XML 33 R24.htm IDEA: XBRL DOCUMENT v3.23.1

Securities (Tables)

3 Months Ended

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)

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 https://asc.fasb.org/topic&trid=2196928

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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 https://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447

+ Details

Name:	us-gaap_DebtSecuritiesHeldToMaturityAllowanceForCreditLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of credit quality indicator for 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 5
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447

+ Details

Name:	us-gaap_DebtSecuritiesHeldToMaturityCreditQualityIndicatorTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of information about 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 320
-SubTopic 10
-Section 50
-Paragraph 5B
-URI https://asc.fasb.org/extlink&oid=126970911&loc=SL120269825-111563

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5A
-URI https://asc.fasb.org/extlink&oid=126970911&loc=SL120269820-111563

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27232-111563

+ Details

Name:	us-gaap_HeldToMaturitySecuritiesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration