Securities (Tables)

12 Months Ended

Dec. 31, 2020

Debt Securities, Available-for-sale [Abstract]

The following table summarizes the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities available for sale:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
December 31, 2020	(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	3,640,351	$	178,579	$	(4,543)	$	—	$	3,814,387
Other asset-backed securities	349,904		9,651		(2,076)		—		357,479
State and municipal securities	729,066		25,098		(592)		—		753,572
U.S. government agency and government-sponsored enterprise securities	278,208		6,545		(57)		—		284,696

Total	$	4,997,529	$	219,873	$	(7,268)	$	—	$	5,210,134
December 31, 2019
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	2,864,949	$	47,223	$	(19,222)	$	—	$	2,892,950
Other asset-backed securities	194,563		2,476		(989)		—		196,050
State and municipal securities	478,366		10,660		(224)		—		488,802
U.S. government agency and government-sponsored enterprise securities	165,218		3,127		(5)		—		168,340

Total	$	3,703,096	$	63,486	$	(20,440)	$	—	$	3,746,142

Schedule of gross realized gains and losses on sales and calls of securities available for sale

The following table provides the proceeds and both gross realized gains and losses on the sales and calls of debt securities available for sale as well as other securities gains and losses for the periods indicated:


	Years Ended December 31,
	2020		2019		2018
	(in thousands)
Proceeds from sales and calls of debt securities available for sale	$	194,697	$	259,554	$	32,330

Gross realized gains from sales of debt securities available for sale	$	471	$	3,357	$	235
Gross realized losses from sales of debt securities available for sale	(186)		(1,225)		(129)
Other securities gains (losses), net (1)	16,425		—		(195)
Investment securities gains (losses), net	$	16,710	$	2,132	$	(89)

__________

(1) Other securities gains includes gain from sale of Visa Class B restricted stock and subsequent write up to fair value of remaining Visa Class B shares. See Note 20 “Fair Value Accounting and Measurement” for additional information.

Unrealized gains and losses on equity securities

The following table provides the unrealized gains and losses on equity securities at the reporting date:


	Years Ended December 31,
	2020		2019		2018
	(in thousands)
Gains (losses) recognized during the period on equity securities	$	16,425	$	—	$	(195)
Less: Losses (gains) recognized during the period on equity securities sold during the period.	(3,000)		—		195
Unrealized gains recognized during the reporting period on equity securities still held at the reporting date (1).	$	13,425	$	—	$	—

__________

(1) Visa Class B restricted stock owned by the Company was previously carried at a zero-cost basis due to existing transfer restrictions and uncertainty of covered litigation. The sale of shares by the Company of Visa Class B restricted shares during the year ended December 31, 2020 resulted in an observable market price. As a result, the Company adjusted the carrying value of its remaining shares of Visa Class B restricted shares upward to this observable market price.

Schedule of Contractual Maturities of Investment Securities Available for Sale

The scheduled contractual maturities of debt securities available for sale at December 31, 2020 are presented as follows:


	December 31, 2020
	Amortized Cost		Fair Value
	(in thousands)
Due within one year	$	69,317	$	69,895
Due after one year through five years	713,669		752,119
Due after five years through ten years	2,295,998		2,431,876
Due after ten years	1,918,545		1,956,244
Total debt securities available for sale	$	4,997,529	$	5,210,134

Schedule of Securities pledged as collateral

The following table summarizes the carrying value of securities pledged as collateral to secure public deposits, borrowings and other purposes as permitted or required by law:


	December 31,
	2020		2019
	(in thousands)
To secure public funds	$	488,119	$	323,055
To secure borrowings	111,695		111,488
Other securities pledged	261,760		154,030
Total securities pledged as collateral	$	861,574	$	588,573

Summary of Gross Unrealized Losses and Fair Value of the Investments with Unrealized Losses

The following tables show the gross unrealized losses and fair value of the Company’s debt securities available for sale for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2020 and 2019:


	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2020	(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	575,329	$	(3,728)	$	18,527	$	(815)	$	593,856	$	(4,543)
Other asset-backed securities	143,764		(2,076)		70		—		143,834		(2,076)
State and municipal securities	86,471		(592)		—		—		86,471		(592)
U.S. government agency and government-sponsored enterprise securities	74,943		(57)		—		—		74,943		(57)

Total	$	880,507	$	(6,453)	$	18,597	$	(815)	$	899,104	$	(7,268)
December 31, 2019
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	1,055,903	$	(12,424)	$	491,539	$	(6,798)	$	1,547,442	$	(19,222)
Other asset-backed securities	89,508		(880)		6,799		(109)		96,307		(989)
State and municipal securities	12,363		(142)		12,587		(82)		24,950		(224)
U.S. government agency and government-sponsored enterprise securities	—		—		10,495		(5)		10,495		(5)

Total	$	1,157,774	$	(13,446)	$	521,420	$	(6,994)	$	1,679,194	$	(20,440)