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Investment Securities (Tables)
12 Months Ended
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 agencies1,575,994 7,354 (37,014)(3,561)1,542,773 
Mortgage-backed securities - Agency3,737,484 27,421 (66,074) 3,698,831 
States and political subdivisions1,587,172 69,696 (1,882) 1,654,986 
Pooled trust preferred securities13,756  (4,260) 9,496 
Other securities235,072 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 agencies841,133 5,744 (3,921)(968)841,988 
Mortgage-backed securities - Agency3,249,002 91,086 (990)— 3,339,098 
States and political subdivisions1,405,868 86,325 (31)— 1,492,162 
Pooled trust preferred securities13,763 — (5,850)— 7,913 
Other securities265,079 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)202120202019
Proceeds from sales of available-for-sale debt securities$198,886 $299,885 $424,140 
Proceeds from calls of available-for-sale debt securities158,818 465,179 441,851 
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 securities317 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 years2,377,074 2,389,054 2.05 %
Five to ten years2,496,036 2,449,808 1.75 %
Beyond ten years2,409,358 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 months12 months or longerTotal
(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 - Agency2,415,923 (59,277)163,685 (6,797)2,579,608 (66,074)
States and political subdivisions178,570 (1,849)2,729 (33)181,299 (1,882)
Pooled trust preferred securities  9,496 (4,260)9,496 (4,260)
Other securities56,976 (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 - Agency275,833 (895)3,572 (95)279,405 (990)
States and political subdivisions3,497 (31)— — 3,497 (31)
Pooled trust preferred securities— 7,913 (5,850)7,913 (5,850)
Other securities19,404 (70)24,871 (523)44,275 (593)
Total available-for-sale$654,262 $(4,917)$36,356 $(6,468)$690,618 $(11,385)