XML 37 R26.htm IDEA: XBRL DOCUMENT
v3.21.2

Securities (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2021
Investments Debt And Equity Securities [Abstract] |
Summary of Investment Securities Available for Sale | The following is a summary of securities available for sale as of the dates indicated:
|  |  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gain |  |  | Loss |  |  | Value |
|  | (in thousands) |
June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 10,000 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 10,010 |
U.S. government agency and sponsored agency obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  | 614,310 |  |  |  | 320 |  |  |  | (3,427 | ) |  |  | 611,203 |
Collateralized mortgage obligations |  |  | 101,576 |  |  |  | 255 |  |  |  | (380 | ) |  |  | 101,451 |
Debt securities |  |  | 87,477 |  |  |  | 4 |  |  |  | (416 | ) |  |  | 87,065 |
Total U.S. government agency and sponsored agency obligations |  |  | 803,363 |  |  |  | 579 |  |  |  | (4,223 | ) |  |  | 799,719 |
Municipal bonds-tax exempt |  |  | 52,841 |  |  |  | — |  |  |  | (451 | ) |  |  | 52,390 |
Total securities available for sale |  | $ | 866,204 |  |  | $ | 589 |  |  | $ | (4,674 | ) |  | $ | 862,119 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 9,997 |  |  | $ | 135 |  |  | $ | — |  |  | $ | 10,132 |
U.S. government agency and sponsored agency obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  | 515,169 |  |  |  | 4,260 |  |  |  | (188 | ) |  |  | 519,241 |
Collateralized mortgage obligations |  |  | 133,632 |  |  |  | 186 |  |  |  | (217 | ) |  |  | 133,601 |
Debt securities |  |  | 90,660 |  |  |  | 148 |  |  |  | (1 | ) |  |  | 90,807 |
Total U.S. government agency and sponsored agency obligations |  |  | 739,461 |  |  |  | 4,594 |  |  |  | (406 | ) |  |  | 743,649 |
Total securities available for sale |  | $ | 749,458 |  |  | $ | 4,729 |  |  | $ | (406 | ) |  | $ | 753,781 |
Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity | The amortized cost and estimated fair value of securities as of June 30, 2021 and December 31, 2020, by contractual or expected maturity, are shown below. Collateralized mortgage obligations are included in the table shown below based on their expected maturities. All other securities are included based on their contractual maturities.
|  | June 30, 2021 |  |  | December 31, 2020 |
|  | Available for Sale |  |  | Available for Sale |
|  | Amortized |  |  | Estimated |  |  | Amortized |  |  | Estimated |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
|  | (in thousands) |
Within one year |  | $ | 13,375 |  |  | $ | 13,381 |  |  | $ | 13,305 |  |  | $ | 13,435 |
Over one year through five years |  |  | 82,444 |  |  |  | 82,176 |  |  |  | 139,876 |  |  |  | 140,100 |
Over five years through ten years |  |  | 53,202 |  |  |  | 53,314 |  |  |  | 25,764 |  |  |  | 25,768 |
Over ten years |  |  | 717,183 |  |  |  | 713,248 |  |  |  | 570,513 |  |  |  | 574,478 |
Total |  | $ | 866,204 |  |  | $ | 862,119 |  |  | $ | 749,458 |  |  | $ | 753,781 |
Summary of Debt Securities Available for Sale in an Unrealized Loss Position for Which an Allowance for Credit Losses Has Not Been Recorded | The following table summarizes debt securities available-for-sale in an unrealized loss position for which an allowance for credit losses has not been recorded at June 30, 2021 and December 31, 2020, aggregated by major security type and length of time in a continuous unrealized loss position:
|  | Holding Period |
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Gross |  |  | Estimated |  |  | Number |  |  | Gross |  |  | Estimated |  |  | Number |  |  | Gross |  |  | Estimated |  |  | Number |
|  | Unrealized |  |  | Fair |  |  | of |  |  | Unrealized |  |  | Fair |  |  | of |  |  | Unrealized |  |  | Fair |  |  | of |
|  | Loss |  |  | Value |  |  | Securities |  |  | Loss |  |  | Value |  |  | Securities |  |  | Loss |  |  | Value |  |  | Securities |
|  | (in thousands, except number of securities) |
June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency and sponsored agency obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | (3,427 | ) |  | $ | 433,473 |  |  |  | 72 |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | (3,427 | ) |  | $ | 433,473 |  |  |  | 72 |
Collateralized mortgage obligations |  |  | (380 | ) |  |  | 54,099 |  |  |  | 15 |  |  |  | — |  |  |  | 14 |  |  |  | 1 |  |  |  | (380 | ) |  |  | 54,113 |  |  |  | 16 |
Debt securities |  |  | (416 | ) |  |  | 82,061 |  |  |  | 14 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (416 | ) |  |  | 82,061 |  |  |  | 14 |
Total U.S. government agency and sponsored agency obligations |  |  | (4,223 | ) |  |  | 569,633 |  |  |  | 101 |  |  |  | — |  |  |  | 14 |  |  |  | 1 |  |  |  | (4,223 | ) |  |  | 569,647 |  |  |  | 102 |
Municipal bonds-tax exempt |  |  | (451 | ) |  |  | 52,390 |  |  |  | 13 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (451 | ) |  |  | 52,390 |  |  |  | 13 |
Total |  | $ | (4,674 | ) |  | $ | 622,023 |  |  |  | 114 |  |  | $ | — |  |  | $ | 14 |  |  |  | 1 |  |  | $ | (4,674 | ) |  | $ | 622,037 |  |  |  | 115 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency and sponsored agency obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | (188 | ) |  | $ | 76,023 |  |  |  | 10 |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | (188 | ) |  | $ | 76,023 |  |  |  | 10 |
Collateralized mortgage obligations |  |  | (217 | ) |  |  | 97,659 |  |  |  | 21 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (217 | ) |  |  | 97,659 |  |  |  | 21 |
Debt securities |  |  | (1 | ) |  |  | 4,999 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | 4,999 |  |  |  | 1 |
Total U.S. government agency and sponsored agency obligations |  |  | (406 | ) |  |  | 178,681 |  |  |  | 32 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (406 | ) |  |  | 178,681 |  |  |  | 32 |
Total |  | $ | (406 | ) |  | $ | 178,681 |  |  |  | 32 |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | (406 | ) |  | $ | 178,681 |  |  |  | 32 |
Realized Gains and Losses on Sales of Investment Securities | Realized gains and losses on sales of securities and proceeds from sales of securities were as follows for the periods indicated:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
|  | (in thousands) |
Gross realized gains on sales of securities |  | $ | — |  |  | $ | 15,712 |  |  | $ | 99 |  |  | $ | 15,712 |
Gross realized losses on sales of securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net realized gains on sales of securities |  | $ | — |  |  | $ | 15,712 |  |  | $ | 99 |  |  | $ | 15,712 |
Proceeds from sales of securities |  | $ | — |  |  | $ | 495,566 |  |  | $ | 8,035 |  |  | $ | 495,566 |

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 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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 http://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 http://asc.fasb.org/extlink&oid=121645371&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 http://asc.fasb.org/extlink&oid=121582814&loc=SL82922888-210455 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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: | nonnum: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

X
- Definition Tabular disclosure of realized gains and losses on investments reported in the statement of income. + References No definition available. + Details
Name: | us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration