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v3.21.2

Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 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:
| June 30, 2021
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available for Sale | (in thousands)
U.S. Government securities | $ | 153,885 |  |  | $ | — |  |  | $ | (340) |  |  | $ | 153,545 |
U.S. Government sponsored agency securities | 62,529 |  |  | — |  |  | (98) |  |  | 62,431 |
State and municipal securities | 1,002,146 |  |  | 53,924 |  |  | (608) |  |  | 1,055,462 |
Corporate debt securities | 354,593 |  |  | 16,876 |  |  | (88) |  |  | 371,381 |
Collateralized mortgage obligations | 299,333 |  |  | 7,965 |  |  | (133) |  |  | 307,165 |
Residential mortgage-backed securities | 201,654 |  |  | 1,641 |  |  | (1,748) |  |  | 201,547 |
Commercial mortgage-backed securities | 858,574 |  |  | 14,338 |  |  | (1,902) |  |  | 871,010 |
Auction rate securities | 76,350 |  |  | — |  |  | (1,516) |  |  | 74,834 |
Total | $ | 3,009,064 |  |  | $ | 94,744 |  |  | $ | (6,433) |  |  | $ | 3,097,375 |
Held to Maturity |  |  |  |  |  |  |
Residential mortgage-backed securities | $ | 439,220 |  |  | $ | 15,470 |  |  | $ | (5,019) |  |  | $ | 449,671 |
Commercial mortgage-backed securities | 385,063 |  |  | — |  |  | (7,802) |  |  | 377,261 |
Total | $ | 824,283 |  |  | $ | 15,470 |  |  | $ | (12,821) |  |  | $ | 826,932 |
| 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 June 30, 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.
|  | June 30, 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 |  | $ | 8,212 |  |  | $ | 8,240 |  |  | $ | — |  |  | $ | — |
Due from one year to five years |  | 253,200 |  |  | 253,976 |  |  | — |  |  | — |
Due from five years to ten years |  | 353,124 |  |  | 371,026 |  |  | — |  |  | — |
Due after ten years |  | 1,034,967 |  |  | 1,084,411 |  |  | — |  |  | — |
|  | 1,649,503 |  |  | 1,717,653 |  |  | — |  |  | — |
Residential mortgage-backed securities(1) |  | 201,654 |  |  | 201,547 |  |  | 439,220 |  |  | 449,671 |
Commercial mortgage-backed securities(1) |  | 858,574 |  |  | 871,010 |  |  | 385,063 |  |  | 377,261 |
Collateralized mortgage obligations(1) |  | 299,333 |  |  | 307,165 |  |  | — |  |  | — |
Total |  | $ | 3,009,064 |  |  | $ | 3,097,375 |  |  | $ | 824,283 |  |  | $ | 826,932 |
(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)
June 30, 2021 | $ | 465 |  |  | $ | (429) |  |  |  |  | $ | 36 |
June 30, 2020 | 6,334 |  |  | (3,329) |  |  |  |  | 3,005 |
Six months ended |  |  |  |  |  |  |
June 30, 2021 | $ | 34,481 |  |  | $ | (970) |  |  |  |  | $ | 33,511 |
June 30, 2020 | 6,451 |  |  | (3,400) |  |  |  |  | 3,051 |
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:
| June 30, 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)
U.S. Government securities | 2 |  | $ | 153,545 |  |  | $ | (340) |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | 153,545 |  |  | $ | (340) |
U.S. Government sponsored agency securities | 1 |  | 62,431 |  |  | (98) |  |  | — |  |  | — |  |  | — |  |  | 62,431 |  |  | (98) |
State and municipal securities | 12 |  |  | 46,851 |  |  | (608) |  |  | — |  |  | — |  |  | — |  |  | 46,851 |  |  | (608) |
Corporate debt securities | 5 |  |  | 19,921 |  |  | (88) |  |  | — |  |  | — |  |  | — |  |  | 19,921 |  |  | (88) |
Collateralized mortgage obligations | 1 |  |  | 30,402 |  |  | (133) |  |  | — |  |  | — |  |  | — |  |  | 30,402 |  |  | (133) |
Residential mortgage-backed securities | 7 |  |  | 154,928 |  |  | (1,748) |  |  | — |  |  | — |  |  | — |  |  | 154,928 |  |  | (1,748) |
Commercial mortgage-backed securities | 15 |  |  | 241,220 |  |  | (1,902) |  |  | — |  |  | — |  |  | — |  |  | 241,220 |  |  | (1,902) |
Auction rate securities | — |  |  | — |  |  | — |  |  | 118 |  |  | 74,834 |  |  | (1,516) |  |  | 74,834 |  |  | (1,516) |
Total available for sale | 43 |  |  | $ | 709,298 |  |  | $ | (4,917) |  |  | 118 |  |  | $ | 74,834 |  |  | $ | (1,516) |  |  | $ | 784,132 |  |  | $ | (6,433) |
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities | 12 |  |  | $ | 203,077 |  |  | $ | (5,019) |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | 203,077 |  |  | $ | (5,019) |
Commercial mortgage-backed securities | 21 |  |  | 377,261 |  |  | (7,802) |  |  | — |  |  | — |  |  | — |  |  | 377,261 |  |  | (7,802) |
Total | 33 |  |  | $ | 580,338 |  |  | $ | (12,821) |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | 580,338 |  |  | $ | (12,821) |
| 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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- 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 + Details
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