ | 2,642,728 |  |  | $ | 635 |  |  | $ | (291,312 | ) |  | $ | 2,352,051 |
Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |  |
Debt Securities Issued by the U.S. Treasury and Government Agencies |  | $ | 131,773 |  |  | $ | — |  |  | $ | (16,655 | ) |  | $ | 115,118 |
Debt Securities Issued by Corporations |  |  | 11,176 |  |  |  | — |  |  |  | (2,126 | ) |  |  | 9,050 |
Mortgage-Backed Securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential - Government Agencies |  |  | 1,639,458 |  |  |  | 15 |  |  |  | (283,447 | ) |  |  | 1,356,026 |
Residential - U.S. Government-Sponsored Enterprises |  |  | 2,697,411 |  |  |  | 10 |  |  |  | (412,329 | ) |  |  | 2,285,092 |
Commercial - Government Agencies or Sponsored Agencies |  |  | 433,639 |  |  |  | — |  |  |  | (94,303 | ) |  |  | 339,336 |
Total Mortgage-Backed Securities |  |  | 4,770,508 |  |  |  | 25 |  |  |  | (790,079 | ) |  |  | 3,980,454 |
Total |  | $ | 4,913,457 |  |  | $ | 25 |  |  | $ | (808,860 | ) |  | $ | 4,104,622 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |
Debt Securities Issued by the U.S. Treasury and Government Agencies |  | $ | 223,308 |  |  | $ | 361 |  |  | $ | (11,096 | ) |  | $ | 212,573 |
Debt Securities Issued by States and Political Subdivisions |  |  | 73,417 |  |  |  | — |  |  |  | (9,611 | ) |  |  | 63,806 |
Debt Securities Issued by U.S. Government-Sponsored Enterprises |  |  | 1,556 |  |  |  | — |  |  |  | (80 | ) |  |  | 1,476 |
Debt Securities Issued by Corporations |  |  | 706,002 |  |  |  | 142 |  |  |  | (48,443 | ) |  |  | 657,701 |
Mortgage-Backed Securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential - Government Agencies |  |  | 713,918 |  |  |  | 194 |  |  |  | (84,785 | ) |  |  | 629,327 |
Residential - U.S. Government-Sponsored Enterprises |  |  | 818,296 |  |  |  | 7 |  |  |  | (109,176 | ) |  |  | 709,127 |
Commercial - Government Agencies or Sponsored Agencies |  |  | 157,515 |  |  |  | — |  |  |  | (22,592 | ) |  |  | 134,923 |
Total Mortgage-Backed Securities |  |  | 1,689,729 |  |  |  | 201 |  |  |  | (216,553 | ) |  |  | 1,473,377 |
Total |  | $ | 2,694,012 |  |  | $ | 704 |  |  | $ | (285,783 | ) |  | $ | 2,408,933 |
Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |  |
Debt Securities Issued by the U.S. Treasury and Government Agencies |  | $ | 131,742 |  |  | $ | — |  |  | $ | (15,211 | ) |  | $ | 116,531 |
Debt Securities Issued by Corporations |  |  | 11,483 |  |  |  | — |  |  |  | (1,998 | ) |  |  | 9,485 |
Mortgage-Backed Securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential - Government Agencies |  |  | 1,674,076 |  |  |  | 20 |  |  |  | (265,493 | ) |  |  | 1,408,603 |
Residential - U.S. Government-Sponsored Enterprises |  |  | 2,744,094 |  |  |  | 9 |  |  |  | (369,965 | ) |  |  | 2,374,138 |
Commercial - Government Agencies or Sponsored Agencies |  |  | 435,940 |  |  |  | — |  |  |  | (91,060 | ) |  |  | 344,880 |
Total Mortgage-Backed Securities |  |  | 4,854,110 |  |  |  | 29 |  |  |  | (726,518 | ) |  |  | 4,127,621 |
Total |  | $ | 4,997,335 |  |  | $ | 29 |  |  | $ | (743,727 | ) |  | $ | 4,253,637 |
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 March 31, 2024. 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 |  | $ | 21,821 |  |  | $ | 21,211 |
Due After One Year Through Five Years |  |  | 433,974 |  |  |  | 403,727 |
Due After Five Years Through Ten Years |  |  | 481,799 |  |  |  | 446,973 |
Due After Ten Years |  |  | — |  |  |  | — |
|  |  | 937,594 |  |  |  | 871,911 |
Debt Securities Issued by Government Agencies |  |  | 60,268 |  |  |  | 60,423 |
Mortgage-Backed Securities: |  |  |  |  |  |
Residential - Government Agencies |  |  | 691,565 |  |  |  | 602,276 |
Residential - U.S. Government-Sponsored Enterprises |  |  | 797,610 |  |  |  | 684,573 |
Commercial - Government Agencies or Sponsored Agencies |  |  | 155,691 |  |  |  | 132,868 |
Total Mortgage-Backed Securities |  |  | 1,644,866 |  |  |  | 1,419,717 |
Total |  | $ | 2,642,728 |  |  | $ | 2,352,051 |
Held-to-Maturity: |  |  |  |  |  |
Due in One Year or Less |  |  | 485 |  |  |  | 479 |
Due After One Year Through Five Years |  |  | 82,273 |  |  |  | 73,516 |
Due After Five Year Through Ten Years |  |  | 60,191 |  |  |  | 50,173 |
|  |  | 142,949 |  |  |  | 124,168 |
Mortgage-Backed Securities: |  |  |  |  |  |
Residential - Government Agencies |  |  | 1,639,458 |  |  |  | 1,356,026 |
Residential - U.S. Government-Sponsored Enterprises |  |  | 2,697,411 |  |  |  | 2,285,092 |
Commercial - Government Agencies or Sponsored Agencies |  |  | 433,639 |  |  |  | 339,336 |
Total Mortgage-Backed Securities |  |  | 4,770,508 |  |  |  | 3,980,454 |
Total |  | $ | 4,913,457 |  |  | $ | 4,104,622 |
Schedule of Losses on Sales of Investment Securities | The table below presents the losses from the sales of investment securities for the three months ended March 31, 2024, and March 31, 2023:
|  | Three Months Ended March 31, |  |
(dollars in thousands) |  | 2024 |  |  | 2023 |  |
Total Losses on Sales of Investment Securities |  | $ | (1,497 | ) |  | $ | (1,792 | ) |
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 |
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Securities Issued by the U.S. Treasury and Government Agencies |  | $ | 11,302 |  |  | $ | (65 | ) |  | $ | 154,379 |  |  | $ | (11,601 | ) |  | $ | 165,681 |  |  | $ | (11,666 | )
Debt Securities Issued by States and Political Subdivisions |  |  | — |  |  |  | — |  |  |  | 63,451 |  |  |  | (9,886 | ) |  |  | 63,451 |  |  |  | (9,886 | )
Debt Securities Issued by U.S. Government- Sponsored Enterprises |  |  | — |  |  |  | — |  |  |  | 1,425 |  |  |  | (81 | ) |  |  | 1,425 |  |  |  | (81 | )
Debt Securities Issued by Corporations |  |  | 197,573 |  |  |  | (2,427 | ) |  |  | 413,329 |  |  |  | (41,979 | ) |  |  | 610,902 |  |  |  | (44,406 | )
Mortgage-Backed Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential - Government Agencies |  |  | 3,611 |  |  |  | (2 | ) |  |  | 594,450 |  |  |  | (89,406 | ) |  |  | 598,061 |  |  |  | (89,408 | )
Residential - U.S. Government-Sponsored Enterprises |  |  | — |  |  |  | — |  |  |  | 684,250 |  |  |  | (113,042 | ) |  |  | 684,250 |  |  |  | (113,042 | )
Commercial - Government Agencies or Sponsored Agencies |  |  | — |  |  |  | — |  |  |  | 132,868 |  |  |  | (22,823 | ) |  |  | 132,868 |  |  |  | (22,823 | )
Total Mortgage-Backed Securities |  |  | 3,611 |  |  |  | (2 | ) |  |  | 1,411,568 |  |  |  | (225,271 | ) |  |  | 1,415,179 |  |  |  | (225,273 | )
Total |  | $ | 212,486 |  |  | $ | (2,494 | ) |  | $ | 2,044,152 |  |  | $ | (288,818 | ) |  | $ | 2,256,638 |  |  | $ | (291,312 | )
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Securities Issued by the U.S. Treasury and Government Agencies |  | $ | 7,171 |  |  | $ | (16 | ) |  | $ | 155,341 |  |  | $ | (11,080 | ) |  | $ | 162,512 |  |  | $ | (11,096 | )
Debt Securities Issued by States and Political Subdivisions |  |  | 237 |  |  |  | (2 | ) |  |  | 63,509 |  |  |  | (9,609 | ) |  |  | 63,746 |  |  |  | (9,611 | )
Debt Securities Issued by U.S. Government- Sponsored Enterprises |  |  | — |  |  |  | — |  |  |  | 1,476 |  |  |  | (80 | ) |  |  | 1,476 |  |  |  | (80 | )
Debt Securities Issued by Corporations |  |  | 220,987 |  |  |  | (4,013 | ) |  |  | 411,573 |  |  |  | (44,430 | ) |  |  | 632,560 |  |  |  | (48,443 | )
Mortgage-Backed Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential - Government Agencies |  |  | 9,628 |  |  |  | (13 | ) |  |  | 613,926 |  |  |  | (84,772 | ) |  |  | 623,554 |  |  |  | (84,785 | )
Residential - U.S. Government-Sponsored Enterprises |  |  | — |  |  |  | — |  |  |  | 708,797 |  |  |  | (109,176 | ) |  |  | 708,797 |  |  |  | (109,176 | )
Commercial - Government Agencies or Sponsored Agencies |  |  | — |  |  |  | — |  |  |  | 134,923 |  |  |  | (22,592 | ) |  |  | 134,923 |  |  |  | (22,592 | )
Total Mortgage-Backed Securities |  |  | 9,628 |  |  |  | (13 | ) |  |  | 1,457,646 |  |  |  | (216,540 | ) |  |  | 1,467,274 |  |  |  | (216,553 | )
Total |  | $ | 238,023 |  |  | $ | (4,044 | ) |  | $ | 2,089,545 |  |  | $ | (281,739 | ) |  | $ | 2,327,568 |  |  | $ | (285,783 | )
Schedule of Interest Income from Taxable and Non-taxable Investment Securities | Interest income from taxable and non-taxable investment securities for the three months ended March 31, 2024, and March 31, 2023, were as follows:
|  | Three Months Ended March 31, |
(dollars in thousands) |  | 2024 |  |  | 2023 |
Taxable |  | $ | 43,887 |  |  | $ | 47,757 |
Non-Taxable |  |  | 6 |  |  |  | 84 |
Total Interest Income from Investment Securities |  | $ | 43,893 |  |  | $ | 47,841 |
Schedule of Carrying Value of Federal Home Loan Bank of Des Moines Stock and Federal Reserve Bank Stock | As of March 31, 2024, and December 31, 2023, 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) |  | March 31, 2024 |  |  | December 31, 2023 |
Federal Home Loan Bank of Des Moines Stock |  | $ | 34,750 |  |  | $ | 34,750 |
Federal Reserve Bank Stock |  |  | 27,626 |  |  |  | 27,522 |
Total |  | $ | 62,376 |  |  | $ | 62,272 |

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