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v3.22.2.2

Investment Securities (Tables) | 9 Months Ended
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Sep. 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
September 30, 2022 |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |
U.S. treasury bonds |  | $ | 49,767 |  |  | $ | — |  |  | $ | (3,719) |  |  | $ | — |  |  | $ | 46,048 |
U.S. agency securities |  | 750,997 |  |  | 15 |  |  | (82,684) |  |  | — |  |  | 668,328 |
Residential mortgage-backed securities |  | 958,800 |  |  | 9 |  |  | (130,442) |  |  | — |  |  | 828,367 |
Commercial mortgage-backed securities |  | 100,278 |  |  | — |  |  | (6,106) |  |  | — |  |  | 94,172 |
Municipal bonds |  | 12,030 |  |  | 11 |  |  | (1,047) |  |  | (1) |  |  | 10,993 |
Corporate bonds |  | 2,000 |  |  | — |  |  | (138) |  |  | (17) |  |  | 1,845 |
Total |  | $ | 1,873,872 |  |  | $ | 35 |  |  | $ | (224,136) |  |  | $ | (18) |  |  | $ | 1,649,753 |
|  |  |  | Gross |  | Gross |  | Estimated |  | Allowance
|  | Amortized |  | Unrecognized |  | Unrecognized |  | Fair |  | for Credit
(dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Value |  | Losses
September 30, 2022 |  |  |  |  |  |  |  |  |  |
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | 761,304 |  |  | $ | — |  |  | $ | (87,023) |  |  | $ | 674,281 |  |  | $ | — |
Commercial mortgage-backed securities |  | 92,948 |  |  | — |  |  | (11,215) |  |  | 81,733 |  |  | — |
Municipal bonds |  | 128,386 |  |  | — |  |  | (15,512) |  |  | 112,874 |  |  | (16) |
Corporate bonds |  | 132,248 |  |  | — |  |  | (12,135) |  |  | 120,113 |  |  | (786) |
Total |  | $ | 1,114,886 |  |  | $ | — |  |  | $ | (125,885) |  |  | $ | 989,001 |  |  | $ | (802) |
|  |  |  | 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
September 30, 2022 |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |
U.S. treasury bonds |  | $ | 49,767 |  |  | $ | — |  |  | $ | (3,719) |  |  | $ | — |  |  | $ | 46,048 |
U.S. agency securities |  | 750,997 |  |  | 15 |  |  | (82,684) |  |  | — |  |  | 668,328 |
Residential mortgage-backed securities |  | 958,800 |  |  | 9 |  |  | (130,442) |  |  | — |  |  | 828,367 |
Commercial mortgage-backed securities |  | 100,278 |  |  | — |  |  | (6,106) |  |  | — |  |  | 94,172 |
Municipal bonds |  | 12,030 |  |  | 11 |  |  | (1,047) |  |  | (1) |  |  | 10,993 |
Corporate bonds |  | 2,000 |  |  | — |  |  | (138) |  |  | (17) |  |  | 1,845 |
Total |  | $ | 1,873,872 |  |  | $ | 35 |  |  | $ | (224,136) |  |  | $ | (18) |  |  | $ | 1,649,753 |
|  |  |  | Gross |  | Gross |  | Estimated |  | Allowance
|  | Amortized |  | Unrecognized |  | Unrecognized |  | Fair |  | for Credit
(dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Value |  | Losses
September 30, 2022 |  |  |  |  |  |  |  |  |  |
Investment securities held-to-maturity: |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | 761,304 |  |  | $ | — |  |  | $ | (87,023) |  |  | $ | 674,281 |  |  | $ | — |
Commercial mortgage-backed securities |  | 92,948 |  |  | — |  |  | (11,215) |  |  | 81,733 |  |  | — |
Municipal bonds |  | 128,386 |  |  | — |  |  | (15,512) |  |  | 112,874 |  |  | (16) |
Corporate bonds |  | 132,248 |  |  | — |  |  | (12,135) |  |  | 120,113 |  |  | (786) |
Total |  | $ | 1,114,886 |  |  | $ | — |  |  | $ | (125,885) |  |  | $ | 989,001 |  |  | $ | (802) |
|  |  |  | 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
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury bonds |  | 2 |  |  | $ | 46,048 |  |  | $ | (3,719) |  |  | $ | — |  |  | $ | — |  |  | $ | 46,048 |  |  | $ | (3,719) |
U. S. agency securities |  | 84 |  |  | 450,079 |  |  | (49,232) |  |  | 212,988 |  |  | (33,452) |  |  | 663,067 |  |  | (82,684) |
Residential mortgage-backed securities |  | 159 |  |  | 581,381 |  |  | (80,300) |  |  | 245,304 |  |  | (50,142) |  |  | 826,685 |  |  | (130,442) |
Commercial mortgage-backed securities |  | 14 |  |  | 94,172 |  |  | (6,106) |  |  | — |  |  | — |  |  | 94,172 |  |  | (6,106) |
Municipal bonds |  | 2 |  |  | 8,463 |  |  | (1,047) |  |  | — |  |  | — |  |  | 8,463 |  |  | (1,047) |
Corporate bonds |  | 1 |  |  | 1,862 |  |  | (138) |  |  | — |  |  | — |  |  | 1,862 |  |  | (138) |
|  | 262 |  |  | $ | 1,182,005 |  |  | $ | (140,542) |  |  | $ | 458,292 |  |  | $ | (83,594) |  |  | $ | 1,640,297 |  |  | $ | (224,136) |
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 September 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.
|  | September 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) |  | $ | 49,767 |  |  | $ | 46,048 |  |  | $ | 49,693 |  |  | $ | 49,458 |
U. S. agency securities maturing: |  |  |  |  |  |  |  |
One year or less |  | 535,826 |  |  | 474,498 |  |  | 425,597 |  |  | 421,347 |
After one year through five years |  | 160,848 |  |  | 147,596 |  |  | 141,537 |  |  | 140,785 |
After five years through ten years |  | 54,323 |  |  | 46,234 |  |  | 62,092 |  |  | 60,255 |
Residential mortgage-backed securities: |  | 958,800 |  |  | 828,367 |  |  | 1,692,820 |  |  | 1,677,673 |
Commercial mortgage-backed securities |  | 100,278 |  |  | 94,172 |  |  | — |  |  | — |
Municipal bonds maturing: |  |  |  |  |  |  |  |
One year or less |  | 1,600 |  |  | 1,600 |  |  | 4,806 |  |  | 4,861 |
After one year through five years |  | 1,430 |  |  | 1,441 |  |  | 25,457 |  |  | 26,816 |
After five years through ten years |  | 9,000 |  |  | 7,953 |  |  | 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 |  |  | 1,862 |  |  | 54,630 |  |  | 54,833 |
After five years through ten years |  | — |  |  | — |  |  | 55,458 |  |  | 55,252 |
Allowance for credit losses |  | — |  |  | (18) |  |  | — |  |  | (620) |
|  | 1,873,872 |  |  | 1,649,753 |  |  | 2,642,667 |  |  | 2,623,408 |
Investment securities held-to-maturity |  |  |  |  |  |  |  |
Residential mortgage-backed securities: |  | 761,304 |  |  | 674,281 |  |  | — |  |  | — |
Commercial mortgage-backed securities |  | 92,948 |  |  | 81,733 |  |  | — |  |  | — |
Municipal bonds maturing: |  |  |  |  |  |  |  |
One year or less |  | 3,161 |  |  | 3,100 |  |  | — |  |  | — |
After one year through five years |  | 35,637 |  |  | 32,630 |  |  | — |  |  | — |
After five years through ten years |  | 77,278 |  |  | 66,457 |  |  | — |  |  | — |
After ten years |  | 12,310 |  |  | 10,687 |  |  | — |  |  | — |
Corporate bonds maturing: |  |  |  |  |  |  |  |
One year or less |  | 19,553 |  |  | 17,364 |  |  | — |  |  | — |
After one year through five years |  | 89,358 |  |  | 82,204 |  |  | — |  |  | — |
After five years through ten years |  | 23,337 |  |  | 20,545 |  |  | — |  |  | — |
Allowance for credit losses |  | (802) |  |  | — |  |  | — |  |  | — |
|  | 1,114,084 |  |  | 989,001 |  |  | — |  |  | — |
|  | $ | 2,987,956 |  |  | $ | 2,638,754 |  |  | $ | 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.

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- 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
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- 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
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