Quarterly report pursuant to Section 13 or 15(d)

Securities (Tables)

v3.23.1
Securities (Tables)
3 Months Ended
Mar. 31, 2023
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, 2023

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

56,174

 

 

$

79

 

 

$

(1,327

)

 

$

54,926

 

U.S. government agency and sponsored agency obligations:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities - residential

 

 

532,117

 

 

 

152

 

 

 

(68,164

)

 

 

464,105

 

Mortgage-backed securities - commercial

 

 

61,489

 

 

 

 

 

 

(10,623

)

 

 

50,866

 

Collateralized mortgage obligations

 

 

112,021

 

 

 

69

 

 

 

(11,544

)

 

 

100,546

 

Debt securities

 

 

150,362

 

 

 

 

 

 

(9,994

)

 

 

140,368

 

Total U.S. government agency and sponsored agency obligations

 

 

855,989

 

 

 

221

 

 

 

(100,325

)

 

 

755,885

 

Municipal bonds-tax exempt

 

 

77,889

 

 

 

 

 

 

(9,999

)

 

 

67,890

 

Total securities available for sale

 

$

990,052

 

 

$

300

 

 

$

(111,651

)

 

$

878,701

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

49,690

 

 

$

 

 

$

(1,664

)

 

$

48,026

 

U.S. government agency and sponsored agency obligations:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities - residential

 

 

540,590

 

 

 

63

 

 

 

(75,501

)

 

 

465,152

 

Mortgage-backed securities - commercial

 

 

61,799

 

 

 

 

 

 

(10,507

)

 

 

51,292

 

Collateralized mortgage obligations

 

 

98,236

 

 

 

 

 

 

(12,751

)

 

 

85,485

 

Debt securities

 

 

150,338

 

 

 

 

 

 

(11,839

)

 

 

138,499

 

Total U.S. government agency and sponsored agency obligations

 

 

850,963

 

 

 

63

 

 

 

(110,598

)

 

 

740,428

 

Municipal bonds-tax exempt

 

 

78,143

 

 

 

 

 

 

(12,759

)

 

 

65,384

 

Total securities available for sale

 

$

978,796

 

 

$

63

 

 

$

(125,021

)

 

$

853,838

 

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, 2023 and 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.

 

 

 

March 31, 2023

 

 

December 31, 2022

 

 

 

Available for Sale

 

 

Available for Sale

 

 

 

Amortized

 

 

Estimated

 

 

Amortized

 

 

Estimated

 

 

 

Cost

 

 

Fair Value

 

 

Cost

 

 

Fair Value

 

 

 

(in thousands)

 

Within one year

 

$

35,558

 

 

$

35,134

 

 

$

28,665

 

 

$

28,043

 

Over one year through five years

 

 

187,050

 

 

 

175,950

 

 

 

180,322

 

 

 

167,000

 

Over five years through ten years

 

 

61,568

 

 

 

56,330

 

 

 

39,213

 

 

 

35,318

 

Over ten years

 

 

705,876

 

 

 

611,287

 

 

 

730,596

 

 

 

623,477

 

Total

 

$

990,052

 

 

$

878,701

 

 

$

978,796

 

 

$

853,838

 

 

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, 2023 and December 31, 2022, 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, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

(186

)

 

$

24,606

 

 

 

11

 

 

$

(1,141

)

 

$

17,823

 

 

 

5

 

 

$

(1,327

)

 

$

42,429

 

 

 

16

 

U.S. government agency and sponsored agency obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities - residential

 

 

(989

)

 

 

30,094

 

 

 

16

 

 

 

(67,175

)

 

 

422,817

 

 

 

107

 

 

 

(68,164

)

 

 

452,911

 

 

 

123

 

Mortgage-backed securities - commercial

 

 

(65

)

 

 

4,094

 

 

 

1

 

 

 

(10,558

)

 

 

46,772

 

 

 

14

 

 

 

(10,623

)

 

 

50,866

 

 

 

15

 

Collateralized mortgage obligations

 

 

(426

)

 

 

18,991

 

 

 

5

 

 

 

(11,118

)

 

 

66,075

 

 

 

23

 

 

 

(11,544

)

 

 

85,066

 

 

 

28

 

Debt securities

 

 

(92

)

 

 

13,834

 

 

 

4

 

 

 

(9,902

)

 

 

126,534

 

 

 

26

 

 

 

(9,994

)

 

 

140,368

 

 

 

30

 

Total U.S. government agency and sponsored agency obligations

 

 

(1,572

)

 

 

67,013

 

 

 

26

 

 

 

(98,753

)

 

 

662,198

 

 

 

170

 

 

 

(100,325

)

 

 

729,211

 

 

 

196

 

Municipal bonds-tax exempt

 

 

 

 

 

 

 

 

 

 

 

(9,999

)

 

 

67,890

 

 

 

19

 

 

 

(9,999

)

 

 

67,890

 

 

 

19

 

Total

 

$

(1,758

)

 

$

91,619

 

 

 

37

 

 

$

(109,893

)

 

$

747,911

 

 

 

194

 

 

$

(111,651

)

 

$

839,530

 

 

 

231

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

(414

)

 

$

33,812

 

 

 

14

 

 

$

(1,250

)

 

$

14,215

 

 

 

4

 

 

$

(1,664

)

 

$

48,027

 

 

 

18

 

U.S. government agency and sponsored agency obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities - residential

 

 

(1,712

)

 

 

36,009

 

 

 

18

 

 

 

(73,789

)

 

 

424,302

 

 

 

105

 

 

 

(75,501

)

 

 

460,311

 

 

 

123

 

Mortgage-backed securities - commercial

 

 

(84

)

 

 

4,069

 

 

 

1

 

 

 

(10,423

)

 

 

47,221

 

 

 

14

 

 

 

(10,507

)

 

 

51,290

 

 

 

15

 

Collateralized mortgage obligations

 

 

(1,011

)

 

 

23,606

 

 

 

8

 

 

 

(11,740

)

 

 

61,879

 

 

 

20

 

 

 

(12,751

)

 

 

85,485

 

 

 

28

 

Debt securities

 

 

(1,103

)

 

 

31,714

 

 

 

8

 

 

 

(10,736

)

 

 

106,785

 

 

 

22

 

 

 

(11,839

)

 

 

138,499

 

 

 

30

 

Total U.S. government agency and sponsored agency obligations

 

 

(3,910

)

 

 

95,398

 

 

 

35

 

 

 

(106,688

)

 

 

640,187

 

 

 

161

 

 

 

(110,598

)

 

 

735,585

 

 

 

196

 

Municipal bonds-tax exempt

 

 

 

 

 

 

 

 

 

 

 

(12,759

)

 

 

65,385

 

 

 

19

 

 

 

(12,759

)

 

 

65,385

 

 

 

19

 

Total

 

$

(4,324

)

 

$

129,210

 

 

 

49

 

 

$

(120,697

)

 

$

719,787

 

 

 

184

 

 

$

(125,021

)

 

$

848,997

 

 

 

233