Quarterly report pursuant to Section 13 or 15(d)

SECURITIES (Tables)

v3.21.1
SECURITIES (Tables)
3 Months Ended
Mar. 31, 2021
Amortized Cost of HTM Securities by Security Type and Credit Rating

The following table presents the amortized cost of HTM securities as of March 31, 2021 and December 31, 2020 by security type and credit rating (dollars in thousands):

    

U.S. Government and Agency

    

Obligations of states and political

    

Mortgage-backed

    

Total HTM

securities

subdivisions

securities

securities

March 31, 2021

Credit Rating:

 

 

AAA/AA/A

$

$

531,203

$

$

531,203

Not Rated - Agency(1)

2,676

5,265

7,941

Not Rated - Non-Agency

 

4,431

4,431

Total

$

2,676

$

535,634

$

5,265

$

543,575

December 31, 2020

Credit Rating:

 

 

AAA/AA/A

$

$

532,157

$

$

532,157

Not Rated - Agency(1)

2,751

5,333

8,084

Not Rated - Non-Agency

 

4,610

4,610

Total

$

2,751

$

536,767

$

5,333

$

544,851

(1) Generally considered not to have credit risk given the government guarantees associated with these agencies

Gross Realized Gain and Losses on the Sale of Securities

The following table presents the gross realized gains and losses on and the proceeds from the sale of securities during the three months ended March 31, 2021 and 2020 (dollars in thousands).

    

Three Months Ended

    

Three Months Ended

March 31, 2021

March 31, 2020

Realized gains (losses):

 

  

 

  

Gross realized gains

$

138

$

2,164

Gross realized losses

 

(60)

 

(228)

Net realized gains

$

78

$

1,936

Proceeds from sales of securities

$

45,436

$

120,701

Available-for-sale Securities  
Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities

The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of March 31, 2021 are summarized as follows (dollars in thousands):

Amortized

Gross Unrealized

Estimated

    

Cost

    

Gains

    

(Losses)

    

Fair Value

March 31, 2021

 

  

 

  

 

  

  

U.S. government and agency securities

$

11,470

$

254

$

(47)

$

11,677

Obligations of states and political subdivisions

 

868,297

 

35,757

 

(4,956)

 

899,098

Corporate and other bonds (1)

 

145,403

 

2,448

 

(243)

 

147,608

Commercial mortgage-backed securities

 

 

Agency

316,527

 

11,260

 

(1,615)

326,172

Non-agency

58,691

 

79

 

(110)

58,660

Total commercial mortgage-backed securities

375,218

 

11,339

 

(1,725)

384,832

Residential mortgage-backed securities

Agency

1,138,014

 

26,812

 

(13,668)

1,151,158

Non-agency

100,036

 

1,521

 

(512)

101,045

Total residential mortgage-backed securities

1,238,050

 

28,333

 

(14,180)

1,252,203

Other securities

 

1,625

 

 

 

1,625

Total AFS securities

$

2,640,063

$

78,131

$

(21,151)

$

2,697,043

(1) Other bonds include asset-backed securities.

The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of December 31, 2020 are summarized as follows (dollars in thousands):

Amortized

Gross Unrealized

Estimated

    

Cost

    

Gains

    

(Losses)

    

Fair Value

December 31, 2020

U.S. government and agency securities

$

13,009

$

437

$

(52)

$

13,394

Obligations of states and political subdivisions

786,466

50,878

(18)

837,326

Corporate and other bonds (1)

 

148,747

 

2,430

 

(99)

 

151,078

Commercial mortgage-backed securities

 

 

Agency

321,015

16,277

(2)

337,290

Non-agency

51,244

167

(17)

51,394

Total commercial mortgage-backed securities

372,259

16,444

(19)

388,684

Residential mortgage-backed securities

Agency

1,012,237

31,816

(1,946)

1,042,107

Non-agency

104,904

1,507

(206)

106,205

Total residential mortgage-backed securities

1,117,141

33,323

(2,152)

1,148,312

Other securities

 

1,625

 

 

 

1,625

Total AFS securities

$

2,439,247

$

103,512

$

(2,340)

$

2,540,419

(1) Other bonds include asset-backed securities

Schedule of Gross Unrealized Losses and Fair Value of Investments

The following table shows the gross unrealized losses and fair value of the Company’s AFS securities with unrealized losses for which an ACL has not been recorded at March 31, 2021 and December 31, 2020 and that are not deemed to be impaired as of those dates. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position (dollars in thousands).

Less than 12 months

More than 12 months

Total

  

Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair

  

Unrealized

Value

Losses

Value

Losses

Value

Losses

March 31, 2021

 

 

 

 

 

 

U.S. government and agency securities

$

$

$

4,899

$

(47)

$

4,899

$

(47)

Obligations of states and political subdivisions

271,172

(4,956)

271,172

(4,956)

Corporate and other bonds(1)

 

42,612

 

(237)

 

4,785

 

(6)

 

47,397

 

(243)

Commercial mortgage-backed securities

 

 

 

 

 

 

Agency

65,708

(1,614)

359

(1)

66,067

(1,615)

Non-agency

26,736

(110)

26,736

(110)

Total commercial mortgage-backed securities

92,444

(1,724)

359

(1)

92,803

(1,725)

Residential mortgage-backed securities

Agency

558,523

(13,650)

1,175

(18)

559,698

(13,668)

Non-agency

36,031

(491)

10,070

(21)

46,101

(512)

Total residential mortgage-backed securities

594,554

(14,141)

11,245

(39)

605,799

(14,180)

Total AFS securities

$

1,000,782

$

(21,058)

$

21,288

$

(93)

$

1,022,070

$

(21,151)

December 31, 2020

 

  

 

  

 

  

 

  

 

  

 

  

U.S. government and agency securities

$

$

$

5,456

$

(52)

$

5,456

$

(52)

Obligations of states and political subdivisions

5,091

(18)

5,091

(18)

Corporate and other bonds(1)

 

17,946

 

(52)

 

10,698

 

(47)

 

28,644

 

(99)

Commercial mortgage-backed securities

 

 

 

 

 

 

Agency

5,893

(2)

376

6,269

(2)

Non-agency

17,654

(17)

17,654

(17)

Total commercial mortgage-backed securities

23,547

(19)

376

23,923

(19)

Residential mortgage-backed securities

Agency

219,388

(1,944)

1,055

(2)

220,443

(1,946)

Non-agency

36,942

(206)

36,942

(206)

Total residential mortgage-backed securities

256,330

(2,150)

1,055

(2)

257,385

(2,152)

Total AFS securities

$

302,914

$

(2,239)

$

17,585

$

(101)

$

320,499

$

(2,340)

(1) Other bonds includes asset-backed securities.

Schedule of Amortized Cost and Estimated Fair Value of Securities

The following table presents the amortized cost and estimated fair value of AFS securities as of March 31, 2021 and December 31, 2020, by contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (dollars in thousands).

March 31, 2021

December 31, 2020

    

Amortized

    

Estimated

    

Amortized

    

Estimated

Cost

Fair Value

Cost

Fair Value

Due in one year or less

$

18,007

$

18,168

$

19,875

$

19,997

Due after one year through five years

 

166,575

 

172,723

 

161,448

 

169,103

Due after five years through ten years

 

233,566

 

239,838

 

235,021

 

242,791

Due after ten years

 

2,221,915

 

2,266,314

 

2,022,903

 

2,108,528

Total AFS securities

$

2,640,063

$

2,697,043

$

2,439,247

$

2,540,419

Held-to-maturity Securities  
Schedule of Amortized Cost and Estimated Fair Value of Securities

The following table presents the amortized cost and estimated fair value of HTM securities as of March 31, 2021 and December 31, 2020, by contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (dollars in thousands).

March 31, 2021

December 31, 2020

    

Carrying

    

Estimated

    

Carrying

    

Estimated

Value

Fair Value

Value

Fair Value

Due in one year or less

$

1,441

$

1,449

$

1,443

$

1,460

Due after one year through five years

 

8,518

 

8,786

 

8,577

 

8,893

Due after five years through ten years

 

1,680

 

1,719

 

1,744

 

1,805

Due after ten years

 

531,936

 

594,405

 

533,087

 

607,607

Total HTM securities

$

543,575

$

606,359

$

544,851

$

619,765

Schedule of Carrying Values, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities

The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of March 31, 2021 are summarized as follows (dollars in thousands):

Carrying

Gross Unrealized

Estimated

    

Value

    

Gains

    

(Losses)

Fair Value

March 31, 2021

 

  

 

  

 

  

  

U.S. government and agency securities

$

2,676

$

$

(31)

$

2,645

Obligations of states and political subdivisions

535,634

62,880

598,514

Commercial mortgage-backed securities

 

Agency

5,265

1

(66)

5,200

Non-agency

Total commercial mortgage-backed securities

5,265

1

(66)

5,200

Total held-to-maturity securities

$

543,575

$

62,881

$

(97)

$

606,359

The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of December 31, 2020 are summarized as follows (dollars in thousands):

Carrying

Gross Unrealized

Estimated

    

Value

    

Gains

    

(Losses)

    

Fair Value

December 31, 2020

 

  

 

  

 

  

 

  

U.S. government and agency securities

$

2,751

$

$

(18)

$

2,733

Obligations of states and political subdivisions

536,767

74,978

611,745

Commercial mortgage-backed securities

 

 

 

Agency

5,333

4

(50)

5,287

Non-agency

Total commercial mortgage-backed securities

5,333

4

(50)

5,287

Total held-to-maturity securities

$

544,851

$

74,982

$

(68)

$

619,765