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Securities (Tables) | 3 Months Ended
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Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 are as follows (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Allowance for Credit Losses
At March 31, 2022 |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 145,690 |  |  | $ | 206 |  |  | $ | (3,855) |  |  | $ | 142,041 |  |  | $ | — |
Corporate debt securities | 5,000 |  |  | — |  |  | (216) |  |  | 4,784 |  |  | — |
Asset-backed securities | 302,389 |  |  | — |  |  | (5,300) |  |  | 297,089 |  |  | — |
Agency commercial mortgage-backed securities (“MBS”) | 111,399 |  |  | — |  |  | (8,843) |  |  | 102,556 |  |  | — |
Total debt securities available-for-sale | $ | 564,478 |  |  | $ | 206 |  |  | $ | (18,214) |  |  | $ | 546,470 |  |  | $ | — |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |
State, municipal and sovereign debt obligations | $ | 272,250 |  |  | $ | 396 |  |  | $ | (12,673) |  |  | $ | 259,973 |  |  | $ | (69) |
Corporate debt securities | 64,198 |  |  | 917 |  |  | (1,951) |  |  | 63,164 |  |  | (1,272) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Agency residential | 730,960 |  |  | 467 |  |  | (38,828) |  |  | 692,599 |  |  | — |
Agency commercial | 4,163 |  |  | 3 |  |  | (45) |  |  | 4,121 |  |  | — |
Non-agency commercial | 32,057 |  |  | 3 |  |  | (1,025) |  |  | 31,035 |  |  | (39) |
Total mortgage-backed securities | 767,180 |  |  | 473 |  |  | (39,898) |  |  | 727,755 |  |  | (39) |
Total debt securities held-to-maturity | $ | 1,103,628 |  |  | $ | 1,786 |  |  | $ | (54,522) |  |  | $ | 1,050,892 |  |  | $ | (1,380) |
Total debt securities | $ | 1,668,106 |  |  | $ | 1,992 |  |  | $ | (72,736) |  |  | $ | 1,597,362 |  |  | $ | (1,380) |
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) |
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 three months ended March 31, 2022 and 2021 (in thousands):
| Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
Allowance for securities credit losses |  |  |  |  |  |  |
Beginning balance | $ | (1,467) |  |  | $ | (1,715) |  |  |  |  |
Benefit (provision) for credit loss expense | 87 |  |  | (2) |  |  |  |  |
Total ending allowance balance | $ | (1,380) |  |  | $ | (1,717) |  |  |  |  |
Carrying Value of Held-to-Maturity Investment Securities | The carrying value of the debt securities held-to-maturity at March 31, 2022 and December 31, 2021 is as follows (in thousands):
| March 31, |  | December 31,
| 2022 |  | 2021
Amortized cost | $ | 1,103,628 |  |  | $ | 1,143,548 |
Net loss on date of transfer from available-for-sale | (13,556) |  |  | (13,556) |
Allowance for securities credit losses | (1,380) |  |  | (1,467) |
Accretion of net unrealized loss on securities reclassified as held-to-maturity | 10,822 |  |  | 10,668 |
Carrying value | $ | 1,099,514 |  |  | $ | 1,139,193 |
The realized and unrealized gains or losses on equity securities for the three months ended March 31, 2022 and 2021 are shown in the table below (in thousands):
| Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
Net (loss) gain on equity investments | $ | (2,786) |  |  | $ | 8,287 |  |  |  |  |
Less: Net gains recognized on equity securities sold | 1,582 |  |  | 8,123 |  |  |  |  |
Unrealized (loss) gain recognized on equity securities still held | $ | (4,368) |  |  | $ | 164 |  |  |  |  |
Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity | The amortized cost and estimated fair value of debt securities at March 31, 2022 by contractual maturity are shown below (in thousands).
March 31, 2022 | Amortized Cost |  | Estimated Fair Value
Less than one year | $ | 95,878 |  |  | $ | 95,857 |
Due after one year through five years | 153,847 |  |  | 148,910 |
Due after five years through ten years | 242,079 |  |  | 232,695 |
Due after ten years | 297,723 |  |  | 289,589 |
| $ | 789,527 |  |  | $ | 767,051 |
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 March 31, 2022 and December 31, 2021, 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 March 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 76,857 |  |  | $ | (3,811) |  |  | $ | 5,017 |  |  | $ | (44) |  |  | $ | 81,874 |  |  | $ | (3,855) |
Corporate debt securities | 4,784 |  |  | (216) |  |  | — |  |  | — |  |  | 4,784 |  |  | (216) |
Asset-backed securities | 266,780 |  |  | (5,058) |  |  | 15,309 |  |  | (242) |  |  | 282,089 |  |  | (5,300) |
Agency commercial MBS | 102,556 |  |  | (8,843) |  |  | — |  |  | — |  |  | 102,556 |  |  | (8,843) |
Total debt securities available-for-sale | 450,977 |  |  | (17,928) |  |  | 20,326 |  |  | (286) |  |  | 471,303 |  |  | (18,214) |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
State, municipal and sovereign debt obligations | 203,363 |  |  | (11,481) |  |  | 15,508 |  |  | (1,192) |  |  | 218,871 |  |  | (12,673) |
Corporate debt securities | 6,080 |  |  | (87) |  |  | 36,467 |  |  | (1,864) |  |  | 42,547 |  |  | (1,951) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Agency residential | 469,893 |  |  | (24,938) |  |  | 170,870 |  |  | (13,890) |  |  | 640,764 |  |  | (38,828) |
Agency commercial | 608 |  |  | (2) |  |  | 2,393 |  |  | (43) |  |  | 3,001 |  |  | (45) |
Non-agency commercial | 30,032 |  |  | (1,025) |  |  | — |  |  | — |  |  | 30,032 |  |  | (1,025) |
Total mortgage-backed securities | 500,533 |  |  | (25,965) |  |  | 173,263 |  |  | (13,933) |  |  | 673,797 |  |  | (39,898) |
Total debt securities held-to-maturity | 709,976 |  |  | (37,533) |  |  | 225,238 |  |  | (16,989) |  |  | 935,215 |  |  | (54,522) |
Total debt securities | $ | 1,160,953 |  |  | $ | (55,461) |  |  | $ | 245,564 |  |  | $ | (17,275) |  |  | $ | 1,406,518 |  |  | $ | (72,736) |
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) |
Schedule of Debt Securities, Held-to-maturity, Credit Quality Indicator | The amortized cost of debt securities held-to-maturity at March 31, 2022, aggregated by credit quality indicator are as follows (in thousands):
| Investment Grade |  | Non-Investment Grade/Non-rated |  | Total
As of March 31, 2022 |  |  |  |  |
State, municipal and sovereign debt obligations | $ | 272,250 |  |  | $ | — |  |  | $ | 272,250 |
Corporate debt securities | 48,211 |  |  | 15,987 |  |  | 64,198 |
Non-agency commercial MBS | 32,057 |  |  | — |  |  | 32,057 |
Total debt securities held-to-maturity | $ | 352,518 |  |  | $ | 15,987 |  |  | $ | 368,505 |

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