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Securities (Tables)
6 Months Ended
Jun. 30, 2022
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 June 30, 2022 and December 31, 2021 are summarized as follows (in thousands):
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
June 30, 2022:    
Securities available-for-sale:    
U.S. Treasury securities$246,604 $184 $685 $246,103 
U.S. Government agency securities440,148 — 24,633 415,515 
Mortgage-backed securities1,524,170 685 127,177 1,397,678 
State and municipal securities1,558,987 4,741 78,341 1,485,387 
Asset-backed securities165,825 — 12,415 153,410 
Corporate notes and other117,162 490 6,407 111,245 
 $4,052,896 $6,100 $249,658 $3,809,338 
Securities held-to-maturity:    
U.S. Treasury securities$92,938 $— $4,748 $88,190 
U.S. Government agency securities328,982 — 16,433 312,549 
Mortgage-backed securities404,608 — 30,356 374,252 
State and municipal securities1,741,998 306 197,534 1,544,770 
Asset-backed securities163,210 — 11,827 151,383 
Corporate notes and other14,027 — 813 13,214 
 $2,745,763 $306 $261,711 $2,484,358 
Allowance for credit losses - securities held-to-maturity(1,208)
Securities held-to-maturity, net of allowance for credit losses$2,744,555 
December 31, 2021:    
Securities available-for-sale:    
U.S. Treasury securities$194,490 $— $881 $193,609 
U.S. Government agency securities634,611 2,359 4,961 632,009 
Mortgage-backed securities1,908,675 29,874 18,310 1,920,239 
State and municipal securities1,774,119 52,961 3,243 1,823,837 
Asset-backed securities232,294 60 2,785 229,569 
Corporate notes and other114,355 3,082 2,506 114,931 
 $4,858,544 $88,336 32,686 $4,914,194 
Securities held-to-maturity:    
U.S. Government agency securities11,920 — 37 11,883 
Mortgage-backed securities 106,555 86 196 106,445 
State and municipal securities 1,037,644 32,966 889 1,069,721 
$1,156,119 $33,052 $1,122 $1,188,049 
Allowance for credit losses - securities held-to-maturity(161)
Securities held-to-maturity, net of allowance for credit losses$1,155,958 
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
The amortized cost and fair value of debt securities as of June 30, 2022 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
June 30, 2022:Amortized
Cost
Fair
Value
Amortized
 Cost
Fair
Value
Due in one year or less$34,637 $34,521 $1,979 $1,965 
Due in one year to five years169,777 171,874 317,795 300,462 
Due in five years to ten years374,434 359,517 112,841 109,314 
Due after ten years1,784,053 1,692,338 1,745,330 1,546,982 
Mortgage-backed securities1,524,170 1,397,678 404,608 374,252 
Asset-backed securities165,825 153,410 163,210 151,383 
 $4,052,896 $3,809,338 $2,745,763 $2,484,358 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
At June 30, 2022 and December 31, 2021, the following available-for-sale securities 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 June 30, 2022      
U.S. Treasury securities$182,142 $685 $— $— $182,142 $685 
U.S. Government agency securities386,971 22,017 28,543 2,616 415,514 24,633 
Mortgage-backed securities1,149,133 94,808 220,024 32,369 1,369,157 127,177 
State and municipal securities1,238,230 76,205 19,632 2,136 1,257,862 78,341 
Asset-backed securities149,344 12,045 4,066 370 153,410 12,415 
Corporate notes65,464 3,900 19,870 2,507 85,334 6,407 
Total temporarily-impaired securities$3,171,284 $209,660 $292,135 $39,998 $3,463,419 $249,658 
At December 31, 2021      
U.S. Treasury securities$178,610 $881 $— $— $178,610 $881 
U.S. Government agency securities353,951 2,987 54,266 1,974 408,217 4,961 
Mortgage-backed securities744,996 11,663 178,956 6,647 923,952 18,310 
State and municipal securities309,605 2,198 57,270 1,045 366,875 3,243 
Asset-backed securities198,349 2,595 6,513 190 204,862 2,785 
Corporate notes14,991 554 20,270 1,952 35,261 2,506 
Total temporarily-impaired securities$1,800,502 $20,878 $317,275 $11,808 $2,117,777 $32,686