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Investment Securities (Tables)
9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Fair Value of Available-for-Sale Investment Securities Portfolio
The following table summarizes the amortized cost, fair value, and allowance for credit losses of the available-for-sale investment securities portfolio and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income (loss):
(dollars in thousands)Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Allowance for
Credit Losses
for Investments
Fair
Value
September 30, 2020    
Available-for-Sale    
U.S. Treasury$9,899 $331 $ $ $10,230 
U.S. government-sponsored entities and agencies488,768 3,700 (927) 491,541 
Mortgage-backed securities - Agency3,280,249 102,975 (944) 3,382,280 
States and political subdivisions1,351,122 76,138 (765) 1,426,495 
Pooled trust preferred securities13,773  (6,246) 7,527 
Other securities270,166 14,085 (790) 283,461 
Total available-for-sale securities$5,413,977 $197,229 $(9,672)$ $5,601,534 
December 31, 2019
Available-for-Sale
U.S. Treasury$17,567 $117 $(2)$— $17,682 
U.S. government-sponsored entities and agencies596,595 1,027 (4,638)— 592,984 
Mortgage-backed securities - Agency3,151,550 41,363 (9,052)— 3,183,861 
States and political subdivisions1,232,497 44,193 (1,047)— 1,275,643 
Pooled trust preferred securities13,811 — (5,589)— 8,222 
Other securities301,189 6,842 (1,332)— 306,699 
Total available-for-sale securities$5,313,209 $93,542 $(21,660)$— $5,385,091 
Schedule of Proceeds from Sales or Calls and Realized Gain and Losses of Available-for-Sale Investment Securities and Other Securities
Proceeds from sales or calls of available-for-sale investment securities and the resulting realized gains and realized losses were as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(dollars in thousands)2020201920202019
Proceeds from sales of available-for-sale debt securities$39,637 $27,983 $296,075 $295,615 
Proceeds from calls of available-for-sale debt securities82,410 316,361 388,145 378,476 
Total$122,047 $344,344 $684,220 $674,091 
Realized gains on sales of available-for-sale debt securities$4,942 $340 $11,082 $3,443 
Realized gains on calls of available-for-sale debt securities10 86 50 89 
Realized losses on sales of available-for-sale debt securities(30)(2)(500)(2,017)
Realized losses on calls of available-for-sale debt securities(1)— (26)(29)
Debt securities gains (losses), net$4,921 $424 $10,606 $1,486 
Expected Maturities of Investment Securities Portfolio Weighted average yield is based on amortized cost.
 September 30, 2020
(dollars in thousands)Amortized
Cost
Fair
Value
Weighted
Average
Yield
Maturity
Available-for-Sale   
Within one year$479,460 $488,426 2.49 %
One to five years2,808,889 2,909,519 2.38 
Five to ten years750,252 772,598 2.50 
Beyond ten years1,375,376 1,430,991 3.05 
Total$5,413,977 $5,601,534 2.58 %
Available-for-Sale Investment Securities with Unrealized Losses by Aggregated Major Security Type and Length of Time in Continuous Unrealized Loss Position
The following table summarizes the available-for-sale investment securities with unrealized losses for which an allowance for credit losses has not been recorded by aggregated major security type and length of time in a continuous unrealized loss position:
 Less than 12 months12 months or longerTotal
(dollars in thousands)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized Losses
September 30, 2020      
Available-for-Sale      
U.S. government-sponsored entities
   and agencies
$218,352 $(927)$ $ $218,352 $(927)
Mortgage-backed securities - Agency300,451 (834)3,516 (110)303,967 (944)
States and political subdivisions60,513 (765)  60,513 (765)
Pooled trust preferred securities  7,527 (6,246)7,527 (6,246)
Other securities27,574 (175)20,615 (615)48,189 (790)
Total available-for-sale$606,890 $(2,701)$31,658 $(6,971)$638,548 $(9,672)
December 31, 2019
Available-for-Sale
U.S. Treasury$999 $(2)$— $— $999 $(2)
U.S. government-sponsored entities
   and agencies
357,647 (4,638)— — 357,647 (4,638)
Mortgage-backed securities - Agency786,245 (6,122)212,056 (2,930)998,301 (9,052)
States and political subdivisions120,166 (1,016)7,006 (31)127,172 (1,047)
Pooled trust preferred securities— — 8,222 (5,589)8,222 (5,589)
Other securities30,765 (182)87,066 (1,150)117,831 (1,332)
Total available-for-sale$1,295,822 $(11,960)$314,350 $(9,700)$1,610,172 $(21,660)
Trust Preferred Securities
The table below summarizes the relevant characteristics of our pooled trust preferred securities as well as our single issuer trust preferred securities that are included in the “other securities” category in this footnote.  Each of the pooled trust preferred securities support a more senior tranche of security holders.  Both pooled trust preferred securities have experienced credit defaults.  However, we believe that the value of the instruments lies in the full and timely interest payments that will be received through maturity, the steady amortization that will be experienced until maturity, and the full return of principal by the final maturity of the collateralized debt obligations.
(dollars in thousands)ClassLowest
Credit
Rating (1)
Amortized
Cost
Fair
Value
Unrealized
Gain/
(Loss)
# of Issuers
Currently
Performing/
Remaining
Actual
Deferrals
and Defaults
as a % of
Original
Collateral
Expected
Defaults as
a % of
Remaining
Performing
Collateral
Excess
Subordination
as a % of
Current
Performing
Collateral
September 30, 2020
Pooled trust preferred securities:         
Pretsl XXVII LTDBB$4,238 $2,228 $(2,010)
32/41
14.4%10.8%33.4%
Trapeza Ser 13AA2ABBB9,535 5,299 (4,236)
39/41
4.5%6.4%52.1%
 13,773 7,527 (6,246)
Single Issuer trust preferred securities:
JP Morgan Chase & CoBBB-4,806 4,412 (394)
Total$18,579 $11,939 $(6,640)
(1)Lowest rating for the security provided by any nationally recognized credit rating agency.