Securities (Tables)

6 Months Ended

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)