| Summary of Investment Securities Available for Sale |
The following is a summary of securities available for sale as of December 31, 2022 and 2021:
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Gross |
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Gross |
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Estimated |
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Amortized |
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Unrealized |
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Unrealized |
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Fair |
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Cost |
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Gain |
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Loss |
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Value |
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(in thousands) |
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December 31, 2022 |
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U.S. Treasury securities |
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$ |
49,690 |
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$ |
— |
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|
$ |
(1,664 |
) |
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$ |
48,026 |
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U.S. government agency and sponsored agency obligations: |
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|
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|
|
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Mortgage-backed securities - residential |
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540,590 |
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63 |
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(75,501 |
) |
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|
465,152 |
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Mortgage-backed securities - commercial |
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61,799 |
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|
— |
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(10,507 |
) |
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|
51,292 |
|
Collateralized mortgage obligations |
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|
98,236 |
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|
— |
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|
(12,751 |
) |
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|
85,485 |
|
Debt securities |
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150,338 |
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— |
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(11,839 |
) |
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|
138,499 |
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Total U.S. government agency and sponsored agency obligations |
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850,963 |
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63 |
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|
(110,598 |
) |
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|
740,428 |
|
Municipal bonds-tax exempt |
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78,143 |
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|
— |
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|
(12,759 |
) |
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|
65,384 |
|
Total securities available for sale |
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$ |
978,796 |
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|
$ |
63 |
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|
$ |
(125,021 |
) |
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$ |
853,838 |
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December 31, 2021 |
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U.S. Treasury securities |
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$ |
15,457 |
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|
$ |
1 |
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$ |
(61 |
) |
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$ |
15,397 |
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U.S. government agency and sponsored agency obligations: |
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Mortgage-backed securities - residential |
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558,365 |
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15 |
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(6,449 |
) |
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|
551,931 |
|
Mortgage-backed securities - commercial |
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57,028 |
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3 |
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(1,457 |
) |
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|
55,574 |
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Collateralized mortgage obligations |
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95,153 |
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41 |
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(1,590 |
) |
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93,604 |
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Debt securities |
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|
117,499 |
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— |
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(1,603 |
) |
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|
115,896 |
|
Total U.S. government agency and sponsored agency obligations |
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|
828,045 |
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59 |
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(11,099 |
) |
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|
817,005 |
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Municipal bonds-tax exempt |
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|
79,152 |
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|
117 |
|
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|
(881 |
) |
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|
78,388 |
|
Total securities available for sale |
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$ |
922,654 |
|
|
$ |
177 |
|
|
$ |
(12,041 |
) |
|
$ |
910,790 |
|
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| 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 December 31, 2022, 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.
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Available for Sale |
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Amortized |
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Estimated |
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Cost |
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Fair Value |
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(in thousands) |
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Within one year |
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$ |
28,665 |
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$ |
28,043 |
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Over one year through five years |
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180,322 |
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167,000 |
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Over five years through ten years |
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39,213 |
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35,318 |
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Over ten years |
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730,596 |
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|
623,477 |
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Total |
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$ |
978,796 |
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$ |
853,838 |
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| 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 December 31, 2022 and 2021, aggregated by major security type and length of time in a continuous unrealized loss position:
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Holding Period |
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Less than 12 Months |
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12 Months or More |
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Total |
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Gross
Unrealized
Loss |
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Estimated
Fair
Value |
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Number
of
Securities |
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Gross
Unrealized
Loss |
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Estimated
Fair
Value |
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|
Number
of
Securities |
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|
Gross
Unrealized
Loss |
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Estimated
Fair
Value |
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|
Number
of
Securities |
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(in thousands, except number of securities) |
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December 31, 2022 |
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U.S. Treasury securities |
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$ |
(414 |
) |
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$ |
33,812 |
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14 |
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$ |
(1,250 |
) |
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$ |
14,215 |
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4 |
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$ |
(1,664 |
) |
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$ |
48,027 |
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18 |
|
U.S. government agency and sponsored agency obligations: |
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Mortgage-backed securities - residential |
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(1,712 |
) |
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36,009 |
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18 |
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(73,789 |
) |
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424,302 |
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105 |
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(75,501 |
) |
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460,311 |
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123 |
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Mortgage-backed securities - commercial |
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(84 |
) |
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4,069 |
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1 |
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(10,423 |
) |
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47,221 |
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14 |
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(10,507 |
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51,290 |
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15 |
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Collateralized mortgage obligations |
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(1,011 |
) |
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23,606 |
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8 |
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(11,740 |
) |
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61,879 |
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20 |
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(12,751 |
) |
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85,485 |
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28 |
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Debt securities |
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(1,103 |
) |
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31,714 |
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8 |
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(10,736 |
) |
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106,785 |
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22 |
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(11,839 |
) |
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|
138,499 |
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30 |
|
Total U.S. government agency and sponsored agency obligations |
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(3,910 |
) |
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|
95,398 |
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35 |
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(106,688 |
) |
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640,187 |
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161 |
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(110,598 |
) |
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735,585 |
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|
196 |
|
Municipal bonds-tax exempt |
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|
— |
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|
— |
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|
— |
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(12,759 |
) |
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65,385 |
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19 |
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(12,759 |
) |
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65,385 |
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19 |
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Total |
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$ |
(4,324 |
) |
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$ |
129,210 |
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49 |
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$ |
(120,697 |
) |
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$ |
719,787 |
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|
184 |
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|
$ |
(125,021 |
) |
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$ |
848,997 |
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233 |
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|
December 31, 2021 |
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|
U.S. Treasury securities |
|
$ |
(61 |
) |
|
$ |
8,391 |
|
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|
2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
— |
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|
$ |
(61 |
) |
|
$ |
8,391 |
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|
2 |
|
U.S. government agency and sponsored agency obligations: |
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Mortgage-backed securities - residential |
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(5,484 |
) |
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498,731 |
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92 |
|
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(965 |
) |
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|
41,236 |
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8 |
|
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(6,449 |
) |
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|
539,967 |
|
|
|
100 |
|
Mortgage-backed securities - commercial |
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(768 |
) |
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|
36,879 |
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|
10 |
|
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(689 |
) |
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18,221 |
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3 |
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(1,457 |
) |
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|
55,100 |
|
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|
13 |
|
Collateralized mortgage obligations |
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|
(1,256 |
) |
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|
76,894 |
|
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16 |
|
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|
(334 |
) |
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|
12,548 |
|
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|
3 |
|
|
|
(1,590 |
) |
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|
89,442 |
|
|
|
19 |
|
Debt securities |
|
|
(1,503 |
) |
|
|
110,996 |
|
|
|
21 |
|
|
|
(100 |
) |
|
|
4,900 |
|
|
|
1 |
|
|
|
(1,603 |
) |
|
|
115,896 |
|
|
|
22 |
|
Total U.S. government agency and sponsored agency obligations |
|
|
(9,011 |
) |
|
|
723,500 |
|
|
|
139 |
|
|
|
(2,088 |
) |
|
|
76,905 |
|
|
|
15 |
|
|
|
(11,099 |
) |
|
|
800,405 |
|
|
|
154 |
|
Municipal bonds-tax exempt |
|
|
(881 |
) |
|
|
68,548 |
|
|
|
17 |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
(881 |
) |
|
|
68,548 |
|
|
|
17 |
|
Total |
|
$ |
(9,953 |
) |
|
$ |
800,439 |
|
|
|
158 |
|
|
$ |
(2,088 |
) |
|
$ |
76,905 |
|
|
|
15 |
|
|
$ |
(12,041 |
) |
|
$ |
877,344 |
|
|
|
173 |
|
|