Securities (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Securities

The following table presents the fair value and amortized cost of available-for-sale and held-to-maturity debt securities:

	June 30, 2022									December 31, 2021
(unaudited, in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-sale debt securities
U.S. Government sponsored entities and agencies	$	271,157	$	72	$	(22,300	)	$	248,929	$	236,096	$	3,922	$	(3,040	)	$	236,978
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		2,290,292		107		(201,112	)		2,089,287		2,301,170		16,489		(32,446	)		2,285,213
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		437,571		222		(5,965	)		431,828		364,486		4,252		(1,245	)		367,493
Obligations of states and political subdivisions		101,592		548		(2,830	)		99,310		101,003		5,372		(35	)		106,340
Corporate debt securities		15,445		24		(172	)		15,297		16,940		507		(9	)		17,438
Total available-for-sale debt securities	$	3,116,057	$	973	$	(232,379	)	$	2,884,651	$	3,019,695	$	30,542	$	(36,775	)	$	3,013,462
Held-to-maturity debt securities
U.S. Government sponsored entities and agencies	$	5,004	$	—	$	(293	)	$	4,711	$	5,944	$	72	$	(8	)	$	6,008
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		50,587		49		(2,075	)		48,561		58,147		1,409		(16	)		59,540
Obligations of states and political subdivisions		1,200,398		1,890		(127,136	)		1,075,152		907,649		23,854		(3,500	)		928,003
Corporate debt securities		25,306		18		(154	)		25,170		33,083		1,818		—			34,901
Total held-to-maturity debt securities (1)	$	1,281,295	$	1,957	$	(129,658	)	$	1,153,594	$	1,004,823	$	27,153	$	(3,524	)	$	1,028,452
Total debt securities	$	4,397,352	$	2,930	$	(362,037	)	$	4,038,245	$	4,024,518	$	57,695	$	(40,299	)	$	4,041,914

(1)Total held-to-maturity debt securities are presented on the balance sheet net of their allowance for credit losses totaling $0.3 million at June 30, 2022 and December 31, 2021, respectively.

Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Securities by Contractual Maturity

The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity date at June 30, 2022. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay debt obligations with or without prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are classified in the table below based on their contractual maturity date; however, regular principal payments and prepayments of principal are received on a monthly basis.

(unaudited, in thousands)	Amortized Cost		Fair Value
Available-for-sale debt securities
Less than one year	$	22,490	$	22,433
1-5 years		189,081		187,159
5-10 years		482,267		469,762
Over 10 years		2,422,219		2,205,297
Total available-for-sale debt securities	$	3,116,057	$	2,884,651
Held-to-maturity debt securities
Less than one year	$	30,679	$	30,794
1-5 years		101,576		101,882
5-10 years		314,256		304,810
Over 10 years		834,784		716,108
Total held-to-maturity debt securities	$	1,281,295	$	1,153,594
Total debt securities	$	4,397,352	$	4,038,245

Schedule of Gross Realized Gains and Losses on the Sales and Calls of Securities

The following table presents the gross realized gains and losses on sales and calls of available-for-sale and held-to-maturity debt securities, as well as gains and losses on equity securities from both sales and market adjustments, for the three and six months ended June 30, 2022 and 2021, respectively. All gains and losses presented in the table below are included in the net securities (losses) gains line item of the income statement. For those equity securities relating to the key officer and director deferred compensation plan, the corresponding change in the obligation to the participant is recognized in employee benefits expense.

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
(unaudited, in thousands)	2022			2021		2022			2021
Debt securities:
Gross realized gains	$	107		$	60	$	138		$	200
Gross realized losses		(9	)		—		(11	)		(39	)
Net gains on debt securities		98			60		127			161
Equity securities:
Net unrealized (losses) gains recognized on securities still held		(1,281	)		417		(1,959	)		595
Net securities (losses) gains	$	(1,183	)	$	477	$	(1,832	)	$	756

Schedule of Allowance for Credit Losses on Held-to-maturity Securities

The following table provides a roll-forward of the allowance for credit losses on held-to-maturity securities for the six months ended June 30, 2022 and 2021:

	Allowance for Credit Losses By Category
	For the Six Months Ended June 30, 2022 and 2021
			Residential mortgage
			-backed
			securities and
			collateralized
			mortgage obligations		Obligations of
	U.S. Government		of government		state and			Corporate
	sponsored		sponsored entities		political			debt
(unaudited, in thousands)	entities and agencies		and agencies		subdivisions			Securities			Total
Balance at December 31, 2021	$	—	$	—	$	174		$	94		$	268
Current period provision		—		—		8			(11	)		(3	)
Write-offs		—		—		—			—			—
Recoveries		—		—		—			—			—
Balance at June 30, 2022	$	—	$	—	$	182		$	83		$	265
.
Balance at December 31, 2020	$	—	$	—	$	130		$	196		$	326
Current period provision		—		—		(13	)		(86	)		(99	)
Write-offs		—		—		—			—			—
Recoveries		—		—		—			—			—
Balance at June 30, 2021	$	—	$	—	$	117		$	110		$	227

Schedule of Unrealized Losses on Investment Securities

The following tables provide information on unrealized losses on available-for-sale debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more, for which an allowance for credit losses has not been recorded, as of June 30, 2022 and December 31, 2021, respectively:

	June 30, 2022
	Less than 12 months							12 months or more							Total
(unaudited, dollars in thousands)	Fair Value		Unrealized Losses			# of Securities		Fair Value		Unrealized Losses			# of Securities		Fair Value		Unrealized Losses			# of Securities
U.S. Government sponsored entities and agencies	$	188,621	$	(13,338	)		36	$	49,739	$	(8,962	)		6	$	238,360	$	(22,300	)		42
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		1,575,495		(131,223	)		415		482,704		(69,889	)		60		2,058,199		(201,112	)		475
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		306,173		(4,152	)		47		86,832		(1,813	)		20		393,005		(5,965	)		67
Obligations of state and political subdivisions		51,167		(2,830	)		81		—		—			—		51,167		(2,830	)		81
Corporate debt and other securities		10,328		(172	)		7		—		—			—		10,328		(172	)		7
Total	$	2,131,784	$	(151,715	)		586	$	619,275	$	(80,664	)		86	$	2,751,059	$	(232,379	)		672

	December 31, 2021
	Less than 12 months							12 months or more							Total
(dollars in thousands)	Fair Value		Unrealized Losses			# of Securities		Fair Value		Unrealized Losses			# of Securities		Fair Value		Unrealized Losses			# of Securities
U.S. Government sponsored entities and agencies	$	114,486	$	(1,865	)		12	$	32,688	$	(1,175	)		4	$	147,174	$	(3,040	)		16
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		1,568,138		(29,060	)		143		141,681		(3,386	)		23		1,709,819		(32,446	)		166
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		131,970		(579	)		25		78,356		(666	)		8		210,326		(1,245	)		33
Obligations of states and political subdivisions		4,307		(35	)		2		—		—			—		4,307		(35	)		2
Corporate debt securities		6,990		(9	)		5		—		—			—		6,990		(9	)		5
Total	$	1,825,891	$	(31,548	)		187	$	252,725	$	(5,227	)		35	$	2,078,616	$	(36,775	)		222