XML 34 R24.htm IDEA: XBRL DOCUMENT v3.21.2
Debt Securities (Tables)
 6 Months Ended
Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Amortized cost, gross unrealized gains and losses and fair value of debt securities
The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of the Company’s debt securities:
 June 30, 2021
(Dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available-for-sale
U.S. government and federal agency$34,544 243 (306)34,481 
U.S. government sponsored enterprises48,303 11 (298)48,016 
State and local governments504,524 32,164 (141)536,547 
Corporate bonds249,058 8,824 (4)257,878 
Residential mortgage-backed securities4,139,439 14,819 (14,673)4,139,585 
Commercial mortgage-backed securities1,093,676 40,991 (4,031)1,130,636 
Total available-for-sale$6,069,544 97,052 (19,453)6,147,143 
Held-to-maturity
State and local governments$1,024,730 22,542 (259)1,047,013 
Total held-to-maturity$1,024,730 22,542 (259)1,047,013 
 December 31, 2020
(Dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available-for-sale
U.S. government and federal agency$38,568 287 (267)38,588 
U.S. government sponsored enterprises9,747 34 — 9,781 
State and local governments1,321,763 94,974 (54)1,416,683 
Corporate bonds336,867 12,239 (8)349,098 
Residential mortgage-backed securities2,261,463 27,631 (4)2,289,090 
Commercial mortgage-backed securities1,177,458 57,575 (459)1,234,574 
Total available-for-sale$5,145,866 192,740 (792)5,337,814 
Held-to-maturity
State and local governments$189,836 13,380 — 203,216 
Total held-to-maturity$189,836 13,380 — 203,216 
Amortized cost and fair value of 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 at June 30, 2021. Actual maturities may differ from expected or contractual maturities since some issuers have the right to prepay obligations with or without prepayment penalties.
 June 30, 2021
 Available-for-SaleHeld-to-Maturity
(Dollars in thousands)Amortized CostFair ValueAmortized CostFair Value
Due within one year$77,093 78,370 1,924 1,956 
Due after one year through five years236,705 247,063 26,870 28,562 
Due after five years through ten years266,078 274,949 86,095 91,222 
Due after ten years256,553 276,540 909,841 925,273 
836,429 876,922 1,024,730 1,047,013 
Mortgage-backed securities 1
5,233,115 5,270,221 — — 
Total$6,069,544 6,147,143 1,024,730 1,047,013 
______________________________
1 Mortgage-backed securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds.
Proceeds from sales and calls of debt securities and the associated gains and losses
Proceeds from sales and calls of debt securities and the associated gains and losses that have been included in earnings are listed below:
 Three Months endedSix Months ended
(Dollars in thousands)June 30,
2021		June 30,
2020		June 30,
2021		June 30,
2020
Available-for-sale
Proceeds from sales and calls of debt securities$22,361 37,711 76,697 114,784 
Gross realized gains 1
69 142 438 1,104 
Gross realized losses 1
(23)(14)(66)(114)
Held-to-maturity
Proceeds from calls of debt securities2,230 — 6,360 20,250 
Gross realized gains 1
— — — 1 
Gross realized losses 1
(107)— (149)— 
______________________________
1 The gain or loss on the sale or call of each debt security is determined by the specific identification method.
AFS debt securities in an unrealized loss position with no ACL recorded
The following table summarizes available-for-sale debt securities that were in an unrealized loss position for which an ACL has not been recorded, based on the length of time the individual securities have been in an unrealized loss position. The number of available-for-sale debt securities in an unrealized position is also disclosed.
 June 30, 2021
 Number
of
Securities		Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Available-for-sale
U.S. government and federal agency
23 $8,991 (47)6,789 (259)15,780 (306)
U.S. government sponsored enterprises
3 45,234 (298)— — 45,234 (298)
State and local governments11 17,169 (141)— — 17,169 (141)
Corporate bonds1 10,005 (4)— — 10,005 (4)
Residential mortgage-backed securities
92 2,903,724 (14,673)— — 2,903,724 (14,673)
Commercial mortgage-backed securities
18 236,994 (4,031)— — 236,994 (4,031)
Total available-for-sale
148 $3,222,117 (19,194)6,789 (259)3,228,906 (19,453)
Held-to-maturity
State and local governments61 $79,147 (259)— — 79,147 (259)
Total held-to-maturity61 $79,147 (259)— — 79,147 (259)
 
 December 31, 2020
 Number
of
Securities		Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Available-for-sale
U.S. government and federal agency
18 $13,814 (258)726 (9)14,540 (267)
State and local governments6 3,121 (54)— — 3,121 (54)
Corporate bonds3 5,500 (8)— — 5,500 (8)
Residential mortgage-backed securities
14 2,354 (4)27 — 2,381 (4)
Commercial mortgage-backed securities
5 120,741 (459)— — 120,741 (459)
Total available-for-sale
46 $145,530 (783)753 (9)146,283 (792)
Credit quality indictors for HTM debt securities The following table summarizes the amortized cost of held-to-maturity debt securities aggregated by NRSRO credit rating:
(Dollars in thousands)June 30,
2021		December 31,
2020
Held-to-maturity
S&P: AAA / Moody’s: Aaa
$272,177 39,022 
S&P: AA+, AA, AA- / Moody’s: Aa1, Aa2, Aa3
710,835 123,664 
S&P: A+, A, A- / Moody’s: A1, A2, A3
40,139 27,150 
Not rated by either entity
1,579 — 
Total held-to-maturity
$1,024,730 189,836