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Securities (Tables)

9 Months Ended

Sep. 30, 2022

Securities Available for Sale

This table provides detailed information about securities available for sale at September 30, 2022 and December 31, 2021 (in thousands):

September 30, 2022		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
U.S. Treasury		$	764,650			$	—			$	(28,038	)		$	736,612
U.S. Agencies			178,334				—				(6,675	)			171,659
Mortgage-backed			4,715,018				2				(605,452	)			4,109,568
State and political subdivisions			1,605,295				253				(179,009	)			1,426,539
Corporates			401,912				—				(35,761	)			366,151
Collateralized loan obligations			327,394				14				(9,660	)			317,748
Total		$	7,992,603			$	269			$	(864,595	)		$	7,128,277

December 31, 2021		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
U.S. Treasury		$	69,551			$	374			$	(751	)		$	69,174
U.S. Agencies			121,681				3,252				(1	)			124,932
Mortgage-backed			7,967,537				93,390				(95,872	)			7,965,055
State and political subdivisions			3,270,160				161,674				(9,146	)			3,422,688
Corporates			316,840				2,504				(1,498	)			317,846
Collateralized loan obligations			76,815				4				—				76,819
Total		$	11,822,584			$	261,198			$	(107,268	)		$	11,976,514

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, 2022 and December 31, 2021 (in thousands):

		Less than 12 months												12 months or more												Total
September 30, 2022		Count				Fair Value				Unrealized Losses				Count				Fair Value				Unrealized Losses				Count				Fair Value				Unrealized Losses
Description of Securities
U.S. Treasury			60			$	681,725			$	(23,225	)			4			$	54,888			$	(4,813	)			64			$	736,613			$	(28,038	)
U.S. Agencies			29				171,659				(6,675	)			—				—				—				29				171,659				(6,675	)
Mortgage-backed			788				2,589,194				(310,027	)			108				1,520,143				(295,425	)			896				4,109,337				(605,452	)
State and political subdivisions			2,222				1,295,216				(145,050	)			128				100,402				(33,959	)			2,350				1,395,618				(179,009	)
Corporates			210				292,051				(25,877	)			66				74,099				(9,884	)			276				366,150				(35,761	)
Collateralized loan obligations			41				309,759				(9,660	)			—				—				—				41				309,759				(9,660	)
Total			3,350			$	5,339,604			$	(520,514	)			306			$	1,749,532			$	(344,081	)			3,656			$	7,089,136			$	(864,595	)

		Less than 12 months												12 months or more												Total
December 31, 2021		Count				Fair Value				Unrealized Losses				Count				Fair Value				Unrealized Losses				Count				Fair Value				Unrealized Losses
Description of Securities
U.S. Treasury			4			$	58,867			$	(751	)			—			$	—			$	—				4			$	58,867			$	(751	)
U.S. Agencies			1				11,149				(1	)			—				—				—				1				11,149				(1	)
Mortgage-backed			344				5,404,968				(87,301	)			13				233,295				(8,571	)			357				5,638,263				(95,872	)
State and political subdivisions			357				329,042				(6,969	)			31				44,939				(2,177	)			388				373,981				(9,146	)
Corporates			152				193,899				(1,498	)			—				—				—				152				193,899				(1,498	)
Collateralized loan obligations			—				—				—				—				—				—				—				—				—
Total			858			$	5,997,925			$	(96,520	)			44			$	278,234			$	(10,748	)			902			$	6,276,159			$	(107,268	)

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, 2022 and December 31, 2021, respectively (in thousands):

		Less than 12 months												12 months or more												Total
September 30, 2022		Count				Fair Value				Unrealized Losses				Count				Fair Value				Unrealized Losses				Count				Fair Value				Unrealized Losses
U.S. Agencies			11			$	118,923			$	(4,139	)			—			$	—			$	—				11			$	118,923			$	(4,139	)
Mortgage-backed			261				2,636,255				(380,177	)			—				—				—				261				2,636,255				(380,177	)
State and political subdivisions			1,449				1,765,564				(314,219	)			52				414,718				(59,650	)			1,501				2,180,282				(373,869	)
Total			1,721			$	4,520,742			$	(698,535	)			52			$	414,718			$	(59,650	)			1,773			$	4,935,460			$	(758,185	)

		Less than 12 months												12 months or more												Total
December 31, 2021		Count				Fair Value				Unrealized Losses				Count				Fair Value				Unrealized Losses				Count				Fair Value				Unrealized Losses
Mortgage-backed			12			$	317,887			$	(2,431	)			—			$	—			$	—				12			$	317,887			$	(2,431	)
State and political subdivisions			58				585,153				(12,494	)			28				217,579				(26,460	)			86				802,732				(38,954	)
Total			70			$	903,040			$	(14,925	)			28			$	217,579			$	(26,460	)			98			$	1,120,619			$	(41,385	)

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, 2022 and December 31, 2021 (in thousands):

		Amortized Cost Basis by Credit Rating - HTM Debt Securities
September 30, 2022		AAA				AA				A				BBB				BB				CCC-C				Total
State and political subdivisions:
Competitive		$	—			$	—			$	439,191			$	618,217			$	17,811			$	3,751			$	1,078,970
Utilities and general obligation			597,375				848,057				141,796				31,442				572				—				1,619,242
Total state and political subdivisions		$	597,375			$	848,057			$	580,987			$	649,659			$	18,383			$	3,751			$	2,698,212

		Amortized Cost Basis by Credit Rating - HTM Debt Securities
December 31, 2021		A				BBB				BB				CCC-C				Total
State and political subdivisions:
Competitive		$	372,696			$	605,104			$	20,678			$	870			$	999,348
Utilities			55,096				29,838				—				—				84,934
Total state and political subdivisions		$	427,792			$	634,942			$	20,678			$	870			$	1,084,282

Schedule of Aging of Past Due Held to Maturity Securities

The following table presents the aging of past due held-to-maturity securities at December 31, 2021 (in thousands):

December 31, 2021		30-89 Days Past Due and Accruing				Greater than 90 Days Past Due and Accruing				Non- Accrual				Total Past Due				Current				Total
State and political subdivisions:
Competitive		$	7,795			$	—			$	—			$	7,795			$	991,553			$	999,348
Utilities			—				—				—				—				84,934				84,934
Total state and political subdivisions		$	7,795			$	—			$	—			$	7,795			$	1,076,487			$	1,084,282

Schedule of Other Securities

The table below provides detailed information for Other securities at September 30, 2022 and December 31, 2021 (in thousands):

		September 30, 2022				December 31, 2021
FRB and FHLB stock		$	36,222			$	36,222
Equity securities with readily determinable fair values			28,182				64,149
Equity securities without readily determinable fair values			269,328				226,727
Total		$	333,732			$	327,098

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, 2022 and September 30, 2021 (in thousands):

		Three Months Ended September 30,								Nine Months Ended September 30,
		2022				2021				2022				2021
Investment securities (losses) gains, net
Available-for-sale debt securities:
Gains realized on sales		$	—			$	1,060			$	—			$	5,080
Losses realized on sales			—				(2	)			—				(2	)
Equity securities with readily determinable fair values:
Fair value adjustments, net			(1,441	)			(4,427	)			(8,570	)			(9,607	)
Equity securities without readily determinable fair values:
Fair value adjustments, net			96				(141	)			1,261				8,138
Sales			—				—				66,162				—
Total investment securities (losses) gains, net		$	(1,345	)		$	(3,510	)		$	58,853			$	3,609

Available-for-sale Securities [Member]

Contractual Maturity Information

The following table presents contractual maturity information for securities available for sale at September 30, 2022 (in thousands):

		Amortized				Fair
		Cost				Value
Due in 1 year or less		$	111,105			$	109,852
Due after 1 year through 5 years			1,559,155				1,486,824
Due after 5 years through 10 years			774,933				716,042
Due after 10 years			832,392				705,991
Total			3,277,585				3,018,709
Mortgage-backed securities			4,715,018				4,109,568
Total securities available for sale		$	7,992,603			$	7,128,277

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, 2022 and December 31, 2021, respectively (in thousands):

September 30, 2022		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value				Allowance for Credit Losses				Net Carrying Amount
U.S. Agencies		$	123,062			$	—			$	(4,139	)		$	118,923			$	—			$	123,062
Mortgage-backed			3,016,432				—				(380,177	)			2,636,255				—				3,016,432
State and political subdivisions			2,698,212				285				(373,869	)			2,324,628				(2,519	)			2,695,693
Total		$	5,837,706			$	285			$	(758,185	)		$	5,079,806			$	(2,519	)		$	5,835,187

December 31, 2021		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value				Allowance for Credit Losses				Net Carrying Amount
Mortgage-backed		$	396,134			$	14			$	(2,431	)		$	393,717			$	—			$	396,134
State and political subdivisions			1,084,282				3,346				(38,954	)			1,048,674				(1,940	)			1,082,342
Total		$	1,480,416			$	3,360			$	(41,385	)		$	1,442,391			$	(1,940	)		$	1,478,476

The following table presents contractual maturity information for securities held to maturity at September 30, 2022 (in thousands):

		Amortized Cost				Fair Value
Due in 1 year or less		$	69,922			$	68,678
Due after 1 year through 5 years			348,925				331,530
Due after 5 years through 10 years			709,203				618,054
Due after 10 years			1,693,224				1,425,289
Total			2,821,274				2,443,551
Mortgage-backed securities			3,016,432				2,636,255
Total securities held to maturity		$	5,837,706			$	5,079,806

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