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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract] |
Amortized Cost and Fair Value of Available-for-Sale Investment Securities Portfolio | The following table summarizes the amortized cost and fair value of the available-for-sale investment securities portfolio and the corresponding amounts of unrealized gains, unrealized losses, and basis adjustments recognized in accumulated other comprehensive income (loss):
(dollars in thousands) | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Basis Adjustments (1) |  | Fair Value
September 30, 2021 |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 237,345 |  |  | $ | — |  |  | $ | (898) |  |  | $ | 4,130 |  |  | $ | 240,577 |
U.S. government-sponsored entities and agencies | 1,582,406 |  |  | 16,714 |  |  | (26,168) |  |  | (10,256) |  |  | 1,562,696 |
Mortgage-backed securities - Agency | 3,349,118 |  |  | 44,243 |  |  | (38,660) |  |  | — |  |  | 3,354,701 |
States and political subdivisions | 1,540,053 |  |  | 72,248 |  |  | (3,018) |  |  | — |  |  | 1,609,283 |
Pooled trust preferred securities | 13,751 |  |  | — |  |  | (4,384) |  |  | — |  |  | 9,367 |
Other securities | 241,893 |  |  | 9,982 |  |  | (549) |  |  | — |  |  | 251,326 |
Total available-for-sale securities | $ | 6,964,566 |  |  | $ | 143,187 |  |  | $ | (73,677) |  |  | $ | (6,126) |  |  | $ | 7,027,950 |
December 31, 2020 |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 9,909 |  |  | $ | 299 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,208 |
U.S. government-sponsored entities and agencies | 841,133 |  |  | 5,744 |  |  | (3,921) |  |  | (968) |  |  | 841,988 |
Mortgage-backed securities - Agency | 3,249,002 |  |  | 91,086 |  |  | (990) |  |  | — |  |  | 3,339,098 |
States and political subdivisions | 1,405,868 |  |  | 86,325 |  |  | (31) |  |  | — |  |  | 1,492,162 |
Pooled trust preferred securities | 13,763 |  |  | — |  |  | (5,850) |  |  | — |  |  | 7,913 |
Other securities | 265,079 |  |  | 14,260 |  |  | (593) |  |  | — |  |  | 278,746 |
Total available-for-sale securities | $ | 5,784,754 |  |  | $ | 197,714 |  |  | $ | (11,385) |  |  | $ | (968) |  |  | $ | 5,970,115 |
(1) Basis adjustments represent the cumulative fair value adjustments included in the carrying amounts of fixed-rate investment securities assets in fair value hedging arrangements.
Schedule of Proceeds from Sales or Calls and Realized Gain and Losses of Available-for-Sale Investment Securities and Other Securities | Proceeds from sales or calls of available-for-sale investment securities and the resulting realized gains and realized losses were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Proceeds from sales of available-for-sale debt securities | $ | 121,376 |  |  | $ | 39,637 |  |  | $ | 189,091 |  |  | $ | 296,075 |
Proceeds from calls of available-for-sale debt securities | 54,966 |  |  | 82,410 |  |  | 111,961 |  |  | 388,145 |
Total | $ | 176,342 |  |  | $ | 122,047 |  |  | $ | 301,052 |  |  | $ | 684,220 |
Realized gains on sales of available-for-sale debt securities | $ | 1,093 |  |  | $ | 4,942 |  |  | $ | 3,829 |  |  | $ | 11,082 |
Realized gains on calls of available-for-sale debt securities | 119 |  |  | 10 |  |  | 180 |  |  | 50 |
Realized losses on sales of available-for-sale debt securities | — |  |  | (30) |  |  | (85) |  |  | (500) |
Realized losses on calls of available-for-sale debt securities | (5) |  |  | (1) |  |  | (32) |  |  | (26) |
Debt securities gains (losses), net | $ | 1,207 |  |  | $ | 4,921 |  |  | $ | 3,892 |  |  | $ | 10,606 |
Expected Maturities of Investment Securities Portfolio | Weighted average yield is based on amortized cost.
| September 30, 2021
(dollars in thousands) | Amortized Cost |  | Fair Value |  | Weighted Average Yield
Maturity |  |
Available-for-Sale |  |  |  |  |
Within one year | $ | 148,758 |  |  | $ | 150,704 |  |  | 2.56 | %
One to five years | 2,625,098 |  |  | 2,657,122 |  |  | 2.01 |
Five to ten years | 1,827,081 |  |  | 1,816,752 |  |  | 1.82 |
Beyond ten years | 2,363,629 |  |  | 2,403,372 |  |  | 2.43 |
Total | $ | 6,964,566 |  |  | $ | 7,027,950 |  |  | 2.11 | %
Available-for-Sale Investment Securities with Unrealized Losses by Aggregated Major Security Type and Length of Time in Continuous Unrealized Loss Position | The following table summarizes the available-for-sale investment securities with unrealized losses for which an allowance for credit losses has not been recorded by aggregated major security type and length of time in a continuous unrealized loss position:
| Less than 12 months |  | 12 months or longer |  | Total
(dollars in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | — |  |  | $ | — |  |  | $ | 237,577 |  |  | $ | (898) |  |  | $ | 237,577 |  |  | $ | (898) |
U.S. government-sponsored entities and agencies | 1,028,283 |  |  | (24,465) |  |  | 47,296 |  |  | (1,703) |  |  | 1,075,579 |  |  | (26,168) |
Mortgage-backed securities - Agency | 1,809,662 |  |  | (37,027) |  |  | 54,558 |  |  | (1,633) |  |  | 1,864,220 |  |  | (38,660) |
States and political subdivisions | 261,759 |  |  | (2,974) |  |  | 2,725 |  |  | (44) |  |  | 264,484 |  |  | (3,018) |
Pooled trust preferred securities | — |  |  | — |  |  | 9,367 |  |  | (4,384) |  |  | 9,367 |  |  | (4,384) |
Other securities | 28,584 |  |  | (245) |  |  | 26,542 |  |  | (304) |  |  | 55,126 |  |  | (549) |
Total available-for-sale | $ | 3,128,288 |  |  | $ | (64,711) |  |  | $ | 378,065 |  |  | $ | (8,966) |  |  | $ | 3,506,353 |  |  | $ | (73,677) |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored entities and agencies | $ | 355,528 |  |  | $ | (3,921) |  |  | $ | — |  |  | $ | — |  |  | $ | 355,528 |  |  | $ | (3,921) |
Mortgage-backed securities - Agency | 275,833 |  |  | (895) |  |  | 3,572 |  |  | (95) |  |  | 279,405 |  |  | (990) |
States and political subdivisions | 3,497 |  |  | (31) |  |  | — |  |  | — |  |  | 3,497 |  |  | (31) |
Pooled trust preferred securities | — |  | — |  |  | 7,913 |  |  | (5,850) |  |  | 7,913 |  |  | (5,850) |
Other securities | 19,404 |  |  | (70) |  |  | 24,871 |  |  | (523) |  |  | 44,275 |  |  | (593) |
Total available-for-sale | $ | 654,262 |  |  | $ | (4,917) |  |  | $ | 36,356 |  |  | $ | (6,468) |  |  | $ | 690,618 |  |  | $ | (11,385) |
Trust Preferred Securities | The table below summarizes the relevant characteristics of our pooled trust preferred securities as well as our single issuer trust preferred securities that are included in the “other securities” category in this footnote. Each of the pooled trust preferred securities support a more senior tranche of security holders. Both pooled trust preferred securities have experienced credit defaults. However, we believe that the value of the instruments lies in the full and timely interest payments that will be received through maturity, the steady amortization that will be experienced until maturity, and the full return of principal by the final maturity of the collateralized debt obligations.
(dollars in thousands) | Class | Lowest Credit Rating (1) | Amortized Cost |  | Fair Value |  | Unrealized Gain/ (Loss) | # of Issuers Currently Performing/ Remaining | Actual Deferrals and Defaults as a % of Original Collateral | Expected Defaults as a % of Remaining Performing Collateral | Excess Subordination as a % of Current Performing Collateral
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |
Pooled trust preferred securities: |  |  |  |  |  |  |  |  |  |  |
Pretsl XXVII LTD | B | BB | $ | 4,197 |  |  | $ | 2,920 |  |  | $ | (1,277) |  | 31/40 | 12.3% | 13.5% | 40.8%
Trapeza Ser 13A | A2A | A | 9,554 |  |  | 6,447 |  |  | (3,107) |  | 38/40 | 4.5% | 6.2% | 61.2%
|  |  | 13,751 |  |  | 9,367 |  |  | (4,384) |  |  |  |  |
Single Issuer trust preferred securities: |  |  |  |  |  |  |  |  |  |  |
JP Morgan Chase & Co |  | BBB- | 4,819 |  |  | 4,633 |  |  | (186) |  |  |  |  |
Total |  |  | $ | 18,570 |  |  | $ | 14,000 |  |  | $ | (4,570) |  |  |  |  |
(1)Lowest rating for the security provided by any nationally recognized credit rating agency.

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