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Securities (Tables)

12 Months Ended

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

X

- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 13
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-SubTopic 10
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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).

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