Securities (Tables)

9 Months Ended

Sep. 30, 2022

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, 2022	(in thousands)
Available for sale
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	3,305,031	$	514	$	(452,678)	$	2,852,867
Other asset-backed securities	384,649		—		(50,641)		334,008
State and municipal securities	977,756		74		(150,996)		826,834
U.S. government agency and government-sponsored enterprise securities	237,849		—		(14,898)		222,951
U.S. government securities	182,865		—		(16,559)		166,306
Non-agency collateralized mortgage obligations	359,416		2		(61,563)		297,855
Total available for sale	$	5,447,566	$	590	$	(747,335)	$	4,700,821
Held to maturity
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	2,079,285	$	—	$	(332,003)	$	1,747,282
Total held to maturity	$	2,079,285	$	—	$	(332,003)	$	1,747,282
December 31, 2021
Available for sale
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	3,738,616	$	45,077	$	(38,092)	$	3,745,601
Other asset-backed securities	469,052		3,802		(9,791)		463,063
State and municipal securities	983,704		18,525		(4,938)		997,291
U.S. government agency and government-sponsored enterprise securities	252,755		3,095		(3,274)		252,576
U.S. government securities	158,367		—		(831)		157,536
Non-agency collateralized mortgage obligations	295,547		340		(955)		294,932
Total available for sale	$	5,898,041	$	70,839	$	(57,881)	$	5,910,999
Held to maturity
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	2,148,327	$	50	$	(25,771)	$	2,122,606
Total held to maturity	$	2,148,327	$	50	$	(25,771)	$	2,122,606

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,
	2022		2021		2022		2021
	(in thousands)
Proceeds from sales of debt securities available for sale	$	—	$	—	$	—	$	26,914
Gross realized gains from sales of debt securities available for sale	$	—	$	—	$	—	$	751
Gross realized losses from sales of debt securities available for sale	—		—		—		(437)
Investment securities gains, net	$	—	$	—	$	—	$	314

Schedule Of Contractual Maturities

The scheduled contractual maturities of debt securities at the period presented below are as follows:

	September 30, 2022
	Available for sale				Held to maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in thousands)
Due within one year	$	78,736	$	78,328	$	—	$	—
Due after one year through five years	1,079,875		1,007,916		266,398		233,123
Due after five years through ten years	1,238,659		1,081,591		981,070		824,858
Due after ten years	3,050,296		2,532,986		831,817		689,301
Total debt securities	$	5,447,566	$	4,700,821	$	2,079,285	$	1,747,282

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, 2022
	(in thousands)
To secure public funds	$	548,175
To secure borrowings	84,099
Other securities pledged	245,958
Total securities pledged as collateral	$	878,232

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 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
September 30, 2022	(in thousands)
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	1,071,973	$	(106,441)	$	1,757,493	$	(346,237)	$	2,829,466	$	(452,678)
Other asset-backed securities	129,541		(14,741)		204,467		(35,900)		334,008		(50,641)
State and municipal securities	601,998		(99,002)		205,918		(51,994)		807,916		(150,996)
U.S. government agency and government-sponsored enterprise securities	83,992		(1,478)		138,881		(13,420)		222,873		(14,898)
U.S. government securities	111,904		(10,996)		54,402		(5,563)		166,306		(16,559)
Non-agency collateralized mortgage obligations	291,301		(60,781)		5,664		(782)		296,965		(61,563)
Total	$	2,290,709	$	(293,439)	$	2,366,825	$	(453,896)	$	4,657,534	$	(747,335)
December 31, 2021
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations	$	2,292,062	$	(30,777)	$	176,946	$	(7,315)	$	2,469,008	$	(38,092)
Other asset-backed securities	195,708		(4,823)		117,751		(4,968)		313,459		(9,791)
State and municipal securities	237,354		(3,862)		40,343		(1,076)		277,697		(4,938)
U.S. government agency and government-sponsored enterprise securities	100,813		(1,988)		48,714		(1,286)		149,527		(3,274)
U.S. government securities	157,536		(831)		—		—		157,536		(831)
Non-agency collateralized mortgage obligations	212,259		(955)		—		—		212,259		(955)
Total	$	3,195,732	$	(43,236)	$	383,754	$	(14,645)	$	3,579,486	$	(57,881)