Investment Securities (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Summary of Amortized Cost and Estimated Fair Value of Investment Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
Amortized Cost |
|
|
Gross Unrealized Holding Gain |
|
|
Gross Unrealized Holding Loss |
|
|
Fair Value |
|
|
Total Percent |
|
|
(Dollars in thousands) |
|
Investment securities available-for-sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government agency/GSE |
$ |
34,369 |
|
|
$ |
5 |
|
|
$ |
(2 |
) |
|
$ |
34,372 |
|
|
|
1.38 |
% |
Mortgage-backed securities |
|
2,329,953 |
|
|
|
1,339 |
|
|
|
(251,108 |
) |
|
|
2,080,184 |
|
|
|
83.67 |
% |
CMO/REMIC |
|
462,422 |
|
|
|
— |
|
|
|
(112,812 |
) |
|
|
349,610 |
|
|
|
14.06 |
% |
Municipal bonds |
|
21,770 |
|
|
|
28 |
|
|
|
(1,179 |
) |
|
|
20,619 |
|
|
|
0.83 |
% |
Other securities |
|
1,521 |
|
|
|
— |
|
|
|
— |
|
|
|
1,521 |
|
|
|
0.06 |
% |
Unallocated portfolio layer fair value basis
adjustments (1) |
|
(9,585 |
) |
|
|
9,585 |
|
|
|
— |
|
|
|
— |
|
|
|
0.00 |
% |
Total available-for-sale securities |
$ |
2,840,450 |
|
|
$ |
10,957 |
|
|
$ |
(365,101 |
) |
|
$ |
2,486,306 |
|
|
|
100.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities held-to-maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government agency/GSE |
$ |
506,465 |
|
|
$ |
— |
|
|
$ |
(91,663 |
) |
|
$ |
414,802 |
|
|
|
21.76 |
% |
Mortgage-backed securities |
|
583,542 |
|
|
|
— |
|
|
|
(98,102 |
) |
|
|
485,440 |
|
|
|
25.07 |
% |
CMO/REMIC |
|
770,567 |
|
|
|
— |
|
|
|
(160,170 |
) |
|
|
610,397 |
|
|
|
33.11 |
% |
Municipal bonds |
|
448,971 |
|
|
|
359 |
|
|
|
(42,898 |
) |
|
|
406,432 |
|
|
|
19.30 |
% |
Other securities (2) |
|
17,685 |
|
|
|
— |
|
|
|
— |
|
|
|
17,685 |
|
|
|
0.76 |
% |
Total held-to-maturity securities |
$ |
2,327,230 |
|
|
$ |
359 |
|
|
$ |
(392,833 |
) |
|
$ |
1,934,756 |
|
|
|
100.00 |
% |
(1)Represents the amount of portfolio layer method basis adjustments related to AFS MBS securities hedged in a closed portfolio. Under U.S. GAAP, portfolio layer method basis adjustments are not allocated to individual securities, however the amounts impact the unrealized gains or losses for the individual securities being hedged. Refer to Note 3 and Note 9 for additional information. (2)Represents Commercial Property Assessed Clean Energy ("C-PACE") bonds.
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
Amortized Cost |
|
|
Gross Unrealized Holding Gain |
|
|
Gross Unrealized Holding Loss |
|
|
Fair Value |
|
|
Total Percent |
|
|
(Dollars in thousands) |
|
Investment securities available-for-sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government agency/GSE |
$ |
34,149 |
|
|
$ |
106 |
|
|
$ |
— |
|
|
$ |
34,255 |
|
|
|
1.35 |
% |
Mortgage-backed securities |
|
2,460,573 |
|
|
|
337 |
|
|
|
(326,376 |
) |
|
|
2,134,534 |
|
|
|
83.97 |
% |
CMO/REMIC |
|
471,921 |
|
|
|
— |
|
|
|
(120,399 |
) |
|
|
351,522 |
|
|
|
13.82 |
% |
Municipal bonds |
|
21,755 |
|
|
|
28 |
|
|
|
(1,406 |
) |
|
|
20,377 |
|
|
|
0.80 |
% |
Other securities |
|
1,427 |
|
|
|
— |
|
|
|
— |
|
|
|
1,427 |
|
|
|
0.06 |
% |
Unallocated portfolio layer fair value basis
adjustments (1) |
|
7,222 |
|
|
|
— |
|
|
|
(7,222 |
) |
|
|
— |
|
|
|
0.00 |
% |
Total available-for-sale securities |
$ |
2,997,047 |
|
|
$ |
471 |
|
|
$ |
(455,403 |
) |
|
$ |
2,542,115 |
|
|
|
100.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities held-to-maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government agency/GSE |
$ |
514,572 |
|
|
$ |
— |
|
|
$ |
(106,315 |
) |
|
$ |
408,257 |
|
|
|
21.62 |
% |
Mortgage-backed securities |
|
614,383 |
|
|
|
— |
|
|
|
(110,020 |
) |
|
|
504,363 |
|
|
|
25.82 |
% |
CMO/REMIC |
|
784,059 |
|
|
|
— |
|
|
|
(170,121 |
) |
|
|
613,938 |
|
|
|
32.95 |
% |
Municipal bonds |
|
455,199 |
|
|
|
1,158 |
|
|
|
(40,025 |
) |
|
|
416,332 |
|
|
|
19.13 |
% |
Other securities (2) |
|
11,455 |
|
|
|
— |
|
|
|
— |
|
|
|
11,455 |
|
|
|
0.48 |
% |
Total held-to-maturity securities |
$ |
2,379,668 |
|
|
$ |
1,158 |
|
|
$ |
(426,481 |
) |
|
$ |
1,954,345 |
|
|
|
100.00 |
% |
(1)Represents the amount of portfolio layer method basis adjustments related to AFS MBS securities hedged in a closed portfolio. Under U.S. GAAP, portfolio layer method basis adjustments are not allocated to individual securities, however the amounts impact the unrealized gains or losses for the individual securities being hedged. Refer to Note 3 and Note 9 for additional information. (2)Represents Commercial Property Assessed Clean Energy ("C-PACE") bonds.
|
| Summary of Interest Income Earned on Investment Securities |
The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax.
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|
Three Months Ended |
|
|
Six Months Ended |
|
|
June 30, |
|
|
June 30, |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
(Dollars in thousands) |
|
Investment securities available-for-sale: |
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
18,154 |
|
|
$ |
21,057 |
|
|
$ |
36,744 |
|
|
$ |
42,337 |
|
Tax-advantaged |
|
145 |
|
|
|
168 |
|
|
|
289 |
|
|
|
334 |
|
Total interest income from available-for-sale securities |
|
18,299 |
|
|
|
21,225 |
|
|
|
37,033 |
|
|
|
42,671 |
|
Investment securities held-to-maturity: |
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
10,537 |
|
|
|
11,050 |
|
|
|
21,196 |
|
|
|
22,034 |
|
Tax-advantaged |
|
2,349 |
|
|
|
2,395 |
|
|
|
4,711 |
|
|
|
4,813 |
|
Total interest income from held-to-maturity securities |
|
12,886 |
|
|
|
13,445 |
|
|
|
25,907 |
|
|
|
26,847 |
|
Total interest income from investment securities |
$ |
31,185 |
|
|
$ |
34,670 |
|
|
$ |
62,940 |
|
|
$ |
69,518 |
|
|
| Summary Of Unrealized Loss On Investments |
The following table presents the Company’s available-for-sale and held-to-maturity investment securities, by investment category, in an unrealized loss position for which an allowance for credit losses has not been recorded as of June 30, 2025 and December 31, 2024.
|
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|
|
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|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
Less Than 12 Months |
|
|
12 Months or Longer |
|
|
Total |
|
|
Fair Value |
|
|
Gross Unrealized Holding Losses |
|
|
Fair Value |
|
|
Gross Unrealized Holding Losses |
|
|
Fair Value |
|
|
Gross Unrealized Holding Losses |
|
|
(Dollars in thousands) |
|
Investment securities available-for-sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government agency/GSE |
$ |
4,914 |
|
|
$ |
(2 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,914 |
|
|
$ |
(2 |
) |
Mortgage-backed securities |
|
192,892 |
|
|
|
(1,036 |
) |
|
|
1,725,631 |
|
|
|
(250,072 |
) |
|
|
1,918,523 |
|
|
|
(251,108 |
) |
CMO/REMIC |
|
— |
|
|
|
— |
|
|
|
349,609 |
|
|
|
(112,812 |
) |
|
|
349,609 |
|
|
|
(112,812 |
) |
Municipal bonds |
|
— |
|
|
|
— |
|
|
|
19,696 |
|
|
|
(1,179 |
) |
|
|
19,696 |
|
|
|
(1,179 |
) |
Total available-for-sale securities |
$ |
197,806 |
|
|
$ |
(1,038 |
) |
|
$ |
2,094,936 |
|
|
$ |
(364,063 |
) |
|
$ |
2,292,742 |
|
|
$ |
(365,101 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities held-to-maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government agency/GSE |
$ |
— |
|
|
$ |
— |
|
|
$ |
414,802 |
|
|
$ |
(91,663 |
) |
|
$ |
414,802 |
|
|
$ |
(91,663 |
) |
Mortgage-backed securities |
|
1,922 |
|
|
|
(5 |
) |
|
|
483,518 |
|
|
|
(98,097 |
) |
|
|
485,440 |
|
|
|
(98,102 |
) |
CMO/REMIC |
|
— |
|
|
|
— |
|
|
|
610,397 |
|
|
|
(160,170 |
) |
|
|
610,397 |
|
|
|
(160,170 |
) |
Municipal bonds |
|
89,306 |
|
|
|
(3,976 |
) |
|
|
292,372 |
|
|
|
(38,922 |
) |
|
|
381,678 |
|
|
|
(42,898 |
) |
Total held-to-maturity securities |
$ |
91,228 |
|
|
$ |
(3,981 |
) |
|
$ |
1,801,089 |
|
|
$ |
(388,852 |
) |
|
$ |
1,892,317 |
|
|
$ |
(392,833 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
Less Than 12 Months |
|
|
12 Months or Longer |
|
|
Total |
|
|
Fair Value |
|
|
Gross Unrealized Holding Losses |
|
|
Fair Value |
|
|
Gross Unrealized Holding Losses |
|
|
Fair Value |
|
|
Gross Unrealized Holding Losses |
|
|
(Dollars in thousands) |
|
Investment securities available-for-sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
$ |
204,428 |
|
|
$ |
(700 |
) |
|
$ |
1,757,066 |
|
|
$ |
(325,677 |
) |
|
$ |
1,961,494 |
|
|
$ |
(326,377 |
) |
CMO/REMIC |
|
1 |
|
|
|
— |
|
|
|
351,521 |
|
|
|
(120,399 |
) |
|
|
351,522 |
|
|
|
(120,399 |
) |
Municipal bonds |
|
3,215 |
|
|
|
(155 |
) |
|
|
16,262 |
|
|
|
(1,250 |
) |
|
|
19,477 |
|
|
|
(1,405 |
) |
Total available-for-sale securities |
$ |
207,644 |
|
|
$ |
(855 |
) |
|
$ |
2,124,849 |
|
|
$ |
(447,326 |
) |
|
$ |
2,332,493 |
|
|
$ |
(448,181 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities held-to-maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government agency/GSE |
$ |
— |
|
|
$ |
— |
|
|
$ |
408,257 |
|
|
$ |
(106,315 |
) |
|
$ |
408,257 |
|
|
$ |
(106,315 |
) |
Mortgage-backed securities |
|
2,072 |
|
|
|
(42 |
) |
|
|
502,292 |
|
|
|
(109,978 |
) |
|
|
504,364 |
|
|
|
(110,020 |
) |
CMO/REMIC |
|
— |
|
|
|
— |
|
|
|
613,937 |
|
|
|
(170,121 |
) |
|
|
613,937 |
|
|
|
(170,121 |
) |
Municipal bonds |
|
63,668 |
|
|
|
(1,067 |
) |
|
|
286,868 |
|
|
|
(38,958 |
) |
|
|
350,536 |
|
|
|
(40,025 |
) |
Total held-to-maturity securities |
$ |
65,740 |
|
|
$ |
(1,109 |
) |
|
$ |
1,811,354 |
|
|
$ |
(425,372 |
) |
|
$ |
1,877,094 |
|
|
$ |
(426,481 |
) |
|
| Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity |
Mortgage-backed and CMO/REMIC securities are included in maturity categories based upon estimated average lives which incorporate estimated prepayment speeds.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
Available-for-sale |
|
|
Held-to-maturity |
|
|
Amortized Cost |
|
|
Fair Value |
|
|
Amortized Cost |
|
|
Fair Value |
|
|
|
|
|
(Dollars in thousands) |
|
|
|
|
Due in one year or less |
$ |
40,593 |
|
|
$ |
40,552 |
|
|
$ |
17,109 |
|
|
$ |
16,746 |
|
Due after one year through five years |
|
258,065 |
|
|
|
243,018 |
|
|
|
47,915 |
|
|
|
46,837 |
|
Due after five years through ten years |
|
1,719,933 |
|
|
|
1,495,301 |
|
|
|
314,931 |
|
|
|
280,154 |
|
Due after ten years |
|
821,859 |
|
|
|
707,435 |
|
|
|
1,947,275 |
|
|
|
1,591,019 |
|
Total investment securities |
$ |
2,840,450 |
|
|
$ |
2,486,306 |
|
|
$ |
2,327,230 |
|
|
$ |
1,934,756 |
|
|