XML 38 R28.htm IDEA: XBRL DOCUMENT v3.20.2
Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and approximate fair value of investment securities
The amortized cost, gross unrealized gains, gross unrealized losses and approximate market value of the Corporation's investment securities at the dates indicated were:
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available for sale at September 30, 2020    
U.S. Treasury$300 $— $— $300 
U.S. Government-sponsored agency securities2,384 60 — 2,444 
State and municipal1,074,381 72,752 187 1,146,946 
U.S. Government-sponsored mortgage-backed securities645,089 25,306 — 670,395 
Corporate obligations4,031 44 — 4,075 
Total available for sale1,726,185 98,162 187 1,824,160 
Held to maturity at September 30, 2020    
U.S. Government-sponsored agency securities21,094 2 33 21,063 
State and municipal573,538 25,880 1,240 598,178 
U.S. Government-sponsored mortgage-backed securities512,994 18,788 3 531,779 
Foreign investment1,500 — 2 1,498 
Total held to maturity1,109,126 44,670 1,278 1,152,518 
Total Investment Securities$2,835,311 $142,832 $1,465 $2,976,678 

 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available for sale at December 31, 2019    
U.S. Government-sponsored agency securities$38,529 $346 $— $38,875 
State and municipal859,511 41,092 807 899,796 
U.S. Government-sponsored mortgage-backed securities842,349 10,378 1,404 851,323 
Corporate obligations31 — — 31 
Total available for sale1,740,420 51,816 2,211 1,790,025 
Held to maturity at December 31, 2019    
U.S. Government-sponsored agency securities15,619 1 37 15,583 
State and municipal354,115 15,151 107 369,159 
U.S. Government-sponsored mortgage-backed securities434,804 6,921 401 441,324 
Foreign investment1,500 — — 1,500 
Total held to maturity806,038 22,073 545 827,566 
Total Investment Securities$2,546,458 $73,889 $2,756 $2,617,591 
Schedule of amortized cost and fair value of available for sale securities and held to maturity securities
The amortized cost and fair value of available for sale and held to maturity securities at September 30, 2020 and December 31, 2019, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
 Available for SaleHeld to Maturity
 Amortized CostFair ValueAmortized CostFair Value
Maturity Distribution at September 30, 2020:    
Due in one year or less$1,649 $1,659 $9,677 $9,758 
Due after one through five years4,571 4,728 25,872 26,925 
Due after five through ten years58,644 61,968 106,342 112,055 
Due after ten years1,016,232 1,085,410 454,241 472,001 
 1,081,096 1,153,765 596,132 620,739 
U.S. Government-sponsored mortgage-backed securities645,089 670,395 512,994 531,779 
Total Investment Securities$1,726,185 $1,824,160 $1,109,126 $1,152,518 
Available for SaleHeld to Maturity
Amortized CostFair ValueAmortized CostFair Value
Maturity Distribution at December 31, 2019    
Due in one year or less$1,134 $1,136 $9,920 $10,105 
Due after one through five years5,031 5,141 45,197 45,654 
Due after five through ten years74,745 76,920 84,153 88,844 
Due after ten years817,161 855,505 231,964 241,639 
 898,071 938,702 371,234 386,242 
U.S. Government-sponsored mortgage-backed securities842,349 851,323 434,804 441,324 
Total Investment Securities$1,740,420 $1,790,025 $806,038 $827,566 
Schedule of gross gains on sales and redemptions of available for sale securities
Gross gains on the sales and redemptions of available for sale securities for the three and nine months ended September 30, 2020 and 2019 are shown below.
Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
Sales and Redemptions of Available for Sale Securities:    
Gross gains$1,836 $393 $9,516 $3,376 
Gross losses19 — 19 — 
Schedule of investment securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position
The following tables show the Corporation’s gross unrealized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position at September 30, 2020, and December 31, 2019:
 Less than
12 Months		12 Months
or Longer		Total
 Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Temporarily Impaired Available for Sale Securities at September 30, 2020      
State and municipal$22,515 $187 $— $— $22,515 $187 
Total Temporarily Impaired Available for Sale Securities22,515 187 — — 22,515 187 
Temporarily Impaired Held to Maturity Securities at September 30,2020      
U.S. Government-sponsored agency securities20,961 33 — — 20,961 33 
State and municipal101,136 1,240 — — 101,136 1,240 
U.S. Government-sponsored mortgage-backed securities10,284 3 — — 10,284 3 
Foreign investment1,498 2 — — 1,498 2 
Total Temporarily Impaired Held to Maturity Securities133,879 1,278 — — 133,879 1,278 
Total Temporarily Impaired Investment Securities$156,394 $1,465 $— $— $156,394 $1,465 
 Less than
12 Months		12 Months
or Longer		Total
 Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Temporarily Impaired Available for Sale Securities at December 31, 2019      
State and municipal$76,273 $807 $— $— $76,273 $807 
U.S. Government-sponsored mortgage-backed securities127,673 1,326 20,796 78 148,469 1,404 
Total Temporarily Impaired Available for Sale Securities203,946 2,133 20,796 78 224,742 2,211 
Temporarily Impaired Held to Maturity Securities at December 31, 2019      
U.S. Government-sponsored agency securities3,016 4 12,467 33 15,483 37 
State and municipal22,947 107 — — 22,947 107 
U.S. Government-sponsored mortgage-backed securities124,253 364 7,991 37 132,244 401 
Total Temporarily Impaired Held to Maturity Securities150,216 475 20,458 70 170,674 545 
Total Temporarily Impaired Investment Securities$354,162 $2,608 $41,254 $148 $395,416 $2,756 
Schedule of investments in debt and equity securities reported in the financial statements at an amount less than their historical cost
Certain investments in debt and equity securities are reported in the financial statements at an amount less than their historical cost as indicated in the table below.
September 30, 2020December 31, 2019
Investments reported at less than historical cost:  
Historical cost$157,859 $398,172 
Fair value156,394 395,416 
Gross unrealized losses$1,465 $2,756 
Percent of the Corporation's investment portfolio9.4 %15.2 %