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Investment Securities (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024 and December 31, 2023, were as follows:

(dollars in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
September 30, 2024
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies		$	235,927			$	324			$	(7,222	)		$	229,029
Debt Securities Issued by States and Political Subdivisions			73,142				—				(7,297	)			65,845
Debt Securities Issued by U.S. Government-Sponsored Enterprises			1,506				—				(42	)			1,464
Debt Securities Issued by Corporations			703,910				104				(30,623	)			673,391
Mortgage-Backed Securities:
Residential - Government Agencies			716,933				309				(68,653	)			648,589
Residential - U.S. Government-Sponsored Enterprises			773,520				99				(85,799	)			687,820
Commercial - Government Agencies or Sponsored Agencies			264,129				107				(20,050	)			244,186
Total Mortgage-Backed Securities			1,754,582				515				(174,502	)			1,580,595
Total		$	2,769,067			$	943			$	(219,686	)		$	2,550,324
Held-to-Maturity:
Debt Securities Issued by the U.S. Treasury and Government Agencies		$	131,836			$	—			$	(11,986	)		$	119,850
Debt Securities Issued by Corporations			10,556				—				(1,759	)			8,797
Mortgage-Backed Securities:
Residential - Government Agencies			1,553,811				73				(227,281	)			1,326,603
Residential - U.S. Government-Sponsored Enterprises			2,585,212				273				(316,257	)			2,269,228
Commercial - Government Agencies or Sponsored Agencies			428,830				—				(80,712	)			348,118
Total Mortgage-Backed Securities			4,567,853				346				(624,250	)			3,943,949
Total		$	4,710,245			$	346			$	(637,995	)		$	4,072,596
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 September 30, 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		$	23,898			$	23,656
Due After One Year Through Five Years			442,494				421,354
Due After Five Years Through Ten Years			470,158				446,599
			936,550				891,609
Debt Securities Issued by Government Agencies			77,935				78,120
Mortgage-Backed Securities:
Residential - Government Agencies			716,933				648,589
Residential - U.S. Government-Sponsored Enterprises			773,520				687,820
Commercial - Government Agencies or Sponsored Agencies			264,129				244,186
Total Mortgage-Backed Securities			1,754,582				1,580,595
Total		$	2,769,067			$	2,550,324
Held-to-Maturity:
Due in One Year or Less		$	2,499			$	2,422
Due After One Year Through Five Years			79,801				73,930
Due After Five Year Through Ten Years			60,092				52,295
			142,392				128,647
Mortgage-Backed Securities:
Residential - Government Agencies			1,553,811				1,326,603
Residential - U.S. Government-Sponsored Enterprises			2,585,212				2,269,228
Commercial - Government Agencies or Sponsored Agencies			428,830				348,118
Total Mortgage-Backed Securities			4,567,853				3,943,949
Total		$	4,710,245			$	4,072,596

Schedule of Gains and Losses on Sales of Investment Securities

The table below presents the gains and losses from the sales of investment securities for the three and nine months ended September 30, 2024 and 2023:

		Three Months Ended September 30,								Nine Months Ended September 30,
(dollars in thousands)		2024				2023				2024				2023
Gross Gains on Sales of Investment Securities		$	—			$	145			$	—			$	145
Gross Losses on Sales of Investment Securities			(1,103	)			(6,879	)			(4,201	)			(9,981	)
Net Gains (Losses) on Sales of Investment Securities		$	(1,103	)		$	(6,734	)		$	(4,201	)		$	(9,836	)

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, 2024
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury    and Government Agencies		$	32,603			$	(66	)		$	157,416			$	(7,156	)		$	190,019			$	(7,222	)
Debt Securities Issued by States    and Political Subdivisions			—				—				65,810				(7,297	)			65,810				(7,297	)
Debt Securities Issued by U.S. Government-    Sponsored Enterprises			—				—				1,464				(42	)			1,464				(42	)
Debt Securities Issued by Corporations			—				—				598,286				(30,623	)			598,286				(30,623	)
Mortgage-Backed Securities:
Residential - Government Agencies			2,211				(1	)			565,187				(68,652	)			567,398				(68,653	)
Residential - U.S. Government-Sponsored Enterprises			—				—				662,402				(85,799	)			662,402				(85,799	)
Commercial - Government Agencies or Sponsored Agencies			48,998				—				132,647				(20,050	)			181,645				(20,050	)
Total Mortgage-Backed Securities			51,209				(1	)			1,360,236				(174,501	)			1,411,445				(174,502	)
Total		$	83,812			$	(67	)		$	2,183,212			$	(219,619	)		$	2,267,024			$	(219,686	)
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 and nine months ended September 30, 2024 and 2023 were as follows:

		Three Months Ended September 30,								Nine Months Ended September 30,
(dollars in thousands)		2024				2023				2024				2023
Taxable		$	44,068			$	46,367			$	130,724			$	140,718
Non-Taxable			296				23				596				189
Total Interest Income from Investment Securities		$	44,364			$	46,390			$	131,320			$	140,907

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

As of September 30, 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)		September 30, 2024				December 31, 2023
Federal Home Loan Bank of Des Moines Stock		$	34,750			$	34,750
Federal Reserve Bank Stock			30,238				27,522
Total		$	64,988			$	62,272

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