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Securities (Tables) | 12 Months Ended
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Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Debt Securities, Available-for-sale | The amortized cost, estimated fair value, and allowance for securities credit losses of debt securities available-for-sale and held-to-maturity at December 31, 2021 and 2020 are as follows (in thousands):
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Allowance for Securities Credit Losses
At December 31, 2021 |  |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 164,756 |  |  | $ | 1,135 |  |  | $ | (471) |  |  | $ | 165,420 |  |  | $ | — |
Corporate debt securities |  | 5,000 |  |  | 42 |  |  | (11) |  |  | 5,031 |  |  | — |
Asset-backed securities |  | 298,976 |  |  | 41 |  |  | (1,489) |  |  | 297,528 |  |  | — |
Agency commercial MBS |  | 101,142 |  |  | 57 |  |  | (923) |  |  | 100,276 |  |  | — |
Total debt securities available-for-sale |  | $ | 569,874 |  |  | $ | 1,275 |  |  | $ | (2,894) |  |  | $ | 568,255 |  |  | $ | — |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |
State, municipal, and sovereign debt obligations |  | $ | 281,389 |  |  | $ | 10,185 |  |  | $ | (1,164) |  |  | $ | 290,410 |  |  | $ | (85) |
Corporate debt securities |  | 68,823 |  |  | 1,628 |  |  | (1,279) |  |  | 69,172 |  |  | (1,343) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Agency residential |  | 756,844 |  |  | 6,785 |  |  | (7,180) |  |  | 756,449 |  |  | — |
Agency commercial |  | 4,385 |  |  | 7 |  |  | (44) |  |  | 4,348 |  |  | — |
Non-agency commercial |  | 32,107 |  |  | 362 |  |  | (104) |  |  | 32,365 |  |  | (39) |
Total mortgage-backed securities |  | 793,336 |  |  | 7,154 |  |  | (7,328) |  |  | 793,162 |  |  | (39) |
Total debt securities held-to-maturity |  | $ | 1,143,548 |  |  | $ | 18,967 |  |  | $ | (9,771) |  |  | $ | 1,152,744 |  |  | $ | (1,467) |
Total debt securities |  | $ | 1,713,422 |  |  | $ | 20,242 |  |  | $ | (12,665) |  |  | $ | 1,720,999 |  |  | $ | (1,467) |
At December 31, 2020 |  |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |
U.S government and agency obligations |  | $ | 173,790 |  |  | $ | 3,152 |  |  | $ | (2) |  |  | $ | 176,940 |  |  | $ | — |
Asset-backed securities |  | 6,174 |  |  | — |  |  | (4) |  |  | 6,170 |  |  | — |
Agency residential MBS |  | 190 |  |  | 2 |  |  | — |  |  | 192 |  |  | — |
Total debt securities available-for-sale |  | $ | 180,154 |  |  | $ | 3,154 |  |  | $ | (6) |  |  | $ | 183,302 |  |  | $ | — |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |
State, municipal, and sovereign debt obligations |  | $ | 238,405 |  |  | $ | 11,500 |  |  | $ | (231) |  |  | $ | 249,674 |  |  | $ | (48) |
Corporate debt securities |  | 72,305 |  |  | 1,615 |  |  | (2,652) |  |  | 71,268 |  |  | (1,550) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Agency residential |  | 593,891 |  |  | 15,037 |  |  | (283) |  |  | 608,645 |  |  | — |
Agency commercial |  | 5,392 |  |  | — |  |  | (60) |  |  | 5,332 |  |  | — |
Non-agency commercial |  | 32,321 |  |  | 1,226 |  |  | — |  |  | 33,547 |  |  | (117) |
Total mortgage-backed securities |  | 631,604 |  |  | 16,263 |  |  | (343) |  |  | 647,524 |  |  | (117) |
Total debt securities held-to-maturity |  | $ | 942,314 |  |  | $ | 29,378 |  |  | $ | (3,226) |  |  | $ | 968,466 |  |  | $ | (1,715) |
Total debt securities |  | $ | 1,122,468 |  |  | $ | 32,532 |  |  | $ | (3,232) |  |  | $ | 1,151,768 |  |  | $ | (1,715) |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the year ended December 31, 2021 (in thousands):
| For the Year Ended December 31,
| 2021 |  | 2020
Allowance for credit losses |  |  |
Beginning balance | $ | (1,715) |  |  | $ | — |
Impact of CECL adoption | — |  |  | (1,268) |
Benefit (Provision) for credit loss expense | 248 |  |  | (447) |
Total ending allowance balance | $ | (1,467) |  |  | $ | (1,715) |
Carrying Value of Held-to-Maturity Investment Securities | The carrying value of the debt securities held-to-maturity at December 31, 2021 and 2020 are as follows (in thousands):
|  | December 31,
|  | 2021 |  | 2020
Amortized cost |  | $ | 1,143,548 |  |  | $ | 942,314 |
Net loss on date of transfer from available-for-sale |  | (13,556) |  |  | (13,347) |
Allowance for securities credit loss |  | (1,467) |  |  | (1,715) |
Accretion of net unrealized loss on securities reclassified as held-to-maturity |  | 10,668 |  |  | 10,001 |
Carrying value |  | $ | 1,139,193 |  |  | $ | 937,253 |
The realized and unrealized gains on equity securities for the year ended December 31, 2021 and 2020 are as follows (in thousands):
| For the Year Ended December 31,
| 2021 |  | 2020 |  |
Net gain on equity investments | $ | 7,145 |  |  | $ | 21,214 |  |  |
Less: Net gains recognized on equity investments sold | 8,123 |  |  | 5,401 |  |  |
Unrealized (loss) gain recognized on equity investments still held | $ | (978) |  |  | $ | 15,813 |  |  |
Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity | The amortized cost and estimated fair value of debt securities at December 31, 2021 by contractual maturity are as follows (in thousands):
At December 31, 2021 |  | Amortized Cost |  | Estimated Fair Value
Less than one year |  | $ | 100,483 |  |  | $ | 101,018 |
Due after one year through five years |  | 148,332 |  |  | 150,222 |
Due after five years through ten years |  | 275,734 |  |  | 274,360 |
Due after ten years |  | 294,395 |  |  | 301,961 |
|  | $ | 818,944 |  |  | $ | 827,561 |
Estimated Fair Value and Unrealized Loss for Securities Available-for-Sale and Held-to-Maturity | The estimated fair value and unrealized losses for debt securities available-for-sale and held-to-maturity at December 31, 2021 and December 31, 2020, segregated by the duration of the unrealized losses, are as follows (in thousands):
|  | Less than 12 Months |  | 12 Months or Longer |  | Total
|  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
At December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 82,395 |  |  | $ | (471) |  |  | $ | — |  |  | $ | — |  |  | $ | 82,395 |  |  | $ | (471) |
Corporate debt securities |  | 1,989 |  |  | (11) |  |  | — |  |  | — |  |  | 1,989 |  |  | (11) |
Asset-backed securities |  | 279,486 |  |  | (1,489) |  |  | — |  |  | — |  |  | 279,486 |  |  | (1,489) |
Agency commercial MBS |  | 80,726 |  |  | (923) |  |  | — |  |  | — |  |  | 80,726 |  |  | (923) |
Total debt securities available-for-sale |  | 444,596 |  |  | (2,894) |  |  | — |  |  | — |  |  | 444,596 |  |  | (2,894) |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
State, municipal, and sovereign debt obligations |  | 75,329 |  |  | (1,063) |  |  | 4,383 |  |  | (101) |  |  | 79,712 |  |  | (1,164) |
Corporate debt securities |  | 38,304 |  |  | (1,279) |  |  | — |  |  | — |  |  | 38,304 |  |  | (1,279) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Agency residential |  | 445,399 |  |  | (5,822) |  |  | 50,133 |  |  | (1,358) |  |  | 495,532 |  |  | (7,180) |
Agency commercial |  | 2,255 |  |  | (41) |  |  | 886 |  |  | (3) |  |  | 3,141 |  |  | (44) |
Non-agency commercial |  | 10,722 |  |  | (104) |  |  | — |  |  | — |  |  | 10,722 |  |  | (104) |
Total mortgage-backed securities |  | 458,376 |  |  | (5,967) |  |  | 51,019 |  |  | (1,361) |  |  | 509,395 |  |  | (7,328) |
Total debt securities held-to-maturity |  | 572,009 |  |  | (8,309) |  |  | 55,402 |  |  | (1,462) |  |  | 627,411 |  |  | (9,771) |
Total debt securities |  | $ | 1,016,605 |  |  | $ | (11,203) |  |  | $ | 55,402 |  |  | $ | (1,462) |  |  | $ | 1,072,007 |  |  | $ | (12,665) |
At December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S government and agency obligations |  | $ | 17,029 |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | 17,029 |  |  | $ | (2) |
Asset-backed securities |  | 4,766 |  |  | (4) |  |  | — |  |  | — |  |  | 4,766 |  |  | (4) |
Total debt securities available-for-sale |  | 21,795 |  |  | (6) |  |  | — |  |  | — |  |  | 21,795 |  |  | (6) |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
State, municipal, and sovereign debt obligations |  | 2,823 |  |  | (23) |  |  | 7,509 |  |  | (208) |  |  | 10,332 |  |  | (231) |
Corporate debt securities |  | 10,192 |  |  | (255) |  |  | 35,935 |  |  | (2,397) |  |  | 46,127 |  |  | (2,652) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Agency residential |  | 69,882 |  |  | (256) |  |  | 1,815 |  |  | (27) |  |  | 71,697 |  |  | (283) |
Agency commercial |  | 3,626 |  |  | (12) |  |  | 1,706 |  |  | (48) |  |  | 5,332 |  |  | (60) |
Total mortgage-backed securities |  | 73,508 |  |  | (268) |  |  | 3,521 |  |  | (75) |  |  | 77,029 |  |  | (343) |
Total debt securities held-to-maturity |  | 86,523 |  |  | (546) |  |  | 46,965 |  |  | (2,680) |  |  | 133,488 |  |  | (3,226) |
Total debt securities |  | $ | 108,318 |  |  | $ | (552) |  |  | $ | 46,965 |  |  | $ | (2,680) |  |  | $ | 155,283 |  |  | $ | (3,232) |
Debt Securities, Held-to-maturity, Credit Quality Indicator | The amortized cost of debt securities held-to-maturity at December 31, 2021 aggregated by credit quality indicator are as follows (in thousands):
| Investment Grade |  | Non-Investment Grade/Non-rated |  | Total
At December 31, 2021 |  |  |  |  |
State, municipal, and sovereign debt obligations | $ | 281,389 |  |  | $ | — |  |  | $ | 281,389 |
Corporate debt securities | 54,020 |  |  | 14,803 |  |  | 68,823 |
Non-agency commercial MBS | 32,107 |  |  | — |  |  | 32,107 |
Total debt securities held-to-maturity | $ | 367,516 |  |  | $ | 14,803 |  |  | $ | 382,319 |

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- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + Details
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- Definition Tabular disclosure of allowance for credit loss on investment in debt security measured at amortized cost (held-to-maturity). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447 + Details
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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563 + Details
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