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SECURITIES (Tables)

12 Months Ended

Dec. 31, 2020

This table provides detailed information about securities available for sale at December 31, 2020 and 2019 (in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
2020	Cost		Gains		Losses			Value
U.S. Treasury	$	29,911	$	829	$	—		$	30,740
U.S. Agencies		89,554		6,395		—			95,949
Mortgage-backed		5,266,394		202,944		(1,157	)		5,468,181
State and political subdivisions		3,424,309		199,848		(538	)		3,623,619
Corporates		77,566		3,649		(16	)		81,199
Total	$	8,887,734	$	413,665	$	(1,711	)	$	9,299,688

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
2019	Cost		Gains		Losses			Value
U.S. Treasury	$	63,835	$	408	$	(165	)	$	64,078
U.S. Agencies		89,867		3,154		—			93,021
Mortgage-backed		4,030,688		58,184		(17,078	)		4,071,794
State and political subdivisions		2,954,276		78,867		(3,226	)		3,029,917
Corporates		185,314		3,259		(21	)		188,552
Total	$	7,323,980	$	143,872	$	(20,490	)	$	7,447,362

Gross Unrealized Losses and Fair Value of Investment Securities Available for Sale

The following table shows the Company’s available-for-sale investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2020 and 2019 (in thousands):

	Less than 12 months							12 months or more							Total
2020	Count		Fair Value		Unrealized Losses			Count		Fair Value		Unrealized Losses			Count		Fair Value		Unrealized Losses
Description of Securities
U.S. Treasury		—	$	—	$	—			—	$	—	$	—			—	$	—	$	—
U.S. Agencies		—		—		—			—		—		—			—		—		—
Mortgage-backed		16		174,234		(1,157	)		—		—		—			16		174,234		(1,157	)
State and political subdivisions		24		55,653		(279	)		6		2,833		(259	)		30		58,486		(538	)
Corporates		4		5,335		(16	)		—		—		—			4		5,335		(16	)
Total		44	$	235,222	$	(1,452	)		6	$	2,833	$	(259	)		50	$	238,055	$	(1,711	)

	Less than 12 months					12 months or more					Total
2019	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Description of Securities
U.S. Treasury	$	—	$	—		$	19,863	$	(165	)	$	19,863	$	(165	)
U.S. Agencies		—		—			—		—			—		—
Mortgage-backed		947,415		(5,236	)		517,824		(11,842	)		1,465,239		(17,078	)
State and political subdivisions		361,440		(3,084	)		27,501		(142	)		388,941		(3,226	)
Corporates		13,685		(21	)		—		—			13,685		(21	)
Total	$	1,322,540	$	(8,341	)	$	565,188	$	(12,149	)	$	1,887,728	$	(20,490	)

Gross Unrealized Losses and Fair Value of Investment Securities Held to Maturity

The following table shows the Company’s held-to-maturity investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2020 and 2019 (in thousands):

	Less than 12 months					12 months or more					Total
2020	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
State and political subdivisions	$	132,271	$	(4,591	)	$	109,712	$	(10,302	)	$	241,983	$	(14,893	)
Total	$	132,271	$	(4,591	)	$	109,712	$	(10,302	)	$	241,983	$	(14,893	)

	Less than 12 months					12 months or more					Total
2019	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
State and political subdivisions	$	471,544	$	(12,424	)	$	546,572	$	(22,595	)	$	1,018,116	$	(35,019	)
Total	$	471,544	$	(12,424	)	$	546,572	$	(22,595	)	$	1,018,116	$	(35,019	)

Schedule of Amortized Cost Basis by Credit Rating of Held to Maturity Investment

The following table shows the amortized cost basis by credit rating of the Company’s held-to-maturity investments at December 31, 2020 (in thousands):

	Amortized Cost Basis by Credit Rating - HTM Debt Securities
2020	A		BBB		BB		CCC-C		Total
State and political subdivisions:
Competitive	$	340,290	$	558,786	$	18,078	$	8,135	$	925,289
Utilities		56,232		33,093		—		—		89,325
Total state and political subdivisions	$	396,522	$	591,879	$	18,078	$	8,135	$	1,014,614

Schedule of Other Securities

The table below provides detailed information for Other securities at December 31, 2020 and 2019 (in thousands):

	December 31,
	2020		2019
FRB and FHLB stock	$	33,222	$	33,262
Equity securities with readily determinable fair values		134,197		—
Equity securities without readily determinable fair values		128,634		75,158
Total	$	296,053	$	108,420

Schedule of Components of Investment Securities Gains, Net

The following table presents the components of Investment securities gains, net for the years ended December 31, 2020, 2019, and 2018 (in thousands):

	Year Ended December 31,
	2020			2019			2018
Investment securities gains, net
Available-for-sale debt securities:
Gains realized on sales	$	7,255		$	4,636		$	581
Losses realized on sales		(274	)		(1,418	)		(3	)
Equity securities with readily determinable fair values:
Fair value adjustments, net		110,768			—			—
Equity securities without readily determinable fair values:
Fair value adjustments, net		2,885			(973	)		2,943
Total investment securities gains, net	$	120,634		$	2,245		$	3,521

Available-for-sale Securities [Member]

Contractual Maturity Information

The following table presents contractual maturity information for securities available for sale at December 31, 2020 (in thousands):

	Amortized		Fair
	Cost		Value
Due in 1 year or less	$	246,086	$	247,233
Due after 1 year through 5 years		592,484		612,069
Due after 5 years through 10 years		636,566		667,001
Due after 10 years		2,146,204		2,305,204
Total		3,621,340		3,831,507
Mortgage-backed securities		5,266,394		5,468,181
Total securities available for sale	$	8,887,734	$	9,299,688

Held-to-maturity Securities [Member]

Contractual Maturity Information

The following table shows the Company’s held-to-maturity investments’ amortized cost, fair value, and gross unrealized gains and losses at December 31, 2020 and 2019, respectively (in thousands):

				Gross		Gross
	Amortized			Unrealized		Unrealized			Fair
2020	Cost			Gains		Losses			Value
State and political subdivisions:
Due in 1 year or less	$	4,907		$	29	$	—		$	4,936
Due after 1 year through 5 years		123,643			3,402		(144	)		126,901
Due after 5 years through 10 years		423,759			12,845		(1,566	)		435,038
Due after 10 years		462,305			13,447		(13,183	)		462,569
Total state and political subdivisions	$	1,014,614		$	29,723	$	(14,893	)	$	1,029,444
Allowance for credit losses		(2,610	)
Total state and political subdivisions, net of allowance for credit losses	$	1,012,004

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
2019	Cost		Gains		Losses			Value
State and political subdivisions:
Due in 1 year or less	$	15,323	$	5	$	(60	)	$	15,268
Due after 1 year through 5 years		100,623		374		(699	)		100,298
Due after 5 years through 10 years		394,591		389		(8,400	)		386,580
Due after 10 years		605,565		494		(25,860	)		580,199
Total state and political subdivisions	$	1,116,102	$	1,262	$	(35,019	)	$	1,082,345