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Securities Available for Sale (Tables)

9 Months Ended

Sep. 30, 2022

Debt Securities, Available-for-Sale [Abstract]

Summary of Securities Available for Sale

The following is a summary of investment securities as of the dates indicated:

			September 30, 2022
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
			(Dollars in thousands)
Debt securities available for sale:
U.S. Treasury securities			$	3,988					$	—					$	(99)											$	3,889
U.S. Government agency and U.S. Government sponsored enterprises:
Agency securities			4,000						—						(125)												3,875
Collateralized mortgage obligations			974,052						9						(149,734)												824,327
Mortgage-backed securities:
Residential			555,997						—						(99,407)												456,590
Commercial			426,483						—						(46,868)												379,615
Asset-backed securities			153,548						—						(9,645)												143,903
Corporate securities			23,362						—						(4,647)												18,715
Municipal securities			180,265						—						(17,831)												162,434
Total investment securities available for sale			$	2,321,695					$	9					$	(328,356)											$	1,993,348
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
			(Dollars in thousands)
Debt securities held to maturity:
U.S. Government agency and U.S. Government sponsored enterprises:
Mortgage-backed securities:
Residential			$	159,538					$	—					$	(7,840)											$	151,698
Commercial			111,647						—						(4,668)												106,979
Total investment securities held to maturity			$	271,185					$	—					$	(12,508)											$	258,677
			December 31, 2021
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
			(Dollars in thousands)
Debt securities available for sale:
U.S. Government agency and U.S. Government sponsored enterprises:
Collateralized mortgage obligations			$	1,039,543					$	3,357					$	(16,470)											$	1,026,430
Mortgage-backed securities:
Residential			769,113						1,985						(11,874)												759,224
Commercial			595,659						9,103						(5,360)												599,402
Asset-backed securities			153,564						11						(124)												153,451
Corporate securities			23,398						130						(1,044)												22,484
Municipal securities			104,371						1,680						(767)												105,284
Total investment securities available for sale			$	2,685,648					$	16,266					$	(35,639)											$	2,666,275

Interest Income

The following table presents a breakdown of interest income recorded for investment securities that are taxable and nontaxable.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2021						2022						2021
			(Dollars in thousands)
Interest income on investment securities
Taxable			$	12,907					$	9,025					$	36,303					$	24,182
Nontaxable			591						182						1,159						653
Total			$	13,498					$	9,207					$	37,462					$	24,835

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of investment securities at September 30, 2022, by contractual maturity, are presented in the table below. Collateralized mortgage obligations, mortgage-backed securities, and asset-backed securities are presented by final maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties.

			Available for Sale												Held to Maturity
			Amortized Cost						Estimated Fair Value						Amortized Cost						Estimated Fair Value
			(Dollars in thousands)
Debt securities:
Due within one year			$	2,616					$	2,565					$	—					$	—
Due after one year through five years			102,687						95,593						—						—
Due after five years through ten years			159,709						143,728						36,906						35,677
Due after ten years			2,056,683						1,751,462						234,279						223,000
Total			$	2,321,695					$	1,993,348					$	271,185					$	258,677

Schedule of Gross Unrealized Losses and Estimated Fair Values of Investments

The following tables show the Company’s investments’ gross unrealized losses and estimated fair values, aggregated by investment category and the length of time that the individual securities have been in a continuous unrealized loss position as of the dates indicated. The length of time that the individual securities have been in a continuous unrealized loss position is not a factor in determining credit impairment with the adoption of current expected credit losses (“CECL”).    

						September 30, 2022
						Less than 12 months																		12 months or longer																		Total
Description of Securities AFS						Number  of Securities						Fair  Value						Gross Unrealized Losses						Number  of Securities						Fair  Value						Gross Unrealized Losses						Number  of Securities						Fair  Value						Gross Unrealized Losses
						(Dollars in thousands)
U.S. Treasury securities						1						$	3,889					$	(99)					—						$	—					$	—					1						$	3,889					$	(99)
Agency securities*						1						3,875						(125)						—						—						—						1						3,875						(125)
Collateralized mortgage obligations*						87						213,800						(23,090)						36						605,594						(126,644)						123						819,394						(149,734)
Mortgage-backed securities:
Residential*						31						102,932						(16,266)						34						353,658						(83,141)						65						456,590						(99,407)
Commercial*						42						259,911						(23,430)						13						119,704						(23,438)						55						379,615						(46,868)
Asset-backed securities						9						71,998						(4,759)						9						71,905						(4,886)						18						143,903						(9,645)
Corporate securities						1						3,533						(467)						5						15,182						(4,180)						6						18,715						(4,647)
Municipal securities						61						131,751						(13,514)						13						30,683						(4,317)						74						162,434						(17,831)
Total						233						$	791,689					$	(81,750)					110						$	1,196,726					$	(246,606)					343						$	1,988,415					$	(328,356)

						December 31, 2021
						Less than 12 months																		12 months or longer																		Total
Description of Securities AFS						Number  of Securities						Fair  Value						Gross Unrealized Losses						Number  of Securities						Fair  Value						Gross Unrealized Losses						Number  of Securities						Fair  Value						Gross Unrealized Losses
						(Dollars in thousands)
Collateralized mortgage obligations*						39						$	757,799					$	(15,445)					2						$	37,438					$	(1,025)					41						$	795,237					$	(16,470)
Mortgage-backed securities:
Residential*						49						603,372						(9,371)						13						75,211						(2,503)						62						678,583						(11,874)
Commercial*						24						214,384						(3,339)						4						57,656						(2,021)						28						272,040						(5,360)
Asset-backed securities						13						115,885						(124)						—						—						—						13						115,885						(124)
Corporate securities						4						14,067						(331)						1						4,288						(713)						5						18,355						(1,044)
Municipal securities						23						59,403						(767)						—						—						—						23						59,403						(767)
Total						152						$	1,764,910					$	(29,377)					20						$	174,593					$	(6,262)					172						$	1,939,503					$	(35,639)

__________________________________

* Investments in U.S. Government agency and U.S. Government sponsored enterprises

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