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Securities (Tables) | 9 Months Ended
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Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract] |
Schedule of available-for-sale securities and held-to-maturity securities | The following table summarizes the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities:
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
September 30, 2021 |  | (in thousands)
Available for sale |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 3,333,804 |  |  | $ | 63,072 |  |  | $ | (18,015) |  |  | $ | 3,378,861 |
Other asset-backed securities |  | 417,128 |  |  | 4,803 |  |  | (6,022) |  |  | 415,909 |
State and municipal securities |  | 769,775 |  |  | 16,370 |  |  | (4,972) |  |  | 781,173 |
U.S. government agency and government-sponsored enterprise securities |  | 253,035 |  |  | 4,169 |  |  | (1,228) |  |  | 255,976 |
Total available for sale |  | $ | 4,773,742 |  |  | $ | 88,414 |  |  | $ | (30,237) |  |  | $ | 4,831,919 |
Held to maturity |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 2,075,158 |  |  | $ | 2,052 |  |  | $ | (6,159) |  |  | $ | 2,071,051 |
Total held to maturity |  | $ | 2,075,158 |  |  | $ | 2,052 |  |  | $ | (6,159) |  |  | $ | 2,071,051 |
December 31, 2020 |  |  |  |  |  |  |  |
Available for sale |  |  |  |  |  |  |  |
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 available for sale |  | $ | 4,997,529 |  |  | $ | 219,873 |  |  | $ | (7,268) |  |  | $ | 5,210,134 |
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 sales and calls of debt securities available for sale as well as other securities gains and losses for the periods indicated:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
|  | (in thousands)
Proceeds from sales of debt securities available for sale |  | $ | — |  |  | $ | — |  |  | $ | 26,914 |  |  | $ | 194,105 |
Gross realized gains from sales of debt securities available for sale |  | $ | — |  |  | $ | — |  |  | $ | 751 |  |  | $ | 435 |
Gross realized losses from sales of debt securities available for sale |  | — |  |  | — |  |  | (437) |  |  | (186) |
Other securities gains (1) |  | — |  |  | — |  |  | — |  |  | 16,425 |
Investment securities gains, net |  | $ | — |  |  | $ | — |  |  | $ | 314 |  |  | $ | 16,674 |
__________ (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. For additional information, please see Note 13.
Unrealized gains and losses on equity securities | The following table provides the unrealized gains and losses on equity securities at the reporting date:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
|  | (in thousands)
Gains recognized during the period on equity securities (1) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16,425 |
Less: Gains recognized during the period on equity securities sold during the period (1) |  | — |  |  | — |  |  | — |  |  | (3,000) |
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 carried at a zero-cost basis prior to June 2020 due to existing transfer restrictions and uncertainty regarding the outcome of Visa’s litigation that must be settled before the Visa Class B restricted shares may be converted into publicly traded Visa Class A common shares. The sale of shares by the Company of Visa Class B restricted shares during the three months ended June 30, 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 | The scheduled contractual maturities of debt securities at the period presented below are as follows:
|  | September 30, 2021
|  | Available for sale |  | Held to maturity
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
|  | (in thousands)
Due within one year |  | $ | 61,198 |  |  | $ | 61,791 |  |  | $ | — |  |  | $ | — |
Due after one year through five years |  | 781,405 |  |  | 807,659 |  |  | 72,430 |  |  | 72,215 |
Due after five years through ten years |  | 1,526,384 |  |  | 1,559,371 |  |  | 1,235,888 |  |  | 1,233,393 |
Due after ten years |  | 2,404,755 |  |  | 2,403,098 |  |  | 766,840 |  |  | 765,443 |
Total debt securities |  | $ | 4,773,742 |  |  | $ | 4,831,919 |  |  | $ | 2,075,158 |  |  | $ | 2,071,051 |
Schedule of Securities pledged as collateral | The following table summarizes the carrying value of securities pledged as collateral to secure public funds, borrowings and other purposes as permitted or required by law:
|  | September 30, 2021
|  | (in thousands)
To secure public funds |  | $ | 490,494 |
To secure borrowings |  | 99,665 |
Other securities pledged |  | 254,716 |
Total securities pledged as collateral |  | $ | 844,875 |
Summary of Gross Unrealized Losses and Fair Value of the Investments with Unrealized Losses | The following table shows 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 as of the dates presented:
|  | Less than 12 Months |  | 12 Months or More |  | Total
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
September 30, 2021 |  | (in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 1,744,928 |  |  | $ | (15,723) |  |  | $ | 69,031 |  |  | $ | (2,292) |  |  | $ | 1,813,959 |  |  | $ | (18,015) |
Other asset-backed securities |  | 170,492 |  |  | (3,490) |  |  | 89,936 |  |  | (2,532) |  |  | 260,428 |  |  | (6,022) |
State and municipal securities |  | 315,235 |  |  | (4,406) |  |  | 20,961 |  |  | (566) |  |  | 336,196 |  |  | (4,972) |
U.S. government agency and government-sponsored enterprise securities |  | 101,669 |  |  | (633) |  |  | 49,405 |  |  | (595) |  |  | 151,074 |  |  | (1,228) |
Total |  | $ | 2,332,324 |  |  | $ | (24,252) |  |  | $ | 229,333 |  |  | $ | (5,985) |  |  | $ | 2,561,657 |  |  | $ | (30,237) |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
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) |

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- Definition Schedule of amortized cost and fair value of the debt securities available for sale portfolio of the entity by contractual maturity. The table includes maturity categories of: due in one year or less; due after one year through five years; due after five years through ten years; and due after ten years. A single line item is provided for "total securities with no stated maturity" in order for the total line item of the table to match total available for sale securities. + References No definition available. + Details
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