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Securities (Tables)
 6 Months Ended
Jun. 30, 2022
Securities Available for Sale

This table provides detailed information about securities available for sale at June 30, 2022 and December 31, 2021 (in thousands):

 

June 30, 2022

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Fair

Value

 

U.S. Treasury

 

$

763,497

 

 

$

80

 

 

$

(12,825

)

 

$

750,752

 

U.S. Agencies

 

 

178,406

 

 

 

—

 

 

 

(3,159

)

 

 

175,247

 

Mortgage-backed

 

 

4,893,628

 

 

 

567

 

 

 

(407,610

)

 

 

4,486,585

 

State and political subdivisions

 

 

1,783,759

 

 

 

2,402

 

 

 

(123,786

)

 

 

1,662,375

 

Corporates

 

 

409,719

 

 

 

2

 

 

 

(25,936

)

 

 

383,785

 

Collateralized loan obligations

 

 

288,496

 

 

 

—

 

 

 

(8,024

)

 

 

280,472

 

Total

 

$

8,317,505

 

 

$

3,051

 

 

$

(581,340

)

 

$

7,739,216

 

 

December 31, 2021

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Fair

Value

 

U.S. Treasury

 

$

69,551

 

 

$

374

 

 

$

(751

)

 

$

69,174

 

U.S. Agencies

 

 

121,681

 

 

 

3,252

 

 

 

(1

)

 

 

124,932

 

Mortgage-backed

 

 

7,967,537

 

 

 

93,390

 

 

 

(95,872

)

 

 

7,965,055

 

State and political subdivisions

 

 

3,270,160

 

 

 

161,674

 

 

 

(9,146

)

 

 

3,422,688

 

Corporates

 

 

316,840

 

 

 

2,504

 

 

 

(1,498

)

 

 

317,846

 

Collateralized loan obligations

 

 

76,815

 

 

 

4

 

 

 

—

 

 

 

76,819

 

Total

 

$

11,822,584

 

 

$

261,198

 

 

$

(107,268

)

 

$

11,976,514

 
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, 2022 and December 31, 2021 (in thousands):

 

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

June 30, 2022

 

Count

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized

Losses

 

Description of Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

 

61

 

 

$

735,873

 

 

$

(12,825

)

 

 

—

 

 

$

—

 

 

$

—

 

 

 

61

 

 

$

735,873

 

 

$

(12,825

)

U.S. Agencies

 

 

29

 

 

 

175,248

 

 

 

(3,159

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

29

 

 

 

175,248

 

 

 

(3,159

)

Mortgage-backed

 

 

827

 

 

 

3,869,920

 

 

 

(337,668

)

 

 

31

 

 

 

514,883

 

 

 

(69,942

)

 

 

858

 

 

 

4,384,803

 

 

 

(407,610

)

State and political subdivisions

 

 

1,842

 

 

 

1,281,911

 

 

 

(109,512

)

 

 

60

 

 

 

54,828

 

 

 

(14,274

)

 

 

1,902

 

 

 

1,336,739

 

 

 

(123,786

)

Corporates

 

 

275

 

 

 

374,793

 

 

 

(25,809

)

 

 

2

 

 

 

3,991

 

 

 

(127

)

 

 

277

 

 

 

378,784

 

 

 

(25,936

)

Collateralized loan obligations

 

 

40

 

 

 

280,472

 

 

 

(8,024

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

40

 

 

 

280,472

 

 

 

(8,024

)

Total

 

 

3,074

 

 

$

6,718,217

 

 

 

(496,997

)

 

 

93

 

 

 

573,702

 

 

 

(84,343

)

 

 

3,167

 

 

$

7,291,919

 

 

$

(581,340

)

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

December 31, 2021

 

Count

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized

Losses

 

Description of Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

 

4

 

 

$

58,867

 

 

$

(751

)

 

 

—

 

 

$

—

 

 

$

—

 

 

 

4

 

 

$

58,867

 

 

$

(751

)

U.S. Agencies

 

 

1

 

 

 

11,149

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

11,149

 

 

 

(1

)

Mortgage-backed

 

 

344

 

 

 

5,404,968

 

 

 

(87,301

)

 

 

13

 

 

 

233,295

 

 

 

(8,571

)

 

 

357

 

 

 

5,638,263

 

 

 

(95,872

)

State and political subdivisions

 

 

357

 

 

 

329,042

 

 

 

(6,969

)

 

 

31

 

 

 

44,939

 

 

 

(2,177

)

 

 

388

 

 

 

373,981

 

 

 

(9,146

)

Corporates

 

 

152

 

 

 

193,899

 

 

 

(1,498

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

152

 

 

 

193,899

 

 

 

(1,498

)

Collateralized loan obligations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

858

 

 

$

5,997,925

 

 

$

(96,520

)

 

 

44

 

 

$

278,234

 

 

$

(10,748

)

 

 

902

 

 

$

6,276,159

 

 

$

(107,268

)

 
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, 2022 and December 31, 2021, respectively (in thousands):

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

June 30, 2022

 

Count

 

 

Fair Value

 

 

Unrealized Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized Losses

 

U.S. Agencies

 

 

11

 

 

$

121,856

 

 

$

(1,177

)

 

 

—

 

 

$

—

 

 

$

—

 

 

 

11

 

 

$

121,856

 

 

$

(1,177

)

Mortgage-backed

 

 

252

 

 

 

2,843,277

 

 

 

(212,959

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

252

 

 

 

2,843,277

 

 

 

(212,959

)

State and political subdivisions

 

 

1,321

 

 

 

1,676,062

 

 

 

(200,246

)

 

 

44

 

 

 

357,949

 

 

 

(50,516

)

 

 

1,365

 

 

 

2,034,011

 

 

 

(250,762

)

Total

 

 

1,584

 

 

$

4,641,195

 

 

$

(414,382

)

 

 

44

 

 

$

357,949

 

 

$

(50,516

)

 

 

1,628

 

 

$

4,999,144

 

 

$

(464,898

)

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

December 31, 2021

 

Count

 

 

Fair Value

 

 

Unrealized Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized Losses

 

Mortgage-backed

 

 

12

 

 

$

317,887

 

 

$

(2,431

)

 

 

—

 

 

$

—

 

 

$

—

 

 

 

12

 

 

$

317,887

 

 

$

(2,431

)

State and political subdivisions

 

 

58

 

 

 

585,153

 

 

 

(12,494

)

 

 

28

 

 

 

217,579

 

 

 

(26,460

)

 

 

86

 

 

 

802,732

 

 

 

(38,954

)

Total

 

 

70

 

 

$

903,040

 

 

$

(14,925

)

 

 

28

 

 

$

217,579

 

 

$

(26,460

)

 

 

98

 

 

$

1,120,619

 

 

$

(41,385

)
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, 2022 and December 31, 2021 (in thousands):

 

 

 

Amortized Cost Basis by Credit Rating - HTM Debt Securities

 

June 30, 2022

 

AAA

 

 

AA

 

 

A

 

 

BBB

 

 

BB

 

 

CCC-C

 

 

Total

 

State and political subdivisions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Competitive

 

$

—

 

 

$

—

 

 

$

392,343

 

 

$

628,494

 

 

$

18,975

 

 

$

789

 

 

$

1,040,601

 

Utilities and general obligation

 

 

576,670

 

 

 

769,033

 

 

 

84,104

 

 

 

26,722

 

 

 

564

 

 

 

—

 

 

 

1,457,093

 

Total state and political subdivisions

 

$

576,670

 

 

$

769,033

 

 

$

476,447

 

 

$

655,216

 

 

$

19,539

 

 

$

789

 

 

$

2,497,694

 

 

 

 

 

Amortized Cost Basis by Credit Rating - HTM Debt Securities

 

December 31, 2021

 

A

 

 

BBB

 

 

BB

 

 

CCC-C

 

 

Total

 

State and political subdivisions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Competitive

 

$

372,696

 

 

$

605,104

 

 

$

20,678

 

 

$

870

 

 

$

999,348

 

Utilities

 

 

55,096

 

 

 

29,838

 

 

 

—

 

 

 

—

 

 

 

84,934

 

Total state and political subdivisions

 

$

427,792

 

 

$

634,942

 

 

$

20,678

 

 

$

870

 

 

$

1,084,282

 

 
Schedule of Aging of Past Due Held to Maturity Securities

The following table presents the aging of past due held-to-maturity securities at December 31, 2021 (in thousands):

 

December 31, 2021

 

30-89

Days Past

Due and

Accruing

 

 

Greater than

90 Days Past

Due and

Accruing

 

 

Non-

Accrual

 

 

Total

Past Due

 

 

Current

 

 

Total

 

State and political subdivisions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Competitive

 

$

7,795

 

 

$

—

 

 

$

—

 

 

$

7,795

 

 

$

991,553

 

 

$

999,348

 

Utilities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

84,934

 

 

 

84,934

 

Total state and political subdivisions

 

$

7,795

 

 

$

—

 

 

$

—

 

 

$

7,795

 

 

$

1,076,487

 

 

$

1,084,282

 
Schedule of Other Securities

The table below provides detailed information for Other securities at June 30, 2022 and December 31, 2021 (in thousands):

 

 

 

June 30, 2022

 

 

December 31, 2021

 

FRB and FHLB stock

 

$

36,222

 

 

$

36,222

 

Equity securities with readily determinable fair values

 

 

40,639

 

 

 

64,149

 

Equity securities without readily determinable fair values

 

 

265,682

 

 

 

226,727

 

Total

 

$

342,543

 

 

$

327,098

 

 
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, 2022 and June 30, 2021 (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Investment securities gains, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gains realized on sales

 

$

—

 

 

$

1,300

 

 

$

—

 

 

$

4,020

 

Equity securities with readily determinable fair values:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value adjustments, net

 

 

(5,407

)

 

 

8,738

 

 

 

(7,129

)

 

 

(5,180

)

Equity securities without readily determinable fair values:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value adjustments, net

 

 

(35

)

 

 

5,417

 

 

 

1,165

 

 

 

8,279

 

Sales

 

 

66,162

 

 

 

—

 

 

 

66,162

 

 

 

—

 

Total investment securities gains, net

 

$

60,720

 

 

$

15,455

 

 

$

60,198

 

 

$

7,119

 
Available-for-sale Securities [Member]  
Contractual Maturity Information

 

The following table presents contractual maturity information for securities available for sale at June 30, 2022 (in thousands):

 

 

 

Amortized

 

 

Fair

 

 

 

Cost

 

 

Value

 

Due in 1 year or less

 

$

108,437

 

 

$

108,364

 

Due after 1 year through 5 years

 

 

1,571,301

 

 

 

1,533,973

 

Due after 5 years through 10 years

 

 

760,248

 

 

 

727,509

 

Due after 10 years

 

 

983,891

 

 

 

882,785

 

Total

 

 

3,423,877

 

 

 

3,252,631

 

Mortgage-backed securities

 

 

4,893,628

 

 

 

4,486,585

 

Total securities available for sale

 

$

8,317,505

 

 

$

7,739,216

 
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, 2022 and December 31, 2021, respectively (in thousands):

 

June 30, 2022

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Allowance for Credit Losses

 

 

Net Carrying Amount

 

U.S. Agencies

 

$

123,033

 

 

$

—

 

 

$

(1,177

)

 

$

121,856

 

 

$

—

 

 

$

123,033

 

Mortgage-backed

 

 

3,088,814

 

 

 

160

 

 

 

(212,959

)

 

 

2,876,015

 

 

 

—

 

 

 

3,088,814

 

State and political subdivisions

 

 

2,497,694

 

 

 

648

 

 

 

(250,762

)

 

 

2,247,580

 

 

 

(2,259

)

 

 

2,495,435

 

Total

 

$

5,709,541

 

 

$

808

 

 

$

(464,898

)

 

$

5,245,451

 

 

$

(2,259

)

 

$

5,707,282

 

 

December 31, 2021

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Allowance for Credit Losses

 

 

Net Carrying Amount

 

Mortgage-backed

 

$

396,134

 

 

$

14

 

 

$

(2,431

)

 

$

393,717

 

 

$

—

 

 

$

396,134

 

State and political subdivisions

 

 

1,084,282

 

 

 

3,346

 

 

 

(38,954

)

 

 

1,048,674

 

 

 

(1,940

)

 

 

1,082,342

 

Total

 

$

1,480,416

 

 

$

3,360

 

 

$

(41,385

)

 

$

1,442,391

 

 

$

(1,940

)

 

$

1,478,476

 

 

The following table presents contractual maturity information for securities held to maturity at June 30, 2022 (in thousands):

 

 

 

Amortized Cost

 

 

Fair Value

 

Due in 1 year or less

 

$

55,797

 

 

$

55,397

 

Due after 1 year through 5 years

 

 

341,617

 

 

 

333,267

 

Due after 5 years through 10 years

 

 

720,150

 

 

 

654,860

 

Due after 10 years

 

 

1,503,163

 

 

 

1,325,912

 

Total

 

 

2,620,727

 

 

 

2,369,436

 

Mortgage-backed securities

 

 

3,088,814

 

 

 

2,876,015

 

Total securities held to maturity

 

$

5,709,541

 

 

$

5,245,451