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Investment Securities (Tables)

6 Months Ended

Jun. 30, 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:

			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

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, 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.

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)
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

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:

			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)

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+ 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
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