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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2021 and December 31, 2020.
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  |  |  |
Available for sale at September 30, 2021 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 1,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,000 |  |  |  |  |
U.S. Government-sponsored agency securities | 11,500 |  |  | 57 |  |  | — |  |  | 11,557 |  |  |  |  |
State and municipal | 1,466,349 |  |  | 72,152 |  |  | 3,946 |  |  | 1,534,555 |  |  |  |  |
U.S. Government-sponsored mortgage-backed securities | 825,097 |  |  | 10,255 |  |  | 12,215 |  |  | 823,137 |  |  |  |  |
Corporate obligations | 4,031 |  |  | 298 |  |  | — |  |  | 4,329 |  |  |  |  |
Total available for sale | $ | 2,307,977 |  |  | $ | 82,762 |  |  | $ | 16,161 |  |  | $ | 2,374,578 |  |  |  |  |
| 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 September 30, 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 September 30, 2021 |  |  |  |  |  |  |  |  |  |  |
U.S. Government-sponsored agency securities | $ | 90,678 |  |  | $ | — |  |  | $ | 90,678 |  |  | $ | 86 |  |  | $ | 840 |  |  | $ | 89,924 |
State and municipal | 996,247 |  |  | 245 |  |  | 996,002 |  |  | 24,330 |  |  | 9,618 |  |  | 1,010,959 |
U.S. Government-sponsored mortgage-backed securities | 982,758 |  |  | — |  |  | 982,758 |  |  | 10,353 |  |  | 8,939 |  |  | 984,172 |
Foreign investment | 1,500 |  |  | — |  |  | 1,500 |  |  | — |  |  | — |  |  | 1,500 |
Total held to maturity | $ | 2,071,183 |  |  | $ | 245 |  |  | $ | 2,070,938 |  |  | $ | 34,769 |  |  | $ | 19,397 |  |  | $ | 2,086,555 |
| 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 September 30, 2021, aggregated by credit quality indicator.
| Held to Maturity
| State and municipal |  | Other |  | Total
Credit Rating: |  |  |  |  |
Aaa | $ | 90,991 |  |  | $ | 60,678 |  |  | $ | 151,669 |
Aa1 | 146,992 |  |  | — |  |  | 146,992 |
Aa2 | 161,730 |  |  | — |  |  | 161,730 |
Aa3 | 124,369 |  |  | — |  |  | 124,369 |
A1 | 88,277 |  |  | — |  |  | 88,277 |
A2 | 23,103 |  |  | — |  |  | 23,103 |
A3 | 1,066 |  |  | — |  |  | 1,066 |
Baa2 | 266 |  |  | — |  |  | 266 |
Non-rated | 359,453 |  |  | 1,014,258 |  |  | 1,373,711 |
Total | $ | 996,247 |  |  | $ | 1,074,936 |  |  | $ | 2,071,183 |
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 nine months ended September 30, 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, September 30, 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 September 30, 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 September 30, 2021 |  |  |  |  |  |  |  |  |  |  |
State and municipal | $ | 273,742 |  |  | $ | 3,938 |  |  | $ | 501 |  |  | $ | 8 |  |  | $ | 274,243 |  |  | $ | 3,946 |
U.S. Government-sponsored mortgage-backed securities | 525,836 |  |  | 12,215 |  |  | — |  |  | — |  |  | 525,836 |  |  | 12,215 |
Total investment securities available for sale | $ | 799,578 |  |  | $ | 16,153 |  |  | $ | 501 |  |  | $ | 8 |  |  | $ | 800,079 |  |  | $ | 16,161 |
| 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.
| September 30, 2021 |  | December 31, 2020
Investments available for sale reported at less than historical cost: |  |  |
Historical cost | $ | 816,240 |  |  | $ | 15,368 |
Fair value | 800,079 |  |  | 15,019 |
Gross unrealized losses | $ | 16,161 |  |  | $ | 349 |
Percent of the Corporation's investments available for sale | 33.7 | % |  | 0.8 | %
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 September 30, 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 September 30, 2021 |  |  |  |  |  |  |
Due in one year or less | $ | 2,421 |  |  | $ | 2,428 |  |  | $ | 8,718 |  |  | $ | 8,766 |
Due after one through five years | 13,087 |  |  | 14,068 |  |  | 28,789 |  |  | 30,589 |
Due after five through ten years | 100,122 |  |  | 105,457 |  |  | 176,603 |  |  | 180,790 |
Due after ten years | 1,367,250 |  |  | 1,429,488 |  |  | 874,315 |  |  | 882,238 |
| 1,482,880 |  |  | 1,551,441 |  |  | 1,088,425 |  |  | 1,102,383 |
U.S. Government-sponsored mortgage-backed securities | 825,097 |  |  | 823,137 |  |  | 982,758 |  |  | 984,172 |
Total investment securities | $ | 2,307,977 |  |  | $ | 2,374,578 |  |  | $ | 2,071,183 |  |  | $ | 2,086,555 |
| 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 and losses on sales and redemptions of available for sale securities | Gross gains and losses on the sales and redemptions of investment securities available for sale for the three and nine months ended September 30, 2021 and 2020 are shown below.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Sales and redemptions of investment securities available for sale: |  |  |  |  |  |  |
Gross gains | $ | 1,915 |  |  | $ | 1,836 |  |  | $ | 5,814 |  |  | $ | 9,516 |
Gross losses | 159 |  |  | 19 |  |  | 498 |  |  | 19 |
Net gains on sales and redemptions of investment securities available for sale | $ | 1,756 |  |  | $ | 1,817 |  |  | $ | 5,316 |  |  | $ | 9,497 |

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