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Investment Securities (Tables)

9 Months Ended

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.

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

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

+ References

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

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