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Securities (Tables)
3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Available-for-sale
The amortized cost and fair value of securities available-for-sale and held-to-maturity at March 31, 2022 and December 31, 2021 are summarized as follows (in thousands):
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
March 31, 2022:    
Securities available-for-sale:    
U.S. Treasury securities$81,314 $— $150 $81,164 
U.S. Government agency securities444,161 2,018 16,231 429,948 
Mortgage-backed securities1,611,929 2,574 83,939 1,530,564 
State and municipal securities1,257,130 16,644 26,609 1,247,165 
Asset-backed securities176,367 — 9,988 166,379 
Corporate notes and other117,294 1,239 4,030 114,503 
 $3,688,195 $22,475 $140,947 $3,569,723 
Securities held-to-maturity:    
U.S. Treasury securities$93,039 $— $3,778 $89,261 
U.S. Government agency securities213,854 — 10,753 203,101 
Mortgage-backed securities374,692 121 20,933 353,880 
State and municipal securities1,726,629 5,682 97,222 1,635,089 
Asset-backed securities150,076 — 7,622 142,454 
Corporate notes and other9,202 — 333 8,869 
 $2,567,492 $5,803 $140,641 $2,432,654 
Allowance for credit losses - securities held-to-maturity(1,106)
Securities held-to-maturity, net of allowance for credit losses$2,566,386 
December 31, 2021:    
Securities available-for-sale:    
U.S. Treasury securities$194,490 $— $881 $193,609 
U.S. Government agency securities634,611 2,359 4,961 632,009 
Mortgage-backed securities1,908,675 29,874 18,310 1,920,239 
State and municipal securities1,774,119 52,961 3,243 1,823,837 
Asset-backed securities232,294 60 2,785 229,569 
Corporate notes and other114,355 3,082 2,506 114,931 
 $4,858,544 $88,336 32,686 $4,914,194 
Securities held-to-maturity:    
U.S. Government agency securities11,920 — 37 11,883 
Mortgage-backed securities 106,555 86 196 106,445 
State and municipal securities 1,037,644 32,966 889 1,069,721 
$1,156,119 $33,052 $1,122 $1,188,049 
Allowance for credit losses - securities held-to-maturity(161)
Securities held-to-maturity, net of allowance for credit losses$1,155,958 
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
The amortized cost and fair value of debt securities as of March 31, 2022 by contractual maturity is shown below. Actual maturities may differ from contractual maturities of mortgage- and asset-backed securities since the mortgages and assets 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
March 31, 2022:Amortized
Cost
Fair
Value
Amortized
 Cost
Fair
Value
Due in one year or less$83,308 $83,147 $1,971 $1,969 
Due in one year to five years161,633 164,323 277,233 264,682 
Due in five years to ten years392,289 386,656 33,474 31,634 
Due after ten years1,262,669 1,238,654 1,730,046 1,638,035 
Mortgage-backed securities1,611,929 1,530,564 374,692 353,880 
Asset-backed securities176,367 166,379 150,076 142,454 
 $3,688,195 $3,569,723 $2,567,492 $2,432,654 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
At March 31, 2022 and December 31, 2021, the following available-for-sale investments had unrealized losses. The table below classifies these investments according to the term of the unrealized losses 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
At March 31, 2022      
U.S. Treasury securities$81,164 $150 $— $— $81,164 $150 
U.S. Government agency securities400,351 14,124 29,597 2,107 429,948 16,231 
Mortgage-backed securities1,205,002 60,486 224,667 23,453 1,429,669 83,939 
State and municipal securities420,842 25,798 112,468 811 533,310 26,609 
Asset-backed securities161,788 9,684 4,591 304 166,379 9,988 
Corporate notes42,719 1,840 20,110 2,190 62,829 4,030 
Total temporarily-impaired securities$2,311,866 $112,082 $391,433 $28,865 $2,703,299 $140,947 
At December 31, 2021      
U.S. Treasury securities$178,610 $881 $— $— $178,610 $881 
U.S. Government agency securities353,951 2,987 54,266 1,974 408,217 4,961 
Mortgage-backed securities744,996 11,663 178,956 6,647 923,952 18,310 
State and municipal securities309,605 2,198 57,270 1,045 366,875 3,243 
Asset-backed securities198,349 2,595 6,513 190 204,862 2,785 
Corporate notes14,991 554 20,270 1,952 35,261 2,506 
Total temporarily-impaired securities$1,800,502 $20,878 $317,275 $11,808 $2,117,777 $32,686