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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost, gross unrealized gains, gross unrealized losses and approximate fair value of investment securities

The following table summarizes the amortized cost, gross unrealized gains and losses and approximate fair value of investment securities available for sale as of March 31, 2021 and December 31, 2020.

			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Available for sale at March 31, 2021
U.S. Treasury			$	1,000					$	—					$	—					$	1,000
U.S. Government-sponsored agency securities			11,504						40						163						11,381
State and municipal			1,301,378						67,438						2,654						1,366,162
U.S. Government-sponsored mortgage-backed securities			1,025,660						13,550						16,347						1,022,863
Corporate obligations			4,031						153						22						4,162
Total available for sale			$	2,343,573					$	81,181					$	19,186					$	2,405,568

			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Available for sale at December 31, 2020
U.S. Government-sponsored agency securities			$	2,380					$	50					$	—					$	2,430
State and municipal			1,168,711						89,420						246						1,257,885
U.S. Government-sponsored mortgage-backed securities			632,267						22,505						103						654,669
Corporate obligations			4,031						104						—						4,135
Total available for sale			$	1,807,389					$	112,079					$	349					$	1,919,119

The following table summarizes the amortized cost, gross unrealized gains and losses, approximate fair value and allowance for credit losses on investment securities held to maturity as of March 31, 2021 and December 31, 2020.

			Amortized Cost						Allowance for Credit Losses						Net Carrying Amount						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Held to maturity at March 31, 2021
U.S. Government-sponsored agency securities			$	60,676					$	—					$	60,676					$	1					$	1,553					59,124
State and municipal			624,553						245						624,308						23,154						3,389						644,318
U.S. Government-sponsored mortgage-backed securities			608,805						—						608,805						11,849						6,816						613,838
Foreign investment			1,500						—						1,500						—						—						1,500
Total held to maturity			$	1,295,534					$	245					$	1,295,289					$	35,004					$	11,758					$	1,318,780

			Amortized Cost						Allowance for Credit Losses						Net Carrying Amount						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Held to maturity at December 31, 2020
U.S. Government-sponsored agency securities			$	31,087					$	—					$	31,087					$	10					$	113					$	30,984
State and municipal			619,927						—						619,927						34,978						32						654,873
U.S. Government-sponsored mortgage-backed securities			575,154						—						575,154						17,889						107						592,936
Foreign investment			1,500						—						1,500						—						—						1,500
Total held to maturity			$	1,227,668					$	—					$	1,227,668					$	52,877					$	252					$	1,280,293

Schedule of amortized cost of investment securities held to maturity aggregated by credit quality indicator

The following table summarizes the amortized cost of investment securities held to maturity at March 31, 2021, aggregated by credit quality indicator.

			Held to Maturity
			State and municipal						Other						Total
Credit Rating:
Aaa			$	48,689					$	60,676					$	109,365
Aa1			84,954						—						84,954
Aa2			107,436						—						107,436
Aa3			72,969						—						72,969
A1			65,578						—						65,578
A2			19,074						—						19,074
A3			1,065						—						1,065
Baa2			528						—						528
Non-rated			224,260						610,305						834,565
Total			$	624,553					$	670,981					$	1,295,534

Schedule of allowance for credit losses on investment securities held to maturity

The following table details activity in the allowance for credit losses on investment securities held to maturity during the three months ended March 31, 2021.

			State and municipal
Allowance for Credit Losses:
Balance, December 31, 2020			$	—
Impact of adopting ASC 326			245
Provision for credit loss			—
Securities charged off			—
Recoveries on securities			—
Balance, March 31, 2021			$	245

Schedule of investment securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position

The following tables summarize, as of March 31, 2021 and December 31, 2020, investment securities available for sale in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security type and length of time in a continuous unrealized loss position.

			Less than 12 Months												12 Months or Longer												Total
			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
Investment securities available for sale at March 31, 2021
U.S. Government-sponsored agency securities			$	9,837					$	163					$	—					$	—					$	9,837					$	163
State and municipal			172,655						2,654						—						—						172,655						2,654
U.S. Government-sponsored mortgage-backed securities			606,498						16,347						—						—						606,498						16,347
Corporate obligations			978						22						—						—						978						22
Total investment securities available for sale			$	789,968					$	19,186					$	—					$	—					$	789,968					$	19,186

			Less than 12 Months												12 Months or Longer												Total
			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
Investment securities available for sale at December 31, 2020
State and municipal			$	5,368					$	246					$	—					$	—					$	5,368					$	246
U.S. Government-sponsored mortgage-backed securities			9,651						103						—						—						9,651						103
Total investment securities available for sale			$	15,019					$	349					$	—					$	—					$	15,019					$	349

Schedule of investments in debt and equity securities reported in the financial statements at an amount less than their historical cost

Certain investment securities available for sale are reported in the financial statements at an amount less than their historical cost as indicated in the table below.

			March 31, 2021						December 31, 2020
Investments available for sale reported at less than historical cost:
Historical cost			$	809,154					$	15,368
Fair value			789,968						15,019
Gross unrealized losses			$	19,186					$	349
Percent of the Corporation's investments available for sale			21.4		%				0.5		%

Schedule of amortized cost and fair value of available for sale securities and held to maturity securities

The amortized cost and fair value of investment securities available for sale and held to maturity at March 31, 2021 and December 31, 2020, by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity are shown separately.

			Available for Sale												Held to Maturity
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Maturity Distribution at March 31, 2021
Due in one year or less			$	2,062					$	2,071					$	9,056					$	9,068
Due after one through five years			4,781						4,960						23,116						24,084
Due after five through ten years			92,598						96,882						151,103						154,819
Due after ten years			1,218,472						1,278,792						503,454						516,971
			1,317,913						1,382,705						686,729						704,942
U.S. Government-sponsored mortgage-backed securities			1,025,660						1,022,863						608,805						613,838
Total investment securities			$	2,343,573					$	2,405,568					$	1,295,534					$	1,318,780

			Available for Sale												Held to Maturity
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Maturity Distribution at December 31, 2020
Due in one year or less			$	1,349					$	1,353					$	9,712					$	9,755
Due after one through five years			5,545						5,764						22,241						23,190
Due after five through ten years			70,777						75,223						115,408						121,333
Due after ten years			1,097,451						1,182,110						505,153						533,079
			1,175,122						1,264,450						652,514						687,357
U.S. Government-sponsored mortgage-backed securities			632,267						654,669						575,154						592,936
Total investment securities			$	1,807,389					$	1,919,119					$	1,227,668					$	1,280,293

Schedule of gross gains on sales and redemptions of available for sale securities

Gross gains on the sales and redemptions of investment securities available for sale for the three months ended March 31, 2021 and 2020 are shown below.

			Three Months Ended March 31,
			2021						2020
Sales and redemptions of investment securities available for sale:
Gross gains			$	2,076					$	4,612
Gross losses			277						—
Net gains on sales and redemptions of investment securities available for sale			$	1,799					$	4,612

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
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-Section 50
-Paragraph 6
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-URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563

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-Name Accounting Standards Codification
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Tabular disclosure of allowance for credit loss on investment in debt security measured at amortized cost (held-to-maturity).

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
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-Section 50
-Paragraph 13
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Tabular disclosure of credit quality indicator for investment in debt security measured at amortized cost (held-to-maturity).

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