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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Available for Sale			(in thousands)
U.S. Government securities			$	376,986					$	88					$	(3,357)					$	373,717
State and municipal securities			1,192,156						3,870						(51,380)						1,144,646
Corporate debt securities			401,142						1,517						(7,062)						395,597
Collateralized mortgage obligations			175,270						153						(4,159)						171,264
Residential mortgage-backed securities			295,590						326						(20,314)						275,602
Commercial mortgage-backed securities			1,024,224						235						(60,952)						963,507
Total			$	3,465,368					$	6,189					$	(147,224)					$	3,324,333
Held to Maturity
Residential mortgage-backed securities			$	384,675					$	1,686					$	(21,097)					$	365,264
Commercial mortgage-backed securities			579,666						—						(55,941)						523,725
Total			$	964,341					$	1,686					$	(77,038)					$	888,989

			December 31, 2021
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Available for Sale			(in thousands)
U.S. Government securities			$	127,831					$	—					$	(213)					$	127,618
State and municipal securities			1,139,187						50,161						(678)						1,188,670
Corporate debt securities			373,482						13,009						(358)						386,133
Collateralized mortgage obligations			206,532						3,581						(754)						209,359
Residential mortgage-backed securities			231,607						1,224						(3,036)						229,795
Commercial mortgage-backed securities			974,541						6,141						(9,534)						971,148
Auction rate securities			76,350						—						(1,683)						74,667
Total			$	3,129,530					$	74,116					$	(16,256)					$	3,187,390
Held to Maturity
Residential mortgage-backed securities			$	404,958					$	11,022					$	(7,067)					$	408,913
Commercial mortgage-backed securities			575,426						—						(18,472)						556,954
Total			$	980,384					$	11,022					$	(25,539)					$	965,867

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, 2022, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay with or without call or prepayment penalties.

						March 31, 2022
						Available for Sale												Held to Maturity
						Amortized Cost						Estimated Fair Value						Amortized Cost						Estimated Fair Value
			(in thousands)
Due in one year or less						$	163,165					$	163,187					$	—					$	—
Due from one year to five years						262,405						259,212						—						—
Due from five years to ten years						430,737						426,189						—						—
Due after ten years						1,113,977						1,065,372						—						—
						1,970,284						1,913,960						—						—
Residential mortgage-backed securities(1)						295,590						275,602						384,675						365,264
Commercial mortgage-backed securities(1)						1,024,224						963,507						579,666						523,725
Collateralized mortgage obligations(1)						175,270						171,264						—						—
Total						$	3,465,368					$	3,324,333					$	964,341					$	888,989
(1) Maturities for mortgage-backed securities and collateralized mortgage obligations 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 gross realized gains and losses on the sales of securities for the periods presented:

			Gross Realized Gains						Gross Realized Losses												Net Gains
Three months ended			(in thousands)
March 31, 2022			$	1,546					$	(1,527)											$	19
March 31, 2021			34,016						(541)												33,475

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 investment category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented:

			March 31, 2022
			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			3						$	274,072					$	(3,357)					—						$	—					$	—					$	274,072					$	(3,357)
State and municipal securities			255						807,720						(47,968)						6						27,644						(3,412)						835,364						(51,380)
Corporate debt securities			30						239,185						(7,062)						—						—						—						239,185						(7,062)
Collateralized mortgage obligations			61						137,670						(4,159)						—						—						—						137,670						(4,159)
Residential mortgage-backed securities			24						154,090						(9,253)						6						105,060						(11,061)						259,150						(20,314)
Commercial mortgage-backed securities			83						808,506						(50,966)						5						85,325						(9,986)						893,831						(60,952)
Total available for sale			456						$	2,421,243					$	(122,765)					17						$	218,029					$	(24,459)					$	2,639,272					$	(147,224)
Held to Maturity
Residential mortgage-backed securities			5						$	21,104					$	(1,672)					12						$	167,470					$	(19,425)					$	188,574					$	(21,097)
Commercial mortgage-backed securities			16						185,416						(14,113)						21						338,309						(41,828)						523,725						(55,941)
Total			21						$	206,520					$	(15,785)					33						$	505,779					$	(61,253)					$	712,299					$	(77,038)

			December 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)
U.S Government Securities			2						127,618						(213)						—						—						—						127,618						(213)
State and municipal securities			29						$	82,731					$	(678)					—						$	—					$	—					$	82,731					$	(678)
Corporate debt securities			6						$	43,068					$	(358)					—						$	—					$	—					$	43,068					$	(358)
Collateralized mortgage obligations			4						28,517						(754)						—						—						—						28,517						(754)
Residential mortgage-backed securities			7						123,687						(2,388)						1						16,669						(648)						140,356						(3,036)
Commercial mortgage-backed securities			41						512,312						(9,534)						—						—						—						512,312						(9,534)
Auction rate securities			—						—						—						118						74,667						(1,683)						74,667						(1,683)
Total available for sale			89						$	917,933					$	(13,925)					119						$	91,336					$	(2,331)					$	1,009,269					$	(16,256)
Held to Maturity
Residential mortgage-backed securities			14						$	205,969					$	(7,067)					—						$	—					$	—					$	205,969					$	(7,067)
Commercial mortgage-backed securities			36						556,954						(18,472)						—						—						—						556,954						(18,472)
Total			50						$	762,923					$	(25,539)					—						$	—					$	—					$	762,923					$	(25,539)

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
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