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Investment Securities (Tables)

9 Months Ended

Sep. 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:

			September 30, 2022
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Available for Sale			(in thousands)
U.S. Government securities			$	226,439					$	—					$	(8,255)					$	218,184
U.S. Government-sponsored agency securities			1,053						—						(47)						1,006
State and municipal securities			1,287,140						12						(248,967)						1,038,185
Corporate debt securities			436,443						—						(36,828)						399,615
Collateralized mortgage obligations			155,010						—						(12,609)						142,401
Residential mortgage-backed securities			246,854						6						(32,608)						214,252
Commercial mortgage-backed securities			655,384						—						(71,643)						583,741
Total			$	3,008,323					$	18					$	(410,957)					$	2,597,384
Held to Maturity
Residential mortgage-backed securities			$	470,879					$	—					$	(60,881)					$	409,998
Commercial mortgage-backed securities			868,431						—						(136,719)						731,712
Total			$	1,339,310					$	—					$	(197,600)					$	1,141,710

			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 September 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.

						September 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						$	9,524					$	9,516					$	—					$	—
Due from one year to five years						287,824						277,609						—						—
Due from five years to ten years						506,946						463,474						—						—
Due after ten years						1,146,781						906,391						—						—
						1,951,075						1,656,990						—						—
Residential mortgage-backed securities(1)						246,854						214,252						470,879						409,998
Commercial mortgage-backed securities(1)						655,384						583,741						868,431						731,712
Collateralized mortgage obligations(1)						155,010						142,401						—						—
Total						$	3,008,323					$	2,597,384					$	1,339,310					$	1,141,710
(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  (Losses) Gains
Three months ended			(in thousands)
September 30, 2022			$	33					$	(86)											$	(53)
September 30, 2021			—						—												—
Nine months ended
September 30, 2022			$	1,587					$	(1,613)											$	(26)
September 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:

			September 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									(dollars in thousands)
U.S. Government securities			3						$	218,184					$	(8,255)					—						$	—					$	—					$	218,184					$	(8,255)
U.S. Government-sponsored agency securities			1						1,006						(47)						—						—						—						1,006						(47)
State and municipal securities			395						982,919						(228,508)						22						45,759						(20,459)						1,028,678						(248,967)
Corporate debt securities			68						386,141						(35,547)						2						10,718						(1,281)						396,859						(36,828)
Collateralized mortgage obligations			100						121,120						(7,182)						1						21,281						(5,427)						142,401						(12,609)
Residential mortgage-backed securities			101						157,808						(19,901)						4						55,110						(12,707)						212,918						(32,608)
Commercial mortgage-backed securities			122						462,988						(47,022)						12						120,753						(24,621)						583,741						(71,643)
Total available for sale			790						$	2,330,166					$	(346,462)					41						$	253,621					$	(64,495)					$	2,583,787					$	(410,957)
Held to Maturity
Residential mortgage-backed securities			108						$	270,986					$	(20,485)					12						$	139,012					$	(40,396)					$	409,998					$	(60,881)
Commercial mortgage-backed securities			33						376,207						(46,035)						27						355,505						(90,684)						731,712						(136,719)
Total			141						$	647,193					$	(66,520)					39						$	494,517					$	(131,080)					$	1,141,710					$	(197,600)

			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			(dollars 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
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-SubTopic 10
-Section 50
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