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SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2022
Securities Available for Sale

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

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

2022

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

U.S. Treasury

 

$

804,158

 

 

$

58

 

 

$

(27,146

)

 

$

777,070

 

U.S. Agencies

 

 

178,261

 

 

 

—

 

 

 

(6,965

)

 

 

171,296

 

Mortgage-backed

 

 

4,574,905

 

 

 

92

 

 

 

(592,875

)

 

 

3,982,122

 

State and political subdivisions

 

 

1,465,598

 

 

 

1,608

 

 

 

(104,799

)

 

 

1,362,407

 

Corporates

 

 

401,059

 

 

 

—

 

 

 

(33,559

)

 

 

367,500

 

Collateralized loan obligations

 

 

353,969

 

 

 

32

 

 

 

(8,049

)

 

 

345,952

 

Total

 

$

7,777,950

 

 

$

1,790

 

 

$

(773,393

)

 

$

7,006,347

 

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

2021

 

Cost

 

 

Gains

 

 

Losses

 

 

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 December 31, 2022 and 2021 (in thousands):

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

2022

 

Count

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized

Losses

 

Description of Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

 

61

 

 

$

688,208

 

 

$

(22,731

)

 

 

4

 

 

$

55,314

 

 

$

(4,415

)

 

 

65

 

 

$

743,522

 

 

$

(27,146

)

U.S. Agencies

 

 

27

 

 

 

140,877

 

 

 

(4,734

)

 

 

2

 

 

 

30,419

 

 

 

(2,231

)

 

 

29

 

 

 

171,296

 

 

 

(6,965

)

Mortgage-backed

 

 

687

 

 

 

1,415,169

 

 

 

(102,881

)

 

 

205

 

 

 

2,557,035

 

 

 

(489,994

)

 

 

892

 

 

 

3,972,204

 

 

 

(592,875

)

State and political subdivisions

 

 

1,744

 

 

 

936,865

 

 

 

(51,427

)

 

 

273

 

 

 

233,679

 

 

 

(53,372

)

 

 

2,017

 

 

 

1,170,544

 

 

 

(104,799

)

Corporates

 

 

86

 

 

 

146,615

 

 

 

(8,783

)

 

 

189

 

 

 

216,885

 

 

 

(24,776

)

 

 

275

 

 

 

363,500

 

 

 

(33,559

)

Collateralized loan obligations

 

 

41

 

 

 

326,659

 

 

 

(7,820

)

 

 

1

 

 

 

4,785

 

 

 

(229

)

 

 

42

 

 

 

331,444

 

 

 

(8,049

)

Total

 

 

2,646

 

 

$

3,654,393

 

 

$

(198,376

)

 

 

674

 

 

$

3,098,117

 

 

$

(575,017

)

 

 

3,320

 

 

$

6,752,510

 

 

$

(773,393

)

 

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

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 investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2022 and 2021 (in thousands):

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

2022

 

Count

 

 

Fair Value

 

 

Unrealized Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized Losses

 

U.S. Agency

 

 

11

 

 

$

118,524

 

 

$

(4,567

)

 

 

—

 

 

$

—

 

 

$

—

 

 

 

11

 

 

$

118,524

 

 

$

(4,567

)

Mortgage-backed

 

 

254

 

 

 

2,342,656

 

 

 

(346,611

)

 

 

11

 

 

 

228,079

 

 

 

(45,919

)

 

 

265

 

 

 

2,570,735

 

 

 

(392,530

)

State and political subdivisions

 

 

1,403

 

 

 

1,543,692

 

 

 

(177,957

)

 

 

61

 

 

 

617,805

 

 

 

(23,515

)

 

 

1,464

 

 

 

2,161,497

 

 

 

(201,472

)

Total

 

 

1,668

 

 

$

4,004,872

 

 

$

(529,135

)

 

 

72

 

 

$

845,884

 

 

$

(69,434

)

 

 

1,740

 

 

$

4,850,756

 

 

$

(598,569

)

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

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 table shows the amortized cost basis by credit rating of the Company’s held-to-maturity State and political subdivisions bond investments at December 31, 2022 and 2021 (in thousands):

 

 

 

Amortized Cost Basis by Credit Rating - HTM Debt Securities

 

2022

 

AAA

 

 

AA

 

 

A

 

 

BBB

 

 

BB

 

 

CCC-C

 

 

Total

 

State and political subdivisions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Competitive

 

$

—

 

 

$

—

 

 

$

435,953

 

 

$

618,517

 

 

$

17,120

 

 

$

2,934

 

 

$

1,074,524

 

Utilities

 

 

759,539

 

 

 

824,386

 

 

 

84,293

 

 

 

29,599

 

 

 

581

 

 

 

—

 

 

 

1,698,398

 

Total state and political subdivisions

 

$

759,539

 

 

$

824,386

 

 

$

520,246

 

 

$

648,116

 

 

$

17,701

 

 

$

2,934

 

 

$

2,772,922

 

 

 

 

 

Amortized Cost Basis by Credit Rating - HTM Debt Securities

 

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):

 

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 December 31, 2022 and 2021 (in thousands):

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

FRB and FHLB stock

 

$

41,472

 

 

$

36,222

 

Equity securities with readily determinable fair values

 

 

10,782

 

 

 

64,149

 

Equity securities without readily determinable fair values

 

 

297,504

 

 

 

226,727

 

Total

 

$

349,758

 

 

$

327,098

 
Schedule of Components of Investment Securities Gains, Net

The following table presents the components of Investment securities gains, net for the years ended December 31, 2022, 2021, and 2020 (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Investment securities gains, net

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

Gains realized on sales

 

$

—

 

 

$

7,819

 

 

$

7,255

 

Losses realized on sales

 

 

—

 

 

 

(2

)

 

 

(274

)

Equity securities with readily determinable fair values:

 

 

 

 

 

 

 

 

 

 

 

 

Fair value adjustments, net

 

 

(8,073

)

 

 

(10,881

)

 

 

110,768

 

Equity securities without readily determinable fair values:

 

 

 

 

 

 

 

 

 

 

 

 

Fair value adjustments, net

 

 

355

 

 

 

8,121

 

 

 

2,885

 

Sales

 

 

66,162

 

 

 

—

 

 

 

—

 

Total investment securities gains, net

 

$

58,444

 

 

$

5,057

 

 

$

120,634

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

The following table presents contractual maturity information for securities available for sale at December 31, 2022 (in thousands):

 

 

 

Amortized

 

 

Fair

 

 

 

Cost

 

 

Value

 

Due in 1 year or less

 

$

172,698

 

 

$

170,616

 

Due after 1 year through 5 years

 

 

1,677,013

 

 

 

1,612,729

 

Due after 5 years through 10 years

 

 

803,950

 

 

 

759,939

 

Due after 10 years

 

 

549,384

 

 

 

480,941

 

Total

 

 

3,203,045

 

 

 

3,024,225

 

Mortgage-backed securities

 

 

4,574,905

 

 

 

3,982,122

 

Total securities available for sale

 

$

7,777,950

 

 

$

7,006,347

 
Held-to-maturity Securities [Member]  
Contractual Maturity Information

The following table provides detailed information about securities held to maturity at December 31, 2022 and 2021, respectively (in thousands):

 

2022

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Allowance for Credit Losses

 

 

Net Carrying Amount

 

U.S. Agency

 

$

123,091

 

 

$

—

 

 

$

(4,567

)

 

$

118,524

 

 

$

—

 

 

$

123,091

 

Mortgage-backed

 

 

2,965,586

 

 

 

11

 

 

 

(392,530

)

 

 

2,573,067

 

 

 

—

 

 

 

2,965,586

 

State and political subdivisions

 

 

2,772,922

 

 

 

17,618

 

 

 

(201,472

)

 

 

2,589,068

 

 

 

(2,407

)

 

 

2,770,515

 

Total

 

$

5,861,599

 

 

$

17,629

 

 

$

(598,569

)

 

$

5,280,659

 

 

$

(2,407

)

 

$

5,859,192

 

 

 

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 December 31, 2022 (in thousands):

 

 

 

Amortized

 

 

Fair

 

 

 

Cost

 

 

Value

 

Due in 1 year or less

 

$

82,196

 

 

$

81,893

 

Due after 1 year through 5 years

 

 

347,137

 

 

 

338,148

 

Due after 5 years through 10 years

 

 

743,395

 

 

 

704,133

 

Due after 10 years

 

 

1,723,285

 

 

 

1,583,418

 

Total

 

 

2,896,013

 

 

 

2,707,592

 

Mortgage-backed securities

 

 

2,965,586

 

 

 

2,573,067

 

Total securities held to maturity

 

$

5,861,599

 

 

$

5,280,659