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Securities (Tables)

6 Months Ended

Jun. 30, 2021

This table provides detailed information about securities available for sale at June 30, 2021 and December 31, 2020 (in thousands):

June 30, 2021	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury	$	14,811	$	567	$	(34	)	$	15,344
U.S. Agencies		89,394		4,944		—			94,338
Mortgage-backed		6,424,272		142,847		(35,787	)		6,531,332
State and political subdivisions		3,385,306		174,651		(5,958	)		3,553,999
Corporates		148,793		3,802		(77	)		152,518
Total	$	10,062,576	$	326,811	$	(41,856	)	$	10,347,531

December 31, 2020	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury	$	29,911	$	829	$	—		$	30,740
U.S. Agencies		89,554		6,395		—			95,949
Mortgage-backed		5,266,394		202,944		(1,157	)		5,468,181
State and political subdivisions		3,424,309		199,848		(538	)		3,623,619
Corporates		77,566		3,649		(16	)		81,199
Total	$	8,887,734	$	413,665	$	(1,711	)	$	9,299,688

Gross Unrealized Losses and Fair Value of Investment Securities Available for Sale

The following table shows the Company’s available-for-sale investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2021 and December 31, 2020 (in thousands):

	Less than 12 months							12 months or more							Total
June 30, 2021	Count		Fair Value		Unrealized Losses			Count		Fair Value		Unrealized Losses			Count		Fair Value		Unrealized Losses
Description of Securities
U.S. Treasury		1	$	4,860	$	(34	)		—	$	—	$	—			1	$	4,860	$	(34	)
U.S. Agencies		—		—		—			—		—		—			—		—		—
Mortgage-backed		180		3,011,311		(35,787	)		—		—		—			180		3,011,311		(35,787	)
State and political subdivisions		310		324,484		(5,780	)		3		1,850		(178	)		313		326,334		(5,958	)
Corporates		5		10,791		(77	)		—		—		—			5		10,791		(77	)
Total		496	$	3,351,446	$	(41,678	)		3	$	1,850	$	(178	)		499	$	3,353,296	$	(41,856	)

	Less than 12 months							12 months or more							Total
December 31, 2020	Count		Fair Value		Unrealized Losses			Count		Fair Value		Unrealized Losses			Count		Fair Value		Unrealized Losses
Description of Securities
U.S. Treasury		—	$	—	$	—			—	$	—	$	—			—	$	—	$	—
U.S. Agencies		—		—		—			—		—		—			—		—		—
Mortgage-backed		16		174,234		(1,157	)		—		—		—			16		174,234		(1,157	)
State and political subdivisions		24		55,653		(279	)		6		2,833		(259	)		30		58,486		(538	)
Corporates		4		5,335		(16	)		—		—		—			4		5,335		(16	)
Total		44	$	235,222	$	(1,452	)		6	$	2,833	$	(259	)		50	$	238,055	$	(1,711	)

Gross Unrealized Losses and Fair Value of Investment Securities Held to Maturity

The following table shows the Company’s held-to-maturity investments’ gross unrealized losses and fair value, aggregated by length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2021 and December 31, 2020, respectively (in thousands):

	Less than 12 months					12 months or more					Total
June 30, 2021	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
State and political subdivisions	$	272,918	$	(10,685	)	$	161,963	$	(18,830	)	$	434,881	$	(29,515	)
Total	$	272,918	$	(10,685	)	$	161,963	$	(18,830	)	$	434,881	$	(29,515	)

	Less than 12 months					12 months or more					Total
December 31, 2020	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
State and political subdivisions	$	132,271	$	(4,591	)	$	109,712	$	(10,302	)	$	241,983	$	(14,893	)
Total	$	132,271	$	(4,591	)	$	109,712	$	(10,302	)	$	241,983	$	(14,893	)

Schedule of Amortized Cost Basis by Credit Rating of Held to Maturity Investment

The following tables show the amortized cost basis by credit rating of the Company’s held-to-maturity investments at June 30, 2021 and December 31, 2020 (in thousands):

	Amortized Cost Basis by Credit Rating - HTM Debt Securities
June 30, 2021	A		BBB		BB		CCC-C		Total
State and political subdivisions:
Competitive	$	346,811	$	624,737	$	17,075	$	6,821	$	995,444
Utilities		56,220		32,345		—		—		88,565
Total state and political subdivisions	$	403,031	$	657,082	$	17,075	$	6,821	$	1,084,009

	Amortized Cost Basis by Credit Rating - HTM Debt Securities
December 31, 2020	A		BBB		BB		CCC-C		Total
State and political subdivisions:
Competitive	$	340,290	$	558,786	$	18,078	$	8,135	$	925,289
Utilities		56,232		33,093		—		—		89,325
Total state and political subdivisions	$	396,522	$	591,879	$	18,078	$	8,135	$	1,014,614

Schedule of Other Securities

The table below provides detailed information for Other securities at June 30, 2021 and December 31, 2020 (in thousands):

	June 30, 2021		December 31, 2020
FRB and FHLB stock	$	36,222	$	33,222
Equity securities with readily determinable fair values		70,196		134,197
Equity securities without readily determinable fair values		147,897		128,634
Total	$	254,315	$	296,053

Schedule of Components of Investment Securities Gains, Net

The table below presents the components of Investments securities gains, net for the three and six months ended June 30, 2021 and June 30, 2020 (in thousands):

	Three Months Ended June 30,					Six Months Ended June 30,
	2021		2020			2021			2020
Investment securities gains, net
Available-for-sale debt securities:
Gains realized on sales	$	1,300	$	4,177		$	4,020		$	5,404
Losses realized on sales		—		(171	)		—			(171	)
Equity securities with readily determinable fair values:
Fair value adjustments, net		8,738		—			(5,180	)		—
Equity securities without readily determinable fair values:
Fair value adjustments, net		5,417		573			8,279			2,866
Total investment securities gains, net	$	15,455	$	4,579		$	7,119		$	8,099

Available-for-sale Securities [Member]

Contractual Maturity Information

The following table presents contractual maturity information for securities available for sale at June 30, 2021 (in thousands):

	Amortized		Fair
	Cost		Value
Due in 1 year or less	$	176,590	$	177,655
Due after 1 year through 5 years		554,388		570,849
Due after 5 years through 10 years		758,469		785,408
Due after 10 years		2,148,857		2,282,287
Total		3,638,304		3,816,199
Mortgage-backed securities		6,424,272		6,531,332
Total securities available for sale	$	10,062,576	$	10,347,531

Held-to-maturity Securities [Member]

Contractual Maturity Information

The following table shows the Company’s held-to-maturity investments’ amortized cost, fair value, and gross unrealized gains and losses at June 30, 2021 and December 31, 2020, respectively (in thousands):

				Gross		Gross
	Amortized			Unrealized		Unrealized			Fair
June 30, 2021	Cost			Gains		Losses			Value
State and political subdivisions:
Due in 1 year or less	$	6,364		$	725	$	—		$	7,089
Due after 1 year through 5 years		130,456			1,748		(362	)		131,842
Due after 5 years through 10 years		489,488			5,297		(4,555	)		490,230
Due after 10 years		457,701			2,854		(24,598	)		435,957
Total state and political subdivisions	$	1,084,009		$	10,624	$	(29,515	)	$	1,065,118
Allowance for credit losses		(2,836	)
Total state and political subdivisions, net of allowance for credit losses	$	1,081,173

				Gross		Gross
	Amortized			Unrealized		Unrealized			Fair
December 31, 2020	Cost			Gains		Losses			Value
State and political subdivisions:
Due in 1 year or less	$	4,907		$	29	$	—		$	4,936
Due after 1 year through 5 years		123,643			3,402		(144	)		126,901
Due after 5 years through 10 years		423,759			12,845		(1,566	)		435,038
Due after 10 years		462,305			13,447		(13,183	)		462,569
Total state and political subdivisions	$	1,014,614		$	29,723	$	(14,893	)	$	1,029,444
Allowance for credit losses		(2,610	)
Total state and political subdivisions, net of allowance for credit losses	$	1,012,004