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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Fair Values of Investment Securities

The following table presents the amortized cost and estimated fair values of investment securities for the periods presented:

			March 31, 2021
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Available for Sale			(in thousands)
State and municipal securities			$	953,601					$	42,412					$	(1,253)					$	994,760
Corporate debt securities			348,162						11,970						(761)						359,371
Collateralized mortgage obligations			390,253						10,633						(1,005)						399,881
Residential mortgage-backed securities			257,409						1,941						(3,986)						255,364
Commercial mortgage-backed securities			668,144						12,455						(7,582)						673,017
Auction rate securities			76,350						—						(146)						76,204
Total			$	2,693,919					$	79,411					$	(14,733)					$	2,758,597
Held to Maturity
Residential mortgage-backed securities			$	467,461					$	16,303					$	(8,025)					$	475,739
Commercial mortgage-backed securities			385,952						—						(17,948)						368,004
Total			$	853,413					$	16,303					$	(25,973)					$	843,743

			December 31, 2020
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Available for Sale			(in thousands)
State and municipal securities			$	891,327					$	61,286					$	—					$	952,613
Corporate debt securities			348,391						19,445						(691)						367,145
Collateralized mortgage obligations			491,321						12,560						(115)						503,766
Residential mortgage-backed securities			373,779						4,246						(27)						377,998
Commercial mortgage-backed securities			741,172						22,384						(1,141)						762,415
Auction rate securities			101,510						—						(3,304)						98,206
Total			$	2,947,500					$	119,921					$	(5,278)					$	3,062,143
Held to Maturity
Residential mortgage-backed securities			$	278,281					$	18,576					$	—					$	296,857

Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities

The amortized cost and estimated fair values of debt securities as of March 31, 2021, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities as certain investment securities are subject to call or prepayment with or without call or prepayment penalties.

						March 31, 2021
						Available for Sale												Held to Maturity
						Amortized Cost						Estimated Fair Value						Amortized Cost						Estimated Fair Value
			(in thousands)
Due in one year or less						$	13,107					$	13,171					$	—					$	—
Due from one year to five years						37,176						38,417						—						—
Due from five years to ten years						343,642						355,683						—						—
Due after ten years						984,188						1,023,064						—						—
						1,378,113						1,430,335						—						—
Residential mortgage-backed securities(1)						257,409						255,364						467,461						475,739
Commercial mortgage-backed securities(1)						668,144						673,017						385,952						368,004
Collateralized mortgage obligations(1)						390,253						399,881						—						—
Total						$	2,693,919					$	2,758,597					$	853,413					$	843,743
(1) Mortgage-backed securities and collateralized mortgage obligations do not have stated maturities and are dependent upon the interest rate environment and prepayments on the underlying loans.

Summary of Gains and Losses from Equity and Debt Securities, and Losses Recognized from Other-than-Temporary Impairment

The following table presents information related to the gross realized gains and losses on the sales of investment securities for the periods presented:

			Gross Realized Gains						Gross Realized Losses												Net Gains
Three months ended			(in thousands)
March 31, 2021			$	34,016					$	(541)											$	33,475
March 31, 2020			117						(71)												46

Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position

The following tables present the gross unrealized losses and estimated fair values of investment securities, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented:

			March 31, 2021
			Less than 12 months																		12 months or longer																		Total
			Number of Securities						Estimated Fair Value						Unrealized Losses						Number of Securities						Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses
Available for Sale									(in thousands)
State and municipal securities			21						$	88,141					$	(1,253)					—						$	—					$	—					$	88,141					$	(1,253)
Corporate debt securities			7						41,956						(582)						2						15,328						(179)						57,284						(761)
Collateralized mortgage obligations			2						55,305						(1,005)						—						—						—						55,305						(1,005)
Residential mortgage-backed securities			8						173,908						(3,986)						—						—						—						173,908						(3,986)
Commercial mortgage-backed securities			10						183,175						(7,582)						—						—						—						183,175						(7,582)
Auction rate securities			—						—						—						118						76,204						(146)						76,204						(146)
Total available for sale			48						$	542,485					$	(14,408)					120						$	91,532					$	(325)					$	634,017					$	(14,733)
Held to Maturity
Residential mortgage-backed securities			12						$	205,072					$	(8,025)					—						$	—					$	—					$	205,072					$	(8,025)
Commercial mortgage-backed securities			21						368,004						(17,948)						—						—						—						368,004						(17,948)
Total			33						$	573,076					$	(25,973)					—						$	—					$	—					$	573,076					$	(25,973)

			December 31, 2020
			Less than 12 months																		12 months or longer																		Total
			Number of Securities						Estimated Fair Value						Unrealized Losses						Number of Securities						Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses
Available for Sale			(in thousands)
Corporate debt securities			9						$	44,528					$	(377)					1						$	6,871					$	(314)					$	51,399					$	(691)
Collateralized mortgage obligations			3						57,601						(115)						—						—						—						57,601						(115)
Residential mortgage-backed securities			1						20,124						(27)						—						—						—						20,124						(27)
Commercial mortgage-backed securities			9						144,383						(1,141)						—						—						—						144,383						(1,141)
Auction rate securities			—						—						—						162						98,206						(3,304)						98,206						(3,304)
Total available for sale(1)			22						$	266,636					$	(1,660)					163						$	105,077					$	(3,618)					$	371,713					$	(5,278)

(1) No HTM securities were in an unrealized loss position as of December 31, 2020.

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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Tabular disclosure of realized gains and losses on investments reported in the statement of income.

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- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563

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