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Securities (Tables) | 9 Months Ended
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Sep. 30, 2021
Securities Available for Sale | This table provides detailed information about securities available for sale at September 30, 2021 and December 31, 2020 (in thousands):
September 30, 2021 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Treasury |  | $ | 69,515 |  |  | $ | 515 |  |  | $ | (171 | ) |  | $ | 69,859 |
U.S. Agencies |  |  | 89,113 |  |  |  | 4,542 |  |  |  | — |  |  |  | 93,655 |
Mortgage-backed |  |  | 7,309,736 |  |  |  | 126,649 |  |  |  | (66,164 | ) |  |  | 7,370,221 |
State and political subdivisions |  |  | 3,324,563 |  |  |  | 149,848 |  |  |  | (12,508 | ) |  |  | 3,461,903 |
Corporates |  |  | 163,920 |  |  |  | 3,345 |  |  |  | (213 | ) |  |  | 167,052 |
Total |  | $ | 10,956,847 |  |  | $ | 284,899 |  |  | $ | (79,056 | ) |  | $ | 11,162,690 |
December 31, 2020 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Treasury |  | $ | 29,911 |  |  | $ | 829 |  |  | $ | — |  |  | $ | 30,740 |
U.S. Agencies |  |  | 89,554 |  |  |  | 6,395 |  |  |  | — |  |  |  | 95,949 |
Mortgage-backed |  |  | 5,266,394 |  |  |  | 202,944 |  |  |  | (1,157 | ) |  |  | 5,468,181 |
State and political subdivisions |  |  | 3,424,309 |  |  |  | 199,848 |  |  |  | (538 | ) |  |  | 3,623,619 |
Corporates |  |  | 77,566 |  |  |  | 3,649 |  |  |  | (16 | ) |  |  | 81,199 |
Total |  | $ | 8,887,734 |  |  | $ | 413,665 |  |  | $ | (1,711 | ) |  | $ | 9,299,688 |
Gross Unrealized Losses and Fair Value of Investment Securities Available for Sale | The following table shows the Company’s available-for-sale investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2021 and December 31, 2020 (in thousands):
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
September 30, 2021 |  | Count |  |  | Fair Value |  |  | Unrealized Losses |  |  | Count |  |  | Fair Value |  |  | Unrealized Losses |  |  | Count |  |  | Fair Value |  |  | Unrealized Losses |
Description of Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  |  | 4 |  |  | $ | 59,419 |  |  | $ | (171 | ) |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | 4 |  |  | $ | 59,419 |  |  | $ | (171 | )
U.S. Agencies |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Mortgage-backed |  |  | 249 |  |  |  | 3,939,967 |  |  |  | (64,932 | ) |  |  | 2 |  |  |  | 27,627 |  |  |  | (1,232 | ) |  |  | 251 |  |  |  | 3,967,594 |  |  |  | (66,164 | )
State and political subdivisions |  |  | 513 |  |  |  | 539,497 |  |  |  | (10,792 | ) |  |  | 19 |  |  |  | 33,968 |  |  |  | (1,716 | ) |  |  | 532 |  |  |  | 573,465 |  |  |  | (12,508 | )
Corporates |  |  | 26 |  |  |  | 36,405 |  |  |  | (213 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26 |  |  |  | 36,405 |  |  |  | (213 | )
Total |  |  | 792 |  |  | $ | 4,575,288 |  |  | $ | (76,108 | ) |  |  | 21 |  |  | $ | 61,595 |  |  | $ | (2,948 | ) |  |  | 813 |  |  | $ | 4,636,883 |  |  | $ | (79,056 | )
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
December 31, 2020 |  | Count |  |  | Fair Value |  |  | Unrealized Losses |  |  | Count |  |  | Fair Value |  |  | Unrealized Losses |  |  | Count |  |  | Fair Value |  |  | Unrealized Losses |
Description of Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  | $ | — |
U.S. Agencies |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Mortgage-backed |  |  | 16 |  |  |  | 174,234 |  |  |  | (1,157 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 16 |  |  |  | 174,234 |  |  |  | (1,157 | )
State and political subdivisions |  |  | 24 |  |  |  | 55,653 |  |  |  | (279 | ) |  |  | 6 |  |  |  | 2,833 |  |  |  | (259 | ) |  |  | 30 |  |  |  | 58,486 |  |  |  | (538 | )
Corporates |  |  | 4 |  |  |  | 5,335 |  |  |  | (16 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | 5,335 |  |  |  | (16 | )
Total |  |  | 44 |  |  | $ | 235,222 |  |  | $ | (1,452 | ) |  |  | 6 |  |  | $ | 2,833 |  |  | $ | (259 | ) |  |  | 50 |  |  | $ | 238,055 |  |  | $ | (1,711 | )
Gross Unrealized Losses and Fair Value of Investment Securities Held to Maturity | The following table shows the Company’s held-to-maturity investments’ gross unrealized losses and fair value, aggregated by length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2021 and December 31, 2020, respectively (in thousands):
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
September 30, 2021 |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
State and political subdivisions |  | $ | 339,169 |  |  | $ | (8,130 | ) |  | $ | 197,950 |  |  | $ | (24,421 | ) |  | $ | 537,119 |  |  | $ | (32,551 | )
Total |  | $ | 339,169 |  |  | $ | (8,130 | ) |  | $ | 197,950 |  |  | $ | (24,421 | ) |  | $ | 537,119 |  |  | $ | (32,551 | )
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
December 31, 2020 |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
State and political subdivisions |  | $ | 132,271 |  |  | $ | (4,591 | ) |  | $ | 109,712 |  |  | $ | (10,302 | ) |  | $ | 241,983 |  |  | $ | (14,893 | )
Total |  | $ | 132,271 |  |  | $ | (4,591 | ) |  | $ | 109,712 |  |  | $ | (10,302 | ) |  | $ | 241,983 |  |  | $ | (14,893 | )
Schedule of Amortized Cost Basis by Credit Rating of Held to Maturity Investment | The following tables show the amortized cost basis by credit rating of the Company’s held-to-maturity investments at September 30, 2021 and December 31, 2020 (in thousands):
|  | Amortized Cost Basis by Credit Rating - HTM Debt Securities |
September 30, 2021 |  | A |  |  | BBB |  |  | BB |  |  | CCC-C |  |  | Total |
State and political subdivisions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Competitive |  | $ | 383,194 |  |  | $ | 595,824 |  |  | $ | 21,203 |  |  | $ | 910 |  |  | $ | 1,001,131 |
Utilities |  |  | 56,218 |  |  |  | 32,075 |  |  |  | — |  |  |  | — |  |  |  | 88,293 |
Total state and political subdivisions |  | $ | 439,412 |  |  | $ | 627,899 |  |  | $ | 21,203 |  |  | $ | 910 |  |  | $ | 1,089,424 |
|  | Amortized Cost Basis by Credit Rating - HTM Debt Securities |
December 31, 2020 |  | A |  |  | BBB |  |  | BB |  |  | CCC-C |  |  | Total |
State and political subdivisions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Competitive |  | $ | 340,290 |  |  | $ | 558,786 |  |  | $ | 18,078 |  |  | $ | 8,135 |  |  | $ | 925,289 |
Utilities |  |  | 56,232 |  |  |  | 33,093 |  |  |  | — |  |  |  | — |  |  |  | 89,325 |
Total state and political subdivisions |  | $ | 396,522 |  |  | $ | 591,879 |  |  | $ | 18,078 |  |  | $ | 8,135 |  |  | $ | 1,014,614 |
Schedule of Other Securities | The table below provides detailed information for Other securities at September 30, 2021 and December 31, 2020 (in thousands):
|  | September 30, 2021 |  |  | December 31, 2020 |
FRB and FHLB stock |  | $ | 36,222 |  |  | $ | 33,222 |
Equity securities with readily determinable fair values |  |  | 66,316 |  |  |  | 134,197 |
Equity securities without readily determinable fair values |  |  | 172,107 |  |  |  | 128,634 |
Total |  | $ | 274,645 |  |  | $ | 296,053 |
Schedule of Components of Investment Securities (Losses) Gains, Net | The table below presents the components of Investments securities (losses) gains, net for the three and nine months ended September 30, 2021 and September 30, 2020 (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Investment securities (losses) gains, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains realized on sales |  | $ | 1,060 |  |  | $ | 311 |  |  | $ | 5,080 |  |  | $ | 5,715 |
Losses realized on sales |  |  | (2 | ) |  |  | — |  |  |  | (2 | ) |  |  | (171 | )
Equity securities with readily determinable fair values: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value adjustments, net |  |  | (4,427 | ) |  |  | 84 |  |  |  | (9,607 | ) |  |  | 84 |
Equity securities without readily determinable fair values: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value adjustments, net |  |  | (141 | ) |  |  | (870 | ) |  |  | 8,138 |  |  |  | 1,996 |
Total investment securities (losses) gains, net |  | $ | (3,510 | ) |  | $ | (475 | ) |  | $ | 3,609 |  |  | $ | 7,624 |
Available-for-sale Securities [Member] |
Contractual Maturity Information | The following table presents contractual maturity information for securities available for sale at September 30, 2021 (in thousands):
|  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |
Due in 1 year or less |  | $ | 170,215 |  |  | $ | 171,325 |
Due after 1 year through 5 years |  |  | 599,514 |  |  |  | 614,809 |
Due after 5 years through 10 years |  |  | 771,983 |  |  |  | 795,782 |
Due after 10 years |  |  | 2,105,399 |  |  |  | 2,210,553 |
Total |  |  | 3,647,111 |  |  |  | 3,792,469 |
Mortgage-backed securities |  |  | 7,309,736 |  |  |  | 7,370,221 |
Total securities available for sale |  | $ | 10,956,847 |  |  | $ | 11,162,690 |
Held-to-maturity Securities [Member] |
Contractual Maturity Information | The following table shows the Company’s held-to-maturity investments’ amortized cost, fair value, and gross unrealized gains and losses at September 30, 2021 and December 31, 2020, respectively (in thousands):
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
September 30, 2021 |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
State and political subdivisions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due in 1 year or less |  | $ | 8,364 |  |  | $ | 370 |  |  | $ | (9 | ) |  | $ | 8,725 |
Due after 1 year through 5 years |  |  | 154,850 |  |  |  | 1,574 |  |  |  | (300 | ) |  |  | 156,124 |
Due after 5 years through 10 years |  |  | 501,529 |  |  |  | 4,117 |  |  |  | (7,497 | ) |  |  | 498,149 |
Due after 10 years |  |  | 424,681 |  |  |  | 1,882 |  |  |  | (24,745 | ) |  |  | 401,818 |
Total state and political subdivisions |  | $ | 1,089,424 |  |  | $ | 7,943 |  |  | $ | (32,551 | ) |  | $ | 1,064,816 |
Allowance for credit losses |  |  | (2,116 | ) |  |  |  |  |  |  |  |  |  |  |  |
Total state and political subdivisions, net of allowance for credit losses |  | $ | 1,087,308 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
December 31, 2020 |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
State and political subdivisions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due in 1 year or less |  | $ | 4,907 |  |  | $ | 29 |  |  | $ | — |  |  | $ | 4,936 |
Due after 1 year through 5 years |  |  | 123,643 |  |  |  | 3,402 |  |  |  | (144 | ) |  |  | 126,901 |
Due after 5 years through 10 years |  |  | 423,759 |  |  |  | 12,845 |  |  |  | (1,566 | ) |  |  | 435,038 |
Due after 10 years |  |  | 462,305 |  |  |  | 13,447 |  |  |  | (13,183 | ) |  |  | 462,569 |
Total state and political subdivisions |  | $ | 1,014,614 |  |  | $ | 29,723 |  |  | $ | (14,893 | ) |  | $ | 1,029,444 |
Allowance for credit losses |  |  | (2,610 | ) |  |  |  |  |  |  |  |  |  |  |  |
Total state and political subdivisions, net of allowance for credit losses |  | $ | 1,012,004 |  |  |  |  |  |  |  |  |  |  |  |  |

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