XML 20 R11.htm IDEA: XBRL DOCUMENT v3.23.1

SECURITIES

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

SECURITIES

The amortized cost, gross unrealized gains and losses and estimated fair value of securities at March 31, 2023 and December 31, 2022 are summarized as follows (in thousands):

			March 31, 2023
			Amortized Cost																		Fair Value
Trading:
Corporate bonds			$	27,203																	$	28,591
			$	27,203																	$	28,591

			March 31, 2023
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
Available-for-Sale:
U.S. Government and agency obligations			$	53,689					$	10					$	(1,111)											$	52,588
Municipal bonds			205,152						482						(31,913)												173,721
Corporate bonds			133,269						—						(15,865)												117,404
Mortgage-backed or related securities			2,425,602						1,647						(335,040)												2,092,209
Asset-backed securities			222,499						269						(4,830)												217,938
			$	3,040,211					$	2,408					$	(388,759)											$	2,653,860

			March 31, 2023
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Allowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations			$	310					$	1					$	(5)					$	306					$	—
Municipal bonds			501,361						358						(59,063)						442,656						(173)
Corporate bonds			2,929						—						(19)						2,910						(191)
Mortgage-backed or related securities			605,359						—						(94,169)						511,190						—
			$	1,109,959					$	359					$	(153,256)					$	957,062					$	(364)

			December 31, 2022
			Amortized Cost																		Fair Value
Trading:
Corporate bonds			$	27,203																	$	28,694
			$	27,203																	$	28,694

			December 31, 2022
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
Available-for-Sale:
U.S. Government and agency obligations			$	56,344					$	8					$	(1,244)											$	55,108
Municipal bonds			301,449						530						(40,770)												261,209
Corporate bonds			133,334						—						(11,481)												121,853
Mortgage-backed or related securities			2,505,172						885						(366,721)												2,139,336
Asset-backed securities			222,478						40						(10,993)												211,525
			$	3,218,777					$	1,463					$	(431,209)											$	2,789,031

			December 31, 2022
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Allowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations			$	312					$	—					$	(7)					$	305					$	—
Municipal bonds			503,117						109						(70,907)						432,319						(183)
Corporate bonds			2,961						—						(16)						2,945						(196)
Mortgage-backed or related securities			611,577						—						(104,966)						506,611						—
			$	1,117,967					$	109					$	(175,896)					$	942,180					$	(379)

Accrued interest receivable on held-to-maturity debt securities was $4.4 million and $4.8 million as of March 31, 2023 and December 31, 2022, respectively, and was $11.9 million and $12.4 million on available-for-sale debt securities at March 31, 2023 and December 31, 2022, respectively. Accrued interest receivable on securities is reported in accrued interest receivable on the Consolidated Statements of Financial Condition and is excluded from the calculation of the allowance for credit losses.

At March 31, 2023 and December 31, 2022, the gross unrealized losses and the fair value for securities available-for-sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position were as follows (in thousands):

			March 31, 2023
			Less Than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Available-for-Sale:
U.S. Government and agency obligations			$	24,785					$	(216)					$	23,739					$	(895)					$	48,524					$	(1,111)
Municipal bonds			49,555						(1,218)						106,391						(30,695)						155,946						(31,913)
Corporate bonds			42,252						(4,953)						74,552						(10,912)						116,804						(15,865)
Mortgage-backed or related securities			403,356						(19,053)						1,558,227						(315,987)						1,961,583						(335,040)
Asset-backed securities			123,691						(2,118)						83,914						(2,712)						207,605						(4,830)
			$	643,639					$	(27,558)					$	1,846,823					$	(361,201)					$	2,490,462					$	(388,759)

			December 31, 2022
			Less Than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Available-for-Sale:
U.S. Government and agency obligations			$	33,407					$	(882)					$	16,732					$	(362)					$	50,139					$	(1,244)
Municipal bonds			188,920						(25,592)						33,907						(15,178)						222,827						(40,770)
Corporate bonds			108,187						(9,547)						13,066						(1,934)						121,253						(11,481)
Mortgage-backed or related securities			930,566						(90,537)						1,159,110						(276,184)						2,089,676						(366,721)
Asset-backed securities			201,437						(10,993)						—						—						201,437						(10,993)
			$	1,462,517					$	(137,551)					$	1,222,815					$	(293,658)					$	2,685,332					$	(431,209)

At March 31, 2023, there were 259 securities—available-for-sale with unrealized losses, compared to 298 at December 31, 2022.  Management does not believe that any individual unrealized loss as of March 31, 2023 or December 31, 2022 resulted from credit loss.  The decline in fair market value of these securities was generally due to changes in interest rates and changes in market-desired spreads subsequent to their purchase.

There were no sales of securities—trading during the three months ended March 31, 2023 or 2022. There were no securities—trading in a nonaccrual status at March 31, 2023 or December 31, 2022.  Net unrealized holding losses of $103,000 were recognized during the three months ended March 31, 2023 compared to $373,000 of net unrealized holding gains recognized during the three months ended March 31, 2022.

The following table presents gross gains and losses on sales and partial calls of securities available-for-sale (in thousands):

			Three Months Ended March 31,
			2023						2022
Available-for-Sale:
Gross Gains			$	232					$	436
Gross Losses			(7,484)						(1)
Balance, end of the period			$	(7,252)					$	435

There were no securities—available-for-sale in a nonaccrual status at March 31, 2023 or December 31, 2022.

The following table presents the amortized cost and estimated fair value of securities at March 31, 2023, by contractual maturity and does not reflect any required periodic payments (in thousands). Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties.

			March 31, 2023
			Trading												Available-for-Sale												Held-to-Maturity
			Amortized Cost						Fair Value						Amortized Cost						Fair Value						Amortized Cost						Fair Value
Maturing within one year			$	—					$	—					$	8,110					$	8,029					$	22,368					$	22,157
Maturing after one year through five years			—						—						207,623						192,942						22,945						22,417
Maturing after five years through ten years			—						—						471,431						422,224						25,643						24,866
Maturing after ten years			27,203						28,591						2,353,047						2,030,665						1,039,003						887,622
			$	27,203					$	28,591					$	3,040,211					$	2,653,860					$	1,109,959					$	957,062

The following table presents, as of March 31, 2023, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):

			March 31, 2023
			Carrying Value						Amortized Cost						Fair Value
Purpose or beneficiary:
State and local governments public deposits			$	238,597					$	240,736					$	216,883
Federal Reserve			120,463						120,463						103,769
Interest rate swap counterparties			6,422						6,807						6,268
Repurchase transaction accounts			317,761						317,761						266,592
Other			2,435						2,435						2,413
Total pledged securities			$	685,678					$	688,202					$	595,925

The Company monitors the credit quality of held-to-maturity debt securities through the use of credit ratings which are reviewed and updated quarterly. The Company’s non-rated held-to-maturity debt securities are primarily United States government sponsored enterprise debentures carrying minimal to no credit risk. The non-rated corporate bonds primarily consist of Community Reinvestment Act related bonds secured by loan instruments from low to moderate income borrowers. The remaining non-rated held-to-maturity debt securities balance is comprised of local municipal debt from within the Company’s geographic footprint and is monitored through quarterly or annual financial review. This municipal debt is predominately essential service or unlimited general obligation backed debt. The following tables summarize the amortized cost of held-to-maturity debt securities by credit rating at March 31, 2023 and December 31, 2022 (in thousands):

			March 31, 2023
			U.S. Government and agency obligations						Municipal bonds						Corporate bonds						Mortgage-backed or related securities						Total
AAA/AA/A			$	—					$	491,252					$	500					$	16,626					$	508,378
Not Rated			310						10,109						2,429						588,733						601,581
			$	310					$	501,361					$	2,929					$	605,359					$	1,109,959

			December 31, 2022
			U.S. Government and agency obligations						Municipal bonds						Corporate bonds						Mortgage-backed or related securities						Total
AAA/AA/A			$	—					$	492,105					$	500					$	16,681					$	509,286
Not Rated			312						11,012						2,461						594,896						608,681
			$	312					$	503,117					$	2,961					$	611,577					$	1,117,967

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//320/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph (b)
-Publisher SEC

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//946-320/tableOfContent

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 940
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//940-320/tableOfContent

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//942-320/tableOfContent

+ Details

Name:	us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration