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INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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					$	20,218					$	220					$	0					$	20,438
Securities of U.S. government agencies and corporations						0						0						0						0						78,311						798						(4)						79,105
Mortgage-backed securities - residential						0						0						0						0						686,994						11,127						(6,758)						691,363
Mortgage-backed securities - commercial						56,833						1,828						0						58,661						685,920						8,384						(567)						693,737
Collateralized mortgage obligations						14,985						162						(85)						15,062						740,172						14,785						(2,690)						752,267
Obligations of state and other political subdivisions						9,388						1,003						0						10,391						978,919						43,085						(3,587)						1,018,417
Asset-backed securities						0						0						0						0						599,326						4,061						(638)						602,749
Other securities						31,250						108						(301)						31,057						95,503						2,296						(36)						97,763
Total						$	112,456					$	3,101					$	(386)					$	115,171					$	3,885,363					$	84,756					$	(14,280)					$	3,955,839

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 June 30, 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					$	26,647					$	26,908
Due after one year through five years						0						0						50,859						52,674
Due after five years through ten years						37,186						37,931						298,659						309,239
Due after ten years						3,452						3,517						796,786						826,902
Mortgage-backed securities - residential						0						0						686,994						691,363
Mortgage-backed securities - commercial						56,833						58,661						685,920						693,737
Collateralized mortgage obligations						14,985						15,062						740,172						752,267
Asset-backed securities						0						0						599,326						602,749
Total						$	112,456					$	115,171					$	3,885,363					$	3,955,839

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 ACL has not been recorded, aggregated by investment category and the length of time the individual securities have been in a continuous loss position:

						June 30, 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						8,660						(4)						0						0						8,660						(4)
Mortgage-backed securities - residential						456,487						(6,758)						0						0						456,487						(6,758)
Mortgage-backed securities - commercial						69,725						(507)						38,839						(60)						108,564						(567)
Collateralized mortgage obligations						273,715						(2,727)						4,220						(48)						277,935						(2,775)
Obligations of state and other political subdivisions						265,630						(3,581)						14,443						(6)						280,073						(3,587)
Asset-backed securities						175,728						(528)						25,449						(110)						201,177						(638)
Other securities						31,913						(337)						0						0						31,913						(337)
Total						$	1,281,858					$	(14,442)					$	82,951					$	(224)					$	1,364,809					$	(14,666)

						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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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=123581744&loc=d3e27290-111563

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Tabular disclosure of unrealized gains and losses on investments.

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