v3.21.1

Debt Securities (Tables)

3 Months Ended

Mar. 31, 2021

Debt Securities [Abstract]

Schedule of Debt Securities, Available-for-sale

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

Schedule of Temporary Impairment 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 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

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

Schedule Proceeds and Realized Gains (Losses)

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

Investments Classified by Contractual Maturity Date

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

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-Publisher FASB
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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

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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).

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