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Investment Securities (Tables)

9 Months Ended

Sep. 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:

			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

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 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.

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)
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

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:

			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.

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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=123581744&loc=d3e27290-111563

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