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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Schedule of Amortized Cost, Gross Unrealized Gains and Losses, 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 June 30, 2022 and December 31, 2021.
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  |  |  |
Available for sale at June 30, 2022 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 16,300 |  |  | $ | — |  |  | $ | 111 |  |  | $ | 16,189 |  |  |  |  |
U.S. Government-sponsored agency securities | 134,594 |  |  | 204 |  |  | 10,186 |  |  | 124,612 |  |  |  |  |
State and municipal | 1,665,253 |  |  | 2,687 |  |  | 162,690 |  |  | 1,505,250 |  |  |  |  |
U.S. Government-sponsored mortgage-backed securities | 712,216 |  |  | 168 |  |  | 75,925 |  |  | 636,459 |  |  |  |  |
Corporate obligations | 14,069 |  |  | 5 |  |  | 233 |  |  | 13,841 |  |  |  |  |
Total available for sale | $ | 2,542,432 |  |  | $ | 3,064 |  |  | $ | 249,145 |  |  | $ | 2,296,351 |  |  |  |  |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  |  |  |
Available for sale at December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 1,000 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 999 |  |  |  |  |
U.S. Government-sponsored agency securities | 96,244 |  |  | 437 |  |  | 1,545 |  |  | 95,136 |  |  |  |  |
State and municipal | 1,495,696 |  |  | 81,734 |  |  | 898 |  |  | 1,576,532 |  |  |  |  |
U.S. Government-sponsored mortgage-backed securities | 671,684 |  |  | 7,109 |  |  | 11,188 |  |  | 667,605 |  |  |  |  |
Corporate obligations | 4,031 |  |  | 256 |  |  | 8 |  |  | 4,279 |  |  |  |  |
Total available for sale | $ | 2,268,655 |  |  | $ | 89,536 |  |  | $ | 13,640 |  |  | $ | 2,344,551 |  |  |  |  |
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 June 30, 2022 and December 31, 2021.
| Amortized Cost |  | Allowance for Credit Losses |  | Net Carrying Amount |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Held to maturity at June 30, 2022 |  |  |  |  |  |  |  |  |  |  |
U.S. Government-sponsored agency securities | $ | 393,331 |  |  | $ | — |  |  | $ | 393,331 |  |  | $ | — |  |  | $ | 47,376 |  |  | $ | 345,955 |
State and municipal | 1,117,526 |  |  | 245 |  |  | 1,117,281 |  |  | 1,368 |  |  | 183,539 |  |  | 935,355 |
U.S. Government-sponsored mortgage-backed securities | 821,567 |  |  | — |  |  | 821,567 |  |  | 43 |  |  | 78,881 |  |  | 742,729 |
Foreign investment | 1,500 |  |  | — |  |  | 1,500 |  |  | — |  |  | 15 |  |  | 1,485 |
Total held to maturity | $ | 2,333,924 |  |  | $ | 245 |  |  | $ | 2,333,679 |  |  | $ | 1,411 |  |  | $ | 309,811 |  |  | $ | 2,025,524 |
| Amortized Cost |  | Allowance for Credit Losses |  | Net Carrying Amount |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Held to maturity at December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
U.S. Government-sponsored agency securities | $ | 371,457 |  |  | $ | — |  |  | $ | 371,457 |  |  | $ | 226 |  |  | $ | 7,268 |  |  | $ | 364,415 |
State and municipal | 1,057,301 |  |  | 245 |  |  | 1,057,056 |  |  | 29,593 |  |  | 2,170 |  |  | 1,084,724 |
U.S. Government-sponsored mortgage-backed securities | 749,789 |  |  | — |  |  | 749,789 |  |  | 7,957 |  |  | 5,881 |  |  | 751,865 |
Foreign investment | 1,500 |  |  | — |  |  | 1,500 |  |  | — |  |  | 1 |  |  | 1,499 |
Total held to maturity | $ | 2,180,047 |  |  | $ | 245 |  |  | $ | 2,179,802 |  |  | $ | 37,776 |  |  | $ | 15,320 |  |  | $ | 2,202,503 |
Schedule of Amortized Cost of Investment Securities Held to Maturity Aggregated by Credit Quality Indicator | On a quarterly basis, the Corporation monitors the credit quality of investment securities held to maturity through the use of credit ratings. The following table summarizes the amortized cost of investment securities held to maturity at June 30, 2022, aggregated by credit quality indicator.
| Held to Maturity
| State and municipal |  | Other |  | Total
Credit Rating: |  |  |  |  |
Aaa | $ | 102,051 |  |  | $ | 60,581 |  |  | $ | 162,632 |
Aa1 | 163,091 |  |  | — |  |  | 163,091 |
Aa2 | 185,950 |  |  | — |  |  | 185,950 |
Aa3 | 134,000 |  |  | — |  |  | 134,000 |
A1 | 132,754 |  |  | — |  |  | 132,754 |
A2 | 10,165 |  |  | — |  |  | 10,165 |
A3 | 10,112 |  |  | — |  |  | 10,112 |
Non-rated | 379,403 |  |  | 1,155,817 |  |  | 1,535,220 |
Total | $ | 1,117,526 |  |  | $ | 1,216,398 |  |  | $ | 2,333,924 |
Schedule of Investment Securities in a Continuous Unrealized Loss Position | The following tables summarize, as of June 30, 2022 and December 31, 2021, 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 June 30, 2022 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 16,189 |  |  | $ | 111 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,189 |  |  | $ | 111 |
U.S. Government-sponsored agency securities | 77,942 |  |  | 6,480 |  |  | 22,208 |  |  | 3,706 |  |  | 100,150 |  |  | 10,186 |
State and municipal | 1,285,071 |  |  | 158,718 |  |  | 15,481 |  |  | 3,972 |  |  | 1,300,552 |  |  | 162,690 |
U.S. Government-sponsored mortgage-backed securities | 343,302 |  |  | 26,834 |  |  | 250,678 |  |  | 49,091 |  |  | 593,980 |  |  | 75,925 |
Corporate obligations | 11,794 |  |  | 233 |  |  | — |  |  | — |  |  | 11,794 |  |  | 233 |
Total investment securities available for sale | $ | 1,734,298 |  |  | $ | 192,376 |  |  | $ | 288,367 |  |  | $ | 56,769 |  |  | $ | 2,022,665 |  |  | $ | 249,145 |
| 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, 2021 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 999 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 999 |  |  | $ | 1 |
U.S. Government-sponsored agency securities | 68,524 |  |  | 1,545 |  |  | — |  |  | — |  |  | 68,524 |  |  | 1,545 |
State and municipal | 138,187 |  |  | 894 |  |  | 505 |  |  | 4 |  |  | 138,692 |  |  | 898 |
U.S. Government-sponsored mortgage-backed securities | 427,687 |  |  | 10,791 |  |  | 8,324 |  |  | 397 |  |  | 436,011 |  |  | 11,188 |
Corporate obligations | 992 |  |  | 8 |  |  | — |  |  | — |  |  | 992 |  |  | 8 |
Total investment securities available for sale | $ | 636,389 |  |  | $ | 13,239 |  |  | $ | 8,829 |  |  | $ | 401 |  |  | $ | 645,218 |  |  | $ | 13,640 |
The following table summarizes 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 the number of securities in the portfolio for the periods indicated.
| Gross Unrealized Losses |  | Number of Securities
Investment securities available for sale at June 30, 2022 |  |  |
U.S. Treasury | $ | 111 |  |  | 3
U.S. Government-sponsored agency securities | 10,186 |  |  | 14
State and municipal | 162,690 |  |  | 936
U.S. Government-sponsored mortgage-backed securities | 75,925 |  |  | 164
Corporate obligations | 233 |  |  | 9
Total investment securities available for sale | $ | 249,145 |  |  | 1,126 |
| Gross Unrealized Losses |  | Number of Securities
Investment securities available for sale at December 31, 2021 |  |  |
U.S. Treasury | $ | 1 |  |  | 1
U.S. Government-sponsored agency securities | 1,545 |  |  | 8
State and municipal | 898 |  |  | 103
U.S. Government-sponsored mortgage-backed securities | 11,188 |  |  | 48
Corporate obligations | 8 |  |  | 1
Total investment securities available for sale | $ | 13,640 |  |  | 161
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.
| June 30, 2022 |  | December 31, 2021
Investments available for sale reported at less than historical cost: |  |  |
Historical cost | $ | 2,271,810 |  |  | $ | 658,858 |
Fair value | 2,022,665 |  |  | 645,218 |
Gross unrealized losses | $ | 249,145 |  |  | $ | 13,640 |
Percent of the Corporation's investments available for sale | 88.1 | % |  | 27.5 | %
Amortized Cost and Fair Value of Available for Sale Securities and Held to Maturity Securities by Contractual Maturity | The amortized cost and fair value of investment securities available for sale and held to maturity at June 30, 2022 and December 31, 2021, 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 June 30, 2022 |  |  |  |  |  |  |
Due in one year or less | $ | 6,707 |  |  | $ | 6,664 |  |  | $ | 5,591 |  |  | $ | 5,604 |
Due after one through five years | 28,721 |  |  | 28,420 |  |  | 41,180 |  |  | 41,092 |
Due after five through ten years | 164,626 |  |  | 159,497 |  |  | 174,108 |  |  | 163,070 |
Due after ten years | 1,630,162 |  |  | 1,465,311 |  |  | 1,291,478 |  |  | 1,073,029 |
| 1,830,216 |  |  | 1,659,892 |  |  | 1,512,357 |  |  | 1,282,795 |
U.S. Government-sponsored mortgage-backed securities | 712,216 |  |  | 636,459 |  |  | 821,567 |  |  | 742,729 |
Total investment securities | $ | 2,542,432 |  |  | $ | 2,296,351 |  |  | $ | 2,333,924 |  |  | $ | 2,025,524 |
| Available for Sale |  | Held to Maturity
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Maturity Distribution at December 31, 2021 |  |  |  |  |  |  |
Due in one year or less | $ | 6,954 |  |  | $ | 6,965 |  |  | $ | 6,971 |  |  | $ | 6,995 |
Due after one through five years | 5,097 |  |  | 5,309 |  |  | 30,272 |  |  | 31,946 |
Due after five through ten years | 120,460 |  |  | 126,816 |  |  | 177,203 |  |  | 180,129 |
Due after ten years | 1,464,460 |  |  | 1,537,856 |  |  | 1,215,812 |  |  | 1,231,568 |
| 1,596,971 |  |  | 1,676,946 |  |  | 1,430,258 |  |  | 1,450,638 |
U.S. Government-sponsored mortgage-backed securities | 671,684 |  |  | 667,605 |  |  | 749,789 |  |  | 751,865 |
Total investment securities | $ | 2,268,655 |  |  | $ | 2,344,551 |  |  | $ | 2,180,047 |  |  | $ | 2,202,503 |
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 six months ended June 30, 2022 and 2021 are shown below.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Sales and redemptions of investment securities available for sale: |  |  |  |  |  |  |
Gross gains | $ | 103 |  |  | $ | 1,822 |  |  | $ | 681 |  |  | $ | 3,898 |
Gross losses | 13 |  |  | 61 |  |  | 25 |  |  | 338 |
Net gains on sales and redemptions of investment securities available for sale | $ | 90 |  |  | $ | 1,761 |  |  | $ | 656 |  |  | $ | 3,560 |

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