v3.21.1

Debt Securities | 3 Months Ended
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Mar. 31, 2021
Debt Securities [Abstract] |
Debt Securities | Debt Securities The amortized cost and fair value of investment debt securities AFS, with gross unrealized gains and losses, were as follows:
| As of March 31, 2021
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Loss related to Debt Securities |  | Fair Value
U.S. Government agencies and corporations | $ | 335 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | 340 |
State and political subdivisions | 672,120 |  |  | 9,510 |  |  | 7,707 |  |  | — |  |  | 673,923 |
Mortgage-backed securities | 78,512 |  |  | 1,237 |  |  | 744 |  |  | — |  |  | 79,005 |
Collateralized mortgage obligations | 717,112 |  |  | 4,546 |  |  | 5,677 |  |  | — |  |  | 715,981 |
Corporate debt securities | 423,348 |  |  | 7,995 |  |  | 3,698 |  |  | — |  |  | 427,645 |
Total debt securities | $ | 1,891,427 |  |  | $ | 23,293 |  |  | $ | 17,826 |  |  | $ | — |  |  | $ | 1,896,894 |
| As of December 31, 2020
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Loss related to Debt Securities |  | Fair Value
U.S. Government agencies and corporations | $ | 355 |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | 361 |
State and political subdivisions | 611,666 |  |  | 17,163 |  |  | 483 |  |  | — |  |  | 628,346 |
Mortgage-backed securities | 92,261 |  |  | 1,758 |  |  | 1 |  |  | — |  |  | 94,018 |
Collateralized mortgage obligations | 559,718 |  |  | 6,332 |  |  | 214 |  |  | — |  |  | 565,836 |
Corporate debt securities | 360,103 |  |  | 9,333 |  |  | 616 |  |  | — |  |  | 368,820 |
Total debt securities | $ | 1,624,103 |  |  | $ | 34,592 |  |  | $ | 1,314 |  |  | $ | — |  |  | $ | 1,657,381 |
Investment securities with a fair value of $516.1 million and $434.7 million at March 31, 2021 and December 31, 2020, respectively, were pledged on public deposits, securities sold under agreements to repurchase and for other purposes, as required or permitted by law. The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses has not been recorded at March 31, 2021, aggregated by investment category and length of time in a continuous loss position:
|  |  | As of March 31, 2021
| Number of Securities |  | Less than 12 Months |  | 12 Months or More |  | Total
Available for Sale |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
(in thousands, except number of securities) |  |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions | 145 |  |  | $ | 274,770 |  |  | $ | 7,413 |  |  | $ | 9,468 |  |  | $ | 294 |  |  | $ | 284,238 |  |  | $ | 7,707 |
Mortgage-backed securities | 8 |  |  | 20,218 |  |  | 743 |  |  | 110 |  |  | 1 |  |  | 20,328 |  |  | 744 |
Collateralized mortgage obligations | 22 |  |  | 392,272 |  |  | 5,677 |  |  | — |  |  | — |  |  | 392,272 |  |  | 5,677 |
Corporate debt securities | 28 |  |  | 143,592 |  |  | 3,543 |  |  | 750 |  |  | 155 |  |  | 144,342 |  |  | 3,698 |
Total | 203 |  |  | $ | 830,852 |  |  | $ | 17,376 |  |  | $ | 10,328 |  |  | $ | 450 |  |  | $ | 841,180 |  |  | $ | 17,826 |
As of March 31, 2021, 145 state and political subdivisions securities with total unrealized losses of $7.7 million were held by the Company. Management evaluated these securities through a process that included consideration of credit agency ratings and payment history. In addition, management may evaluate securities by considering the yield spread to treasury securities and the most recent financial information available. Based on this evaluation, management concluded that the decline in fair value was not attributable to credit losses. As of March 31, 2021, 8 mortgage-backed securities and 22 collateralized mortgage obligations with unrealized losses totaling $6.4 million were held by the Company. Management evaluated the payment history of these securities. In addition, management considered the implied U.S. government guarantee of these agency securities and the level of credit enhancement for non-agency securities. Based on this evaluation, management concluded that the decline in fair value was not attributable to credit losses. As of March 31, 2021, 28 corporate debt securities with total unrealized losses of $3.7 million were held by the Company. Management evaluated these securities by considering credit agency ratings and payment history. In addition, management may evaluate securities by considering the yield spread to treasury securities and the most recent financial information available. Based on this evaluation, management concluded that the decline in fair value was not attributable to credit losses. Accrued interest receivable on available for sale debt securities, which is recorded within 'Other Assets,' totaled $7.8 million at March 31, 2021 and $7.3 million at December 31, 2020 and is excluded from the estimate of credit losses. The following table presents debt securities AFS in an unrealized loss position for which an allowance for credit losses has not been recorded at December 31, 2020, aggregated by investment category and length of time in a continuous loss position:
|  |  | As of December 31, 2020
Available for Sale | Number of Securities |  | Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
(in thousands, except number of securities) |  |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions | 27 |  |  | $ | 31,489 |  |  | $ | 157 |  |  | $ | 4,065 |  |  | $ | 326 |  |  | $ | 35,554 |  |  | $ | 483 |
Mortgage-backed securities | 7 |  |  | 315 |  |  | 1 |  |  | — |  |  | — |  |  | 315 |  |  | 1 |
Collateralized mortgage obligations | 8 |  |  | 133,032 |  |  | 214 |  |  | — |  |  | — |  |  | 133,032 |  |  | 214 |
Corporate debt securities | 15 |  |  | 35,995 |  |  | 523 |  |  | 3,311 |  |  | 93 |  |  | 39,306 |  |  | 616 |
Total | 57 |  |  | $ | 200,831 |  |  | $ | 895 |  |  | $ | 7,376 |  |  | $ | 419 |  |  | $ | 208,207 |  |  | $ | 1,314 |
Proceeds and gross realized gains and losses on debt securities available for sale for the three months ended March 31, 2021 and 2020 were as follows:
| Three Months Ended |  |
(in thousands) | March 31, 2021 |  | March 31, 2020 |  |  |  |
Proceeds from sales of debt securities available for sale | $ | — |  |  | $ | 22,140 |  |  |  |  |
Gross realized gains from sales of debt securities available for sale | — |  |  | 155 |  |  |  |  |
Gross realized losses from sales of debt securities available for sale | — |  |  | (113) |  |  |  |  |
Net realized gain from sales of debt securities available for sale | $ | — |  |  | $ | 42 |  |  |  |  |
The contractual maturity distribution of investment debt securities at March 31, 2021, is shown below. Expected maturities of MBS and CMO may differ from contractual maturities because the mortgages underlying the securities may be called or prepaid without any penalties. Therefore, these securities are not included in the maturity categories in the following summary.
| Available For Sale
(in thousands) | Amortized Cost |  | Fair Value
Due in one year or less | $ | 35,751 |  |  | $ | 36,169 |
Due after one year through five years | 304,392 |  |  | 310,792 |
Due after five years through ten years | 418,530 |  |  | 416,063 |
Due after ten years | 337,130 |  |  | 338,884 |
| $ | 1,095,803 |  |  | $ | 1,101,908 |
Mortgage-backed securities | 78,512 |  |  | 79,005 |
Collateralized mortgage obligations | 717,112 |  |  | 715,981 |
Total | $ | 1,891,427 |  |  | $ | 1,896,894 |

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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