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Securities (Tables)
9 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Available-for-sale
The amortized cost and fair value of securities available-for-sale and held-to-maturity at September 30, 2021 and December 31, 2020 are summarized as follows (in thousands):
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
September 30, 2021:    
Securities available-for-sale:    
U.S. Treasury securities$144,387 $— $230 $144,157 
U.S. government agency securities423,481 1,566 2,992 422,055 
Mortgage-backed securities1,938,218 41,663 11,900 1,967,981 
State and municipal securities1,733,063 38,130 11,545 1,759,648 
Asset-backed securities220,716 214 733 220,197 
Corporate notes and other119,276 3,306 1,967 120,615 
 $4,579,141 $84,879 $29,367 $4,634,653 
Securities held-to-maturity:    
State and municipal securities$989,398 $25,817 $808 $1,014,407 
 $989,398 $25,817 $808 $1,014,407 
Allowance for credit losses - securities held-to-maturity(161)
Securities held-to-maturity, net of allowance for credit losses$989,237 
December 31, 2020:    
Securities available-for-sale:    
U.S. Treasury securities$82,199 $10 $— $82,209 
U.S. government agency securities74,916 1,547 60 76,403 
Mortgage-backed securities1,623,759 67,759 2,327 1,689,191 
State and municipal securities1,411,288 44,559 12,484 1,443,363 
Asset-backed securities177,878 715 657 177,936 
Corporate notes and other117,256 2,632 2,309 117,579 
 $3,487,296 $117,222 17,837 $3,586,681 
Securities held-to-maturity:    
State and municipal securities$1,028,550 $38,272 $291 $1,066,531 
$1,028,550 $38,272 $291 $1,066,531 
Allowance for credit losses - securities held-to-maturity(191)
Securities held-to-maturity, net of allowance for credit losses$1,028,359 
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
The amortized cost and fair value of debt securities as of September 30, 2021 by contractual maturity is shown below. Actual maturities may differ from contractual maturities of mortgage- and asset-backed securities since the mortgages and assets underlying the securities may be called or prepaid with or without penalty. Therefore, these securities are not included in the maturity categories in the following summary (in thousands):
 Available-for-saleHeld-to-maturity
September 30, 2021:Amortized
Cost
Fair
Value
Amortized
 Cost
Fair
Value
Due in one year or less$106,128 $106,120 $— $— 
Due in one year to five years56,921 56,821 1,409 1,472 
Due in five years to ten years508,208 517,678 5,676 5,734 
Due after ten years1,748,950 1,765,856 982,313 1,007,201 
Mortgage-backed securities1,938,218 1,967,981 — — 
Asset-backed securities220,716 220,197 — — 
 $4,579,141 $4,634,653 $989,398 $1,014,407 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
At September 30, 2021 and December 31, 2020, the following investments had unrealized losses. The table below classifies these investments according to the term of the unrealized losses of less than twelve months or twelve months or longer (in thousands):

 Investments with an Unrealized Loss of
less than 12 months
Investments with an Unrealized Loss of
12 months or longer
Total Investments with an
Unrealized Loss
 Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized
Losses
At September 30, 2021      
U.S. Treasury securities$132,157 $230 $— $— $132,157 $230 
U.S. government agency securities195,921 2,552 14,807 440 210,728 2,992 
Mortgage-backed securities633,938 8,630 114,968 3,270 748,906 11,900 
State and municipal securities523,859 9,138 222,884 2,961 746,743 12,099 
Asset-backed securities166,457 592 6,703 141 173,160 733 
Corporate notes18,412 422 24,970 1,545 43,382 1,967 
Total temporarily-impaired securities$1,670,744 $21,564 $384,332 $8,357 $2,055,076 $29,921 
At December 31, 2020      
U.S. Treasury securities$— $— $— $— $— $— 
U.S. government agency securities9,962 38 6,091 22 16,053 60 
Mortgage-backed securities165,696 1,772 35,997 555 201,693 2,327 
State and municipal securities175,115 2,220 345,435 10,264 520,550 12,484 
Asset-backed securities46,399 207 52,840 450 99,239 657 
Corporate notes9,978 40 23,920 2,269 33,898 2,309 
Total temporarily-impaired securities$407,150 $4,277 $464,283 $13,560 $871,433 $17,837