XML 49 R33.htm IDEA: XBRL DOCUMENT v3.20.4
Securities (Tables)
 12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Summary of Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Securities
The amortized cost and fair value of securities available-for-sale and held-to-maturity at December 31, 2020 and 2019 are summarized as follows (in thousands):
Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2020
Securities available-for-sale:    
U.S Treasury securities$82,199 $10 $— $82,209 
U.S. Government agency securities74,916 1,547 60 76,403 
Mortgage-backed securities1,623,759 67,759 2,327 1,689,191 
State and municipal securities1,411,288 44,559 12,484 1,443,363 
Asset-backed securities177,878 715 657 177,936 
Corporate notes117,256 2,632 2,309 117,579 
 $3,487,296 $117,222 $17,837 $3,586,681 
Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2020
Securities held-to-maturity:    
State and municipal securities1,028,550 38,272 291 1,066,531 
 $1,028,550 $38,272 $291 $1,066,531 
Allowance for credit losses - securities held-to-maturity(191)
Securities held-to-maturity, net of allowance for credit losses$1,028,359 
December 31, 2019    
Securities available-for-sale:    
U.S Treasury securities$72,862 $19 $14 $72,867 
U.S. Government agency securities80,096 306 710 79,692 
Mortgage-backed securities1,458,894 12,789 7,776 1,463,907 
State and municipal securities1,669,606 52,096 7,249 1,714,453 
Asset-backed securities153,963 302 1,293 152,972 
Corporate notes56,212 635 743 56,104 
 $3,491,633 $66,147 $17,785 $3,539,995 
Securities held-to-maturity:    
State and municipal securities188,996 12,221 — 201,217 
 $188,996 $12,221 $— $201,217 
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
The amortized cost and fair value of debt securities as of December 31, 2020 by contractual maturity are shown below. Actual maturities may differ from contractual maturities of mortgage-backed securities since the mortgages underlying the securities may be called or prepaid with or without penalty. Therefore, these securities are not included in the maturity categories in the following summary (in thousands):
 Available-for-saleHeld-to-maturity
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in one year or less$83,050 $83,066 $— $— 
Due in one year to five years12,406 12,802 1,409 1,494 
Due in five years to ten years188,991 198,687 7,180 7,300 
Due after ten years1,401,212 1,424,999 1,019,961 1,057,737 
Mortgage-backed securities1,623,759 1,689,191 — — 
Asset-backed securities177,878 177,936 — — 
 $3,487,296 $3,586,681 $1,028,550 $1,066,531 
Classification of Investments According to Term of Unrealized Losses of Less than Twelve Months or Twelve Months or Longer
At December 31, 2020 and 2019, included in securities were the following investments with unrealized losses. The information below classifies these investments according to the term of the unrealized loss of less than twelve months or twelve months or longer (in thousands):
 Investments with an Unrealized Loss of
less than 12 months		Investments with an
Unrealized Loss of
12 months or longer		Total Investments
with an
Unrealized Loss
 Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized
Losses
December 31, 2020      
U.S. Treasury securities$— $— $— $— $— $— 
U.S. Government agency securities9,962 38 6,091 22 16,053 60 
Mortgage-backed securities165,696 1,772 35,997 555 201,693 2,327 
State and municipal securities175,115 2,220 345,435 10,264 520,550 12,484 
Asset-backed securities46,399 207 52,840 450 99,239 657 
Corporate notes9,978 40 23,920 2,269 33,898 2,309 
Total temporarily-impaired securities$407,150 $4,277 $464,283 $13,560 $871,433 $17,837 
December 31, 2019      
U.S. Treasury securities$40,505 $14 $— $— $40,505 $14 
U.S. Government agency securities1,222 1 30,892 709 32,114 710 
Mortgage-backed securities458,881 5,102 163,767 2,674 622,648 7,776 
State and municipal securities204,958 1,938 244,884 5,311 449,842 7,249 
Asset-backed securities75,488 796 59,816 497 135,304 1,293 
Corporate notes— — 16,908 743 16,908 743 
Total temporarily-impaired securities$781,054 $7,851 $516,267 $9,934 $1,297,321 $17,785