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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments [Abstract]

Amortized Cost and Fair Value of Investment Securities

The amortized cost and fair value of investment securities are summarized below (in thousands):

		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
March 31, 2023
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	24,535			$	—			$	2,877			$	21,658
Mortgage-backed securities:
Federal National Mortgage Association			536,221				—				68,817				467,404
Federal Home Loan Mortgage Corporation			398,487				—				62,373				336,114
Government National Mortgage Association			111,527				1				18,295				93,233
Collateralized mortgage obligations:
Federal National Mortgage Association			11,938				—				2,326				9,612
Federal Home Loan Mortgage Corporation			21,143				—				4,064				17,079
Privately issued			—				342				—				342
Total mortgage-backed securities			1,079,316				343				155,875				923,784
Total available for sale securities		$	1,103,851			$	343			$	158,752			$	945,442
Securities held to maturity:
U.S. Government agency and government sponsored enterprises		$	16,400			$	—			$	544			$	15,856
State and political subdivisions			93,678				32				6,012				87,698
Mortgage-backed securities:
Federal National Mortgage Association			6,038				—				457				5,581
Federal Home Loan Mortgage Corporation			7,786				—				1,256				6,530
Government National Mortgage Association			21,783				—				1,723				20,060
Collateralized mortgage obligations:
Federal National Mortgage Association			13,536				—				963				12,573
Federal Home Loan Mortgage Corporation			16,781				—				1,022				15,759
Government National Mortgage Association			4,055				—				300				3,755
Total mortgage-backed securities			69,979				—				5,721				64,258
Total held to maturity securities			180,057			$	32			$	12,277			$	167,812
Allowance for credit losses – securities			(5	)
Total held to maturity securities, net		$	180,052
December 31, 2022
Securities available for sale:
U.S. Government agencies and government sponsored enterprises		$	24,535			$	—			$	3,420			$	21,115
Mortgage-backed securities:
Federal National Mortgage Association			545,797				—				76,193				469,604
Federal Home Loan Mortgage Corporation			410,829				—				68,608				342,221
Government National Mortgage Association			112,202				1				18,037				94,166
Collateralized mortgage obligations:
Federal National Mortgage Association			12,175				—				2,603				9,572
Federal Home Loan Mortgage Corporation			21,519				—				4,163				17,356
Privately issued			—				337				—				337
Total mortgage-backed securities			1,102,522				338				169,604				933,256
Total available for sale securities		$	1,127,057			$	338			$	173,024			$	954,371

(4.) INVESTMENT SECURITIES (Continued)

		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
December 31, 2022 (continued)
Securities held to maturity:
U.S. Government agencies and government sponsored enterprises		$	16,363			$	—			$	848			$	15,515
State and political subdivisions			97,583				24				7,172				90,435
Mortgage-backed securities:
Federal National Mortgage Association			8,332				—				582				7,750
Federal Home Loan Mortgage Corporation			7,959				—				1,396				6,563
Government National Mortgage Association			22,541				—				2,116				20,425
Collateralized mortgage obligations:															-
Federal National Mortgage Association			14,268				—				1,119				13,149
Federal Home Loan Mortgage Corporation			17,712				—				1,253				16,459
Government National Mortgage Association			4,222				—				330				3,892
Total mortgage-backed securities			75,034				—				6,796				68,238
Total held to maturity securities			188,980			$	24			$	14,816			$	174,188
Allowance for credit losses – securities			(5	)
Total held to maturity securities, net		$	188,975

Scheduled Maturities of Securities Available for Sale and Securities Held to Maturity

The scheduled maturities of securities available for sale and securities held to maturity at March 31, 2023 are shown below (in thousands). Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.

		Amortized				Fair
		Cost				Value
Debt securities available for sale:
Due in one year or less		$	6			$	6
Due from one to five years			94,972				88,334
Due after five years through ten years			136,369				121,867
Due after ten years			872,504				735,235
Total available for sale securities		$	1,103,851			$	945,442
Debt securities held to maturity:
Due in one year or less		$	29,636			$	29,584
Due from one to five years			41,802				41,036
Due after five years through ten years			39,142				36,799
Due after ten years			69,477				60,393
Total held to maturity securities		$	180,057			$	167,812

Investments Gross Unrealized Losses and Fair Value

Unrealized losses on investment securities for which an allowance for credit losses has not been recorded and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (in thousands):

		Less than 12 months								12 months or longer								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
		Value				Losses				Value				Losses				Value				Losses
March 31, 2023
Securities available for sale:
U.S. Government agencies and government    sponsored enterprises		$	—			$	—			$	21,658			$	2,877			$	21,658			$	2,877
Mortgage-backed securities:
Federal National Mortgage Association			276				3				467,128				68,814				467,404				68,817
Federal Home Loan Mortgage Corporation			8,698				514				327,416				61,859				336,114				62,373
Government National Mortgage Association			138				3				93,071				18,292				93,209				18,295
Collateralized mortgage obligations:
Federal National Mortgage Association			—				—				9,612				2,326				9,612				2,326
Federal Home Loan Mortgage Corporation			—				—				17,079				4,064				17,079				4,064
Total mortgage-backed securities			9,112				520				914,306				155,355				923,418				155,875
Total available for sale securities			9,112				520				935,964				158,232				945,076				158,752
Total AFS debt securities with unrealized losses		$	9,112			$	520			$	935,964			$	158,232			$	945,076			$	158,752
December 31, 2022
Securities available for sale:
U.S. Government agencies and government    sponsored enterprises		$	—			$	—			$	21,115			$	3,420			$	21,115			$	3,420
Mortgage-backed securities:
Federal National Mortgage Association			154,006				14,708				315,598				61,485				469,604				76,193
Federal Home Loan Mortgage Corporation			28,493				2,199				313,728				66,409				342,221				68,608
Government National Mortgage Association			10,301				921				83,841				17,116				94,142				18,037
Collateralized mortgage obligations:
Federal National Mortgage Association			1,000				94				8,572				2,509				9,572				2,603
Federal Home Loan Mortgage Corporation			—				—				17,356				4,163				17,356				4,163
Total mortgage-backed securities			193,800				17,922				739,095				151,682				932,895				169,604
Total available for sale securities			193,800				17,922				760,210				155,102				954,010				173,024
Total AFS debt securities with unrealized losses		$	193,800			$	17,922			$	760,210			$	155,102			$	954,010			$	173,024

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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

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Tabular disclosure of unrealized gains and losses on investments.

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