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INVESTMENTS (Tables)

9 Months Ended

Sep. 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 September 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					$	20,223					$	107					$	0					$	20,330
Securities of U.S. government agencies and corporations						0						0						0						0						78,653						455						(75)						79,033
Mortgage-backed securities - residential						0						0						0						0						711,442						8,743						(6,300)						713,885
Mortgage-backed securities - commercial						50,456						1,337						0						51,793						702,387						6,762						(1,236)						707,913
Collateralized mortgage obligations						13,030						66						(274)						12,822						730,190						11,300						(3,167)						738,323
Obligations of state and other political subdivisions						9,150						932						0						10,082						1,045,192						36,213						(8,879)						1,072,526
Asset-backed securities						0						0						0						0						666,213						3,501						(808)						668,906
Other securities						31,250						110						(378)						30,982						111,001						2,339						(162)						113,178
Total						$	103,886					$	2,445					$	(652)					$	105,679					$	4,065,301					$	69,420					$	(20,627)					$	4,114,094

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 September 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					$	26,751					$	26,938
Due after one year through five years						635						696						53,516						55,332
Due after five years through ten years						36,603						37,162						333,192						343,266
Due after ten years						3,162						3,206						841,610						859,531
Mortgage-backed securities - residential						0						0						711,442						713,885
Mortgage-backed securities - commercial						50,456						51,793						702,387						707,913
Collateralized mortgage obligations						13,030						12,822						730,190						738,323
Asset-backed securities						0						0						666,213						668,906
Total						$	103,886					$	105,679					$	4,065,301					$	4,114,094

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:

						September 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						17,364						(75)						0						0						17,364						(75)
Mortgage-backed securities - residential						423,116						(6,029)						13,851						(271)						436,967						(6,300)
Mortgage-backed securities - commercial						121,782						(1,140)						18,671						(96)						140,453						(1,236)
Collateralized mortgage obligations						309,109						(2,975)						18,819						(466)						327,928						(3,441)
Obligations of state and other political subdivisions						391,674						(8,725)						19,537						(154)						411,211						(8,879)
Asset-backed securities						111,942						(770)						16,462						(38)						128,404						(808)
Other securities						43,960						(540)						0						0						43,960						(540)
Total						$	1,418,947					$	(20,254)					$	87,340					$	(1,025)					$	1,506,287					$	(21,279)

						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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