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Investment Securities (Tables)
6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost, Gross Unrealized Gains and Losses, Gross Unrealized Losses and Approximate Fair Value of Investment Securities
The following table summarizes the amortized cost, gross unrealized gains and losses and approximate fair value of investment securities available for sale as of June 30, 2022 and December 31, 2021.

 Amortized
Cost
Gross Unrealized
Gains
Gross Unrealized
Losses
Fair
Value
Available for sale at June 30, 2022    
U.S. Treasury$16,300 $— $111 $16,189 
U.S. Government-sponsored agency securities134,594 204 10,186 124,612 
State and municipal1,665,253 2,687 162,690 1,505,250 
U.S. Government-sponsored mortgage-backed securities712,216 168 75,925 636,459 
Corporate obligations14,069 233 13,841 
Total available for sale$2,542,432 $3,064 $249,145 $2,296,351 

 Amortized
Cost
Gross Unrealized
Gains
Gross Unrealized
Losses
Fair
Value
Available for sale at December 31, 2021    
U.S. Treasury$1,000 $— $$999 
U.S. Government-sponsored agency securities96,244 437 1,545 95,136 
State and municipal1,495,696 81,734 898 1,576,532 
U.S. Government-sponsored mortgage-backed securities671,684 7,109 11,188 667,605 
Corporate obligations4,031 256 4,279 
Total available for sale$2,268,655 $89,536 $13,640 $2,344,551 

The following table summarizes the amortized cost, gross unrealized gains and losses, approximate fair value and allowance for credit losses on investment securities held to maturity as of June 30, 2022 and December 31, 2021.

Amortized
Cost
Allowance for Credit LossesNet Carrying AmountGross Unrealized
Gains
Gross Unrealized
Losses
Fair
Value
Held to maturity at June 30, 2022    
U.S. Government-sponsored agency securities$393,331 $— $393,331 $— $47,376 $345,955 
State and municipal1,117,526 245 1,117,281 1,368 183,539 935,355 
U.S. Government-sponsored mortgage-backed securities821,567 — 821,567 43 78,881 742,729 
Foreign investment1,500 — 1,500 — 15 1,485 
Total held to maturity$2,333,924 $245 $2,333,679 $1,411 $309,811 $2,025,524 


Amortized
Cost
Allowance for Credit LossesNet Carrying AmountGross Unrealized
Gains
Gross Unrealized
Losses
Fair
Value
Held to maturity at December 31, 2021    
U.S. Government-sponsored agency securities$371,457 $— $371,457 $226 $7,268 $364,415 
State and municipal1,057,301 245 1,057,056 29,593 2,170 1,084,724 
U.S. Government-sponsored mortgage-backed securities749,789 — 749,789 7,957 5,881 751,865 
Foreign investment1,500 — 1,500 — 1,499 
Total held to maturity$2,180,047 $245 $2,179,802 $37,776 $15,320 $2,202,503 
Schedule of Amortized Cost of Investment Securities Held to Maturity Aggregated by Credit Quality Indicator
On a quarterly basis, the Corporation monitors the credit quality of investment securities held to maturity through the use of credit ratings. The following table summarizes the amortized cost of investment securities held to maturity at June 30, 2022, aggregated by credit quality indicator.
Held to Maturity
State and municipalOtherTotal
Credit Rating:
Aaa$102,051 $60,581 $162,632 
Aa1163,091 — 163,091 
Aa2185,950 — 185,950 
Aa3134,000 — 134,000 
A1132,754 — 132,754 
A210,165 — 10,165 
A310,112 — 10,112 
Non-rated379,403 1,155,817 1,535,220 
Total$1,117,526 $1,216,398 $2,333,924 
Schedule of Investment Securities in a Continuous Unrealized Loss Position
The following tables summarize, as of June 30, 2022 and December 31, 2021, investment securities available for sale in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security type and length of time in a continuous unrealized loss position.
Less than 12 Months12 Months or LongerTotal
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Investment securities available for sale at June 30, 2022
U.S. Treasury$16,189 $111 $— $— $16,189 $111 
U.S. Government-sponsored agency securities77,942 6,480 22,208 3,706 100,150 10,186 
State and municipal1,285,071 158,718 15,481 3,972 1,300,552 162,690 
U.S. Government-sponsored mortgage-backed securities343,302 26,834 250,678 49,091 593,980 75,925 
Corporate obligations11,794 233 — — 11,794 233 
Total investment securities available for sale$1,734,298 $192,376 $288,367 $56,769 $2,022,665 $249,145 

 
Less than 12 Months12 Months or LongerTotal
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Investment securities available for sale at December 31, 2021
U.S. Treasury$999 $$— $— $999 $
U.S. Government-sponsored agency securities68,524 1,545 — — 68,524 1,545 
State and municipal138,187 894 505 138,692 898 
U.S. Government-sponsored mortgage-backed securities427,687 10,791 8,324 397 436,011 11,188 
Corporate obligations992 — — 992 
Total investment securities available for sale$636,389 $13,239 $8,829 $401 $645,218 $13,640 


The following table summarizes investment securities available for sale in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security type and the number of securities in the portfolio for the periods indicated.

Gross
Unrealized
Losses
Number of Securities
Investment securities available for sale at June 30, 2022
U.S. Treasury$111 3
U.S. Government-sponsored agency securities10,186 14
State and municipal162,690 936
U.S. Government-sponsored mortgage-backed securities75,925 164
Corporate obligations233 9
Total investment securities available for sale$249,145 1,126 

Gross
Unrealized
Losses
Number of Securities
Investment securities available for sale at December 31, 2021
U.S. Treasury$1
U.S. Government-sponsored agency securities1,545 8
State and municipal898 103
U.S. Government-sponsored mortgage-backed securities11,188 48
Corporate obligations1
Total investment securities available for sale$13,640 161
Schedule of Investments in Debt and Equity Securities Reported in the Financial Statements at an Amount Less Than Their Historical Cost
Certain investment securities available for sale are reported in the financial statements at an amount less than their historical cost as indicated in the table below.
June 30, 2022December 31, 2021
Investments available for sale reported at less than historical cost:  
Historical cost$2,271,810 $658,858 
Fair value2,022,665 645,218 
Gross unrealized losses$249,145 $13,640 
Percent of the Corporation's investments available for sale88.1 %27.5 %
Amortized Cost and Fair Value of Available for Sale Securities and Held to Maturity Securities by Contractual Maturity
The amortized cost and fair value of investment securities available for sale and held to maturity at June 30, 2022 and December 31, 2021, 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. Securities not due at a single maturity are shown separately.
 Available for SaleHeld to Maturity
 Amortized CostFair ValueAmortized CostFair Value
Maturity Distribution at June 30, 2022    
Due in one year or less$6,707 $6,664 $5,591 $5,604 
Due after one through five years28,721 28,420 41,180 41,092 
Due after five through ten years164,626 159,497 174,108 163,070 
Due after ten years1,630,162 1,465,311 1,291,478 1,073,029 
 1,830,216 1,659,892 1,512,357 1,282,795 
U.S. Government-sponsored mortgage-backed securities712,216 636,459 821,567 742,729 
Total investment securities$2,542,432 $2,296,351 $2,333,924 $2,025,524 

Available for SaleHeld to Maturity
Amortized CostFair ValueAmortized CostFair Value
Maturity Distribution at December 31, 2021    
Due in one year or less$6,954 $6,965 $6,971 $6,995 
Due after one through five years5,097 5,309 30,272 31,946 
Due after five through ten years120,460 126,816 177,203 180,129 
Due after ten years1,464,460 1,537,856 1,215,812 1,231,568 
 1,596,971 1,676,946 1,430,258 1,450,638 
U.S. Government-sponsored mortgage-backed securities671,684 667,605 749,789 751,865 
Total investment securities$2,268,655 $2,344,551 $2,180,047 $2,202,503 
Schedule of Gross Gains and Losses on Sales and Redemptions of Available for Sale Securities
Gross gains and losses on the sales and redemptions of investment securities available for sale for the three and six months ended June 30, 2022 and 2021 are shown below.
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Sales and redemptions of investment securities available for sale:    
Gross gains$103 $1,822 $681 $3,898 
Gross losses13 61 25 338 
Net gains on sales and redemptions of investment securities available for sale$90 $1,761 $656 $3,560