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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2022
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 and held-to-maturity investment securities portfolios and the corresponding amounts of gross unrealized gains, unrealized losses, and basis adjustments in accumulated other comprehensive income (loss) and gross unrecognized gains and losses. The Company held no securities classified as held-to-maturity as of December 31, 2021.
(dollars in thousands) | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Basis Adjustments (1) |  | Fair Value
June 30, 2022 |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 441,846 |  |  | $ | 9 |  |  | $ | (7,739) |  |  | $ | (31,333) |  |  | $ | 402,783 |
U.S. government-sponsored entities and agencies | 1,442,261 |  |  | 1 |  |  | (123,234) |  |  | (76,471) |  |  | 1,242,557 |
Mortgage-backed securities - Agency | 5,227,908 |  |  | 794 |  |  | (400,994) |  |  | — |  |  | 4,827,708 |
States and political subdivisions | 740,026 |  |  | 4,132 |  |  | (24,117) |  |  | — |  |  | 720,041 |
Pooled trust preferred securities | 13,768 |  |  | — |  |  | (2,667) |  |  | — |  |  | 11,101 |
Other securities | 384,417 |  |  | 176 |  |  | (21,082) |  |  | — |  |  | 363,511 |
Total available-for-sale securities | $ | 8,250,226 |  |  | $ | 5,112 |  |  | $ | (579,833) |  |  | $ | (107,804) |  |  | $ | 7,567,701 |
Held-to-Maturity |  |  |  |  |  |  |  |  |
U.S. government-sponsored entities and agencies | $ | 815,833 |  |  | $ | — |  |  | $ | (95,398) |  |  | $ | — |  |  | $ | 720,435 |
Mortgage-backed securities - Agency | 1,149,212 |  |  | 170 |  |  | (59,940) |  |  | — |  |  | 1,089,442 |
States and political subdivisions | 1,119,292 |  |  | 69 |  |  | (149,797) |  |  | — |  |  | 969,564 |
Allowance for securities held-to-maturity | (151) |  |  | — |  |  | — |  |  | — |  |  | (151) |
Total held-to-maturity securities | $ | 3,084,186 |  |  | $ | 239 |  |  | $ | (305,135) |  |  | $ | — |  |  | $ | 2,779,290 |
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 |
(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 June 30, |  | Six Months Ended June 30,
(dollars in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Proceeds from sales of available-for-sale securities | $ | 1,903 |  |  | $ | 15,247 |  |  | $ | 12,742 |  |  | $ | 67,715 |
Proceeds from calls of available-for-sale securities | 21,331 |  |  | 46,750 |  |  | 60,605 |  |  | 56,995 |
Total | $ | 23,234 |  |  | $ | 61,997 |  |  | $ | 73,347 |  |  | $ | 124,710 |
Realized gains on sales of available-for-sale securities | $ | 5 |  |  | $ | 736 |  |  | $ | 344 |  |  | $ | 2,736 |
Realized gains on calls of available-for-sale securities | 43 |  |  | 48 |  |  | 167 |  |  | 61 |
Realized losses on sales of available-for-sale securities | (52) |  |  | (85) |  |  | (147) |  |  | (85) |
Realized losses on calls of available-for-sale securities | (81) |  |  | (7) |  |  | (107) |  |  | (27) |
Debt securities gains (losses), net | $ | (85) |  |  | $ | 692 |  |  | $ | 257 |  |  | $ | 2,685 |
Expected Maturities of Investment Securities Portfolio | Weighted average yield is based on amortized cost.
| June 30, 2022
(dollars in thousands) | Amortized Cost |  | Fair Value |  | Weighted Average Yield
Maturity |  |
Available-for-Sale |  |  |  |  |
Within one year | $ | 315,154 |  |  | $ | 314,532 |  |  | 1.11 | %
One to five years | 1,731,888 |  |  | 1,662,131 |  |  | 2.56 |
Five to ten years | 4,076,303 |  |  | 3,738,698 |  |  | 2.30 |
Beyond ten years | 2,126,881 |  |  | 1,852,340 |  |  | 2.43 |
Total | $ | 8,250,226 |  |  | $ | 7,567,701 |  |  | 2.34 | %
Held-to-Maturity |  |  |  |  |
Within one year | $ | 100 |  |  | $ | 100 |  |  | 2.47 | %
One to five years | 70,765 |  |  | 68,860 |  |  | 3.72 |
Five to ten years | 987,729 |  |  | 934,946 |  |  | 2.75 |
Beyond ten years | 2,025,592 |  |  | 1,775,384 |  |  | 2.76 |
Total | $ | 3,084,186 |  |  | $ | 2,779,290 |  |  | 2.78 | %
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
June 30, 2022 |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 400,802 |  |  | $ | (7,739) |  |  | $ | — |  |  | $ | — |  |  | $ | 400,802 |  |  | $ | (7,739) |
U.S. government-sponsored entities and agencies | 803,249 |  |  | (27,407) |  |  | 437,307 |  |  | (95,827) |  |  | 1,240,556 |  |  | (123,234) |
Mortgage-backed securities - Agency | 4,149,631 |  |  | (311,841) |  |  | 509,634 |  |  | (89,153) |  |  | 4,659,265 |  |  | (400,994) |
States and political subdivisions | 372,074 |  |  | (24,117) |  |  | — |  |  | — |  |  | 372,074 |  |  | (24,117) |
Pooled trust preferred securities | — |  |  | — |  |  | 11,102 |  |  | (2,667) |  |  | 11,102 |  |  | (2,667) |
Other securities | 301,443 |  |  | (18,960) |  |  | 32,799 |  |  | (2,122) |  |  | 334,242 |  |  | (21,082) |
Total available-for-sale | $ | 6,027,199 |  |  | $ | (390,064) |  |  | $ | 990,842 |  |  | $ | (189,769) |  |  | $ | 7,018,041 |  |  | $ | (579,833) |
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) |
Schedule of Held-to-Maturity Investment Securities with Unrecognized Losses | The following table summarizes the held-to-maturity investment securities with unrecognized losses aggregated by major security type and length of time in a continuous loss position:
| Less than 12 months |  | 12 months or longer |  | Total
(dollars in thousands) | Fair Value |  | Unrecognized Losses |  | Fair Value |  | Unrecognized Losses |  | Fair Value |  | Unrecognized Losses
June 30, 2022 |  |  |  |  |  |  |  |  |  |  |
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored entities and agencies | $ | 529,507 |  |  | $ | (69,932) |  |  | $ | 190,927 |  |  | $ | (25,466) |  |  | $ | 720,434 |  |  | $ | (95,398) |
Mortgage-backed securities - Agency | 649,804 |  |  | (47,157) |  |  | 419,930 |  |  | (12,783) |  |  | 1,069,734 |  |  | (59,940) |
States and political subdivisions | 929,474 |  |  | (143,443) |  |  | 31,684 |  |  | (6,354) |  |  | 961,158 |  |  | (149,797) |
Total held-to-maturity | $ | 2,108,785 |  |  | $ | (260,532) |  |  | $ | 642,541 |  |  | $ | (44,603) |  |  | $ | 2,751,326 |  |  | $ | (305,135) |

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