XML 41 R25.htm IDEA: XBRL DOCUMENT v3.22.1

Securities (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Amortized cost and estimated fair value of investment and mortgage-backed securities

The amortized cost, gross unrealized gains and losses and estimated fair value of investment and mortgage-backed AFS and HTM securities as of March 31, 2022 and December 31, 2021 are reflected in the tables below (in thousands):

						March 31, 2022
						Amortized						Gross Unrealized						Gross Unrealized												Estimated
AVAILABLE FOR SALE						Cost						Gains						Losses												Fair Value
Investment securities:
State and political subdivisions						$	1,614,421					$	10,637					$	58,873											$	1,566,185
Corporate bonds and other						144,264						253						3,191												141,326
MBS: (1)
Residential						280,804						2,581						2,694												280,691
Commercial						78,108						262						588												77,782
Total						$	2,117,597					$	13,733					$	65,346											$	2,065,984
HELD TO MATURITY
Investment securities:
State and political subdivisions						$	386,573					$	944					$	12,767											$	374,750
MBS: (1)
Residential						37,986						387						64												38,309
Commercial						49,760						62						260												49,562
Total						$	474,319					$	1,393					$	13,091											$	462,621

						December 31, 2021
						Amortized						Gross Unrealized						Gross Unrealized						Estimated
AVAILABLE FOR SALE						Cost						Gains						Losses						Fair Value
Investment securities:
U.S. Treasury						$	58,084					$	843					$	50					$	58,877
State and political subdivisions						1,962,257						93,893						4,214						2,051,936
Corporate bonds and other						133,333						2,408						209						135,532
MBS: (1)
Residential						411,727						14,895						272						426,350
Commercial						90,193						1,642						205						91,630
Total						$	2,655,594					$	113,681					$	4,950					$	2,764,325
HELD TO MATURITY
Investment securities:
State and political subdivisions						$	788					$	3					$	—					$	791
MBS: (1)
Residential						38,644						2,103						—						40,747
Commercial						51,348						2,349						—						53,697
Total						$	90,780					$	4,455					$	—					$	95,235

(1) All MBS are issued and/or guaranteed by U.S. government agencies or U.S. GSEs.

Unrealized loss on securities

The following tables present the fair value and unrealized losses on AFS and HTM investment securities and MBS, if applicable, for which an allowance for credit losses has not been recorded as of March 31, 2022 and December 31, 2021, segregated by major security type and length of time in a continuous loss position (in thousands):

			March 31, 2022
			Less Than 12 Months												More Than 12 Months												Total
			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
AVAILABLE FOR SALE
Investment securities:
State and political subdivisions			$	1,030,604					$	58,873					$	—					$	—					$	1,030,604					$	58,873
Corporate bonds and other			108,153						3,191						—						—						108,153						3,191
MBS:
Residential			106,742						2,113						4,572						581						111,314						2,694
Commercial			9,939						32						3,709						556						13,648						588
Total			$	1,255,438					$	64,209					$	8,281					$	1,137					$	1,263,719					$	65,346
HELD TO MATURITY
Investment securities:
State and political subdivisions			$	223,589					$	12,576					$	17,255					$	191					$	240,844					$	12,767
MBS:
Residential			3,617						64						—						—						3,617						64
Commercial			22,857						260						—						—						22,857						260
Total			$	250,063					$	12,900					$	17,255					$	191					$	267,318					$	13,091
			December 31, 2021
			Less Than 12 Months												More Than 12 Months												Total
			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
AVAILABLE FOR SALE
Investment securities:
U.S. Treasury			$	9,947					$	50					$	—					$	—					$	9,947					$	50
State and political subdivisions			260,509						3,622						7,608						592						268,117						4,214
Corporate bonds and other			35,597						209						—						—						35,597						209
MBS:
Residential			1,225						3						5,168						269						6,393						272
Commercial			4,274						7						4,674						198						8,948						205
Total			$	311,552					$	3,891					$	17,450					$	1,059					$	329,002					$	4,950

Interest income recognized on securities

The following table reflects interest income recognized on securities for the periods presented (in thousands):

			Three Months Ended March 31,
			2022						2021
U.S. Treasury			$	168					$	37
State and political subdivisions			13,332						10,406
Corporate bonds and other			1,327						845
MBS			4,017						6,088
Total interest income on securities			$	18,844					$	17,376

Amortized cost, carrying value and fair value of securities presented by contractual maturity

The amortized cost and estimated fair value of AFS and HTM securities at March 31, 2022, are presented below by contractual maturity (in thousands):

			March 31, 2022
			Amortized Cost						Fair Value
AVAILABLE FOR SALE
Investment securities:
Due in one year or less			$	2,247					$	2,265
Due after one year through five years			24,972						25,187
Due after five years through ten years			157,846						155,194
Due after ten years			1,573,620						1,524,865
			1,758,685						1,707,511
MBS:			358,912						358,473
Total			$	2,117,597					$	2,065,984

			March 31, 2022
			Amortized Cost						Fair Value
HELD TO MATURITY
Investment securities:
Due in one year or less			$	120					$	120
Due after one year through five years			529						530
Due after five years through ten years			139						140
Due after ten years			385,785						373,960
			386,573						374,750
MBS:			87,746						87,871
Total			$	474,319					$	462,621

Unrealized and realized gains (losses) recognized in net income on equity investments

The following is a summary of unrealized and realized gains and losses on equity investments recognized in other noninterest income in the consolidated statements of income during the periods presented (in thousands):

			Three Months Ended March 31,
			2022						2021
Net gains (losses) recognized during the period on equity investments			$	(275)					$	(107)
Less: Net gains recognized during the period on equity investments sold during the period			—						—
Unrealized gains (losses) recognized during the reporting period on equity investments held at the reporting date			$	(275)					$	(107)

X

- Definition

Tabular disclosure of realized and unrealized gain (loss) on investment in security.

+ References

No definition available.

+ Details

Name:	us-gaap_GainLossOnInvestmentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.9)
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.2)
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.7(a),(b))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.8)
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

Name:	us-gaap_InvestmentIncomeTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of investments in an unrealized loss position 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), including: (a) the aggregate related fair value of investments with unrealized losses, (b) 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

Name:	us-gaap_ScheduleOfTemporaryImpairmentLossesInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of unrealized gains and losses on investments.

+ References

No definition available.

+ Details

Name:	us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration