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Investment Securities

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Investment Securities

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

			September 30, 2021
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Available for Sale			(in thousands)
U.S. Government securities			$	153,493					$	—					$	(283)					$	153,210
U.S. Government sponsored agency securities			62,137						—						(71)						62,066
State and municipal securities			1,111,024						43,139						(3,769)						1,150,394
Corporate debt securities			354,727						14,663						(52)						369,338
Collateralized mortgage obligations			246,726						5,639						(330)						252,035
Residential mortgage-backed securities			191,623						1,669						(3,169)						190,123
Commercial mortgage-backed securities			827,921						10,039						(5,922)						832,038
Auction rate securities			76,350						—						(1,217)						75,133
Total			$	3,024,001					$	75,149					$	(14,813)					$	3,084,337
Held to Maturity
Residential mortgage-backed securities			$	410,189					$	13,803					$	(6,514)					$	417,478
Commercial mortgage-backed securities			506,234						—						(13,556)						492,678
Total			$	916,423					$	13,803					$	(20,070)					$	910,156

			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

Securities carried at $2.6 billion at September 30, 2021 and $520.5 million at December 31, 2020 were pledged as collateral to secure public and trust deposits and customer repurchase agreements.

The amortized cost and estimated fair values of debt securities as of September 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.

						September 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						$	8,233					$	8,422					$	—					$	—
Due from one year to five years						246,887						247,567						—						—
Due from five years to ten years						378,245						394,995						—						—
Due after ten years						1,124,366						1,159,157						—						—
						1,757,731						1,810,141						—						—
Residential mortgage-backed securities(1)						191,623						190,123						410,189						417,478
Commercial mortgage-backed securities(1)						827,921						832,038						506,234						492,678
Collateralized mortgage obligations(1)						246,726						252,035						—						—
Total						$	3,024,001					$	3,084,337					$	916,423					$	910,156
(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.

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)
September 30, 2021			$	—					$	—											$	—
September 30, 2020			94						(92)												2
Nine months ended
September 30, 2021			$	34,481					$	(970)											$	33,511
September 30, 2020			6,545						(3,492)												3,053

During the first quarter of 2021, the Corporation completed a balance sheet restructuring that included a $34.0 million gain on the sale of Visa Shares, offset by net losses on other securities of $400,000, primarily in connection with the sale of $24.6 million of ARCs.

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:

			September 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						$	153,210					$	(283)					—						$	—					$	—					$	153,210					$	(283)
U.S. Government sponsored agency securities			1						62,066						(71)						—						—						—						62,066						(71)
State and municipal securities			64						269,388						(3,769)						—						—						—						269,388						(3,769)
Corporate debt securities			3						13,952						(52)						—						—						—						13,952						(52)
Collateralized mortgage obligations			1						29,565						(330)						—						—						—						29,565						(330)
Residential mortgage-backed securities			6						129,507						(2,574)						1						17,522						(595)						147,029						(3,169)
Commercial mortgage-backed securities			26						368,338						(5,922)						—						—						—						368,338						(5,922)
Auction rate securities			—						—						—						118						75,133						(1,217)						75,133						(1,217)
Total available for sale			103						$	1,026,026					$	(13,001)					119						$	92,655					$	(1,812)					$	1,118,681					$	(14,813)
Held to Maturity
Residential mortgage-backed securities			12						$	193,637					$	(6,514)					—						$	—					$	—					$	193,637					$	(6,514)
Commercial mortgage-backed securities			27						452,785						(13,556)						—						—						—						452,785						(13,556)
Total			39						$	646,422					$	(20,070)					—						$	—					$	—					$	646,422					$	(20,070)

			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.

The Corporation’s collateralized mortgage obligations and mortgage-backed securities have contractual terms that generally do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. The change in fair value of these securities is attributable to changes in interest rates and not credit quality. The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost. Therefore, the Corporation does not have an ACL for these investments as of September 30, 2021.

Based on management’s evaluations, no ACL was required for municipal securities, corporate debt securities or ARCs as of September 30, 2021. The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity.

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- References

No definition available.

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-URI http://asc.fasb.org/subtopic&trid=2209399

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-URI http://asc.fasb.org/subtopic&trid=2324412

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 320
-URI http://asc.fasb.org/subtopic&trid=2176304

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph (b)

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