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Debt Securities (Tables) | 3 Months Ended
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Mar. 31, 2022
Debt Securities |
Schedule of amortized cost, unrealized gains and losses and fair values of securities classified available for sale and held to maturity | During the three months ended March 31, 2022, a portion of the securities available for sale were transferred to securities held to maturity. The tables below provide the amortized cost, unrealized gains and losses, and fair values of debt securities summarized by major category (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of March 31, 2022
​ | ​ | Amortized | ​ | Unrealized | ​ | Fair
​ |  | Cost |  | Gross Gains |  | Gross Losses |  | Value
Debt securities available for sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 160,990 | ​ | $ | 16 | ​ | $ | (3,498) | ​ | $ | 157,508
Obligations of U.S. government corporations and agencies | ​ |  | 34,069 | ​ |  | 243 | ​ |  | (11) | ​ |  | 34,301
Obligations of states and political subdivisions | ​ |  | 308,514 | ​ |  | 1,378 | ​ |  | (10,300) | ​ |  | 299,592
Asset-backed securities | ​ | ​ | 491,269 | ​ | ​ | 12 | ​ | ​ | (2,677) | ​ | ​ | 488,604
Commercial mortgage-backed securities | ​ | ​ | 111,535 | ​ | ​ | 30 | ​ | ​ | (4,063) | ​ | ​ | 107,502
Residential mortgage-backed securities | ​ |  | 1,678,891 | ​ |  | 629 | ​ |  | (104,144) | ​ |  | 1,575,376
Corporate debt securities | ​ |  | 297,447 | ​ |  | 361 | ​ |  | (14,636) | ​ |  | 283,172
Total debt securities available for sale | ​ | $ | 3,082,715 | ​ | $ | 2,669 | ​ | $ | (139,329) | ​ | $ | 2,946,055
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt securities held to maturity |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​
Commercial mortgage-backed securities | ​ | $ | 503,285 | ​ | $ | — | ​ | $ | (15,521) | ​ | $ | 487,764
Residential mortgage-backed securities | ​ | ​ | 472,796 | ​ | ​ | — | ​ | ​ | (17,714) | ​ | ​ | 455,082
Total debt securities held to maturity | ​ | $ | 976,081 | ​ | $ | — | ​ | $ | (33,235) | ​ | $ | 942,846
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
Schedule of amortized cost and fair value of debt securities available for sale and held to maturity by contractual maturity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of March 31, 2022
​ |  | Amortized |  | Fair
​ |  | Cost |  | Value
Debt securities available for sale | ​ | ​ | ​ | ​ | ​ | ​
Due in one year or less | ​ | $ | 174,918 | ​ | $ | 174,182
Due after one year through five years | ​ |  | 456,926 | ​ |  | 441,159
Due after five years through ten years | ​ |  | 313,336 | ​ |  | 303,050
Due after ten years | ​ |  | 2,137,535 | ​ |  | 2,027,664
Debt securities available for sale | ​ | $ | 3,082,715 | ​ | $ | 2,946,055
​ | ​ | ​ | ​ | ​ | ​ | ​
Debt securities held to maturity | ​ | ​ | ​ | ​ | ​ | ​
Due in one year or less | ​ | $ | — | ​ | $ | —
Due after one year through five years | ​ |  | 48,405 | ​ |  | 47,185
Due after five years through ten years | ​ |  | 66,693 | ​ |  | 64,572
Due after ten years | ​ |  | 860,983 | ​ |  | 831,089
Debt securities held to maturity | ​ | $ | 976,081 | ​ | $ | 942,846
Schedule of realized gains and losses related to sales of securities | Gains and losses on debt securities ​ Realized gains and losses related to sales and calls of debt securities available for sale are summarized as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ |  | 2022 |  | 2021
Realized gains and losses on debt securities | ​ | ​ | ​ | ​ | ​ | ​
Gross security gains | ​ | $ | 113 | ​ | $ | 25
Gross security (losses) | ​ | ​ | (7) | ​ | ​ | —
Realized net gains (losses) on debt securities | ​ | $ | 106 | ​ | $ | 25
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 March 31, 2022
​ | ​ | 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 | ​ | $ | 155,422 | ​ | $ | (3,498) | ​ | $ | — | ​ | $ | — | ​ | $ | 155,422 | ​ | $ | (3,498)
Obligations of U.S. government corporations and agencies | ​ | ​ | 390 | ​ | ​ | (11) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 390 | ​ | ​ | (11)
Obligations of states and political subdivisions | ​ | ​ | 158,528 | ​ | ​ | (9,277) | ​ | ​ | 9,847 | ​ | ​ | (1,023) | ​ | ​ | 168,375 | ​ | ​ | (10,300)
Asset-backed securities | ​ | ​ | 470,964 | ​ | ​ | (2,677) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 470,964 | ​ | ​ | (2,677)
Commercial mortgage-backed securities | ​ | ​ | 87,087 | ​ | ​ | (3,558) | ​ | ​ | 7,203 | ​ | ​ | (505) | ​ | ​ | 94,290 | ​ | ​ | (4,063)
Residential mortgage-backed securities | ​ |  | 1,054,313 | ​ |  | (65,980) | ​ |  | 393,830 | ​ |  | (38,164) | ​ |  | 1,448,143 | ​ |  | (104,144)
Corporate debt securities | ​ |  | 216,592 | ​ |  | (11,652) | ​ |  | 39,598 | ​ |  | (2,984) | ​ |  | 256,190 | ​ |  | (14,636)
Debt securities available for sale with gross unrealized losses | ​ | $ | 2,143,296 | ​ | $ | (96,653) | ​ | $ | 450,478 | ​ | $ | (42,676) | ​ | $ | 2,593,774 | ​ | $ | (139,329)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt securities held to maturity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial mortgage-backed securities | ​ | $ | 281,462 | ​ | $ | (9,329) | ​ | $ | 206,302 | ​ | $ | (6,192) | ​ | $ | 487,764 | ​ | $ | (15,521)
Residential mortgage-backed securities | ​ | ​ | 412,450 | ​ | ​ | (15,940) | ​ | ​ | 42,632 | ​ | ​ | (1,774) | ​ | ​ | 455,082 | ​ | ​ | (17,714)
Debt securities held to maturity with gross unrealized losses | ​ | $ | 693,912 | ​ | $ | (25,269) | ​ | $ | 248,934 | ​ | $ | (7,966) | ​ | $ | 942,846 | ​ | $ | (33,235)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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)
Debt securities available for sale with gross unrealized losses | ​ | $ | 2,676,734 | ​ | $ | (49,847) | ​ | $ | 106,443 | ​ | $ | (4,807) | ​ | $ | 2,783,177 | ​ | $ | (54,654)
​ Additional information about debt securities in an unrealized loss position is presented in the tables below (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of March 31, 2022 | ​
​ |  | Available for Sale |  | Held to Maturity |  | Total | ​
Debt securities with gross unrealized losses, fair value | ​ | $ | 2,593,774 | ​ | $ | 942,846 | ​ | $ | 3,536,620 | ​
Gross unrealized losses on debt securities | ​ | $ | 139,329 | ​ | $ | 33,235 | ​ | $ | 172,564 | ​
Ratio of gross unrealized losses to debt securities with gross unrealized losses | ​ | ​ | 5.4 | % | ​ | 3.5 | % | ​ | 4.9 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Count of debt securities | ​ | ​ | 1,185 | ​ | ​ | 55 | ​ | ​ | 1,240 | ​
Count of debt securities in an unrealized loss position | ​ | ​ | 645 | ​ | ​ | 55 | ​ | ​ | 700 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2021 | ​
​ |  | Available for Sale |  | Held to Maturity |  | Total | ​
Debt securities with gross unrealized losses, fair value | ​ | $ | 2,783,177 | ​ | $ | — | ​ | $ | 2,783,177 | ​
Gross unrealized losses on debt securities | ​ | $ | 54,654 | ​ | $ | — | ​ | $ | 54,654 | ​
Ratio of gross unrealized losses to debt securities with gross unrealized losses | ​ | ​ | 2.0 | % | ​ | — | ​ | ​ | 2.0 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Count of debt securities | ​ | ​ | 1,252 | ​ | ​ | — | ​ | ​ | 1,252 | ​
Count of debt securities in an unrealized loss position | ​ | ​ | 373 | ​ | ​ | — | ​ | ​ | 373 | ​

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