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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2022
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:
| June 30, 2022
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Estimated Fair Value
Debt Securities Available for Sale |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 1,671,797 |  |  | $ | 363 |  |  | $ | (135,329) |  |  |  |  | $ | 1,536,831 |
Obligations of states and political subdivisions | 333,709 |  |  | 305 |  |  | (30,320) |  |  |  |  | 303,694 |
Corporate bonds | 7,659 |  |  | — |  |  | (115) |  |  |  |  | 7,544 |
Asset backed securities | 448,742 |  |  | 104 |  |  | (14,654) |  |  |  |  | 434,192 |
Non-agency collateralized mortgage obligations | 353,260 |  |  | — |  |  | (29,456) |  |  |  |  | $ | 323,804 |
Total debt securities available for sale | $ | 2,815,167 |  |  | $ | 772 |  |  | $ | (209,874) |  |  |  |  | $ | 2,606,065 |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 170,337 |  |  | $ | 12 |  |  | $ | (5,679) |  |  |  |  | $ | 164,670 |
Obligations of states and political subdivisions | 6,457 |  |  | 41 |  |  | (26) |  |  |  |  | 6,472 |
Total debt securities held to maturity | $ | 176,794 |  |  | $ | 53 |  |  | $ | (5,705) |  |  |  |  | $ | 171,142 |
| December 31, 2021
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Estimated Fair Value
Debt Securities Available for Sale |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 1,260,226 |  |  | $ | 8,193 |  |  | $ | (11,030) |  |  |  |  | $ | 1,257,389 |
Obligations of states and political subdivisions | 187,197 |  |  | 5,832 |  |  | (785) |  |  |  |  | 192,244 |
Corporate bonds | 6,722 |  |  | 34 |  |  | — |  |  |  |  | 6,756 |
Asset backed securities | 408,329 |  |  | 2,354 |  |  | (1,131) |  |  |  |  | 409,552 |
Non-agency collateralized mortgage obligations | 345,856 |  |  | — |  |  | (3,859) |  |  |  |  | 341,997 |
Total debt securities available for sale | $ | 2,208,330 |  |  | $ | 16,413 |  |  | $ | (16,805) |  |  |  |  | $ | 2,207,938 |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | 192,068 |  |  | 8,131 |  |  | — |  |  |  |  | 200,199 |
Obligations of states and political subdivisions | 7,691 |  |  | 250 |  |  | — |  |  |  |  | 7,941 |
Total debt securities held to maturity | $ | 199,759 |  |  | $ | 8,381 |  |  | $ | — |  |  |  |  | $ | 208,140 |
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | As of June 30, 2022, 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 | $ | 14,470 |  |  | $ | 14,303 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 123,099 |  |  | 118,336 |  |  | 1,645 |  |  | 1,655 |
Due after five years through ten years | 423,389 |  |  | 409,143 |  |  | 13,742 |  |  | 13,605 |
Due after ten years | 2,254,209 |  |  | 2,064,283 |  |  | 161,407 |  |  | 155,882 |
Totals | $ | 2,815,167 |  |  | $ | 2,606,065 |  |  | $ | 176,794 |  |  | $ | 171,142 |
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:
June 30, 2022: | 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 | $ | 1,268,144 |  |  | $ | (108,243) |  |  | $ | 206,484 |  |  | $ | (27,086) |  |  | $ | 1,474,628 |  |  | $ | (135,329) |
Obligations of states and political subdivisions | 262,159 |  |  | (28,483) |  |  | 8,564 |  |  | (1,837) |  |  | 270,723 |  |  | (30,320) |
Corporate bonds | 6,044 |  |  | (115) |  |  | — |  |  | — |  |  | 6,044 |  |  | (115) |
Asset backed securities | 308,125 |  |  | (9,125) |  |  | 120,128 |  |  | (5,529) |  |  | 428,253 |  |  | (14,654) |
Non-agency collateralized mortgage obligations | 277,384 |  |  | (28,979) |  |  | 14,579 |  |  | (477) |  |  | 291,963 |  |  | (29,456) |
Total debt securities available for sale | $ | 2,121,856 |  |  | $ | (174,945) |  |  | $ | 349,755 |  |  | $ | (34,929) |  |  | $ | 2,471,611 |  |  | $ | (209,874) |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 164,158 |  |  | $ | (5,679) |  |  | $ | — |  |  | $ | — |  |  | $ | 164,158 |  |  | $ | (5,679) |
Obligations of states and political subdivisions | 545 |  |  | (26) |  |  | $ | — |  |  | $ | — |  |  | 545 |  |  | (26) |
Total debt securities held to maturity | $ | 164,703 |  |  | $ | (5,705) |  |  | $ | — |  |  | $ | — |  |  | $ | 164,703 |  |  | $ | (5,705) |
December 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 | $ | 947,108 |  |  | $ | (9,737) |  |  | $ | 44,086 |  |  | $ | (1,293) |  |  | $ | 991,194 |  |  | $ | (11,030) |
Obligations of states and political subdivisions | 56,154 |  |  | (785) |  |  | — |  |  | — |  |  | 56,154 |  |  | (785) |
Asset backed securities | 62,792 |  |  | (259) |  |  | 109,748 |  |  | (872) |  |  | 172,540 |  |  | (1,131) |
Non-agency collateralized mortgage obligations | 327,045 |  |  | (3,859) |  |  | — |  |  | — |  |  | 327,045 |  |  | (3,859) |
Total debt securities available for sale | $ | 1,393,099 |  |  | $ | (14,640) |  |  | $ | 153,834 |  |  | $ | (2,165) |  |  | $ | 1,546,933 |  |  | $ | (16,805) |
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:
| June 30, 2022 |  | December 31, 2021
| 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 | $ | 170,337 |  |  | $ | — |  |  | $ | 192,068 |  |  | $ | — |
Obligations of states and political subdivisions | 6,457 |  |  | — |  |  | 7,691 |  |  | — |
Total debt securities held to maturity | $ | 176,794 |  |  | $ | — |  |  | $ | 199,759 |  |  | $ | — |

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- 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 + Details
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- Definition Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=123581744&loc=SL120269825-111563 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=123581744&loc=SL120269820-111563 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27232-111563 + Details
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- Definition 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 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563 + Details
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