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Securities (Tables) | 3 Months Ended
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Mar. 31, 2021
Investments Debt And Equity Securities [Abstract] |
Schedule of Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Securities | The following table presents the fair value and amortized cost of available-for-sale and held-to-maturity debt securities:
|  | March 31, 2021 |  |  | December 31, 2020 |
(unaudited, in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 29,986 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 29,997 |  |  | $ | 39,975 |  |  | $ | 7 |  |  | $ | — |  |  | $ | 39,982 |
U.S. Government sponsored entities and agencies |  |  | 174,472 |  |  |  | 4,564 |  |  |  | (2,706 | ) |  |  | 176,330 |  |  |  | 204,109 |  |  |  | 7,715 |  |  |  | (142 | ) |  |  | 211,682 |
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 2,123,853 |  |  |  | 30,901 |  |  |  | (13,961 | ) |  |  | 2,140,793 |  |  |  | 1,230,106 |  |  |  | 35,979 |  |  |  | (1,348 | ) |  |  | 1,264,737 |
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 284,440 |  |  |  | 7,962 |  |  |  | (721 | ) |  |  | 291,681 |  |  |  | 308,903 |  |  |  | 11,464 |  |  |  | (269 | ) |  |  | 320,098 |
Obligations of states and political subdivisions |  |  | 105,778 |  |  |  | 6,056 |  |  |  | (36 | ) |  |  | 111,798 |  |  |  | 108,602 |  |  |  | 7,160 |  |  |  | — |  |  |  | 115,762 |
Corporate debt securities |  |  | 23,953 |  |  |  | 660 |  |  |  | — |  |  |  | 24,613 |  |  |  | 24,963 |  |  |  | 912 |  |  |  | — |  |  |  | 25,875 |
Total available-for-sale debt securities |  | $ | 2,742,482 |  |  | $ | 50,154 |  |  | $ | (17,424 | ) |  | $ | 2,775,212 |  |  | $ | 1,916,658 |  |  | $ | 63,237 |  |  | $ | (1,759 | ) |  | $ | 1,978,136 |
Held-to-maturity debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities and agencies |  | $ | 7,611 |  |  | $ | 106 |  |  | $ | — |  |  | $ | 7,717 |  |  | $ | 7,779 |  |  | $ | 265 |  |  | $ | — |  |  | $ | 8,044 |
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 80,376 |  |  |  | 2,738 |  |  |  | (5 | ) |  |  | 83,109 |  |  |  | 89,151 |  |  |  | 3,251 |  |  |  | — |  |  |  | 92,402 |
Obligations of states and political subdivisions |  |  | 692,616 |  |  |  | 24,501 |  |  |  | (3,811 | ) |  |  | 713,306 |  |  |  | 601,128 |  |  |  | 30,173 |  |  |  | (59 | ) |  |  | 631,242 |
Corporate debt securities |  |  | 33,137 |  |  |  | 2,603 |  |  |  | — |  |  |  | 35,740 |  |  |  | 33,154 |  |  |  | 3,341 |  |  |  | — |  |  |  | 36,495 |
Total held-to-maturity debt securities |  | $ | 813,740 |  |  | $ | 29,948 |  |  | $ | (3,816 | ) |  | $ | 839,872 |  |  | $ | 731,212 |  |  | $ | 37,030 |  |  | $ | (59 | ) |  | $ | 768,183 |
Total debt securities |  | $ | 3,556,222 |  |  | $ | 80,102 |  |  | $ | (21,240 | ) |  | $ | 3,615,084 |  |  | $ | 2,647,870 |  |  | $ | 100,267 |  |  | $ | (1,818 | ) |  | $ | 2,746,319 |
(1) | Total held-to-maturity debt securities are presented on the balance sheet net of their allowance for credit losses totaling $0.3 million at March 31, 2021 and December 31, 2020.
Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Securities by Contractual Maturity | The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity date at March 31, 2021. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay debt obligations with or without prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are classified in the table below based on their contractual maturity date; however, regular principal payments and prepayments of principal are received on a monthly basis.
(unaudited, in thousands) |  | Amortized Cost |  |  | Fair Value |
Available-for-sale debt securities |  |  |  |  |  |  |  |
Less than one year |  | $ | 47,465 |  |  | $ | 47,583 |
1-5 years |  |  | 145,739 |  |  |  | 152,800 |
5-10 years |  |  | 358,854 |  |  |  | 366,119 |
Over 10 years |  |  | 2,190,424 |  |  |  | 2,208,710 |
Total available-for-sale debt securities |  | $ | 2,742,482 |  |  | $ | 2,775,212 |
Held-to-maturity debt securities |  |  |  |  |  |  |  |
Less than one year |  | $ | 11,759 |  |  | $ | 11,872 |
1-5 years |  |  | 133,053 |  |  |  | 140,315 |
5-10 years |  |  | 228,148 |  |  |  | 237,907 |
Over 10 years |  |  | 440,780 |  |  |  | 449,778 |
Total held-to-maturity debt securities |  | $ | 813,740 |  |  | $ | 839,872 |
Total debt securities |  | $ | 3,556,222 |  |  | $ | 3,615,084 |
Schedule of Gross Realized Gains and Losses on the Sales and Calls of Securities | The following table presents the gross realized gains and losses on sales and calls of available-for-sale and held-to-maturity debt securities, as well as gains and losses on equity securities from both sales and market adjustments, for the three months ended March 31, 2021 and 2020, respectively. All gains and losses presented in the table below are included in the net securities gains (losses) line item of the income statement. For those equity securities relating to the key officer and director deferred compensation plan, the corresponding change in the obligation to the participant is recognized in employee benefits expense.
|  | For the Three Months Ended March 31, |
(unaudited, in thousands) |  | 2021 |  |  | 2020 |
Debt securities: |  |  |  |  |  |  |  |
Gross realized gains |  | $ | 140 |  |  | $ | 3,335 |
Gross realized losses |  |  | (39 | ) |  |  | (1,031 | )
Net gains on debt securities |  | $ | 101 |  |  | $ | 2,304 |
Equity securities: |  |  |  |  |  |  |  |
Net unrealized gains (losses) recognized on securities still held |  | $ | 178 |  |  | $ | (805 | )
Net realized losses recognized on securities sold |  |  | — |  |  |  | (8 | )
Net gains (losses) on equity securities |  | $ | 178 |  |  | $ | (813 | )
Net securities gains |  | $ | 279 |  |  | $ | 1,491 |
Schedule of Allowance for Credit Losses on Held-to-maturity Securities | The following table provides a roll-forward of the allowance for credit losses on held-to-maturity securities for the three months ended March 31, 2021 and March 31, 2020, respectively:
| Allowance for Credit Losses By Category |
| For the Three Months Ended March 31, 2021 and 2020 |
|  |  |  | Residential mortgage |  |  |  |  |  |  |  |  |  |
|  |  |  | -backed |  |  |  |  |  |  |  |  |  |
|  |  |  | securities and |  |  |  |  |  |  |  |  |  |
|  |  |  | collateralized |  |  |  |  |  |  |  |  |  |
|  |  |  | mortgage obligations |  | Obligations of |  |  |  |  |  |  |
| U.S. Government |  | of government |  | state and |  | Corporate |  |  |  |
| sponsored |  | sponsored entities |  | political |  | debt |  |  |  |
(unaudited, in thousands) | entities and agencies |  | and agencies |  | subdivisions |  | Securities |  | Total |
Balance at December 31, 2020 | $ | — |  | $ | — |  | $ | 130 |  | $ | 196 |  | $ | 326 |
Current period provision |  | — |  |  | — |  |  | (12 | ) |  | (24 | ) |  | (36 | )
Write-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Recoveries |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance at March 31, 2021 | $ | — |  | $ | — |  | $ | 118 |  | $ | 172 |  | $ | 290 |
. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2019 | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Impact of adopting ASC 326 |  | — |  |  | — |  |  | 96 |  |  | 133 |  |  | 229 |
Current period provision |  | — |  |  | — |  |  | 2 |  |  | 5 |  |  | 7 |
Write-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Recoveries |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance at March 31, 2020 | $ | — |  | $ | — |  | $ | 98 |  | $ | 138 |  | $ | 236 |
Schedule of Unrealized Losses on Investment Securities | The following tables provide information on unrealized losses on available-for-sale debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more, for which an allowance for credit losses has not been recorded, as of March 31, 2021 and December 31, 2020, respectively:
|  | March 31, 2021 |
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
(unaudited, dollars in thousands) |  | Fair Value |  |  | Unrealized Losses |  |  | # of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | # of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | # of Securities |
U.S. Government sponsored entities and agencies |  | $ | 56,270 |  |  | $ | (2,706 | ) |  |  | 6 |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | 56,270 |  |  | $ | (2,706 | ) |  |  | 6 |
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 973,961 |  |  |  | (13,879 | ) |  |  | 98 |  |  |  | 3,531 |  |  |  | (82 | ) |  |  | 4 |  |  |  | 977,492 |  |  |  | (13,961 | ) |  |  | 102 |
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 94,186 |  |  |  | (721 | ) |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 94,186 |  |  |  | (721 | ) |  |  | 9 |
Obligations of state and political subdivisions |  |  | 3,767 |  |  |  | (36 | ) |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,767 |  |  |  | (36 | ) |  |  | 1 |
Total |  | $ | 1,128,184 |  |  | $ | (17,342 | ) |  |  | 114 |  |  | $ | 3,531 |  |  | $ | (82 | ) |  |  | 4 |  |  | $ | 1,131,715 |  |  | $ | (17,424 | ) |  | $ | 118 |
|  | December 31, 2020 |
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
(dollars in thousands) |  | Fair Value |  |  | Unrealized Losses |  |  | # of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | # of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | # of Securities |
U.S. Government sponsored entities and agencies |  | $ | 18,308 |  |  | $ | (142 | ) |  |  | 2 |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | 18,308 |  |  | $ | (142 | ) |  |  | 2 |
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 224,448 |  |  |  | (1,227 | ) |  |  | 41 |  |  |  | 4,136 |  |  |  | (121 | ) |  |  | 3 |  |  |  | 228,584 |  |  |  | (1,348 | ) |  |  | 44 |
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 97,266 |  |  |  | (269 | ) |  |  | 10 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 97,266 |  |  |  | (269 | ) |  |  | 10 |
Obligations of states and political subdivisions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 340,022 |  |  | $ | (1,638 | ) |  |  | 53 |  |  | $ | 4,136 |  |  | $ | (121 | ) |  |  | 3 |  |  | $ | 344,158 |  |  | $ | (1,759 | ) |  |  | 56 |

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