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Investment Securities | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Investment Securities |
NOTE 4 – INVESTMENT SECURITIES
The following tables present the amortized cost and estimated fair values of investment securities, as of December 31:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
| (dollars in thousands)
2022 |  |  |  |  |  |  |
Available for Sale |  |  |  |  |  |  |
U.S. Government securities | $ | 226,140 |  |  | $ | — |  |  | $ | (7,655) |  |  | $ | 218,485 |
U.S. Government-sponsored agency securities | 1,050 |  |  | — |  |  | (42) |  |  | 1,008 |
State and municipal securities | 1,284,245 |  |  | 283 |  |  | (178,816) |  |  | 1,105,712 |
Corporate debt securities | 459,792 |  |  | — |  |  | (37,483) |  |  | 422,309 |
Collateralized mortgage obligations | 147,155 |  |  | — |  |  | (13,122) |  |  | 134,033 |
Residential mortgage-backed securities | 242,527 |  |  | 18 |  |  | (29,847) |  |  | 212,698 |
Commercial mortgage-backed securities | 631,604 |  |  | — |  |  | (79,082) |  |  | 552,522 |
Total | $ | 2,992,513 |  |  | $ | 301 |  |  | $ | (346,047) |  |  | $ | 2,646,767 |
Held to Maturity |  |  |  |  |  |  |
Residential mortgage-backed securities | $ | 457,325 |  |  | $ | — |  |  | $ | (57,480) |  |  | $ | 399,845 |
Commercial mortgage-backed securities | 863,931 |  |  | — |  |  | (138,727) |  |  | 725,204 |
Total | $ | 1,321,256 |  |  | $ | — |  |  | $ | (196,207) |  |  | $ | 1,125,049 |
2021 |  |  |  |  |  |  |
Available for Sale |  |  |  |  |  |  |
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 ARC's 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 $1.1 billion at December 31, 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 December 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 obligations with or without call or prepayment penalties.
| Available for Sale |  | Held to Maturity
| Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
| (dollars in thousands)
Due in one year or less | $ | 148,382 |  |  | $ | 143,463 |  |  | $ | — |  |  | $ | — |
Due from one year to five years | 159,126 |  |  | 154,536 |  |  | — |  |  | — |
Due from five years to ten years | 535,229 |  |  | 497,049 |  |  | — |  |  | — |
Due after ten years | 1,128,490 |  |  | 952,466 |  |  | — |  |  | — |
| 1,971,227 |  |  | 1,747,514 |  |  | — |  |  | — |
Residential mortgage-backed securities(1) | 242,527 |  |  | 212,698 |  |  | 457,325 |  |  | 399,845 |
Commercial mortgage-backed securities(1) | 631,604 |  |  | 552,522 |  |  | 863,931 |  |  | 725,204 |
Collateralized mortgage obligations(1) | 147,155 |  |  | 134,033 |  |  | — |  |  | — |
Total | $ | 2,992,513 |  |  | $ | 2,646,767 |  |  | $ | 1,321,256 |  |  | $ | 1,125,049 |
(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 gains and losses on the sales of securities:
| Gross Realized Gains |  | Gross Realized Losses |  | Net Gains (Losses)
| (dollars in thousands)
2022 | $ | 1,587 |  |  | $ | (1,614) |  |  | $ | (27) |
2021 | 35,593 |  |  | (2,077) |  |  | 33,516 |
2020 | 6,545 |  |  | (3,492) |  |  | 3,053 |
During 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. During 2020, the Corporation completed a balance sheet restructuring that included the sale of investment securities, with an amortized cost of $79.0 million and an estimated fair value of $82.0 million, resulting in net investment securities gains of $3.0 million. Offsetting these gains were $2.9 million of prepayment penalties recorded in non-interest expense for the redemption of FHLB advances. The following tables present the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31:
| 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
2022 | (dollars in thousands)
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government securities | 1 |  |  | $ | 96,906 |  |  | $ | (2,814) |  |  | 2 |  |  | $ | 121,579 |  |  | $ | (4,841) |  |  | $ | 218,485 |  |  | $ | (7,655) |
U.S. Government sponsored agency securities | 1 |  |  | 1,008 |  |  | (42) |  |  | — |  |  | — |  |  | — |  |  | 1,008 |  |  | (42) |
State and municipal securities | 360 |  |  | 995,122 |  |  | (157,397) |  |  | 29 |  |  | 61,089 |  |  | (21,419) |  |  | 1,056,211 |  |  | (178,816) |
Corporate debt securities | 66 |  |  | 376,398 |  |  | (31,333) |  |  | 6 |  |  | 37,157 |  |  | (6,150) |  |  | 413,555 |  |  | (37,483) |
Collateralized mortgage obligations | 96 |  |  | 113,191 |  |  | (7,650) |  |  | 1 |  |  | 20,842 |  |  | (5,472) |  |  | 134,033 |  |  | (13,122) |
Residential mortgage-backed securities | 81 |  |  | 154,861 |  |  | (18,301) |  |  | 5 |  |  | 55,293 |  |  | (11,546) |  |  | 210,154 |  |  | (29,847) |
Commercial mortgage-backed securities | 114 |  |  | 371,109 |  |  | (38,845) |  |  | 20 |  |  | 181,413 |  |  | (40,237) |  |  | 552,522 |  |  | (79,082) |
Total available for sale | 719 |  |  | $ | 2,108,595 |  |  | $ | (256,382) |  |  | 63 |  |  | $ | 477,373 |  |  | $ | (89,665) |  |  | $ | 2,585,968 |  |  | $ | (346,047) |
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities | 106 |  | $ | 246,667 |  |  | $ | (14,275) |  |  | 14 |  |  | $ | 153,178 |  |  | $ | (43,205) |  |  | $ | 399,845 |  |  | $ | (57,480) |
Commercial mortgage-backed securities | 21 |  |  | 258,255 |  |  | (24,029) |  |  | 39 |  |  | 466,949 |  |  | (114,698) |  |  | 725,204 |  |  | (138,727) |
Total | 127 |  |  | $ | 504,922 |  |  | $ | (38,304) |  |  | 53 |  |  | $ | 620,127 |  |  | $ | (157,903) |  |  | $ | 1,125,049 |  |  | $ | (196,207) |
| 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
2021 |
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 December 31, 2022 and 2021. As of December 31, 2022 and 2021, no ACL was required for state and municipal securities. The Corporation does not have the intent to sell and does not believe it will be more likely than not to 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 December 31, 2022 and 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 December 31, 2022 and 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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