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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities

The amortized cost and estimated fair value of the Company's available-for-sale and held-to-maturity securities are summarized as follows:

												Gross						Gross						Allowance						Estimated
						Amortized						Unrealized						Unrealized						for Credit						Fair
(dollars in thousands)						Cost						Gains						Losses						Losses						Value
March 31, 2022
Investment securities available-for-sale:
U.S. treasury bonds						$	49,718					$	—					$	(2,225)					$	—					$	47,493
U.S. agency securities						744,404						106						(37,957)						—						706,553
Residential mortgage-backed securities						1,062,085						435						(58,095)						—						1,004,425
Municipal bonds						15,284						102						(206)						(1)						15,179
Corporate bonds						2,000						—						—						(17)						1,983
Total securities available-for-sale						$	1,873,491					$	643					$	(98,483)					$	(18)					$	1,775,633
												Gross						Gross						Estimated						Allowance
						Amortized						Unrecognized						Unrecognized						Fair						for Credit
(dollars in thousands)						Cost						Gains						Losses						Value						Losses
March 31, 2022
Investment securities held-to-maturity:
Residential mortgage-backed securities						$	886,526					$	—					$	(8,910)					$	877,616					$	—
Municipal bonds						128,926						—						(552)						128,374						(16)
Corporate bonds						138,764						—						(249)						138,515						(801)
Total securities held-to-maturity						$	1,154,216					$	—					$	(9,711)					$	1,144,505					$	(817)
												Gross						Gross						Allowance						Estimated
						Amortized						Unrealized						Unrealized						for Credit						Fair
(dollars in thousands)						Cost						Gains						Losses						Losses						Value
December 31, 2021
Investment securities available-for-sale:
U.S. treasury bonds						$	49,693					$	22					$	(257)					$	—					$	49,458
U.S. agency securities						629,273						736						(7,622)						—						622,387
Residential mortgage-backed securities						1,692,773						5,697						(20,797)						—						1,677,673
Municipal bonds						141,916						3,865						(347)						(3)						145,431
Corporate bonds						129,012						648						(584)						(617)						128,459
Total						$	2,642,667					$	10,968					$	(29,607)					$	(620)					$	2,623,408

Schedule of Held-to-maturity Securities

The amortized cost and estimated fair value of the Company's available-for-sale and held-to-maturity securities are summarized as follows:

												Gross						Gross						Allowance						Estimated
						Amortized						Unrealized						Unrealized						for Credit						Fair
(dollars in thousands)						Cost						Gains						Losses						Losses						Value
March 31, 2022
Investment securities available-for-sale:
U.S. treasury bonds						$	49,718					$	—					$	(2,225)					$	—					$	47,493
U.S. agency securities						744,404						106						(37,957)						—						706,553
Residential mortgage-backed securities						1,062,085						435						(58,095)						—						1,004,425
Municipal bonds						15,284						102						(206)						(1)						15,179
Corporate bonds						2,000						—						—						(17)						1,983
Total securities available-for-sale						$	1,873,491					$	643					$	(98,483)					$	(18)					$	1,775,633
												Gross						Gross						Estimated						Allowance
						Amortized						Unrecognized						Unrecognized						Fair						for Credit
(dollars in thousands)						Cost						Gains						Losses						Value						Losses
March 31, 2022
Investment securities held-to-maturity:
Residential mortgage-backed securities						$	886,526					$	—					$	(8,910)					$	877,616					$	—
Municipal bonds						128,926						—						(552)						128,374						(16)
Corporate bonds						138,764						—						(249)						138,515						(801)
Total securities held-to-maturity						$	1,154,216					$	—					$	(9,711)					$	1,144,505					$	(817)
												Gross						Gross						Allowance						Estimated
						Amortized						Unrealized						Unrealized						for Credit						Fair
(dollars in thousands)						Cost						Gains						Losses						Losses						Value
December 31, 2021
Investment securities available-for-sale:
U.S. treasury bonds						$	49,693					$	22					$	(257)					$	—					$	49,458
U.S. agency securities						629,273						736						(7,622)						—						622,387
Residential mortgage-backed securities						1,692,773						5,697						(20,797)						—						1,677,673
Municipal bonds						141,916						3,865						(347)						(3)						145,431
Corporate bonds						129,012						648						(584)						(617)						128,459
Total						$	2,642,667					$	10,968					$	(29,607)					$	(620)					$	2,623,408

Schedule of gross unrealized losses and fair value by length of time that the individual available-for-sale securities have been in a continuous unrealized loss

Gross unrealized losses and fair value of available-for-sale securities, by length of time that individual securities have been in a continuous unrealized loss position are as follows:

												Less Than												12 Months
												12 Months												or Greater												Total
												Estimated												Estimated												Estimated
						Number of						Fair						Unrealized						Fair						Unrealized						Fair						Unrealized
(dollars in thousands)						Securities						Value						Losses						Value						Losses						Value						Losses
March 31, 2022
U.S. treasury bonds						2						$	47,492					$	2,225					$	—					$	—					$	47,492					$	2,225
U. S. agency securities						80						469,018						22,925						194,355						15,032						663,373						37,957
Residential mortgage-backed securities						146						812,079						43,414						159,548						14,681						971,627						58,095
Municipal bonds						1						8,879						206						—						—						8,879						206
						229						$	1,337,468					$	68,770					$	353,903					$	29,713					$	1,691,371					$	98,483
December 31, 2021
U.S. treasury bond						1						$	24,593					$	257					$	—					$	—					$	24,593					$	257
U. S. agency securities						64						452,966						6,256						68,977						1,366						521,943						7,622
Residential mortgage-backed securities						153						1,327,519						16,841						108,061						3,956						1,435,580						20,797
Municipal bonds						8						20,181						347						—						—						20,181						347
Corporate bonds						13						66,051						584						—						—						66,051						584
						239						$	1,891,310					$	24,285					$	177,038					$	5,322					$	2,068,348					$	29,607

Schedule of amortized cost and estimated fair value of investments available-for-sale by contractual maturity

The amortized cost and estimated fair value of available-for-sale and held-to-maturity securities at March 31, 2022 and December 31, 2021 by contractual maturity are shown in the table below. Contractual maturities for residential mortgage-backed securities ("MBS") are excluded as they may differ significantly from expected maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

						March 31, 2022												December 31, 2021
						Amortized						Estimated						Amortized						Estimated
(dollars in thousands)						Cost (1)						Fair Value						Cost						Fair Value
Investment securities available-for-sale
U.S. treasury bonds (after one year through five years)						$	49,718					$	47,492					$	49,693					$	49,458
U. S. agency securities maturing:
One year or less						521,053						494,594						425,597						421,347
After one year through five years						168,414						160,927						131,918						140,785
After five years through ten years						54,937						51,033						71,758						60,255
Residential mortgage-backed securities						1,062,085						1,004,425						1,692,773						1,677,673
Municipal bonds maturing:
One year or less						4,797						4,815						4,806						4,861
After one year through five years						1,403						1,486						25,457						26,816
After five years through ten years						9,084						8,879						97,945						99,960
After ten years						—						—						13,708						13,797
Corporate bonds maturing:
One year or less						—						—						18,924						18,991
After one year through five years						—						—						54,630						54,833
After five years through ten years						2,000						2,000						55,458						55,252
Allowance for credit losses						—						(18)						—						(620)
						1,873,491						1,775,633						2,642,667						2,623,408
Investment securities held-to-maturity
Residential mortgage-backed securities						886,526						877,616						—						—
Municipal bonds maturing:
After one year through five years						35,460						35,460						—						—
After five years through ten years						76,633						76,410						—						—
After ten years						16,833						16,502						—						—
Corporate bonds maturing:
One year or less						18,492						18,492						—						—
After one year through five years						82,943						82,696						—						—
After five years through ten years						37,329						37,329						—						—
Allowance for credit losses						(817)						—						—						—
						1,153,399						1,144,505						—						—
						$	3,026,890					$	2,920,138					$	2,642,667					$	2,623,408

(1)Amortized cost for investment securities held-to-maturity is presented net of the allowance for credit losses.

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 http://asc.fasb.org/extlink&oid=123581744&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 http://asc.fasb.org/extlink&oid=123581744&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 http://asc.fasb.org/extlink&oid=123581744&loc=d3e27232-111563

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

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Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563

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