XML 34 R22.htm IDEA: XBRL DOCUMENT v3.22.2

Investment Securities (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2022
Investment securities available-for-sale:
U.S. treasury bonds						$	49,742					$	—					$	(2,661)					$	—					$	47,081
U.S. agency securities						750,903						4						(52,850)						—						698,057
Residential mortgage-backed securities						968,589						41						(82,941)						—						885,689
Commercial mortgage-backed securities						113,243						26						(3,720)						—						109,549
Municipal bonds						13,508						63						(638)						(1)						12,932
Corporate bonds						2,000						—						(37)						(17)						1,946
Total						$	1,897,985					$	134					$	(142,847)					$	(18)					$	1,755,254
												Gross						Gross						Estimated						Allowance
						Amortized						Unrecognized						Unrecognized						Fair						for Credit
(dollars in thousands)						Cost						Gains						Losses						Value						Losses
June 30, 2022
Investment securities held-to-maturity:
Residential mortgage-backed securities						$	785,857					$	9					$	(40,413)					$	745,453					$	—
Commercial mortgage-backed securities						94,841						—						(6,569)						88,272						—
Municipal bonds						128,509						—						(8,233)						120,276						(16)
Corporate bonds						135,251						—						(4,546)						130,705						(810)
Total						$	1,144,458					$	9					$	(59,761)					$	1,084,706					$	(826)
												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
June 30, 2022
Investment securities available-for-sale:
U.S. treasury bonds						$	49,742					$	—					$	(2,661)					$	—					$	47,081
U.S. agency securities						750,903						4						(52,850)						—						698,057
Residential mortgage-backed securities						968,589						41						(82,941)						—						885,689
Commercial mortgage-backed securities						113,243						26						(3,720)						—						109,549
Municipal bonds						13,508						63						(638)						(1)						12,932
Corporate bonds						2,000						—						(37)						(17)						1,946
Total						$	1,897,985					$	134					$	(142,847)					$	(18)					$	1,755,254
												Gross						Gross						Estimated						Allowance
						Amortized						Unrecognized						Unrecognized						Fair						for Credit
(dollars in thousands)						Cost						Gains						Losses						Value						Losses
June 30, 2022
Investment securities held-to-maturity:
Residential mortgage-backed securities						$	785,857					$	9					$	(40,413)					$	745,453					$	—
Commercial mortgage-backed securities						94,841						—						(6,569)						88,272						—
Municipal bonds						128,509						—						(8,233)						120,276						(16)
Corporate bonds						135,251						—						(4,546)						130,705						(810)
Total						$	1,144,458					$	9					$	(59,761)					$	1,084,706					$	(826)
												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

The following table summarizes available for sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded, by length of time:

												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
June 30, 2022
U.S. treasury bonds						2						$	47,081					$	2,661					$	—					$	—					$	47,081					$	2,661
U. S. agency securities						83						501,147						32,941						191,362						19,909						692,509						52,850
Residential mortgage-backed securities						148						713,803						62,471						143,708						20,470						857,511						82,941
Commercial mortgage-backed securities						13						104,688						3,720						—						—						104,688						3,720
Municipal bonds						1						8,404						638						—						—						8,404						638
Corporate bonds						1						1,963						37						—						—						1,963						37
						248						$	1,377,086					$	102,468					$	335,070					$	40,379					$	1,712,156					$	142,847
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 June 30, 2022 and December 31, 2021 by contractual maturity are shown in the table below. Contractual maturities for 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.

						June 30, 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 (maturing after one year through five years)						$	49,742					$	47,081					$	49,693					$	49,458
U. S. agency securities maturing:
One year or less						530,539						492,427						425,597						421,347
After one year through five years						165,716						156,493						141,584						140,785
After five years through ten years						54,648						49,137						62,092						60,255
Residential mortgage-backed securities						968,589						885,689						1,692,773						1,677,673
Commercial mortgage-backed securities						113,243						109,549						—						—
Municipal bonds maturing:
One year or less						3,050						3,053						4,806						4,861
After one year through five years						1,416						1,476						25,457						26,816
After five years through ten years						9,042						8,404						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						2,000						1,963						54,630						54,833
After five years through ten years						—						—						55,458						55,252
Allowance for credit losses						—						(18)						—						(620)
						1,897,985						1,755,254						2,642,667						2,623,408
Investment securities held-to-maturity
Residential mortgage-backed securities						785,857						745,453						—						—
Commercial mortgage-backed securities						94,841						88,272						—						—
Municipal bonds maturing:
One year or less						666						663						—						—
After one year through five years						38,194						36,531						—						—
After five years through ten years						72,954						67,639						—						—
After ten years						16,695						15,443						—						—
Corporate bonds maturing:
One year or less						25,042						24,936						—						—
After one year through five years						74,903						72,526						—						—
After five years through ten years						35,306						33,243						—						—
Allowance for credit losses						(826)						—						—						—
						1,143,632						1,084,706						—						—
						$	3,041,617					$	2,839,960					$	2,642,667					$	2,623,408

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

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

X

- Definition

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

+ References

No definition available.

+ Details

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

X

- Definition

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 https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

+ Details

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