Quarterly report pursuant to Section 13 or 15(d)

Securities (Tables)

v3.20.2
Securities (Tables)
9 Months Ended
Sep. 30, 2020
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)

 

September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

19,993

 

 

$

202

 

 

$

 

 

$

20,195

 

U.S. government agency and sponsored agency obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

483,622

 

 

 

2,150

 

 

 

(275

)

 

 

485,497

 

Collateralized mortgage obligations

 

 

131,908

 

 

 

317

 

 

 

(112

)

 

 

132,113

 

Debt securities

 

 

85,660

 

 

 

137

 

 

 

(1

)

 

 

85,796

 

Total U.S. government agency and sponsored agency obligations

 

 

701,190

 

 

 

2,604

 

 

 

(388

)

 

 

703,406

 

Total securities available for sale

 

$

721,183

 

 

$

2,806

 

 

$

(388

)

 

$

723,601

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

34,947

 

 

$

259

 

 

$

 

 

$

35,206

 

U.S. government agency and sponsored agency obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

406,813

 

 

 

4,334

 

 

 

(347

)

 

 

410,800

 

Collateralized mortgage obligations

 

 

164,232

 

 

 

792

 

 

 

(432

)

 

 

164,592

 

Debt securities

 

 

23,733

 

 

 

168

 

 

 

(22

)

 

 

23,879

 

Total U.S. government agency and sponsored agency obligations

 

 

594,778

 

 

 

5,294

 

 

 

(801

)

 

 

599,271

 

Total securities available for sale

 

$

629,725

 

 

$

5,553

 

 

$

(801

)

 

$

634,477

 

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 September 30, 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.

 

 

 

Available for Sale

 

 

 

Amortized

 

 

Estimated

 

 

 

Cost

 

 

Fair Value

 

 

 

(in thousands)

 

Within one year

 

$

21,199

 

 

$

21,399

 

Over one year through five years

 

 

123,194

 

 

 

123,602

 

Over five years through ten years

 

 

49,545

 

 

 

49,613

 

Over ten years

 

 

527,245

 

 

 

528,987

 

Total

 

$

721,183

 

 

$

723,601

 

Available for Sale Securities, Continuous Unrealized Loss Position, Fair Value

Gross unrealized losses on securities available for sale, the estimated fair value of the related securities and the number of securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows as of September 30, 2020 and December 31, 2019:

 

 

 

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)

 

September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency and sponsored agency obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

(275

)

 

$

121,963

 

 

 

19

 

 

$

 

 

$

 

 

 

 

 

$

(275

)

 

$

121,963

 

 

 

19

 

Collateralized mortgage obligations

 

 

(112

)

 

 

59,737

 

 

 

14

 

 

 

 

 

 

 

 

 

 

 

 

(112

)

 

 

59,737

 

 

 

14

 

Debt securities

 

 

(1

)

 

 

3,499

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

3,499

 

 

 

1

 

Total U.S. government agency and sponsored agency obligations

 

 

(388

)

 

 

185,199

 

 

 

34

 

 

 

 

 

 

 

 

 

 

 

 

(388

)

 

 

185,199

 

 

 

34

 

Total

 

$

(388

)

 

$

185,199

 

 

 

34

 

 

$

 

 

$

 

 

 

 

 

$

(388

)

 

$

185,199

 

 

 

34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency and sponsored agency obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

(186

)

 

$

51,261

 

 

 

17

 

 

$

(161

)

 

$

18,757

 

 

 

14

 

 

$

(347

)

 

$

70,018

 

 

 

31

 

Collateralized mortgage obligations

 

 

(112

)

 

 

41,419

 

 

 

14

 

 

 

(320

)

 

 

39,936

 

 

 

36

 

 

 

(432

)

 

 

81,355

 

 

 

50

 

Debt securities

 

 

(20

)

 

 

8,235

 

 

 

2

 

 

 

(3

)

 

 

2,997

 

 

 

1

 

 

 

(22

)

 

 

11,233

 

 

 

3

 

Total U.S. government agency and sponsored agency obligations

 

 

(318

)

 

 

100,916

 

 

 

33

 

 

 

(483

)

 

 

61,690

 

 

 

51

 

 

 

(801

)

 

 

162,606

 

 

 

84

 

Total

 

$

(318

)

 

$

100,916

 

 

 

33

 

 

$

(483

)

 

$

61,690

 

 

 

51

 

 

$

(801

)

 

$

162,606

 

 

 

84

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(in thousands)

 

Gross realized gains on sales of securities

 

$

 

 

$

 

 

$

15,712

 

 

$

1,359

 

Gross realized losses on sales of securities

 

 

 

 

 

 

 

 

 

 

 

(64

)

Net realized gains on sales of securities

 

$

 

 

$

 

 

$

15,712

 

 

$

1,295

 

Proceeds from sales of securities

 

$

 

 

 

 

 

$

495,566

 

 

 

113,306