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Securities (Tables) | 12 Months Ended
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Dec. 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 December 31, 2022 and 2021 are as follows (in thousands):
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Allowance for Securities Credit Losses
At December 31, 2022 |  |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 87,648 |  |  | $ | 1 |  |  | $ | (7,635) |  |  | $ | 80,014 |  |  | $ | — |
Corporate debt securities |  | 8,928 |  |  | — |  |  | (756) |  |  | 8,172 |  |  | — |
Asset-backed securities |  | 296,222 |  |  | — |  |  | (19,349) |  |  | 276,873 |  |  | — |
Agency commercial MBS |  | 110,606 |  |  | — |  |  | (18,017) |  |  | 92,589 |  |  | — |
Total debt securities available-for-sale |  | $ | 503,404 |  |  | $ | 1 |  |  | $ | (45,757) |  |  | $ | 457,648 |  |  | $ | — |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |
State, municipal and sovereign debt obligations |  | $ | 260,249 |  |  | $ | 46 |  |  | $ | (24,940) |  |  | $ | 235,355 |  |  | $ | (60) |
Corporate debt securities |  | 56,893 |  |  | 380 |  |  | (3,778) |  |  | 53,495 |  |  | (1,059) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Agency residential |  | 849,985 |  |  | 795 |  |  | (83,586) |  |  | 767,194 |  |  | — |
Agency commercial |  | 32,127 |  |  | 23 |  |  | (1,189) |  |  | 30,961 |  |  | — |
Non-agency commercial |  | 25,310 |  |  | — |  |  | (2,274) |  |  | 23,036 |  |  | (9) |
Total mortgage-backed securities |  | 907,422 |  |  | 818 |  |  | (87,049) |  |  | 821,191 |  |  | (9) |
Total debt securities held-to-maturity |  | $ | 1,224,564 |  |  | $ | 1,244 |  |  | $ | (115,767) |  |  | $ | 1,110,041 |  |  | $ | (1,128) |
Total debt securities |  | $ | 1,727,968 |  |  | $ | 1,245 |  |  | $ | (161,524) |  |  | $ | 1,567,689 |  |  | $ | (1,128) |
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 years ended December 31, 2022 and 2021 (in thousands):
|  | For the Years Ended,
|  | 2022 |  | 2021
Allowance for credit losses |  |  |  |
Beginning balance |  | $ | (1,467) |  |  | $ | (1,715) |
Credit loss benefit |  | 339 |  |  | 248 |
Total ending allowance balance |  | $ | (1,128) |  |  | $ | (1,467) |
Debt Securities, Held-to-maturity, Credit Quality Indicator | Under this approach, the amortized cost of debt securities held-to-maturity at December 31, 2022, aggregated by credit quality indicator, are as follows (in thousands):
| Investment Grade |  | Non-Investment Grade/Non-rated |  | Total
As of December 31, 2022 |  |  |  |  |
State, municipal and sovereign debt obligations | $ | 260,249 |  |  | $ | — |  |  | $ | 260,249 |
Corporate debt securities | 41,900 |  |  | 14,993 |  |  | 56,893 |
Non-agency commercial MBS | 25,310 |  |  | — |  |  | 25,310 |
Total debt securities held-to-maturity | $ | 327,459 |  |  | $ | 14,993 |  |  | $ | 342,453 |
Carrying Value of Held-to-Maturity Investment Securities | The carrying value of the debt securities held-to-maturity at December 31, 2022 and 2021 is as follows (in thousands):
|  | December 31,
|  | 2022 |  | 2021
Amortized cost |  | $ | 1,224,564 |  |  | $ | 1,143,548 |
Net loss on date of transfer from available-for-sale |  | (13,556) |  |  | (13,556) |
Allowance for securities credit losses |  | (1,128) |  |  | (1,467) |
Accretion of net unrealized loss on securities reclassified as held-to-maturity |  | 11,258 |  |  | 10,668 |
Carrying value |  | $ | 1,221,138 |  |  | $ | 1,139,193 |
The realized and unrealized gains or losses on equity securities for the year ended December 31, 2022 and 2021 are shown in the table below (in thousands):
| For the Year Ended December 31,
| 2022 |  | 2021 |  |
Net gain on equity investments | $ | 9,685 |  |  | $ | 7,145 |  |  |
Less: Net gains recognized on equity investments sold | 1,351 |  |  | 8,123 |  |  |
Unrealized gain (loss) recognized on equity investments still held | $ | 8,334 |  |  | $ | (978) |  |  |
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, 2022 by contractual maturity are shown below (in thousands):
At December 31, 2022 |  | Amortized Cost |  | Estimated Fair Value
Less than one year |  | $ | 41,088 |  |  | $ | 40,795 |
Due after one year through five years |  | 167,126 |  |  | 154,288 |
Due after five years through ten years |  | 224,954 |  |  | 207,054 |
Due after ten years |  | 276,772 |  |  | 251,772 |
|  | $ | 709,940 |  |  | $ | 653,909 |
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, 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 December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations |  | $ | 27,232 |  |  | $ | (450) |  |  | $ | 52,782 |  |  | $ | (7,185) |  |  | $ | 80,014 |  |  | $ | (7,635) |
Corporate debt securities |  | 4,735 |  |  | (193) |  |  | 3,437 |  |  | (563) |  |  | 8,172 |  |  | (756) |
Asset-backed securities |  | 143,392 |  |  | (9,179) |  |  | 133,481 |  |  | (10,170) |  |  | 276,873 |  |  | (19,349) |
Agency commercial MBS |  | 8,782 |  |  | (1,675) |  |  | 83,807 |  |  | (16,342) |  |  | 92,589 |  |  | (18,017) |
Total debt securities available-for-sale |  | 184,141 |  |  | (11,497) |  |  | 273,507 |  |  | (34,260) |  |  | 457,648 |  |  | (45,757) |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
State, municipal and sovereign debt obligations |  | 133,492 |  |  | (11,952) |  |  | 97,135 |  |  | (12,988) |  |  | 230,627 |  |  | (24,940) |
Corporate debt securities |  | 11,783 |  |  | (598) |  |  | 36,152 |  |  | (3,180) |  |  | 47,935 |  |  | (3,778) |
MBS: |  |  |  |  |  |  |  |  |  |  |  |
Agency residential |  | 297,296 |  |  | (12,404) |  |  | 397,036 |  |  | (71,182) |  |  | 694,332 |  |  | (83,586) |
Agency commercial |  | 25,936 |  |  | (1,150) |  |  | 2,062 |  |  | (39) |  |  | 27,998 |  |  | (1,189) |
Non-agency commercial |  | 16,839 |  |  | (1,621) |  |  | 6,198 |  |  | (653) |  |  | 23,037 |  |  | (2,274) |
Total MBS |  | 340,071 |  |  | (15,175) |  |  | 405,296 |  |  | (71,874) |  |  | 745,367 |  |  | (87,049) |
Total debt securities held-to-maturity |  | 485,346 |  |  | (27,725) |  |  | 538,583 |  |  | (88,042) |  |  | 1,023,929 |  |  | (115,767) |
Total debt securities |  | $ | 669,487 |  |  | $ | (39,222) |  |  | $ | 812,090 |  |  | $ | (122,302) |  |  | $ | 1,481,577 |  |  | $ | (161,524) |
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) |
MBS: |  |  |  |  |  |  |  |  |  |  |  |
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 MBS |  | 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) |

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