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Securities (Tables)

9 Months Ended

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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