XML 24 R10.htm IDEA: XBRL DOCUMENT
v3.21.2

Securities | 9 Months Ended
--- | ---
Sep. 30, 2021
Investments Debt And Equity Securities [Abstract] |
Securities | Note 2 — Securities 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) |
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 4,948 |  |  | $ | — |  |  | $ | (3 | ) |  | $ | 4,945 |
U.S. government agency and sponsored agency obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  | 641,256 |  |  |  | 138 |  |  |  | (5,332 | ) |  |  | 636,062 |
Collateralized mortgage obligations |  |  | 100,244 |  |  |  | 190 |  |  |  | (551 | ) |  |  | 99,883 |
Debt securities |  |  | 99,015 |  |  |  | 4 |  |  |  | (583 | ) |  |  | 98,436 |
Total U.S. government agency and sponsored agency obligations |  |  | 840,515 |  |  |  | 332 |  |  |  | (6,466 | ) |  |  | 834,381 |
Municipal bonds-tax exempt |  |  | 69,186 |  |  |  | — |  |  |  | (1,516 | ) |  |  | 67,670 |
Total securities available for sale |  | $ | 914,649 |  |  | $ | 332 |  |  | $ | (7,985 | ) |  | $ | 906,996 |
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 |
The amortized cost and estimated fair value of securities as of September 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.
|  | September 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 |  | $ | 2,019 |  |  | $ | 2,029 |  |  | $ | 13,305 |  |  | $ | 13,435 |
Over one year through five years |  |  | 94,431 |  |  |  | 94,039 |  |  |  | 139,876 |  |  |  | 140,100 |
Over five years through ten years |  |  | 54,014 |  |  |  | 53,971 |  |  |  | 25,764 |  |  |  | 25,768 |
Over ten years |  |  | 764,185 |  |  |  | 756,957 |  |  |  | 570,513 |  |  |  | 574,478 |
Total |  | $ | 914,649 |  |  | $ | 906,996 |  |  | $ | 749,458 |  |  | $ | 753,781 |
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 September 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) |
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | (3 | ) |  | $ | 4,945 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3 | ) |  | $ | 4,945 |  |  | $ | 1 |
U.S. government agency and sponsored agency obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | (4,954 | ) |  | $ | 546,307 |  |  |  | 97 |  |  | $ | (378 | ) |  | $ | 14,699 |  |  |  | 2 |  |  | $ | (5,332 | ) |  | $ | 561,006 |  |  |  | 99 |
Collateralized mortgage obligations |  |  | (461 | ) |  |  | 47,720 |  |  |  | 12 |  |  |  | (90 | ) |  |  | 5,277 |  |  |  | 1 |  |  |  | (551 | ) |  |  | 52,997 |  |  |  | 13 |
Debt securities |  |  | (583 | ) |  |  | 93,432 |  |  |  | 17 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (583 | ) |  |  | 93,432 |  |  |  | 17 |
Total U.S. government agency and sponsored agency obligations |  |  | (5,998 | ) |  |  | 687,459 |  |  |  | 126 |  |  |  | (468 | ) |  |  | 19,976 |  |  |  | 3 |  |  |  | (6,466 | ) |  |  | 707,435 |  |  |  | 129 |
Municipal bonds-tax exempt |  |  | (1,516 | ) |  |  | 67,670 |  |  |  | 17 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,516 | ) |  |  | 67,670 |  |  |  | 17 |
Total |  | $ | (7,517 | ) |  | $ | 760,074 |  |  |  | 144 |  |  | $ | (468 | ) |  | $ | 19,976 |  |  |  | 3 |  |  | $ | (7,985 | ) |  | $ | 780,050 |  |  |  | 147 |
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 |
The Company evaluates its available-for-sale securities portfolio for impairment on a quarterly basis. This assessment takes into account the changes in the credit quality of these debt securities since acquisition and the likelihood of a credit loss occurring over the life of the securities. In the event that a credit loss is expected to occur in the future, an allowance is established and a corresponding credit loss is recognized. Based on this analysis, as of September 30, 2021, the Company determined that no credit losses are expected to be realized on the tax-exempt municipal bond portfolio. The remainder of the portfolio consists of U.S. Treasury obligations, U.S. government agency securities, and U.S. government sponsored agency securities, all of which have the backing of the U.S. government, and are therefore not expected to incur credit losses. Realized gains and losses on sales of securities and proceeds from sales of securities were as follows for the periods indicated:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
|  | (in thousands) |
Gross realized gains on sales of securities |  | $ | — |  |  | $ | — |  |  | $ | 99 |  |  | $ | 15,712 |
Gross realized losses on sales of securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net realized gains on sales of securities |  | $ | — |  |  | $ | — |  |  | $ | 99 |  |  | $ | 15,712 |
Proceeds from sales of securities |  | $ | — |  |  | $ | — |  |  | $ | 8,035 |  |  | $ | 495,566 |
There were no sales of securities during the three months ended September 30, 2021 and 2020. During the nine months ended September 30, 2021, there were $99,000 in gains resulting from the sale of $8.0 million of securities previously recorded with $142,000 unrealized gains in accumulated other comprehensive income. During the nine months ended September 30, 2020, there were $15.7 million in net gains in earnings resulting from the sale of $495.6 million of securities previously recorded with $15.3 million unrealized gains in accumulated other comprehensive income. Securities available for sale with market values of $26.1 million and $27.3 million as of September 30, 2021 and December 31, 2020, respectively, were pledged to secure borrowings from the Federal Reserve Bank (“FRB”) Discount Window. At September 30, 2021, there were no holdings of securities of any one issuer, other than the U.S. government and its agencies in an amount greater than 10 percent of shareholders’ equity.

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 The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration