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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Estimated Fair Values of Investments Securities

The amortized cost, estimated fair values and allowance for credit losses of investments in debt securities are summarized in the following tables:

			March 31, 2021
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Estimated Fair Value
Debt Securities Available for Sale
Obligations of U.S. government agencies			$	1,029,611					$	11,056					$	(7,733)					$	—					$	1,032,934
Obligations of states and political subdivisions			136,709						5,246						(1,571)						—						140,384
Corporate bonds			2,466						68						—						—						2,534
Asset backed securities			506,473						2,645						(2,865)						—						506,253
Total debt securities available for sale			$	1,675,259					$	19,015					$	(12,169)					$	—					$	1,682,105

Debt Securities Held to Maturity
Obligations of U.S. government agencies			$	250,178					$	10,643					$	—					$	—					$	260,821
Obligations of states and political subdivisions			10,276						342						—						—						10,618
Total debt securities held to maturity			$	260,454					$	10,985					$	—					$	—					$	271,439

			December 31, 2020
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Estimated Fair Value
Debt Securities Available for Sale
Obligations of U.S. government agencies			$	795,555					$	17,710					$	(891)					$	—					$	812,374
Obligations of states and political subdivisions			123,347						5,748						—						—						129,095
Corporate bonds			2,459						85						—						—						2,544
Asset backed securities			473,720						1,682						(5,151)						—						470,251
Total debt securities available for sale			$	1,395,081					$	25,225					$	(6,042)					$	—					$	1,414,264
Debt Securities Held to Maturity
Obligations of U.S. government agencies			273,667						13,774						—						$	—					287,441
Obligations of states and political subdivisions			10,896						389						—						—						11,285
Total debt securities held to maturity			$	284,563					$	14,163					$	—					$	—					$	298,726

Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity

As of March 31, 2021, the contractual final maturity for available for sale and held to maturity investment securities is as follows:

Debt Securities			Available for Sale												Held to Maturity
(in thousands)			Amortized Cost						Estimated Fair Value						Amortized Cost						Estimated Fair Value
						Due in one year						$	990											$	1,018					$	—					$	—
Due after one year through five years			182,664						182,915						1,003						1,118
Due after five years through ten years			262,409						262,888						21,248						21,967
Due after ten years			1,229,196						1,235,284						238,203						248,354
Totals			$	1,675,259					$	1,682,105					$	260,454					$	271,439

Gross Unrealized Losses on Investment Securities

Gross unrealized losses on debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

March 31, 2021:			Less than 12 months												12 months or more												Total
(in thousands)			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Debt Securities Available for Sale
Obligations of U.S. government agencies			$	664,219					$	(7,733)					$	—					$	—					$	664,219					$	(7,733)
Obligations of states and political subdivisions			38,529						(1,571)						—						—						38,529						(1,571)
Asset backed securities			86,698						(271)						218,077						(2,594)						304,775						(2,865)
Total debt securities available for sale			$	789,446					$	(9,575)					$	218,077					$	(2,594)					$	1,007,523					$	(12,169)

December 31, 2020:			Less than 12 months												12 months or more												Total
(in thousands)			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Debt Securities Available for Sale
Obligations of U.S. government agencies			$	160,543					$	(891)					$	—					$	—					$	160,543					$	(891)
Asset backed securities			51,544						(441)						297,020						(4,710)						348,564						(5,151)
Total debt securities available for sale			$	212,087					$	(1,332)					$	297,020					$	(4,710)					$	509,107					$	(6,042)

Amortized Cost of Debt Securities Held-to-Maturity

The following table summarizes the amortized cost of debt securities held-to-maturity at the dates indicated, aggregated by credit quality indicator:

			March 31, 2021												December 31, 2020
			AAA/AA/A						BBB/BB/B						AAA/AA/A						BBB/BB/B
			(In thousands)												(In thousands)
Debt Securities Held to Maturity
Obligations of U.S. government agencies			$	250,178					$	—					$	273,667					$	—
Obligations of states and political subdivisions			10,276						—						10,896						—
Total debt securities held to maturity			$	260,454					$	—					$	284,563					$	—

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

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Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=118939692&loc=d3e27232-111563

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
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