XML 53 R34.htm IDEA: XBRL DOCUMENT v3.22.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Held-to-maturity
The amortized cost, fair value and allowance for credit losses of investment securities that are classified as HTM are as follows: 

(In thousands)Amortized CostAllowance
for Credit Losses		Net Carrying AmountGross Unrealized
Gains		Gross Unrealized
(Losses)		Estimated Fair
Value
Held-to-maturity   
March 31, 2022
U.S. Government agencies$232,670 $— $232,670 $— $(31,510)$201,160 
Mortgage-backed securities 112,496 — 112,496 1 (7,552)104,945 
State and political subdivisions
1,195,744 (1,285)1,194,459 384 (209,191)985,652 
Other securities17,292 (92)17,200 — (1,899)15,301 
Total HTM$1,558,202 $(1,377)$1,556,825 $385 $(250,152)$1,307,058 
December 31, 2021
U.S. Government agencies$232,609 $— $232,609 $— $(7,914)$224,695 
Mortgage-backed securities 70,342 — 70,342 232 (1,425)69,149 
State and political subdivisions
1,210,248 (1,197)1,209,051 6,166 (8,462)1,206,755 
Other securities17,301 (82)17,219 — (440)16,779 
Total HTM$1,530,500 $(1,279)$1,529,221 $6,398 $(18,241)$1,517,378 
Debt Securities, Available-for-sale
The amortized cost, fair value and allowance for credit losses of investment securities that are classified as AFS are as follows:

(In thousands)Amortized
Cost		Allowance
for Credit Losses		Gross Unrealized
Gains		Gross Unrealized
(Losses)		Estimated Fair
Value
Available-for-sale
March 31, 2022
U.S. Treasury$— $— $— $— $— 
U.S. Government agencies367,730 — 239 (34,738)333,231 
Mortgage-backed securities4,378,489 — 138 (212,519)4,166,108 
State and political subdivisions1,812,534 — 2,727 (161,567)1,653,694 
Other securities511,829 — 2,309 (27,102)487,036 
Total AFS$7,070,582 $— $5,413 $(435,926)$6,640,069 
December 31, 2021
U.S. Treasury$300 $— $— $— $300 
U.S. Government agencies374,754 — 495 (10,608)364,641 
Mortgage-backed securities4,485,548 — 6,307 (43,239)4,448,616 
State and political subdivisions1,791,097 — 30,556 (1,995)1,819,658 
Other securities479,162 — 6,647 (5,479)480,330 
Total AFS$7,130,861 $— $44,005 $(61,321)$7,113,545 
Gross Unrealized Losses and Fair Value of Investments
The following table summarizes the Company’s AFS investments in an unrealized loss position for which an allowance for credit loss has not been recorded as of March 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

 Less Than 12 Months12 Months or MoreTotal
(In thousands)Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses
Available-for-sale
U.S. Government agencies$94,352 $(4,576)$211,178 $(30,162)$305,530 $(34,738)
Mortgage-backed securities2,377,428 (115,730)1,141,855 (96,789)3,519,283 (212,519)
State and political subdivisions1,337,236 (118,017)152,722 (43,550)1,489,958 (161,567)
Other securities278,514 (13,127)97,325 (13,975)375,839 (27,102)
Total AFS$4,087,530 $(251,450)$1,603,080 $(184,476)$5,690,610 $(435,926)
Debt Securities, Allowance for Credit Loss
The following table details activity in the allowance for credit losses by investment security type for the three months ended March 31, 2022 and 2021 on the Company’s HTM and AFS securities portfolio.

(In thousands)State and Political SubdivisionsOther
Securities		Total
Three Months Ended March 31, 2022
Held-to-maturity
Beginning balance, January 1, 2022$1,197 $82 $1,279 
Provision for credit loss expense— — — 
Securities charged-off— — — 
Recoveries88 10 98 
Ending balance, March 31, 2022$1,285 $92 $1,377 
Three Months Ended March 31, 2021
Held-to-maturity
Beginning balance, January 1, 2021$2,307 $608 $2,915 
Provision for credit loss expense(1,265)568 (697)
Securities charged off— (600)(600)
Ending balance, March 31, 2021$1,042 $576 $1,618 
Available-for-sale
Beginning balance, January 1, 2021$217 $95 $312 
Credit losses on securities not previously recorded61 2,237 2,298 
Reduction due to sales— (11)(11)
Net decrease in allowance on previously impaired securities(214)69 (145)
Ending balance, March 31, 2021$64 $2,390 $2,454 
Debt Securities, Held-to-maturity, Credit Quality Indicator
The following table summarizes bond ratings for the Company’s HTM portfolio, based upon amortized cost, issued by state and political subdivisions and other securities as of March 31, 2022:

State and Political Subdivisions
(In thousands)Not Guaranteed or Pre-RefundedOther Credit Enhancement or InsurancePre-RefundedTotalOther Securities
Aaa/AAA$128,763 $114,741 $— $243,504 $— 
Aa/AA479,331 305,542 — 784,873 — 
A42,708 89,299 — 132,007 17,292 
Baa/BBB— 13,540 — 13,540 — 
Not Rated6,182 15,638 — 21,820 
Total$656,984 $538,760 $— $1,195,744 $17,292 
Income Earned on Securities
Income earned on securities for the three months ended March 31, 2022 and 2021, is as follows:

Three Months Ended
March 31,
(In thousands)20222021
Taxable:  
Held-to-maturity$1,912 $513 
Available-for-sale16,236 9,607 
Non-taxable:
Held-to-maturity6,102 2,004 
Available-for-sale9,462 9,449 
Total$33,712 $21,573 
Amortized Cost and Estimated Fair Value by Maturity of Securities
The amortized cost and estimated fair value by maturity of securities as of March 31, 2022 are shown in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. 

 Held-to-MaturityAvailable-for-Sale
(In thousands)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
One year or less$4,331 $4,355 $6,564 $6,560 
After one through five years4,213 4,291 65,960 64,934 
After five through ten years28,026 24,759 559,472 530,695 
After ten years1,409,136 1,168,709 2,059,481 1,871,156 
Securities not due on a single maturity date112,496 104,944 4,378,489 4,166,108 
Other securities (no maturity)— — 616 616 
Total$1,558,202 $1,307,058 $7,070,582 $6,640,069