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Debt Securities (Tables)

12 Months Ended

Dec. 31, 2021

Debt Securities

Schedule of amortized cost, unrealized gains and losses and fair values of securities classified available for sale and held to maturity

The table below provides the amortized cost, unrealized gains and losses, and fair values of debt securities, summarized by major category (dollars in thousands):


		As of December 31, 2021
		Amortized			Unrealized						Fair
		Cost			Gross Gains			Gross Losses			Value
Debt securities available for sale
U.S. Treasury securities		$	166,768		$	41		$	(1,047)		$	165,762
Obligations of U.S. government corporations and agencies			37,579			891			—			38,470
Obligations of states and political subdivisions			300,602			7,760			(1,493)			306,869
Asset-backed securities			492,055			295			(164)			492,186
Commercial mortgage-backed securities			625,339			3,425			(13,766)			614,998
Residential mortgage-backed securities			2,095,104			8,889			(34,680)			2,069,313
Corporate debt securities			296,076			1,081			(3,504)			293,653
Total debt securities available for sale		$	4,013,523		$	22,382		$	(54,654)		$	3,981,251


		As of December 31, 2020
		Amortized			Unrealized						Fair
		Cost			Gross Gains			Gross Losses			Value
Debt securities available for sale
U.S. Treasury securities		$	27,481		$	356		$	—		$	27,837
Obligations of U.S. government corporations and agencies			67,406			2,162			(49)			69,519
Obligations of states and political subdivisions			292,940			11,779			(8)			304,711
Commercial mortgage-backed securities			408,716			10,212			(312)			418,616
Residential mortgage-backed securities			1,344,047			24,571			(303)			1,368,315
Corporate debt securities			70,953			1,237			(1)			72,189
Total debt securities available for sale		$	2,211,543		$	50,317		$	(673)		$	2,261,187

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


		As of December 31, 2021
		Amortized			Fair
		Cost			Value
Debt securities available for sale
Due in one year or less		$	129,260		$	129,848
Due after one year through five years			564,284			563,473
Due after five years through ten years			356,782			362,057
Due after ten years			2,963,197			2,925,873
Total debt securities available for sale		$	4,013,523		$	3,981,251

Schedule of realized gains and losses related to sales of securities

Realized gains and losses related to sales and calls of debt securities available for sale are summarized as follows (dollars in thousands):


		Years Ended December 31,
		2021			2020			2019
Realized gains and losses on sales of debt securities
Gross security gains		$	543		$	1,732		$	1,318
Gross security (losses)			(514)			(8)			(585)
Net gains (losses) on sales of debt securities⁽¹⁾		$	29		$	1,724		$	733

(1)

Net gains (losses) on sales of securities reported on the Consolidated Statements of Income include the sale of equity securities, excluded in this table.

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

The following information pertains to debt securities with gross unrealized losses, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (dollars in thousands):


		As of December 31, 2021
		Less than 12 months						12 months or more						Total
		Fair			Unrealized			Fair			Unrealized			Fair			Unrealized
		Value			Losses			Value			Losses			Value			Losses
Debt securities available for sale
U.S. Treasury securities		$	163,653		$	(1,047)		$	—		$	—		$	163,653		$	(1,047)
Obligations of states and political subdivisions			92,680			(1,493)			—			—			92,680			(1,493)
Asset-backed securities			89,983			(164)			—			—			89,983			(164)
Commercial mortgage-backed securities			389,078			(10,186)			85,905			(3,580)			474,983			(13,766)
Residential mortgage-backed securities			1,700,187			(33,453)			20,538			(1,227)			1,720,725			(34,680)
Corporate debt securities			241,153			(3,504)			—			—			241,153			(3,504)
Total temporarily impaired securities		$	2,676,734		$	(49,847)		$	106,443		$	(4,807)		$	2,783,177		$	(54,654)


		As of December 31, 2020
		Less than 12 months						12 months or more						Total
		Fair			Unrealized			Fair			Unrealized			Fair			Unrealized
		Value			Losses			Value			Losses			Value			Losses
Debt securities available for sale
Obligations of U.S. government corporations and agencies		$	—		$	—		$	4,957		$	(49)		$	4,957		$	(49)
Obligations of states and political subdivisions			762			(8)			—			—			762			(8)
Commercial mortgage-backed securities			129,655			(312)			—			—			129,655			(312)
Residential mortgage-backed securities			89,997			(300)			139			(3)			90,136			(303)
Corporate debt securities			1,499			(1)			—			—			1,499			(1)
Total temporarily impaired securities		$	221,913		$	(621)		$	5,096		$	(52)		$	227,009		$	(673)