Quarterly report pursuant to Section 13 or 15(d)

Securities (Tables)

v3.21.1
Securities (Tables)
3 Months Ended
Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]  
Summary of Investment Securities Available for Sale

The following is a summary of securities available for sale as of the dates indicated:

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

Estimated

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gain

 

 

Loss

 

 

Value

 

 

 

(in thousands)

 

March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

9,998

 

 

$

77

 

 

$

 

 

$

10,075

 

U.S. government agency and sponsored agency obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

579,209

 

 

 

87

 

 

 

(7,216

)

 

 

572,080

 

Collateralized mortgage obligations

 

 

112,808

 

 

 

145

 

 

 

(210

)

 

 

112,743

 

Debt securities

 

 

85,660

 

 

 

31

 

 

 

(475

)

 

 

85,216

 

Total U.S. government agency and sponsored agency obligations

 

 

777,677

 

 

 

263

 

 

 

(7,901

)

 

 

770,039

 

Total securities available for sale

 

$

787,675

 

 

$

340

 

 

$

(7,901

)

 

$

780,114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

9,997

 

 

$

135

 

 

$

 

 

$

10,132

 

U.S. government agency and sponsored agency obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

515,169

 

 

 

4,260

 

 

 

(188

)

 

 

519,241

 

Collateralized mortgage obligations

 

 

133,632

 

 

 

186

 

 

 

(217

)

 

 

133,601

 

Debt securities

 

 

90,660

 

 

 

148

 

 

 

(1

)

 

 

90,807

 

Total U.S. government agency and sponsored agency obligations

 

 

739,461

 

 

 

4,594

 

 

 

(406

)

 

 

743,649

 

Total securities available for sale

 

$

749,458

 

 

$

4,729

 

 

$

(406

)

 

$

753,781

 

Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity

The amortized cost and estimated fair value of securities as of March 31, 2021 and December 31, 2020, by contractual or expected maturity, are shown below. Collateralized mortgage obligations are included in the table shown below based on their expected maturities. All other securities are included based on their contractual maturities.

 

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

Available for Sale

 

 

Available for Sale

 

 

 

Amortized

 

 

Estimated

 

 

Amortized

 

 

Estimated

 

 

 

Cost

 

 

Fair Value

 

 

Cost

 

 

Fair Value

 

 

 

(in thousands)

 

Within one year

 

$

12,963

 

 

$

13,045

 

 

$

13,305

 

 

$

13,435

 

Over one year through five years

 

 

90,083

 

 

 

89,890

 

 

 

139,876

 

 

 

140,100

 

Over five years through ten years

 

 

50,135

 

 

 

49,990

 

 

 

25,764

 

 

 

25,768

 

Over ten years

 

 

634,494

 

 

 

627,189

 

 

 

570,513

 

 

 

574,478

 

Total

 

$

787,675

 

 

$

780,114

 

 

$

749,458

 

 

$

753,781

 

Summary of Debt Securities Available for Sale in an Unrealized Loss Position for Which an Allowance for Credit Losses Has Not Been Recorded

 

The following table summarizes debt securities available-for-sale in an unrealized loss position for which an allowance for credit losses has not been recorded at March 31, 2021 and December 31, 2020, aggregated by major security type and length of time in a continuous unrealized loss position:

 

 

 

Holding Period

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Gross

 

 

Estimated

 

 

Number

 

 

Gross

 

 

Estimated

 

 

Number

 

 

Gross

 

 

Estimated

 

 

Number

 

 

 

Unrealized

 

 

Fair

 

 

of

 

 

Unrealized

 

 

Fair

 

 

of

 

 

Unrealized

 

 

Fair

 

 

of

 

 

 

Loss

 

 

Value

 

 

Securities

 

 

Loss

 

 

Value

 

 

Securities

 

 

Loss

 

 

Value

 

 

Securities

 

 

 

(in thousands, except number of securities)

 

March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency and sponsored agency obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

(7,216

)

 

$

562,136

 

 

 

87

 

 

$

 

 

$

 

 

 

 

 

$

(7,216

)

 

$

562,136

 

 

 

87

 

Collateralized mortgage obligations

 

 

(210

)

 

 

78,602

 

 

 

18

 

 

 

 

 

 

 

 

 

 

 

 

(210

)

 

 

78,602

 

 

 

18

 

Debt securities

 

 

(475

)

 

 

55,525

 

 

 

9

 

 

 

 

 

 

 

 

 

 

 

 

(475

)

 

 

55,525

 

 

 

9

 

Total U.S. government agency and sponsored agency obligations

 

 

(7,901

)

 

 

696,263

 

 

 

114

 

 

 

 

 

 

 

 

 

 

 

 

(7,901

)

 

 

696,263

 

 

 

114

 

Total

 

$

(7,901

)

 

$

696,263

 

 

 

114

 

 

$

 

 

$

 

 

 

 

 

$

(7,901

)

 

$

696,263

 

 

 

114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency and sponsored agency obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

(188

)

 

$

76,023

 

 

 

10

 

 

$

 

 

$

 

 

 

 

 

$

(188

)

 

$

76,023

 

 

 

10

 

Collateralized mortgage obligations

 

 

(217

)

 

 

97,659

 

 

 

21

 

 

 

 

 

 

 

 

 

 

 

 

(217

)

 

 

97,659

 

 

 

21

 

Debt securities

 

 

(1

)

 

 

4,999

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

4,999

 

 

 

1

 

Total U.S. government agency and sponsored agency obligations

 

 

(406

)

 

 

178,681

 

 

 

32

 

 

 

 

 

 

 

 

 

 

 

 

(406

)

 

 

178,681

 

 

 

32

 

Total

 

$

(406

)

 

$

178,681

 

 

 

32

 

 

$

 

 

$

 

 

 

 

 

$

(406

)

 

$

178,681

 

 

 

32

 

Realized Gains and Losses on Sales of Investment Securities

Realized gains and losses on sales of securities and proceeds from sales of securities were as follows for the periods indicated:

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Gross realized gains on sales of securities

 

$

99

 

 

$

 

Gross realized losses on sales of securities

 

 

 

 

 

 

Net realized gains on sales of securities

 

$

99

 

 

$

 

Proceeds from sales of securities

 

$

8,035

 

 

$