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Securities (Tables)
 3 Months Ended
Mar. 31, 2022
Securities Available for Sale

This table provides detailed information about securities available for sale at March 31, 2022 and December 31, 2021 (in thousands):

 

March 31, 2022

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Fair

Value

 

U.S. Treasury

 

$

388,866

 

 

$

58

 

 

$

(6,789

)

 

$

382,135

 

U.S. Agencies

 

 

153,489

 

 

 

554

 

 

 

(1,265

)

 

 

152,778

 

Mortgage-backed

 

 

5,679,853

 

 

 

15,184

 

 

 

(286,815

)

 

 

5,408,222

 

State and political subdivisions

 

 

2,101,114

 

 

 

18,327

 

 

 

(72,930

)

 

 

2,046,511

 

Corporates

 

 

381,163

 

 

 

252

 

 

 

(15,330

)

 

 

366,085

 

Collateralized loan obligations

 

 

194,364

 

 

 

12

 

 

 

(14

)

 

 

194,362

 

Total

 

$

8,898,849

 

 

$

34,387

 

 

$

(383,143

)

 

$

8,550,093

 

 

December 31, 2021

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Fair

Value

 

U.S. Treasury

 

$

69,551

 

 

$

374

 

 

$

(751

)

 

$

69,174

 

U.S. Agencies

 

 

121,681

 

 

 

3,252

 

 

 

(1

)

 

 

124,932

 

Mortgage-backed

 

 

7,967,537

 

 

 

93,390

 

 

 

(95,872

)

 

 

7,965,055

 

State and political subdivisions

 

 

3,270,160

 

 

 

161,674

 

 

 

(9,146

)

 

 

3,422,688

 

Corporates

 

 

316,840

 

 

 

2,504

 

 

 

(1,498

)

 

 

317,846

 

Collateralized loan obligations

 

 

76,815

 

 

 

4

 

 

 

—

 

 

 

76,819

 

Total

 

$

11,822,584

 

 

$

261,198

 

 

$

(107,268

)

 

$

11,976,514

 
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 March 31, 2022 and December 31, 2021 (in thousands):

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

March 31, 2022

 

Count

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized

Losses

 

Description of Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

 

35

 

 

$

364,450

 

 

$

(6,789

)

 

 

—

 

 

$

—

 

 

$

—

 

 

 

35

 

 

$

364,450

 

 

$

(6,789

)

U.S. Agencies

 

 

5

 

 

 

63,274

 

 

 

(1,265

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5

 

 

 

63,274

 

 

 

(1,265

)

Mortgage-backed

 

 

659

 

 

 

4,316,175

 

 

 

(269,158

)

 

 

12

 

 

 

207,738

 

 

 

(17,657

)

 

 

671

 

 

 

4,523,913

 

 

 

(286,815

)

State and political subdivisions

 

 

1,302

 

 

 

1,043,982

 

 

 

(62,299

)

 

 

60

 

 

 

65,444

 

 

 

(10,631

)

 

 

1,362

 

 

 

1,109,426

 

 

 

(72,930

)

Corporates

 

 

241

 

 

 

327,050

 

 

 

(15,230

)

 

 

2

 

 

 

4,044

 

 

 

(100

)

 

 

243

 

 

 

331,094

 

 

 

(15,330

)

Collateralized loan obligations

 

 

6

 

 

 

31,220

 

 

 

(14

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6

 

 

 

31,220

 

 

 

(14

)

Total

 

 

2,248

 

 

$

6,146,151

 

 

$

(354,755

)

 

 

74

 

 

$

277,226

 

 

$

(28,388

)

 

 

2,322

 

 

$

6,423,377

 

 

$

(383,143

)

 

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

December 31, 2021

 

Count

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized

Losses

 

Description of Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

 

4

 

 

$

58,867

 

 

$

(751

)

 

 

—

 

 

$

—

 

 

$

—

 

 

 

4

 

 

$

58,867

 

 

$

(751

)

U.S. Agencies

 

 

1

 

 

 

11,149

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

11,149

 

 

 

(1

)

Mortgage-backed

 

 

344

 

 

 

5,404,968

 

 

 

(87,301

)

 

 

13

 

 

 

233,295

 

 

 

(8,571

)

 

 

357

 

 

 

5,638,263

 

 

 

(95,872

)

State and political subdivisions

 

 

357

 

 

 

329,042

 

 

 

(6,969

)

 

 

31

 

 

 

44,939

 

 

 

(2,177

)

 

 

388

 

 

 

373,981

 

 

 

(9,146

)

Corporates

 

 

152

 

 

 

193,899

 

 

 

(1,498

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

152

 

 

 

193,899

 

 

 

(1,498

)

Collateralized loan obligations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

858

 

 

$

5,997,925

 

 

$

(96,520

)

 

 

44

 

 

$

278,234

 

 

$

(10,748

)

 

 

902

 

 

$

6,276,159

 

 

$

(107,268

)
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 length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2022 and December 31, 2021, respectively (in thousands):

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

March 31, 2022

 

Count

 

 

Fair Value

 

 

Unrealized Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized Losses

 

U.S. Agencies

 

 

—

 

 

$

—

 

 

$

—

 

 

 

—

 

 

$

—

 

 

$

—

 

 

 

—

 

 

$

—

 

 

$

—

 

Mortgage-backed

 

 

194

 

 

 

2,404,509

 

 

 

(66,501

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

194

 

 

 

2,404,509

 

 

 

(66,501

)

State and political subdivisions

 

 

1,205

 

 

 

1,625,062

 

 

 

(96,594

)

 

 

41

 

 

 

332,118

 

 

 

(46,059

)

 

 

1,246

 

 

 

1,957,180

 

 

 

(142,653

)

Total

 

 

1,399

 

 

$

4,029,571

 

 

$

(163,095

)

 

 

41

 

 

$

332,118

 

 

$

(46,059

)

 

 

1,440

 

 

$

4,361,689

 

 

$

(209,154

)

 

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

December 31, 2021

 

Count

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized

Losses

 

Mortgage-backed

 

 

12

 

 

$

317,887

 

 

$

(2,431

)

 

 

—

 

 

$

—

 

 

$

—

 

 

 

12

 

 

$

317,887

 

 

$

(2,431

)

State and political subdivisions

 

 

58

 

 

 

585,153

 

 

 

(12,494

)

 

 

28

 

 

 

217,579

 

 

 

(26,460

)

 

 

86

 

 

 

802,732

 

 

 

(38,954

)

Total

 

 

70

 

 

$

903,040

 

 

$

(14,925

)

 

 

28

 

 

$

217,579

 

 

$

(26,460

)

 

 

98

 

 

$

1,120,619

 

 

$

(41,385

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

The following tables show the amortized cost basis by credit rating of the Company’s held-to-maturity investments at March 31, 2022 and December 31, 2021 (in thousands):

 

 

 

Amortized Cost Basis by Credit Rating - HTM Debt Securities

 

March 31, 2022

 

AAA

 

 

AA

 

 

A

 

 

BBB

 

 

BB

 

 

CCC-C

 

 

Total

 

State and political subdivisions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Competitive

 

$

—

 

 

$

—

 

 

$

379,924

 

 

$

560,001

 

 

$

20,219

 

 

$

830

 

 

$

960,974

 

Utilities

 

 

342,489

 

 

 

690,649

 

 

 

81,855

 

 

 

29,572

 

 

 

—

 

 

 

—

 

 

 

1,144,565

 

Total state and political subdivisions

 

$

342,489

 

 

$

690,649

 

 

$

461,779

 

 

$

589,573

 

 

$

20,219

 

 

$

830

 

 

$

2,105,539

 

 

 

 

 

Amortized Cost Basis by Credit Rating - HTM Debt Securities

 

December 31, 2021

 

A

 

 

BBB

 

 

BB

 

 

CCC-C

 

 

Total

 

State and political subdivisions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Competitive

 

$

372,696

 

 

$

605,104

 

 

$

20,678

 

 

$

870

 

 

$

999,348

 

Utilities

 

 

55,096

 

 

 

29,838

 

 

 

—

 

 

 

—

 

 

 

84,934

 

Total state and political subdivisions

 

$

427,792

 

 

$

634,942

 

 

$

20,678

 

 

$

870

 

 

$

1,084,282

 

 
Schedule of Aging of Past Due Held to Maturity Securities

The following table presents the aging of past due held-to-maturity securities at December 31, 2021 (in thousands):

 

December 31, 2021

 

30-89

Days Past

Due and

Accruing

 

 

Greater than

90 Days Past

Due and

Accruing

 

 

Non-

Accrual

 

 

Total

Past Due

 

 

Current

 

 

Total

 

State and political subdivisions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Competitive

 

$

7,795

 

 

$

—

 

 

$

—

 

 

$

7,795

 

 

$

991,553

 

 

$

999,348

 

Utilities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

84,934

 

 

 

84,934

 

Total state and political subdivisions

 

$

7,795

 

 

$

—

 

 

$

—

 

 

$

7,795

 

 

$

1,076,487

 

 

$

1,084,282

 
Schedule of Other Securities

The table below provides detailed information for Other securities at March 31, 2022 and December 31, 2021 (in thousands):

 

 

 

March 31, 2022

 

 

December 31, 2021

 

FRB and FHLB stock

 

$

36,222

 

 

$

36,222

 

Equity securities with readily determinable fair values

 

 

53,056

 

 

 

64,149

 

Equity securities without readily determinable fair values

 

 

242,845

 

 

 

226,727

 

Total

 

$

332,123

 

 

$

327,098

 

 
Schedule of Components of Investment Securities Gains, Net

The table below presents the components of Investments securities losses, net for the three months ended March 31, 2022 and March 31, 2021 (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Investment securities losses, net

 

 

 

 

 

 

 

 

Available-for-sale debt securities:

 

 

 

 

 

 

 

 

Gains realized on sales

 

$

—

 

 

$

2,720

 

Equity securities with readily determinable fair values:

 

 

 

 

 

 

 

 

Fair value adjustments, net

 

 

(1,722

)

 

 

(13,918

)

Equity securities without readily determinable fair values:

 

 

 

 

 

 

 

 

Fair value adjustments, net

 

 

1,200

 

 

 

2,862

 

Total investment securities losses, net

 

$

(522

)

 

$

(8,336

)
Available-for-sale Securities [Member]  
Contractual Maturity Information

 

The following table presents contractual maturity information for securities available for sale at March 31, 2022 (in thousands):

 

 

 

Amortized

 

 

Fair

 

 

 

Cost

 

 

Value

 

Due in 1 year or less

 

$

123,219

 

 

$

123,499

 

Due after 1 year through 5 years

 

 

1,141,112

 

 

 

1,121,962

 

Due after 5 years through 10 years

 

 

699,721

 

 

 

686,107

 

Due after 10 years

 

 

1,254,944

 

 

 

1,210,303

 

Total

 

 

3,218,996

 

 

 

3,141,871

 

Mortgage-backed securities

 

 

5,679,853

 

 

 

5,408,222

 

Total securities available for sale

 

$

8,898,849

 

 

$

8,550,093

 
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 March 31, 2022 and December 31, 2021, respectively (in thousands):

 

March 31, 2022

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Allowance for Credit Losses

 

 

Net Carrying Amount

 

U.S. Agencies

 

$

6,000

 

 

$

4

 

 

$

—

 

 

$

6,004

 

 

$

—

 

 

$

6,000

 

Mortgage-backed

 

 

2,490,693

 

 

 

10

 

 

 

(66,501

)

 

 

2,424,202

 

 

 

—

 

 

 

2,490,693

 

State and political subdivisions

 

 

2,105,539

 

 

 

363

 

 

 

(142,653

)

 

 

1,963,249

 

 

 

(2,045

)

 

 

2,103,494

 

Total

 

$

4,602,232

 

 

$

377

 

 

$

(209,154

)

 

$

4,393,455

 

 

$

(2,045

)

 

$

4,600,187

 

 

 

December 31, 2021

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Allowance for Credit Losses

 

 

Net Carrying Amount

 

Mortgage-backed

 

$

396,134

 

 

$

14

 

 

$

(2,431

)

 

$

393,717

 

 

$

—

 

 

$

396,134

 

State and political subdivisions

 

 

1,084,282

 

 

 

3,346

 

 

 

(38,954

)

 

 

1,048,674

 

 

 

(1,940

)

 

 

1,082,342

 

Total

 

$

1,480,416

 

 

$

3,360

 

 

$

(41,385

)

 

$

1,442,391

 

 

$

(1,940

)

 

$

1,478,476

 

The following table presents contractual maturity information for securities held to maturity at March 31, 2022 (in thousands):

 

 

 

Amortized

 

 

Fair

 

 

 

Cost

 

 

Value

 

Due in 1 year or less

 

$

13,819

 

 

$

13,784

 

Due after 1 year through 5 years

 

 

151,022

 

 

 

144,816

 

Due after 5 years through 10 years

 

 

616,835

 

 

 

579,542

 

Due after 10 years

 

 

1,329,863

 

 

 

1,231,111

 

Total

 

 

2,111,539

 

 

 

1,969,253

 

Mortgage-backed securities

 

 

2,490,693

 

 

 

2,424,202

 

Total securities held to maturity

 

$

4,602,232

 

 

$

4,393,455