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INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Summary of Held-To-Maturity and Available-For-Sale Investment Securities

The following is a summary of HTM and AFS investment securities as of March 31, 2021:

						Held-to-maturity																								Available-for-sale
(Dollars in thousands)						Amortized cost						Unrecognized gain						Unrecognized loss						Fair value						Amortized cost						Unrealized gain						Unrealized loss						Fair value
U.S. Treasuries						$	0					$	0					$	0					$	0					$	10,257					$	3					$	0					$	10,260
Mortgage-backed securities - residential						0						0						0						0						784,407						12,488						(11,255)						785,640
Mortgage-backed securities - commercial						63,481						2,034						0						65,515						591,629						7,096						(3,680)						595,045
Collateralized mortgage obligations						17,580						109						(411)						17,278						661,322						17,796						(2,404)						676,714
Obligations of state and other political subdivisions						9,634						1,001						0						10,635						971,325						38,835						(8,541)						1,001,619
Asset-backed securities						0						0						0						0						601,836						4,075						(1,190)						604,721
Other securities						31,250						82						(466)						30,866						78,003						1,949						(188)						79,764
Total						$	121,945					$	3,226					$	(877)					$	124,294					$	3,698,779					$	82,242					$	(27,258)					$	3,753,763

The following is a summary of HTM and AFS investment securities as of December 31, 2020:

						Held-to-maturity																								Available-for-sale
(Dollars in thousands)						Amortized cost						Unrecognized gain						Unrecognized loss						Fair value						Amortized cost						Unrealized gain						Unrealized loss						Fair value
U.S. Treasuries						$	0					$	0					$	0					$	0					$	99					$	4					$	0					$	103
Securities of U.S. government agencies and corporations						0						0						0						0						60						0						0						60
Mortgage-backed securities - residential						13,990						197						0						14,187						704,482						15,938						(237)						720,183
Mortgage-backed securities - commercial						71,737						3,485						0						75,222						584,125						10,395						(3,584)						590,936
Collateralized mortgage obligations						5,799						79						0						5,878						634,418						21,148						(445)						655,121
Obligations of state and other political subdivisions						9,911						1,239						0						11,150						856,054						46,755						(291)						902,518
Asset-backed securities						0						0						0						0						478,539						4,158						(826)						481,871
Other securities						30,250						11						0						30,261						72,252						1,544						(8)						73,788
Total						$	131,687					$	5,011					$	0					$	136,698					$	3,330,029					$	99,942					$	(5,391)					$	3,424,580

Summary of Investment Securities by Estimated Maturity

The following table provides a summary of investment securities by contractual maturity as of March 31, 2021, except for residential and commercial mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, which are shown as single totals due to the unpredictability of the timing in principal repayments.

						Held-to-maturity												Available-for-sale
(Dollars in thousands)						Amortized cost						Fair value						Amortized cost						Fair value
By Contractual Maturity:
Due in one year or less						$	0					$	0					$	14,781					$	14,963
Due after one year through five years						0						0						56,598						58,309
Due after five years through ten years						37,135						37,662						184,348						192,197
Due after ten years						3,749						3,839						803,858						826,174
Mortgage-backed securities - residential						0						0						784,407						785,640
Mortgage-backed securities - commercial						63,481						65,515						591,629						595,045
Collateralized mortgage obligations						17,580						17,278						661,322						676,714
Asset-backed securities						0						0						601,836						604,721
Total						$	121,945					$	124,294					$	3,698,779					$	3,753,763

Age of Gross Unrealized Losses and Associated Fair Value by Investment Category

The following tables provide the fair value and gross unrealized losses on investment securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time the individual securities have been in a continuous loss position:

						March 31, 2021
						Less than 12 months												12 months or more												Total
(Dollars in thousands)						Fair value						Unrealized loss						Fair value						Unrealized loss						Fair value						Unrealized loss
U.S. Treasuries						$	0					$	0					$	0					$	0					$	0					$	0
Securities of U.S. Government agencies and corporations						0						0						0						0						0						0
Mortgage-backed securities - residential						482,754						(11,255)						0						0						482,754						(11,255)
Mortgage-backed securities - commercial						60,681						(1,665)						57,196						(2,015)						117,877						(3,680)
Collateralized mortgage obligations						142,823						(2,815)						1						0						142,824						(2,815)
Obligations of state and other political subdivisions						318,750						(8,527)						22,104						(14)						340,854						(8,541)
Asset-backed securities						160,329						(970)						36,344						(220)						196,673						(1,190)
Other securities						34,096						(654)						0						0						34,096						(654)
Total						$	1,199,433					$	(25,886)					$	115,645					$	(2,249)					$	1,315,078					$	(28,135)

						December 31, 2020
						Less than 12 months												12 months or more												Total
(Dollars in thousands)						Fair value						Unrealized loss						Fair value						Unrealized loss						Fair value						Unrealized loss
U.S. Treasuries						$	0					$	0					$	0					$	0					$	0					$	0
Securities of U.S. Government agencies and corporations						0						0						0						0						0						0
Mortgage-backed securities - residential						57,872						(237)						0						0						57,872						(237)
Mortgage-backed securities - commercial						169,825						(986)						48,158						(2,598)						217,983						(3,584)
Collateralized mortgage obligations						49,161						(445)						1						0						49,162						(445)
Obligations of state and other political subdivisions						60,008						(291)						0						0						60,008						(291)
Asset-backed securities						84,749						(435)						68,967						(391)						153,716						(826)
Other securities						4,992						(8)						0						0						4,992						(8)
Total						$	426,607					$	(2,402)					$	117,126					$	(2,989)					$	543,733					$	(5,391)

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- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ 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
-URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563

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Tabular disclosure of unrealized gains and losses on investments.

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