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Investment Securities (Tables)

6 Months Ended

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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Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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