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Investment Securities (Tables)

6 Months Ended

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					$	—

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://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

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-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
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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
-Paragraph 6
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