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Securities (Tables)
 9 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Schedule of available-for-sale securities and held-to-maturity securities
The following table summarizes the amortized cost, gross unrealized gains and losses and the resulting fair value of debt securities:
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
September 30, 2021(in thousands)
Available for sale
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations$3,333,804 $63,072 $(18,015)$3,378,861 
Other asset-backed securities417,128 4,803 (6,022)415,909 
State and municipal securities769,775 16,370 (4,972)781,173 
U.S. government agency and government-sponsored enterprise securities253,035 4,169 (1,228)255,976 
Total available for sale$4,773,742 $88,414 $(30,237)$4,831,919 
Held to maturity
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations$2,075,158 $2,052 $(6,159)$2,071,051 
Total held to maturity$2,075,158 $2,052 $(6,159)$2,071,051 
December 31, 2020
Available for sale
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations$3,640,351 $178,579 $(4,543)$3,814,387 
Other asset-backed securities349,904 9,651 (2,076)357,479 
State and municipal securities729,066 25,098 (592)753,572 
U.S. government agency and government-sponsored enterprise securities278,208 6,545 (57)284,696 
Total available for sale$4,997,529 $219,873 $(7,268)$5,210,134 
Schedule of gross realized gains and losses on sales and calls of securities available for sale
The following table provides the proceeds and both gross realized gains and losses on sales and calls of debt securities available for sale as well as other securities gains and losses for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
(in thousands)
Proceeds from sales of debt securities available for sale$— $— $26,914 $194,105 
Gross realized gains from sales of debt securities available for sale$— $— $751 $435 
Gross realized losses from sales of debt securities available for sale— — (437)(186)
Other securities gains (1)— — — 16,425 
Investment securities gains, net$— $— $314 $16,674 
__________
(1) Other securities gains includes gain from sale of Visa Class B restricted stock and subsequent write up to fair value of remaining Visa Class B shares. For additional information, please see Note 13.
Unrealized gains and losses on equity securities
The following table provides the unrealized gains and losses on equity securities at the reporting date:
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
(in thousands)
Gains recognized during the period on equity securities (1)$— $— $— $16,425 
Less: Gains recognized during the period on equity securities sold during the period (1)— — — (3,000)
Unrealized gains recognized during the reporting period on equity securities still held at the reporting date (1)$— $— $— $13,425 
__________
(1) Visa Class B restricted stock owned by the Company was carried at a zero-cost basis prior to June 2020 due to existing transfer restrictions and uncertainty regarding the outcome of Visa’s litigation that must be settled before the Visa Class B restricted shares may be converted into publicly traded Visa Class A common shares. The sale of shares by the Company of Visa Class B restricted shares during the three months ended June 30, 2020 resulted in an observable market price. As a result, the Company adjusted the carrying value of its remaining shares of Visa Class B restricted shares upward to this observable market price
Schedule Of Contractual Maturities
The scheduled contractual maturities of debt securities at the period presented below are as follows:
September 30, 2021
Available for saleHeld to maturity
Amortized CostFair ValueAmortized CostFair Value
(in thousands)
Due within one year$61,198 $61,791 $— $— 
Due after one year through five years781,405 807,659 72,430 72,215 
Due after five years through ten years1,526,384 1,559,371 1,235,888 1,233,393 
Due after ten years2,404,755 2,403,098 766,840 765,443 
Total debt securities$4,773,742 $4,831,919 $2,075,158 $2,071,051 
Schedule of Securities pledged as collateral The following table summarizes the carrying value of securities pledged as collateral to secure public funds, borrowings and other purposes as permitted or required by law:
September 30, 2021
(in thousands)
To secure public funds$490,494 
To secure borrowings99,665 
Other securities pledged254,716 
Total securities pledged as collateral$844,875 
Summary of Gross Unrealized Losses and Fair Value of the Investments with Unrealized Losses
The following table shows the gross unrealized losses and fair value of the Company’s debt securities available for sale for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates presented:
Less than 12 Months12 Months or MoreTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
September 30, 2021(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations$1,744,928 $(15,723)$69,031 $(2,292)$1,813,959 $(18,015)
Other asset-backed securities170,492 (3,490)89,936 (2,532)260,428 (6,022)
State and municipal securities315,235 (4,406)20,961 (566)336,196 (4,972)
U.S. government agency and government-sponsored enterprise securities101,669 (633)49,405 (595)151,074 (1,228)
Total$2,332,324 $(24,252)$229,333 $(5,985)$2,561,657 $(30,237)
December 31, 2020
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations$575,329 $(3,728)$18,527 $(815)$593,856 $(4,543)
Other asset-backed securities143,764 (2,076)70 — 143,834 (2,076)
State and municipal securities86,471 (592)— — 86,471 (592)
U.S. government agency and government-sponsored enterprise securities74,943 (57)— — 74,943 (57)
Total$880,507 $(6,453)$18,597 $(815)$899,104 $(7,268)