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v3.22.2

Securities (Tables) | 6 Months Ended
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Jun. 30, 2022
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
June 30, 2022 |  | (in thousands)
Available for sale |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 3,447,262 |  |  | $ | 1,016 |  |  | $ | (309,514) |  |  | $ | 3,138,764 |
Other asset-backed securities |  | 419,448 |  |  | — |  |  | (39,480) |  |  | 379,968 |
State and municipal securities |  | 989,070 |  |  | 629 |  |  | (111,371) |  |  | 878,328 |
U.S. government agency and government-sponsored enterprise securities |  | 240,375 |  |  | 58 |  |  | (11,005) |  |  | 229,428 |
U.S. government securities |  | 182,681 |  |  | — |  |  | (11,362) |  |  | 171,319 |
Non-agency collateralized mortgage obligations |  | 368,687 |  |  | — |  |  | (43,926) |  |  | 324,761 |
Total available for sale |  | $ | 5,647,523 |  |  | $ | 1,703 |  |  | $ | (526,658) |  |  | $ | 5,122,568 |
Held to maturity |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 2,149,255 |  |  | $ | — |  |  | $ | (236,729) |  |  | $ | 1,912,526 |
Total held to maturity |  | $ | 2,149,255 |  |  | $ | — |  |  | $ | (236,729) |  |  | $ | 1,912,526 |
December 31, 2021 |  |  |  |  |  |  |  |
Available for sale |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 3,738,616 |  |  | $ | 45,077 |  |  | $ | (38,092) |  |  | $ | 3,745,601 |
Other asset-backed securities |  | 469,052 |  |  | 3,802 |  |  | (9,791) |  |  | 463,063 |
State and municipal securities |  | 983,704 |  |  | 18,525 |  |  | (4,938) |  |  | 997,291 |
U.S. government agency and government-sponsored enterprise securities |  | 252,755 |  |  | 3,095 |  |  | (3,274) |  |  | 252,576 |
U.S. government securities |  | 158,367 |  |  | — |  |  | (831) |  |  | 157,536 |
Non-agency collateralized mortgage obligations |  | 295,547 |  |  | 340 |  |  | (955) |  |  | 294,932 |
Total available for sale |  | $ | 5,898,041 |  |  | $ | 70,839 |  |  | $ | (57,881) |  |  | $ | 5,910,999 |
Held to maturity |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 2,148,327 |  |  | $ | 50 |  |  | $ | (25,771) |  |  | $ | 2,122,606 |
Total held to maturity |  | $ | 2,148,327 |  |  | $ | 50 |  |  | $ | (25,771) |  |  | $ | 2,122,606 |
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 June 30, |  | Six Months Ended June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
|  | (in thousands)
Proceeds from sales of debt securities available for sale |  | $ | — |  |  | $ | 26,914 |  |  | $ | — |  |  | $ | 26,914 |
Gross realized gains from sales of debt securities available for sale |  | $ | — |  |  | $ | 751 |  |  | $ | — |  |  | $ | 751 |
Gross realized losses from sales of debt securities available for sale |  | — |  |  | (437) |  |  | — |  |  | (437) |
Investment securities gains, net |  | $ | — |  |  | $ | 314 |  |  | $ | — |  |  | $ | 314 |
Schedule Of Contractual Maturities | The scheduled contractual maturities of debt securities at the period presented below are as follows:
|  | June 30, 2022
|  | Available for sale |  | Held to maturity
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
|  | (in thousands)
Due within one year |  | $ | 82,217 |  |  | $ | 82,117 |  |  | $ | — |  |  | $ | — |
Due after one year through five years |  | 1,072,574 |  |  | 1,032,016 |  |  | 218,714 |  |  | 199,431 |
Due after five years through ten years |  | 1,342,718 |  |  | 1,235,074 |  |  | 1,079,230 |  |  | 963,623 |
Due after ten years |  | 3,150,014 |  |  | 2,773,361 |  |  | 851,311 |  |  | 749,472 |
Total debt securities |  | $ | 5,647,523 |  |  | $ | 5,122,568 |  |  | $ | 2,149,255 |  |  | $ | 1,912,526 |
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:
|  | June 30, 2022
|  | (in thousands)
To secure public funds |  | $ | 558,331 |
To secure borrowings |  | 91,525 |
Other securities pledged |  | 235,258 |
Total securities pledged as collateral |  | $ | 885,114 |
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
June 30, 2022 |  | (in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 2,595,623 |  |  | $ | (249,339) |  |  | $ | 390,944 |  |  | $ | (60,175) |  |  | $ | 2,986,567 |  |  | $ | (309,514) |
Other asset-backed securities |  | 265,060 |  |  | (23,946) |  |  | 114,909 |  |  | (15,534) |  |  | 379,969 |  |  | (39,480) |
State and municipal securities |  | 708,006 |  |  | (98,857) |  |  | 73,417 |  |  | (12,514) |  |  | 781,423 |  |  | (111,371) |
U.S. government agency and government-sponsored enterprise securities |  | 87,960 |  |  | (1,781) |  |  | 117,326 |  |  | (9,224) |  |  | 205,286 |  |  | (11,005) |
U.S. government securities |  | 171,319 |  |  | (11,362) |  |  | — |  |  | — |  |  | 171,319 |  |  | (11,362) |
Non-agency collateralized mortgage obligations |  | 324,761 |  |  | (43,926) |  |  | — |  |  | — |  |  | 324,761 |  |  | (43,926) |
Total |  | $ | 4,152,729 |  |  | $ | (429,211) |  |  | $ | 696,596 |  |  | $ | (97,447) |  |  | $ | 4,849,325 |  |  | $ | (526,658) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations |  | $ | 2,292,062 |  |  | $ | (30,777) |  |  | $ | 176,946 |  |  | $ | (7,315) |  |  | $ | 2,469,008 |  |  | $ | (38,092) |
Other asset-backed securities |  | 195,708 |  |  | (4,823) |  |  | 117,751 |  |  | (4,968) |  |  | 313,459 |  |  | (9,791) |
State and municipal securities |  | 237,354 |  |  | (3,862) |  |  | 40,343 |  |  | (1,076) |  |  | 277,697 |  |  | (4,938) |
U.S. government agency and government-sponsored enterprise securities |  | 100,813 |  |  | (1,988) |  |  | 48,714 |  |  | (1,286) |  |  | 149,527 |  |  | (3,274) |
U.S. government securities |  | 157,536 |  |  | (831) |  |  | — |  |  | — |  |  | 157,536 |  |  | (831) |
Non-agency collateralized mortgage obligations |  | 212,259 |  |  | (955) |  |  | — |  |  | — |  |  | 212,259 |  |  | (955) |
Total |  | $ | 3,195,732 |  |  | $ | (43,236) |  |  | $ | 383,754 |  |  | $ | (14,645) |  |  | $ | 3,579,486 |  |  | $ | (57,881) |

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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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