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Investment Securities | 6 Months Ended
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Jun. 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:
| June 30, 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available for Sale | (in thousands)
U.S. Government securities | $ | 376,505 |  |  | $ | — |  |  | $ | (5,239) |  |  | $ | 371,266 |
State and municipal securities | 1,239,591 |  |  | 501 |  |  | (156,615) |  |  | 1,083,477 |
Corporate debt securities | 413,487 |  |  | 186 |  |  | (20,112) |  |  | 393,561 |
Collateralized mortgage obligations | 154,558 |  |  | 10 |  |  | (6,465) |  |  | 148,103 |
Residential mortgage-backed securities | 213,567 |  |  | 167 |  |  | (18,375) |  |  | 195,359 |
Commercial mortgage-backed securities | 636,380 |  |  | 28 |  |  | (49,336) |  |  | 587,072 |
Total | $ | 3,034,088 |  |  | $ | 892 |  |  | $ | (256,142) |  |  | $ | 2,778,838 |
Held to Maturity |  |  |  |  |  |  |
Residential mortgage-backed securities | $ | 466,076 |  |  | $ | 297 |  |  | $ | (35,444) |  |  | $ | 430,929 |
Commercial mortgage-backed securities | 872,887 |  |  | 12 |  |  | (88,503) |  |  | 784,396 |
Total | $ | 1,338,963 |  |  | $ | 309 |  |  | $ | (123,947) |  |  | $ | 1,215,325 |
| 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 |
During the first quarter of 2022, all ARCs were sold. On May 1, 2022, the Corporation transferred certain residential mortgage-backed securities and commercial mortgage-backed securities from AFS to HTM classification as permitted by ASU 2019-04. The estimated fair value of the securities transferred was $415.2 million, and the amortized cost of the securities was $479.0 million. Securities carried at $1.8 billion at June 30, 2022 and $2.5 billion at December 31, 2021 were pledged as collateral to secure public and trust deposits. The amortized cost and estimated fair values of debt securities as of June 30, 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.
|  | June 30, 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 |  | $ | 160,087 |  |  | $ | 160,007 |  |  | $ | — |  |  | $ | — |
Due from one year to five years |  | 280,399 |  |  | 274,819 |  |  | — |  |  | — |
Due from five years to ten years |  | 447,924 |  |  | 427,025 |  |  | — |  |  | — |
Due after ten years |  | 1,141,173 |  |  | 986,453 |  |  | — |  |  | — |
|  | 2,029,583 |  |  | 1,848,304 |  |  | — |  |  | — |
Residential mortgage-backed securities(1) |  | 213,567 |  |  | 195,359 |  |  | 466,076 |  |  | 430,929 |
Commercial mortgage-backed securities(1) |  | 636,380 |  |  | 587,072 |  |  | 872,887 |  |  | 784,396 |
Collateralized mortgage obligations(1) |  | 154,558 |  |  | 148,103 |  |  | — |  |  | — |
Total |  | $ | 3,034,088 |  |  | $ | 2,778,838 |  |  | $ | 1,338,963 |  |  | $ | 1,215,325 |
(1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the underlying loans.
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)
June 30, 2022 | $ | 8 |  |  | $ | — |  |  |  |  | $ | 8 |
June 30, 2021 | 465 |  |  | (429) |  |  |  |  | 36 |
Six months ended |  |  |  |  |  |  |
June 30, 2022 | $ | 1,554 |  |  | $ | (1,527) |  |  |  |  | $ | 27 |
June 30, 2021 | 34,481 |  |  | (970) |  |  |  |  | 33,511 |
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 losses on other securities of $0.4 million, primarily in connection with the sale of $24.6 million of ARCs. The following tables present the gross unrealized losses and estimated fair values of investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented:
| June 30, 2022
| Less than 12 months |  | 12 months or longer |  | Total
| Number of Securities |  | Estimated Fair Value |  | Unrealized Losses |  | Number of Securities |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
Available for Sale |  |  | ($ in thousands)
U.S. Government securities | 4 |  | $ | 371,266 |  |  | $ | (5,239) |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | 371,266 |  |  | $ | (5,239) |
State and municipal securities | 355 |  |  | 989,029 |  |  | (149,910) |  |  | 6 |  |  | 24,248 |  |  | (6,705) |  |  | 1,013,277 |  |  | (156,615) |
Corporate debt securities | 55 |  |  | 363,657 |  |  | (20,112) |  |  | — |  |  | — |  |  | — |  |  | 363,657 |  |  | (20,112) |
Collateralized mortgage obligations | 72 |  |  | 140,957 |  |  | (6,465) |  |  | — |  |  | — |  |  | — |  |  | 140,957 |  |  | (6,465) |
Residential mortgage-backed securities | 28 |  |  | 130,063 |  |  | (9,194) |  |  | 4 |  |  | 60,469 |  |  | (9,181) |  |  | 190,532 |  |  | (18,375) |
Commercial mortgage-backed securities | 75 |  |  | 539,431 |  |  | (45,245) |  |  | 1 |  |  | 24,134 |  |  | (4,091) |  |  | 563,565 |  |  | (49,336) |
Total available for sale | 589 |  |  | $ | 2,534,403 |  |  | $ | (236,165) |  |  | 11 |  |  | $ | 108,851 |  |  | $ | (19,977) |  |  | $ | 2,643,254 |  |  | $ | (256,142) |
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities | 58 |  |  | $ | 181,966 |  |  | $ | (4,790) |  |  | 12 |  |  | $ | 152,702 |  |  | $ | (30,654) |  |  | $ | 334,668 |  |  | $ | (35,444) |
Commercial mortgage-backed securities | 39 |  |  | 454,603 |  |  | (32,031) |  |  | 20 |  |  | 301,951 |  |  | (56,472) |  |  | 756,554 |  |  | (88,503) |
Total | 97 |  |  | $ | 636,569 |  |  | $ | (36,821) |  |  | 32 |  |  | $ | 454,653 |  |  | $ | (87,126) |  |  | $ | 1,091,222 |  |  | $ | (123,947) |
| 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) |
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 June 30, 2022 and December 31, 2021. Based on management’s evaluations, no ACL was required for state and municipal securities as of June 30, 2022 or December 31, 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. As of June 30, 2022 and December 31, 2021, all corporate debt securities were rated above investment grade. Based on the payment status, rating and management's evaluation of these securities, no ACL was required for corporate debt securities as of June 30, 2022 or December 31, 2021. As of December 31, 2021, all ARCs were rated above investment grade. All of the loans underlying the ARCs had principal payments that were guaranteed by the federal government. Based on the payment status, rating and management's evaluation of these securities, no ACL was required for ARCs as of December 31, 2021.

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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 https://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 https://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 https://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 https://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) + Details
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