XML 55 R33.htm IDEA: XBRL DOCUMENT v3.22.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2022
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 and fair value of the available-for-sale and held-to-maturity investment securities portfolios and the corresponding amounts of gross unrealized gains, unrealized losses, and basis adjustments in accumulated other comprehensive income (loss) and gross unrecognized gains and losses. The Company held no securities classified as held-to-maturity as of December 31, 2021.
(dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Basis
Adjustments (1)		Fair
Value
March 31, 2022    
Available-for-Sale    
U.S. Treasury$440,461 $— $(8,887)$(12,550)$419,024 
U.S. government-sponsored entities and agencies1,730,259 41,507 (150,253)(41,493)1,580,020 
Mortgage-backed securities - Agency5,904,666 2,535 (283,459)— 5,623,742 
States and political subdivisions750,442 9,499 (9,885)— 750,056 
Pooled trust preferred securities13,762 — (4,097)— 9,665 
Other securities378,659 774 (11,336)— 368,097 
Total available-for-sale securities$9,218,249 $54,315 $(467,917)$(54,043)$8,750,604 
Held-to-Maturity
U.S. government-sponsored entities and agencies$528,524 $— $(48,115)$— $480,409 
Mortgage-backed securities - Agency463,111 — (22,057)— 441,054 
States and political subdivisions1,090,667 42 (56,516)— 1,034,193 
Other securities100 — — — 100 
Allowance for securities held-to-maturity(160)— — — (160)
Total held-to-maturity securities$2,082,242 $42 $(126,688)$— $1,955,596 
December 31, 2021
Available-for-Sale
U.S. Treasury$234,555 $1,233 $(7,751)$7,547 $235,584 
U.S. government-sponsored entities and agencies1,575,994 7,354 (37,014)(3,561)1,542,773 
Mortgage-backed securities - Agency3,737,484 27,421 (66,074)— 3,698,831 
States and political subdivisions1,587,172 69,696 (1,882)— 1,654,986 
Pooled trust preferred securities13,756 — (4,260)— 9,496 
Other securities235,072 6,578 (1,254)— 240,396 
Total available-for-sale securities$7,384,033 $112,282 $(118,235)$3,986 $7,382,066 
(1)    Basis adjustments represent the cumulative fair value adjustments included in the carrying amounts of fixed-rate investment securities assets in fair value hedging arrangements.
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
March 31,
(dollars in thousands)20222021
Proceeds from sales of available-for-sale securities$10,839 $52,468 
Proceeds from calls of available-for-sale securities39,274 10,245 
Total$50,113 $62,713 
Realized gains on sales of available-for-sale securities$339 $2,000 
Realized gains on calls of available-for-sale securities124 13 
Realized losses on sales of available-for-sale securities(95)— 
Realized losses on calls of available-for-sale securities(26)(20)
Debt securities gains (losses), net$342 $1,993 
Expected Maturities of Investment Securities Portfolio Weighted average yield is based on amortized cost.
 March 31, 2022
(dollars in thousands)Amortized
Cost		Fair
Value		Weighted
Average
Yield
Maturity
Available-for-Sale   
Within one year$360,037 $359,809 1.13 %
One to five years2,113,684 2,063,545 2.37 
Five to ten years4,728,394 4,461,469 2.07 
Beyond ten years2,016,134 1,865,781 2.29 
Total$9,218,249 $8,750,604 2.15 %
Held-to-Maturity
Within one year$253 $254 3.85 %
One to five years4,028 3,965 3.63 
Five to ten years524,913 499,835 2.26 
Beyond ten years1,553,048 1,451,542 2.65 
Total$2,082,242 $1,955,596 2.56 %
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
March 31, 2022
Available-for-Sale
U.S. Treasury$419,024 $(8,887)$— $— $419,024 $(8,887)
U.S. government-sponsored entities
   and agencies		987,337 (73,226)531,640 (77,027)1,518,977 (150,253)
Mortgage-backed securities - Agency4,355,133 (184,282)823,217 (99,177)5,178,350 (283,459)
States and political subdivisions276,808 (9,885)— — 276,808 (9,885)
Pooled trust preferred securities— — 9,664 (4,097)9,664 (4,097)
Other securities277,308 (10,008)24,321 (1,328)301,629 (11,336)
Total available-for-sale$6,315,610 $(286,288)$1,388,842 $(181,629)$7,704,452 $(467,917)
December 31, 2021
Available-for-Sale
U.S. Treasury$91,063 $(7,751)$— $— $91,063 $(7,751)
U.S. government-sponsored entities
   and agencies		1,032,566 (21,167)312,949 (15,847)1,345,515 (37,014)
Mortgage-backed securities - Agency2,415,923 (59,277)163,685 (6,797)2,579,608 (66,074)
States and political subdivisions178,570 (1,849)2,729 (33)181,299 (1,882)
Pooled trust preferred securities— — 9,496 (4,260)9,496 (4,260)
Other securities56,976 (943)21,133 (311)78,109 (1,254)
Total available-for-sale$3,775,098 $(90,987)$509,992 $(27,248)$4,285,090 $(118,235)
Schedule of Held-to-Maturity Investment Securities with Unrecognized Losses
The following table summarizes the held-to-maturity investment securities with unrecognized losses aggregated by major security type and length of time in a continuous loss position:
 Less than 12 months12 months or longerTotal
(dollars in thousands)Fair
Value		Unrecognized
Losses		Fair
Value		Unrecognized
Losses		Fair
Value		Unrecognized
Losses
March 31, 2022
Held-to-Maturity
U.S. government-sponsored entities
   and agencies		$339,590 $(35,610)$140,819 $(12,506)$480,409 $(48,116)
Mortgage-backed securities - Agency394,393 (19,522)46,660 (2,535)441,053 (22,057)
States and political subdivisions988,881 (52,702)34,095 (3,813)1,022,976 (56,515)
Total held-to-maturity$1,722,864 $(107,834)$221,574 $(18,854)$1,944,438 $(126,688)