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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2020
Investment Securities  
Schedule of amortized cost and fair value of investment securities held to maturity

Gross

    

Gross

 

Amortized

Unrealized

Unrealized

Fair

 

(Dollars in thousands)

    

Cost

    

Gains

    

Losses

    

Value

 

December 31, 2020:

Government-sponsored entities debt*

$

25,000

$

1

$

$

25,001

Mortgage-backed securities**

930,542

2,763

(1,123)

932,182

$

955,542

$

2,764

$

(1,123)

$

957,183

December 31, 2019:

State and municipal obligations

$

$

$

$

Schedule of amortized cost and fair value of investment securities available for sale

Gross

Gross

Amortized

Unrealized

Unrealized

Fair

 

(Dollars in thousands)

    

Cost

    

Gains

    

Losses

    

Value

 

December 31, 2020:

Government-sponsored entities debt*

$

29,882

$

16

$

(642)

$

29,256

State and municipal obligations

 

502,575

 

17,491

 

(27)

 

520,039

Mortgage-backed securities**

 

2,722,018

 

49,153

 

(3,496)

 

2,767,675

Corporate securities

13,562

140

13,702

$

3,268,037

$

66,800

$

(4,165)

$

3,330,672

December 31, 2019:

Government-sponsored entities debt*

$

25,356

$

585

$

$

25,941

State and municipal obligations

 

204,150

 

5,029

 

(764)

 

208,415

Mortgage-backed securities**

 

1,711,257

 

14,209

 

(3,775)

 

1,721,691

$

1,940,763

$

19,823

$

(4,539)

$

1,956,047

*     The Company’s government-sponsored entities holdings are comprised of debt securities offered by Federal Home Loan Mortgage Corporation (“FHLMC”) or Freddie Mac, Federal National Mortgage Association (“FNMA”) or Fannie Mae, FHLB, and Federal Farm Credit Banks (“FFCB”).

**   All of the mortgage-backed securities are issued by government-sponsored entities; there are no private-label holdings. Also included in the Company’s government-sponsored entities are debt securities offered by the Small Business Administration (“SBA”), which have the full faith and credit backing of the United States Government.

Schedule of amortized cost and carrying value of other investment securities

Carrying

 

(Dollars in thousands)

    

Value

 

December 31, 2020:

Federal Home Loan Bank stock

$

15,083

Federal Reserve Bank stock

129,871

Investment in unconsolidated subsidiaries

 

4,941

Other nonmarketable investment securities

 

10,548

$

160,443

December 31, 2019:

Federal Home Loan Bank stock

$

43,044

Investment in unconsolidated subsidiaries

 

3,563

Other nonmarketable investment securities

 

2,517

$

49,124

Schedule of amortized cost and fair value of debt and equity securities by contractual maturity

Securities

Securities

 

Held-to-maturity

Available-for-sale

 

Amortized

Fair

Amortized

Fair

 

(Dollars in thousands)

    

Cost

    

Value

    

Cost

    

Value

 

Due in one year or less

    

$

$

    

$

9,669

    

$

9,698

Due after one year through five years

 

 

 

80,846

 

83,586

Due after five years through ten years

 

88,735

 

89,007

 

525,547

 

539,905

Due after ten years

 

866,807

 

868,176

 

2,651,975

 

2,697,483

$

955,542

$

957,183

$

3,268,037

$

3,330,672

Schedule of information with respect to sales of available-for-sale securities

Year Ended December 31,

(Dollars in thousands)

    

2020

    

2019

    

2018

 

Securities Available-for-sale:

Sale proceeds

   

$

100,754

    

$

242,733

    

$

73,054

Gross realized gains

662

6,030

31

Gross realized losses

 

(612)

 

(3,319)

 

(686)

Net realized gain (loss)

$

50

$

2,711

$

(655)

Schedule of securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position

Less Than

Twelve Months

 

Twelve Months

or More

 

Gross

Gross

 

Unrealized

Fair

Unrealized

Fair

 

(Dollars in thousands)

    

Losses

    

Value

    

Losses

    

Value

 

December 31, 2020:

Securities Held-to-maturity

Mortgage-backed securities

$

1,123

$

240,591

$

$

$

1,123

$

240,591

$

$

Securities Available-for-sale

Government-sponsored entities debt

$

642

$

24,358

$

$

State and municipal obligations

 

27

 

8,620

 

 

Mortgage-backed securities

 

2,475

 

509,319

 

1,021

 

105,125

$

3,144

$

542,297

$

1,021

$

105,125

December 31, 2019:

Securities Available-for-sale

Government-sponsored entities debt

$

$

$

$

State and municipal obligations

 

764

 

42,070

 

 

Mortgage-backed securities

 

2,422

 

461,658

 

1,353

 

141,982

$

3,186

$

503,728

$

1,353

$

141,982