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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity 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
December 31, 2021 |  |  |  |  |
Available-for-Sale |  |  |  |  |
U.S. Treasury | $ | 234,555 |  | $ | 1,233 |  | $ | (7,751) |  | $ | 7,547 |  | $ | 235,584 |
U.S. government-sponsored entities and agencies | 1,575,994 |  | 7,354 |  | (37,014) |  | (3,561) |  | 1,542,773 |
Mortgage-backed securities - Agency | 3,737,484 |  | 27,421 |  | (66,074) |  | — |  | 3,698,831 |
States and political subdivisions | 1,587,172 |  | 69,696 |  | (1,882) |  | — |  | 1,654,986 |
Pooled trust preferred securities | 13,756 |  | — |  | (4,260) |  | — |  | 9,496 |
Other securities | 235,072 |  | 6,578 |  | (1,254) |  | — |  | 240,396 |
Total available-for-sale securities | $ | 7,384,033 |  | $ | 112,282 |  | $ | (118,235) |  | $ | 3,986 |  | $ | 7,382,066 |
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:
| Years Ended December 31,
(dollars in thousands) | 2021 | 2020 | 2019
Proceeds from sales of available-for-sale debt securities | $ | 198,886 |  | $ | 299,885 |  | $ | 424,140 |
Proceeds from calls of available-for-sale debt securities | 158,818 |  | 465,179 |  | 441,851 |
Total | $ | 357,704 |  | $ | 765,064 |  | $ | 865,991 |
Realized gains on sales of available-for-sale debt securities | $ | 4,188 |  | $ | 11,172 |  | $ | 4,620 |
Realized gains on calls of available-for-sale debt securities | 317 |  | 121 |  | 93 |
Realized losses on sales of available-for-sale debt securities | (145) |  | (500) |  | (2,760) |
Realized losses on calls of available-for-sale debt securities | (33) |  | (26) |  | (30) |
Debt securities gains (losses), net | $ | 4,327 |  | $ | 10,767 |  | $ | 1,923 |
Expected Maturities of Investment Securities Portfolio | Weighted average yield is based on amortized cost.
| At December 31, 2021
(dollars in thousands) | Amortized Cost | Fair Value | Weighted Average Yield
Maturity
Available-for-Sale |  |  |
Within one year | $ | 101,565 |  | $ | 102,886 |  | 2.87 | %
One to five years | 2,377,074 |  | 2,389,054 |  | 2.05 | %
Five to ten years | 2,496,036 |  | 2,449,808 |  | 1.75 | %
Beyond ten years | 2,409,358 |  | 2,440,318 |  | 2.40 | %
Total | $ | 7,384,033 |  | $ | 7,382,066 |  | 2.07 | %
Available-for-Sale and Held-to-Maturity 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
December 31, 2021 |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |
U.S. Treasury | $ | 91,063 |  | $ | (7,751) |  |  | $ | — |  | $ | — |  |  | $ | 91,063 |  | $ | (7,751) |
U.S. government-sponsored entities and agencies | 1,032,566 |  | (21,167) |  |  | 312,949 |  | (15,847) |  |  | 1,345,515 |  | (37,014) |
Mortgage-backed securities - Agency | 2,415,923 |  | (59,277) |  |  | 163,685 |  | (6,797) |  |  | 2,579,608 |  | (66,074) |
States and political subdivisions | 178,570 |  | (1,849) |  |  | 2,729 |  | (33) |  |  | 181,299 |  | (1,882) |
Pooled trust preferred securities | — |  | — |  |  | 9,496 |  | (4,260) |  |  | 9,496 |  | (4,260) |
Other securities | 56,976 |  | (943) |  |  | 21,133 |  | (311) |  |  | 78,109 |  | (1,254) |
Total available-for-sale | $ | 3,775,098 |  | $ | (90,987) |  |  | $ | 509,992 |  | $ | (27,248) |  |  | $ | 4,285,090 |  | $ | (118,235) |
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) |

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