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Investment Securities (Tables)
9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Fair Value of Available-for-Sale Investment Securities Portfolio
The following table summarizes the amortized cost and fair value of the available-for-sale and held-to-maturity investment securities portfolios and the corresponding amounts of gross unrealized gains, unrealized losses, and basis adjustments in accumulated other comprehensive income (loss) and gross unrecognized gains and losses. The Company held no securities classified as held-to-maturity as of December 31, 2021.
(dollars in thousands)Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Basis
Adjustments (1)
Fair
Value
September 30, 2022    
Available-for-Sale    
U.S. Treasury$246,987 $ $(7,010)$(46,372)$193,605 
U.S. government-sponsored entities and agencies1,453,829  (168,963)(109,409)1,175,457 
Mortgage-backed securities - Agency5,074,503 56 (615,032) 4,459,527 
States and political subdivisions713,669 666 (39,288) 675,047 
Pooled trust preferred securities13,776  (2,454) 11,322 
Other securities376,344 95 (28,417) 348,022 
Total available-for-sale securities$7,879,108 $817 $(861,164)$(155,781)$6,862,980 
Held-to-Maturity
U.S. government-sponsored entities and agencies$817,489 $ $(159,054)$ $658,435 
Mortgage-backed securities - Agency1,124,714  (123,568) 1,001,146 
States and political subdivisions1,154,514  (213,505) 941,009 
Allowance for securities held-to-maturity(150)   (150)
Total held-to-maturity securities$3,096,567 $ $(496,127)$ $2,600,440 
December 31, 2021
Available-for-Sale
U.S. Treasury$234,555 $1,233 $(7,751)$7,547 $235,584 
U.S. government-sponsored entities and agencies1,575,994 7,354 (37,014)(3,561)1,542,773 
Mortgage-backed securities - Agency3,737,484 27,421 (66,074)— 3,698,831 
States and political subdivisions1,587,172 69,696 (1,882)— 1,654,986 
Pooled trust preferred securities13,756 — (4,260)— 9,496 
Other securities235,072 6,578 (1,254)— 240,396 
Total available-for-sale securities$7,384,033 $112,282 $(118,235)$3,986 $7,382,066 
(1)    Basis adjustments represent the cumulative fair value adjustments included in the carrying amounts of fixed-rate investment securities assets in fair value hedging arrangements.
Schedule of Proceeds from Sales or Calls and Realized Gain and Losses of Available-for-Sale Investment Securities and Other Securities
Proceeds from sales or calls of available-for-sale investment securities and the resulting realized gains and realized losses were as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(dollars in thousands)2022202120222021
Proceeds from sales of available-for-sale securities$629 $121,376 $13,371 $189,091 
Proceeds from calls of available-for-sale securities4,592 54,966 65,197 111,961 
Total$5,221 $176,342 $78,568 $301,052 
Realized gains on sales of available-for-sale securities$ $1,093 $344 $3,829 
Realized gains on calls of available-for-sale securities17 119 184 180 
Realized losses on sales of available-for-sale securities(58)— (205)(85)
Realized losses on calls of available-for-sale securities(131)(5)(238)(32)
Debt securities gains (losses), net$(172)$1,207 $85 $3,892 
Expected Maturities of Investment Securities Portfolio Weighted average yield is based on amortized cost.
 September 30, 2022
(dollars in thousands)Amortized
Cost
Fair
Value
Weighted
Average
Yield
Maturity
Available-for-Sale   
Within one year$103,486 $102,344 2.52 %
One to five years1,757,898 1,640,096 2.73 
Five to ten years3,863,056 3,374,078 2.32 
Beyond ten years2,154,668 1,746,462 2.40 
Total$7,879,108 $6,862,980 2.44 %
Held-to-Maturity
One to five years71,344 66,878 3.63 %
Five to ten years977,435 867,476 2.67 
Beyond ten years2,047,788 1,666,086 2.81 
Total$3,096,567 $2,600,440 2.78 %
Available-for-Sale Investment Securities with Unrealized Losses by Aggregated Major Security Type and Length of Time in Continuous Unrealized Loss Position
The following table summarizes the available-for-sale investment securities with unrealized losses for which an allowance for credit losses has not been recorded by aggregated major security type and length of time in a continuous unrealized loss position:
 Less than 12 months12 months or longerTotal
(dollars in thousands)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized Losses
September 30, 2022
Available-for-Sale
U.S. Treasury$193,605 $(7,010)$ $ $193,605 $(7,010)
U.S. government-sponsored entities
   and agencies
639,031 (18,655)530,776 (150,308)1,169,807 (168,963)
Mortgage-backed securities - Agency3,784,833 (462,383)671,031 (152,649)4,455,864 (615,032)
States and political subdivisions503,025 (38,724)1,850 (564)504,875 (39,288)
Pooled trust preferred securities  11,322 (2,454)11,322 (2,454)
Other securities285,278 (22,318)52,322 (6,099)337,600 (28,417)
Total available-for-sale$5,405,772 $(549,090)$1,267,301 $(312,074)$6,673,073 $(861,164)
December 31, 2021
Available-for-Sale
U.S. Treasury$91,063 $(7,751)$— $— $91,063 $(7,751)
U.S. government-sponsored entities
   and agencies
1,032,566 (21,167)312,949 (15,847)1,345,515 (37,014)
Mortgage-backed securities - Agency2,415,923 (59,277)163,685 (6,797)2,579,608 (66,074)
States and political subdivisions178,570 (1,849)2,729 (33)181,299 (1,882)
Pooled trust preferred securities— — 9,496 (4,260)9,496 (4,260)
Other securities56,976 (943)21,133 (311)78,109 (1,254)
Total available-for-sale$3,775,098 $(90,987)$509,992 $(27,248)$4,285,090 $(118,235)
Schedule of Held-to-Maturity Investment Securities with Unrecognized Losses
The following table summarizes the held-to-maturity investment securities with unrecognized losses aggregated by major security type and length of time in a continuous loss position:
 Less than 12 months12 months or longerTotal
(dollars in thousands)Fair
Value
Unrecognized
Losses
Fair
Value
Unrecognized
Losses
Fair
Value
Unrecognized
Losses
September 30, 2022
Held-to-Maturity
U.S. government-sponsored entities
   and agencies
$434,505 $(113,697)$223,930 $(45,357)$658,435 $(159,054)
Mortgage-backed securities - Agency513,470 (53,629)487,676 (69,939)1,001,146 (123,568)
States and political subdivisions820,108 (177,033)117,043 (36,472)937,151 (213,505)
Total held-to-maturity$1,768,083 $(344,359)$828,649 $(151,768)$2,596,732 $(496,127)