Investment Securities (Tables)
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6 Months Ended |
Jun. 30, 2021 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Investment securities available for sale |
The amortized cost and fair values of securities AFS and HTM at June 30, 2021 were as follows: | | | | | | | | | | | | | | | | ($ in Thousands) | Amortized
Cost | Gross
Unrealized
Gains | Gross
Unrealized
(Losses) | Fair Value | | | | Investment securities AFS | | | | | | U. S. Treasury securities | $ | 124,216 | | $ | 498 | | $ | (181) | | $ | 124,533 | | | Agency securities | 15,000 | | — | | (9) | | 14,991 | | | Obligations of state and political subdivisions (municipal securities) | 398,617 | | 21,992 | | — | | 420,609 | | | Residential mortgage-related securities | | | | | | FNMA / FHLMC | 2,049,513 | | 11,681 | | (3,285) | | 2,057,909 | | | GNMA | 90,956 | | 3,011 | | — | | 93,967 | | | | | | | | Commercial mortgage-related securities | | | | | | FNMA / FHLMC | 93,693 | | 2,647 | | (632) | | 95,708 | | | GNMA | 284,815 | | 4,777 | | — | | 289,593 | | | Asset backed securities | | | | | | FFELP | 214,904 | | 914 | | (354) | | 215,464 | | | SBA | 7,575 | | 46 | | (48) | | 7,573 | | | | | | | | Other debt securities | 3,000 | | — | | — | | 3,000 | | | Total investment securities AFS | $ | 3,282,290 | | $ | 45,566 | | $ | (4,509) | | $ | 3,323,346 | | | Investment securities HTM | | | | | | U. S. Treasury securities | $ | 1,000 | | $ | 13 | | $ | — | | $ | 1,013 | | | Obligations of state and political subdivisions (municipal securities) | 1,479,375 | | 121,908 | | (190) | | 1,601,093 | | | Residential mortgage-related securities | | | | | | FNMA / FHLMC | 41,505 | | 2,151 | | — | | 43,656 | | | GNMA | 66,979 | | 2,618 | | — | | 69,597 | | | Commercial mortgage-related securities | | | | | | FNMA/FHLMC | 63,668 | | 515 | | (591) | | 63,591 | | | GNMA | 147,366 | | 4,225 | | — | | 151,591 | | | Total investment securities HTM | $ | 1,799,893 | | $ | 131,430 | | $ | (781) | | $ | 1,930,541 | |
The amortized cost and fair values of securities AFS and HTM at December 31, 2020 were as follows: | | | | | | | | | | | | | | | | ($ in Thousands) | Amortized
Cost | Gross
Unrealized
Gains | Gross
Unrealized
(Losses) | Fair Value | | | | Investment securities AFS | | | | | | U. S. Treasury securities | $ | 26,436 | | $ | 95 | | $ | — | | $ | 26,531 | | | Agency securities | 24,985 | | 53 | | — | | 25,038 | | | Obligations of state and political subdivisions (municipal securities) | 425,057 | | 25,605 | | — | | 450,662 | | | Residential mortgage-related securities | | | | | | FNMA / FHLMC | 1,448,806 | | 12,935 | | (500) | | 1,461,241 | | | GNMA | 231,364 | | 4,176 | | (3) | | 235,537 | | | | | | | | Commercial mortgage-related securities | | | | | | FNMA / FHLMC | 19,654 | | 3,250 | | — | | 22,904 | | | GNMA | 511,429 | | 13,327 | | — | | 524,756 | | | Asset backed securities | | | | | | FFELP | 329,030 | | 1,172 | | (3,013) | | 327,189 | | | SBA | 8,637 | | — | | (53) | | 8,584 | | | Other debt securities | 3,000 | | — | | — | | 3,000 | | | Total investment securities AFS | $ | 3,028,399 | | $ | 60,612 | | $ | (3,570) | | $ | 3,085,441 | | | Investment securities HTM | | | | | | U. S. Treasury securities | $ | 999 | | $ | 25 | | $ | — | | $ | 1,024 | | | Obligations of state and political subdivisions (municipal securities) | 1,441,900 | | 133,544 | | — | | 1,575,445 | | | Residential mortgage-related securities | | | | | | FNMA / FHLMC | 54,599 | | 2,891 | | — | | 57,490 | | | GNMA | 114,553 | | 4,260 | | — | | 118,813 | | | Commercial mortgage-related securities | | | | | | FNMA / FHLMC | 11,211 | | — | | — | | 11,211 | | | GNMA | 255,742 | | 9,218 | | — | | 264,960 | | | Total investment securities HTM | $ | 1,879,005 | | $ | 149,938 | | $ | — | | $ | 2,028,943 | |
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| Investment securities held to maturity |
The amortized cost and fair values of securities AFS and HTM at June 30, 2021 were as follows: | | | | | | | | | | | | | | | | ($ in Thousands) | Amortized
Cost | Gross
Unrealized
Gains | Gross
Unrealized
(Losses) | Fair Value | | | | Investment securities AFS | | | | | | U. S. Treasury securities | $ | 124,216 | | $ | 498 | | $ | (181) | | $ | 124,533 | | | Agency securities | 15,000 | | — | | (9) | | 14,991 | | | Obligations of state and political subdivisions (municipal securities) | 398,617 | | 21,992 | | — | | 420,609 | | | Residential mortgage-related securities | | | | | | FNMA / FHLMC | 2,049,513 | | 11,681 | | (3,285) | | 2,057,909 | | | GNMA | 90,956 | | 3,011 | | — | | 93,967 | | | | | | | | Commercial mortgage-related securities | | | | | | FNMA / FHLMC | 93,693 | | 2,647 | | (632) | | 95,708 | | | GNMA | 284,815 | | 4,777 | | — | | 289,593 | | | Asset backed securities | | | | | | FFELP | 214,904 | | 914 | | (354) | | 215,464 | | | SBA | 7,575 | | 46 | | (48) | | 7,573 | | | | | | | | Other debt securities | 3,000 | | — | | — | | 3,000 | | | Total investment securities AFS | $ | 3,282,290 | | $ | 45,566 | | $ | (4,509) | | $ | 3,323,346 | | | Investment securities HTM | | | | | | U. S. Treasury securities | $ | 1,000 | | $ | 13 | | $ | — | | $ | 1,013 | | | Obligations of state and political subdivisions (municipal securities) | 1,479,375 | | 121,908 | | (190) | | 1,601,093 | | | Residential mortgage-related securities | | | | | | FNMA / FHLMC | 41,505 | | 2,151 | | — | | 43,656 | | | GNMA | 66,979 | | 2,618 | | — | | 69,597 | | | Commercial mortgage-related securities | | | | | | FNMA/FHLMC | 63,668 | | 515 | | (591) | | 63,591 | | | GNMA | 147,366 | | 4,225 | | — | | 151,591 | | | Total investment securities HTM | $ | 1,799,893 | | $ | 131,430 | | $ | (781) | | $ | 1,930,541 | |
The amortized cost and fair values of securities AFS and HTM at December 31, 2020 were as follows: | | | | | | | | | | | | | | | | ($ in Thousands) | Amortized
Cost | Gross
Unrealized
Gains | Gross
Unrealized
(Losses) | Fair Value | | | | Investment securities AFS | | | | | | U. S. Treasury securities | $ | 26,436 | | $ | 95 | | $ | — | | $ | 26,531 | | | Agency securities | 24,985 | | 53 | | — | | 25,038 | | | Obligations of state and political subdivisions (municipal securities) | 425,057 | | 25,605 | | — | | 450,662 | | | Residential mortgage-related securities | | | | | | FNMA / FHLMC | 1,448,806 | | 12,935 | | (500) | | 1,461,241 | | | GNMA | 231,364 | | 4,176 | | (3) | | 235,537 | | | | | | | | Commercial mortgage-related securities | | | | | | FNMA / FHLMC | 19,654 | | 3,250 | | — | | 22,904 | | | GNMA | 511,429 | | 13,327 | | — | | 524,756 | | | Asset backed securities | | | | | | FFELP | 329,030 | | 1,172 | | (3,013) | | 327,189 | | | SBA | 8,637 | | — | | (53) | | 8,584 | | | Other debt securities | 3,000 | | — | | — | | 3,000 | | | Total investment securities AFS | $ | 3,028,399 | | $ | 60,612 | | $ | (3,570) | | $ | 3,085,441 | | | Investment securities HTM | | | | | | U. S. Treasury securities | $ | 999 | | $ | 25 | | $ | — | | $ | 1,024 | | | Obligations of state and political subdivisions (municipal securities) | 1,441,900 | | 133,544 | | — | | 1,575,445 | | | Residential mortgage-related securities | | | | | | FNMA / FHLMC | 54,599 | | 2,891 | | — | | 57,490 | | | GNMA | 114,553 | | 4,260 | | — | | 118,813 | | | Commercial mortgage-related securities | | | | | | FNMA / FHLMC | 11,211 | | — | | — | | 11,211 | | | GNMA | 255,742 | | 9,218 | | — | | 264,960 | | | Total investment securities HTM | $ | 1,879,005 | | $ | 149,938 | | $ | — | | $ | 2,028,943 | |
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| Amortized cost and fair values of investment securities by contractual maturity |
The expected maturities of investment securities AFS and HTM at June 30, 2021, are shown below: | | | | | | | | | | | | | | | | | AFS | HTM | | ($ in Thousands) | Amortized
Cost | Fair
Value | Amortized
Cost | Fair
Value | | Due in one year or less | $ | 6,278 | | $ | 6,285 | | $ | 29,227 | | $ | 29,460 | | | Due after one year through five years | 77,593 | | 78,211 | | 42,396 | | 43,855 | | | Due after five years through ten years | 419,367 | | 436,807 | | 175,687 | | 184,271 | | | Due after ten years | 37,595 | | 41,829 | | 1,233,065 | | 1,344,520 | | | Total debt securities | 540,833 | | 563,132 | | 1,480,375 | | 1,602,106 | | | Residential mortgage-related securities | | | | | | FNMA / FHLMC | 2,049,513 | | 2,057,909 | | 41,505 | | 43,656 | | | GNMA | 90,956 | | 93,967 | | 66,979 | | 69,597 | | | | | | | | Commercial mortgage-related securities | | | | | | FNMA / FHLMC | 93,693 | | 95,708 | | 63,668 | | 63,591 | | | GNMA | 284,815 | | 289,593 | | 147,366 | | 151,591 | | | Asset backed securities | | | | | | FFELP | 214,904 | | 215,464 | | — | | — | | | SBA | 7,575 | | 7,573 | | — | | — | | | | | | | | Total investment securities | $ | 3,282,290 | | $ | 3,323,346 | | $ | 1,799,893 | | $ | 1,930,541 | | | Ratio of fair value to amortized cost | | 101.3 | % | | 107.3 | % |
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| Debt Securities, Held-to-maturity, Credit Quality Indicator |
The following table summarizes the credit quality indicators of HTM securities at amortized cost at June 30, 2021: | | | | | | | | | | | | | | | | | | | | | | ($ in Thousands) | AAA | AA | A | | | | Not Rated | Total | | U. S. Treasury securities | $ | 1,000 | | $ | — | | $ | — | | | | | $ | — | | $ | 1,000 | | | Obligations of state and political subdivisions (municipal securities) | 600,671 | | 867,638 | | 10,872 | | | | | 194 | | 1,479,375 | | | Residential mortgage-related securities | | | | | | | | | | FNMA / FHLMC | 41,505 | | — | | — | | | | | — | | 41,505 | | | GNMA | 66,979 | | — | | — | | | | | — | | 66,979 | | | Commercial mortgage-related securities | | | | | | | | | | FNMA / FHLMC | 63,668 | | — | | — | | | | | — | | 63,668 | | | GNMA | 147,366 | | — | | — | | | | | — | | 147,366 | | | Total HTM securities | $ | 921,188 | | $ | 867,638 | | $ | 10,872 | | | | | $ | 194 | | $ | 1,799,893 | |
The following table summarizes the credit quality indicators of HTM securities at amortized cost at December 31, 2020: | | | | | | | | | | | | | | | | | | | | ($ in Thousands) | AAA | AA | A | | | | | Total | | U. S. Treasury securities | $ | 999 | | $ | — | | $ | — | | | | | | $ | 999 | | | Obligations of state and political subdivisions (municipal securities) | 567,252 | | 860,607 | | 14,041 | | | | | | 1,441,900 | | | Residential mortgage-related securities | | | | | | | | | | FNMA / FHLMC | 54,599 | | — | | — | | | | | | 54,599 | | | GNMA | 114,553 | | — | | — | | | | | | 114,553 | | | Commercial mortgage-related securities | | | | | | | | | | FNMA / FHLMC | 11,211 | | — | | — | | | | | | 11,211 | | | GNMA | 255,742 | | — | | — | | | | | | 255,742 | | | Total HTM securities | $ | 1,004,357 | | $ | 860,607 | | $ | 14,041 | | | | | | $ | 1,879,005 | |
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| Realized gains and losses and proceeds from sale |
The proceeds from the sale of investment securities for the three and six months ended June 30, 2021 and 2020, are shown below: | | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | ($ in Thousands) | 2021 | 2020 | 2021 | 2020 | | Gross gains on AFS securities | $ | 386 | | $ | 3,106 | | $ | 421 | | $ | 9,304 | | | | | | | | | | | | | Gross (losses) on AFS securities | (362) | | (11) | | (437) | | (90) | | | | | | | | | | | | | | | | | | Investment securities gains (losses), net | $ | 24 | | $ | 3,096 | | $ | (16) | | $ | 9,214 | | | Proceeds from sales of investment securities | $ | 107,412 | | $ | 261,037 | | $ | 158,708 | | $ | 626,276 | |
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| Unrealized losses and fair value of available for sale and held to maturity securities, by investment category and time length |
The following represents gross unrealized losses and the related fair value of investment securities AFS and HTM, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at June 30, 2021: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | 12 months or more | Total | | ($ in Thousands) | Number
of
Securities | Unrealized
(Losses) | Fair
Value | Number
of
Securities | Unrealized
(Losses) | Fair
Value | Unrealized
(Losses) | Fair
Value | | Investment securities AFS | | | | | | | | | | U.S. Treasury securities | 2 | | $ | (181) | | $ | 9,743 | | — | | — | | $ | — | | $ | (181) | | $ | 9,743 | | | Agency securities | 1 | | (9) | | 14,991 | | — | | — | | — | | (9) | | 14,991 | | | | | | | | | | | | | | | | | | | | | FNMA / FHLMC residential mortgage-related securities | 17 | | (3,285) | | 604,030 | | — | | — | | — | | (3,285) | | 604,030 | | | | | | | | | | | | | | | | | | | | | Commercial mortgage-related securities | | | | | | | | | | FNMA / FHLMC | 1 | | (632) | | 39,472 | | — | | — | | — | | (632) | | 39,472 | | | GNMA | 2 | | — | | 34 | | — | | — | | — | | — | | 34 | | | Asset backed securities | | | | | | | | | | FFELP | 2 | | (36) | | 23,835 | | 9 | | (318) | | 72,947 | | (354) | | 96,782 | | | SBA | — | | — | | — | | 9 | | (48) | | 4,642 | | (48) | | 4,642 | | | | | | | | | | | | | | | | | | | | | Total | 25 | | $ | (4,143) | | $ | 692,103 | | 18 | | $ | (366) | | $ | 77,589 | | $ | (4,509) | | $ | 769,692 | | | Investment securities HTM | | | | | | | | | | Obligations of state and political subdivisions (municipal securities) | 11 | | $ | (190) | | $ | 18,891 | | — | | $ | — | | $ | — | | $ | (190) | | $ | 18,891 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FNMA / FHLMC commercial mortgage-related securities | 6 | | (591) | | 42,530 | | — | | — | | — | | (591) | | 42,530 | | | | | | | | | | | | Total | 17 | | $ | (781) | | $ | 61,422 | | — | | $ | — | | $ | — | | $ | (781) | | $ | 61,422 | |
For comparative purposes, the following represents gross unrealized losses and the related fair value of investment securities AFS and HTM, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2020: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | 12 months or more | Total | | ($ in Thousands) | Number
of
Securities | Unrealized
(Losses) | Fair
Value | Number
of
Securities | Unrealized
(Losses) | Fair
Value | Unrealized
(Losses) | Fair
Value | | Investment securities AFS | | | | | | | | | | | | | | | | | | | | | | | | | | | | Residential mortgage-related securities | | | | | | | | | | FNMA / FHLMC | 7 | | $ | (500) | | $ | 163,002 | | — | | $ | — | | $ | — | | $ | (500) | | $ | 163,002 | | | GNMA | 2 | | (3) | | 9,784 | | — | | — | | — | | (3) | | 9,784 | | | | | | | | | | | | GNMA commercial mortgage-related securities | 1 | | — | | 287 | | — | | — | | — | | — | | 287 | | | Asset backed securities | | | | | | | | | | FFELP | 1 | | (129) | | 9,267 | | 16 | | (2,885) | | 178,681 | | (3,013) | | 187,948 | | | SBA | 14 | | (53) | | 8,379 | | — | | — | | — | | (53) | | 8,379 | | | Other debt securities | 2 | | — | | 2,000 | | — | | — | | — | | — | | 2,000 | | | | | | | | | | | | Total | 27 | | $ | (685) | | $ | 192,720 | | 16 | | $ | (2,885) | | $ | 178,681 | | $ | (3,570) | | $ | 371,400 | | | Investment securities HTM | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | GNMA residential mortgage-related securities | 1 | | $ | — | | $ | 325 | | — | | $ | — | | $ | — | | $ | — | | $ | 325 | | | | | | | | | | | | Total | 1 | | $ | — | | $ | 325 | | — | | $ | — | | $ | — | | $ | — | | $ | 325 | |
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