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Debt Securities (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Amortized cost, gross unrealized gains and losses and fair value of debt securities

The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of the Company’s debt securities:


	June 30, 2022
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
Available-for-sale
U.S. government and federal agency	$	489,798	93	(32,007)	457,884
U.S. government sponsored enterprises	319,509		—	(21,695)	297,814
State and local governments	440,473		2,794	(5,650)	437,617
Corporate bonds	101,153		677	(482)	101,348
Residential mortgage-backed securities	4,025,432		187	(310,117)	3,715,502
Commercial mortgage-backed securities	1,260,468		922	(62,356)	1,199,034
Total available-for-sale	$	6,636,833	4,673	(432,307)	6,209,199
Held-to-maturity
U.S. government and federal agency	844,175		—	(56,566)	787,609
State and local governments	1,653,376		990	(215,836)	1,438,530
Residential mortgage-backed securities	1,290,935		—	(57,315)	1,233,620
Total held-to-maturity	3,788,486		990	(329,717)	3,459,759
Total debt securities	10,425,319		5,663	(762,024)	9,668,958


	December 31, 2021
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
Available-for-sale
U.S. government and federal agency	$	1,356,171	174	(9,596)	1,346,749
U.S. government sponsored enterprises	241,687		2	(996)	240,693
State and local governments	461,414		27,567	(123)	488,858
Corporate bonds	175,697		5,072	(17)	180,752
Residential mortgage-backed securities	5,744,505		9,420	(54,266)	5,699,659
Commercial mortgage-backed securities	1,195,949		25,882	(7,693)	1,214,138
Total available-for-sale	$	9,175,423	68,117	(72,691)	9,170,849
Held-to-maturity
State and local governments	1,199,164		22,878	(1,159)	1,220,883
Total held-to-maturity	1,199,164		22,878	(1,159)	1,220,883
Total debt securities	$	10,374,587	90,995	(73,850)	10,391,732

Amortized cost and fair value of securities by contractual maturity

The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity at June 30, 2022. Actual maturities may differ from expected or contractual maturities since some issuers have the right to prepay obligations with or without prepayment penalties.


	June 30, 2022
	Available-for-Sale			Held-to-Maturity
(Dollars in thousands)	Amortized Cost		Fair Value	Amortized Cost	Fair Value
Due within one year	$	51,941	52,177	1,424	1,430
Due after one year through five years	926,147		873,802	521,133	491,108
Due after five years through ten years	165,413		164,726	528,160	496,150
Due after ten years	207,432		203,958	1,446,834	1,237,451
	1,350,933		1,294,663	2,497,551	2,226,139
Mortgage-backed securities 1	5,285,900		4,914,536	1,290,935	1,233,620
Total	$	6,636,833	6,209,199	3,788,486	3,459,759

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1 Mortgage-backed securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds.

Proceeds from sales and calls of debt securities and the associated gains and losses

Proceeds from sales and calls of debt securities and the associated gains and losses that have been included in earnings are listed below:


	Three Months ended			Six Months ended
(Dollars in thousands)	June 30, 2022		June 30, 2021	June 30, 2022	June 30, 2021
Available-for-sale
Proceeds from sales and calls of debt securities	$	18,146	22,361	71,266	76,697
Gross realized gains 1	87		69	780	438
Gross realized losses 1	—		(23)	(15)	(66)
Held-to-maturity
Proceeds from calls of debt securities	9,370		2,230	22,345	6,360
Gross realized gains 1	14		—	29	—
Gross realized losses 1	(361)		(107)	(608)	(149)

______________________________

1 The gain or loss on the sale or call of each debt security is determined by the specific identification method.

AFS debt securities in an unrealized loss position with no ACL recorded

The following table summarizes available-for-sale debt securities that were in an unrealized loss position for which an ACL has not been recorded, based on the length of time the individual securities have been in an unrealized loss position. The number of available-for-sale debt securities in an unrealized position is also disclosed.


	June 30, 2022
	Number of Securities	Less than 12 Months			12 Months or More		Total
(Dollars in thousands)		Fair Value		Unrealized Loss	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss
Available-for-sale
U.S. government and federal agency	46	$	447,250	(31,667)	4,071	(340)	451,321	(32,007)
U.S. government sponsored enterprises	15	297,813		(21,695)	—	—	297,813	(21,695)
State and local governments	193	217,517		(5,437)	1,579	(213)	219,096	(5,650)
Corporate bonds	11	35,458		(482)	—	—	35,458	(482)
Residential mortgage-backed securities	417	2,952,869		(245,705)	747,910	(64,412)	3,700,779	(310,117)
Commercial mortgage-backed securities	141	982,059		(49,329)	127,213	(13,027)	1,109,272	(62,356)
Total available-for-sale	823	$	4,932,966	(354,315)	880,773	(77,992)	5,813,739	(432,307)


	December 31, 2021
	Number of Securities	Less than 12 Months			12 Months or More		Total
(Dollars in thousands)		Fair Value		Unrealized Loss	Fair Value	Unrealized Loss	Fair Value	Unrealized Loss
Available-for-sale
U.S. government and federal agency	50	$	1,329,399	(9,344)	5,457	(252)	1,334,856	(9,596)
U.S. government sponsored enterprises	11	239,928		(996)	—	—	239,928	(996)
State and local governments	10	11,080		(83)	1,760	(40)	12,840	(123)
Corporate bonds	3	12,483		(17)	—	—	12,483	(17)
Residential mortgage-backed securities	151	5,335,632		(53,434)	53,045	(832)	5,388,677	(54,266)
Commercial mortgage-backed securities	38	302,784		(3,316)	126,798	(4,377)	429,582	(7,693)
Total available-for-sale	263	$	7,231,306	(67,190)	187,060	(5,501)	7,418,366	(72,691)

Credit quality indictors for HTM debt securities

The following table summarizes the amortized cost of held-to-maturity municipal bonds aggregated by NRSRO credit rating:


(Dollars in thousands)	June 30, 2022		December 31, 2021
Municipal bonds held-to-maturity
S&P: AAA / Moody’s: Aaa	$	396,350	316,899
S&P: AA+, AA, AA- / Moody’s: Aa1, Aa2, Aa3	1,217,650		841,616
S&P: A+, A, A- / Moody’s: A1, A2, A3	36,960		39,078

Not rated by either entity	2,416		1,571

Total municipal bonds held-to-maturity	$	1,653,376	1,199,164