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Securities (Tables)
6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Available-for-sale
The amortized cost and fair value of securities available-for-sale and held-to-maturity at June 30, 2023 and December 31, 2022 are summarized as follows (in thousands):
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
June 30, 2023:    
Securities available-for-sale:    
U.S. Treasury securities$209,688 $$1,076 $208,613 
U.S. Government agency securities307,438 — 25,384 282,054 
Mortgage-backed securities1,087,782 191 138,599 949,374 
State and municipal securities1,580,228 25,238 58,826 1,546,640 
Asset-backed securities177,629 — 15,768 161,861 
Corporate notes and other491,244 33 48,539 442,738 
 $3,854,009 $25,463 $288,192 $3,591,280 
Securities held-to-maturity:    
U.S. Treasury securities$90,526 $— $5,964 $84,562 
U.S. Government agency securities364,513 — 26,900 337,613 
Mortgage-backed securities390,269 562 39,390 351,441 
State and municipal securities1,902,318 3,712 191,339 1,714,691 
Asset-backed securities198,805 — 18,553 180,252 
Corporate notes and other87,454 — 9,958 77,496 
 $3,033,885 $4,274 $292,104 $2,746,055 
Allowance for credit losses - securities held-to-maturity(1,708)
Securities held-to-maturity, net of allowance for credit losses$3,032,177 
December 31, 2022:    
Securities available-for-sale:    
U.S. Treasury securities$196,151 $— $1,967 $194,184 
U.S. Government agency securities432,475 — 36,318 396,157 
Mortgage-backed securities1,114,948 211 143,583 971,576 
State and municipal securities1,478,310 12,553 78,557 1,412,306 
Asset-backed securities134,386 — 16,983 117,403 
Corporate notes and other515,221 41 48,018 467,244 
 $3,871,491 $12,805 325,426 $3,558,870 
Securities held-to-maturity:    
U.S Treasury securities$92,738 $— $6,472 $86,266 
U.S. Government agency securities374,255 — 27,860 346,395 
Mortgage-backed securities413,119 52 41,593 371,578 
State and municipal securities1,927,778 2,216 233,564 1,696,430 
Asset-backed securities184,241 — 18,573 165,668 
Corporate notes88,527 — 9,918 78,609 
$3,080,658 $2,268 $337,980 $2,744,946 
Allowance for credit losses - securities held-to-maturity(1,608)
Securities held-to-maturity, net of allowance for credit losses$3,079,050 
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
The amortized cost and fair value of debt securities as of June 30, 2023 by contractual maturity is shown below. Actual maturities may differ from contractual maturities of mortgage- and asset-backed securities since the mortgages and assets underlying the securities may be called or prepaid with or without penalty. Therefore, these securities are not included in the maturity categories in the following summary (in thousands):
 Available-for-saleHeld-to-maturity
June 30, 2023:Amortized
Cost
Fair
Value
Amortized
 Cost
Fair
Value
Due in one year or less$11,051 $12,204 $— $— 
Due in one year to five years122,244 131,874 417,617 387,461 
Due in five years to ten years674,899 609,675 133,168 120,335 
Due after ten years1,780,404 1,726,292 1,894,026 1,706,566 
Mortgage-backed securities1,087,782 949,374 390,269 351,441 
Asset-backed securities177,629 161,861 198,805 180,252 
 $3,854,009 $3,591,280 $3,033,885 $2,746,055 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
At June 30, 2023 and December 31, 2022, the following available-for-sale securities had unrealized losses. The table below classifies these investments according to the term of the unrealized losses of less than twelve months or twelve months or longer (in thousands):
 Investments with an Unrealized Loss of
less than 12 months
Investments with an Unrealized Loss of
12 months or longer
Total Investments with an
Unrealized Loss
 Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized
Losses
At June 30, 2023      
U.S. Treasury securities$26,629 $131 $175,219 $945 $201,848 $1,076 
U.S. Government agency securities26,524 225 255,530 25,159 282,054 25,384 
Mortgage-backed securities73,079 2,031 849,254 136,568 922,333 138,599 
State and municipal securities422,950 5,014 301,326 53,812 724,276 58,826 
Asset-backed securities44,924 1,013 116,573 14,755 161,497 15,768 
Corporate notes58,103 1,444 375,083 47,095 433,186 48,539 
Total temporarily-impaired securities$652,209 $9,858 $2,072,985 $278,334 $2,725,194 $288,192 
At December 31, 2022      
U.S. Treasury securities$192,188 $1,963 $1,997 $$194,185 $1,967 
U.S. Government agency securities46,062 2,224 350,094 34,094 396,156 36,318 
Mortgage-backed securities390,014 34,106 570,601 109,477 960,615 143,583 
State and municipal securities568,691 18,863 304,451 59,694 873,142 78,557 
Asset-backed securities513 116,442 16,978 116,955 16,983 
Corporate notes259,453 20,260 207,326 27,758 466,779 48,018 
Total temporarily-impaired securities$1,456,921 $77,421 $1,550,911 $248,005 $3,007,832 $325,426