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v3.23.1

Securities (Tables) | 3 Months Ended
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Mar. 31, 2023
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, 2023 and December 31, 2022 are as follows (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Allowance for Credit Losses
At March 31, 2023 |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 73,305 |  |  | $ | 4 |  |  | $ | (6,643) |  |  | $ | 66,666 |  |  | $ | — |
Corporate debt securities | 10,077 |  |  | — |  |  | (616) |  |  | 9,461 |  |  | — |
Asset-backed securities | 296,217 |  |  | — |  |  | (14,448) |  |  | 281,769 |  |  | — |
Agency commercial mortgage-backed securities (“MBS”) | 110,340 |  |  | — |  |  | (16,041) |  |  | 94,299 |  |  | — |
Total debt securities available-for-sale | $ | 489,939 |  |  | $ | 4 |  |  | $ | (37,748) |  |  | $ | 452,195 |  |  | $ | — |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |
State, municipal and sovereign debt obligations | $ | 254,311 |  |  | $ | 104 |  |  | $ | (19,342) |  |  | $ | 235,073 |  |  | $ | (56) |
Corporate debt securities | 54,930 |  |  | 42 |  |  | (4,171) |  |  | 50,801 |  |  | (976) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Agency residential | 882,211 |  |  | 2,311 |  |  | (75,309) |  |  | 809,213 |  |  | — |
Agency commercial | 31,887 |  |  | 90 |  |  | (553) |  |  | 31,424 |  |  | — |
Non-agency commercial | 25,291 |  |  | — |  |  | (2,129) |  |  | 23,162 |  |  | (11) |
Total mortgage-backed securities | 939,389 |  |  | 2,401 |  |  | (77,991) |  |  | 863,799 |  |  | (11) |
Total debt securities held-to-maturity | $ | 1,248,630 |  |  | $ | 2,547 |  |  | $ | (101,504) |  |  | $ | 1,149,673 |  |  | $ | (1,043) |
Total debt securities | $ | 1,738,569 |  |  | $ | 2,551 |  |  | $ | (139,252) |  |  | $ | 1,601,868 |  |  | $ | (1,043) |
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) |
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, 2023 and 2022 (in thousands):
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Allowance for securities credit losses |  |  |  |  |  |  |
Beginning balance | $ | (1,128) |  |  | $ | (1,467) |  |  |  |  |
Provision for credit loss benefit | 85 |  |  | 87 |  |  |  |  |
Total ending allowance balance | $ | (1,043) |  |  | $ | (1,380) |  |  |  |  |
Schedule of Debt Securities, Held-to-maturity, Credit Quality Indicator | Under this approach, the amortized cost of debt securities held-to-maturity at March 31, 2023, aggregated by credit quality indicator, are as follows (in thousands):
| Investment Grade |  | Non-Investment Grade/Non-rated |  | Total
As of March 31, 2023 |  |  |  |  |
State, municipal and sovereign debt obligations | $ | 254,311 |  |  | $ | — |  |  | $ | 254,311 |
Corporate debt securities | 40,654 |  |  | 14,276 |  |  | 54,930 |
Non-agency commercial MBS | 25,291 |  |  | — |  |  | 25,291 |
Total debt securities held-to-maturity | $ | 320,256 |  |  | $ | 14,276 |  |  | $ | 334,532 |
Carrying Value of Held-to-Maturity Investment Securities | The carrying value of debt securities held-to-maturity at March 31, 2023 and December 31, 2022 is as follows (in thousands):
| March 31, |  | December 31,
| 2023 |  | 2022
Amortized cost | $ | 1,248,630 |  |  | $ | 1,224,564 |
Allowance for securities credit losses | (1,043) |  |  | (1,128) |
Net loss on date of transfer from available-for-sale | (13,556) |  |  | (13,556) |
Accretion of net unrealized loss on securities reclassified as held-to-maturity | 11,393 |  |  | 11,258 |
Carrying value | $ | 1,245,424 |  |  | $ | 1,221,138 |
The realized and unrealized gains or losses on equity securities for the three months ended March 31, 2023 and 2022 are shown in the table below (in thousands):
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Net loss on equity investments | $ | (6,801) |  |  | $ | (2,786) |  |  |  |  |
Less: Net (losses) gains recognized on equity investments sold | (4,608) |  |  | 1,582 |  |  |  |  |
Unrealized losses recognized on equity investments still held | $ | (2,193) |  |  | $ | (4,368) |  |  |  |  |
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, 2023 by contractual maturity are shown below (in thousands):
March 31, 2023 | Amortized Cost |  | Estimated Fair Value
Less than one year | $ | 33,091 |  |  | $ | 32,799 |
Due after one year through five years | 165,074 |  |  | 153,196 |
Due after five years through ten years | 216,802 |  |  | 203,049 |
Due after ten years | 273,873 |  |  | 254,726 |
| $ | 688,840 |  |  | $ | 643,770 |
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, 2023 and December 31, 2022, 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, 2023 |  |  |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 13,126 |  |  | $ | (203) |  |  | $ | 53,539 |  |  | $ | (6,440) |  |  | $ | 66,665 |  |  | $ | (6,643) |
Corporate debt securities | 6,909 |  |  | (168) |  |  | 2,552 |  |  | (448) |  |  | 9,461 |  |  | (616) |
Asset-backed securities | 59,683 |  |  | (3,577) |  |  | 222,086 |  |  | (10,871) |  |  | 281,769 |  |  | (14,448) |
Agency commercial MBS | — |  |  | — |  |  | 94,299 |  |  | (16,041) |  |  | 94,299 |  |  | (16,041) |
Total debt securities available-for-sale | 79,718 |  |  | (3,948) |  |  | 372,476 |  |  | (33,800) |  |  | 452,194 |  |  | (37,748) |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
State, municipal and sovereign debt obligations | 29,809 |  |  | (284) |  |  | 195,955 |  |  | (19,058) |  |  | 225,764 |  |  | (19,342) |
Corporate debt securities | 6,779 |  |  | (535) |  |  | 39,610 |  |  | (3,636) |  |  | 46,389 |  |  | (4,171) |
MBS: |  |  |  |  |  |  |  |  |  |  |
Agency residential | 132,107 |  |  | (1,962) |  |  | 516,190 |  |  | (73,347) |  |  | 648,297 |  |  | (75,309) |
Agency commercial | 18,628 |  |  | (513) |  |  | 1,990 |  |  | (40) |  |  | 20,618 |  |  | (553) |
Non-agency commercial | — |  |  | — |  |  | 23,162 |  |  | (2,129) |  |  | 23,162 |  |  | (2,129) |
Total MBS | 150,735 |  |  | (2,475) |  |  | 541,342 |  |  | (75,516) |  |  | 692,077 |  |  | (77,991) |
Total debt securities held-to-maturity | 187,323 |  |  | (3,294) |  |  | 776,907 |  |  | (98,210) |  |  | 964,230 |  |  | (101,504) |
Total debt securities | $ | 267,041 |  |  | $ | (7,242) |  |  | $ | 1,149,383 |  |  | $ | (132,010) |  |  | $ | 1,416,424 |  |  | $ | (139,252) |
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) |

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