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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Securities Available for Sale
The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities 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 obligations$274,876 — (14,711)260,165 
Mortgage-backed securities1,767,392 1,132 (98,060)1,670,464 
Asset-backed securities43,895 1,139 (98)44,936 
State and municipal obligations68,453 31 (4,638)63,846 
Corporate obligations34,088 239 (1,401)32,926 
$2,188,704 2,541 (118,908)2,072,337 
December 31, 2021
Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
U.S. Treasury obligations$196,897 298 (866)196,329 
Mortgage-backed securities1,711,312 14,082 (16,563)1,708,831 
Asset-backed securities45,115 1,687 (5)46,797 
State and municipal obligations68,702 1,127 (122)69,707 
Corporate obligations36,109 425 (347)36,187 
$2,058,135 17,619 (17,903)2,057,851 
Investment Securities Classified by Contractual Maturity
The amortized cost and fair value of available for sale debt securities at March 31, 2022, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
March 31, 2022
Amortized
cost		Fair
value
Due in one year or less$997 1,005 
Due after one year through five years137,234 130,466 
Due after five years through ten years174,136 164,946 
Due after ten years65,050 60,520 
$377,417 356,937 
The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio at March 31, 2022 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
March 31, 2022
Amortized
cost		Fair
value
Due in one year or less$17,286 17,338 
Due after one year through five years153,590 152,915 
Due after five years through ten years194,905 194,739 
Due after ten years56,198 52,659 
$421,979 417,651 
Available for sale Debt Securities with Temporary Impairment
The following tables present the fair values and gross unrealized losses for available for sale debt securities in an unrealized loss position at March 31, 2022 and December 31, 2021 (in thousands):
March 31, 2022
Less than 12 months12 months or longerTotal
Fair
value		Gross
unrealized
losses 		Fair
value		Gross
unrealized
losses 		Fair
value		Gross
unrealized
losses
U.S. Treasury obligations$260,165 (14,711)— — 260,165 (14,711)
Mortgage-backed securities1,352,508 (84,395)155,913 (13,665)1,508,422 (98,060)
Asset-backed securities1,810 (98)— — 1,810 (98)
State and municipal obligations60,024 (4,638)— — 60,024 (4,638)
Corporate obligations14,270 (730)6,124 (671)20,394 (1,401)
$1,688,777 (104,572)162,037 (14,336)1,850,815 (118,908)
December 31, 2021
Less than 12 months12 months or longerTotal
Fair
value
 Gross
unrealized
losses
Fair
value
Gross
unrealized
losses 		Fair
value		Gross
unrealized
losses
U.S. Treasury obligations$98,621 (866)— — 98,621 (866)
Mortgage-backed securities1,147,403 (15,176)33,850 (1,387)1,181,253 (16,563)
Asset-backed securities 1,930 (5)— — 1,930 (5)
State and municipal obligations10,732 (122)— — 10,732 (122)
Corporate obligations18,474 (347)— — 18,474 (347)
$1,277,160 (16,516)33,850 (1,387)1,311,010 (17,903)
Investment Securities Held to Maturity
The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities 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 obligations$1,430 — — 1,430 
Agency obligations9,997 — (622)9,375 
Mortgage-backed securities13 — — 13 
State and municipal obligations400,629 3,411 (6,625)397,415 
Corporate obligations9,923 1 (493)9,431 
$421,992 3,412 (7,740)417,664 
At March 31, 2022, the allowance for credit losses on held to maturity debt securities totaled $34,000 and is excluded from amortized cost in the table above.
December 31, 2021
Amortized
cost		Gross
unrealized
gains 		Gross
unrealized
losses 		Fair
value
Agency obligations$9,996 — (175)9,821 
Mortgage-backed securities21 — — 21 
State and municipal obligations415,724 14,463 (635)429,552 
Corporate obligations10,448 19 (152)10,315 
$436,189 14,482 (962)449,709 
At December 31, 2021, the allowance for credit losses on held to maturity debt securities totaled $39,000 and is excluded from amortized cost in the table above.
Schedule of Unrealized Loss on Investments
The following tables present the fair values and gross unrealized losses for held to maturity debt securities in an unrealized loss position at March 31, 2022 and December 31, 2021 (in thousands):
March 31, 2022 Unrealized Losses
Less than 12 months12 months or longerTotal
Fair
value		Gross
unrealized
losses 		Fair
value		Gross
unrealized
losses 		Fair
value		Gross
unrealized
losses
Agency obligations$9,374 (622)— — 9,374 (622)
State and municipal obligations90,209 (5,480)8,482 (1,145)98,691 (6,625)
Corporate obligations8,105 (493)— — 8,105 (493)
$107,688 (6,595)8,482 (1,145)116,170 (7,740)
December 31, 2021 Unrealized Losses
Less than 12 months12 months or longerTotal
Fair
value		Gross
unrealized
losses		Fair
value		Gross
unrealized
losses		Fair
value		Gross
unrealized
losses
Agency obligations$9,821 (175)— — 9,821 (175)
State and municipal obligations27,350 (471)5,022 (164)32,372 (635)
Corporate obligations7,649 (152)— — 7,649 (152)
$44,820 (798)5,022 (164)49,842 (962)
Amortized Cost of held To Maturity Debt Securities by Year of Originations and Credit Rating The following table provides the amortized cost of held to maturity debt securities by credit rating as of March 31, 2022 (in thousands):
March 31, 2022
Total PortfolioAAAAAABBBNot RatedTotal
Treasury Obligations$1,430 — — — — 1,430 
Agency obligations9,997 — — — — 9,997 
Mortgage-backed securities13 — — — — 13 
State and municipal obligations53,191 305,861 39,664 945 968 400,629 
Corporate obligations509 2,124 7,265 — 25 9,923 
$65,140 307,985 46,929 945 993 421,992 
December 31, 2021
Total PortfolioAAAAAABBBNot RatedTotal
Agency obligations$9,996 — — — — 9,996 
Mortgage-backed securities21 — — — — 21 
State and municipal obligations54,583 314,396 44,392 945 1,408 415,724 
Corporate obligations510 2,634 7,279 — 25 10,448 
$65,110 317,030 51,671 945 1,433 436,189