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Securities (Tables)
9 Months Ended
Sep. 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 September 30, 2023 and December 31, 2022 are summarized as follows (in thousands):
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
September 30, 2023:    
Securities available-for-sale:    
U.S. Treasury securities$732,128 $$2,973 $729,156 
U.S. Government agency securities284,739 — 29,634 255,105 
Mortgage-backed securities1,051,931 131 164,155 887,907 
State and municipal securities1,547,266 3,142 139,285 1,411,123 
Asset-backed securities178,213 14,753 163,462 
Corporate notes and other471,984 72 55,112 416,944 
 $4,266,261 $3,348 $405,912 $3,863,697 
Securities held-to-maturity:    
U.S. Treasury securities$90,417 $— $5,416 $85,001 
U.S. Government agency securities364,641 — 29,030 335,611 
Mortgage-backed securities386,095 — 50,562 335,533 
State and municipal securities1,893,923 — 324,216 1,569,707 
Asset-backed securities198,650 — 18,645 180,005 
Corporate notes and other86,561 — 11,186 75,375 
 $3,020,287 $— $439,055 $2,581,232 
Allowance for credit losses - securities held-to-maturity(1,708)
Securities held-to-maturity, net of allowance for credit losses$3,018,579 
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 September 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
September 30, 2023:Amortized
Cost
Fair
Value
Amortized
 Cost
Fair
Value
Due in one year or less$20,932 $22,591 $19,901 $19,059 
Due in one year to five years121,345 128,684 396,635 367,156 
Due in five years to ten years623,763 550,333 132,910 117,293 
Due after ten years2,270,077 2,110,720 1,886,096 1,562,186 
Mortgage-backed securities1,051,931 887,907 386,095 335,533 
Asset-backed securities178,213 163,462 198,650 180,005 
 $4,266,261 $3,863,697 $3,020,287 $2,581,232 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
At September 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 September 30, 2023      
U.S. Treasury securities$548,685 $2,357 $172,773 $616 $721,458 $2,973 
U.S. Government agency securities26,468 280 228,637 29,354 255,105 29,634 
Mortgage-backed securities53,755 2,253 801,474 161,902 855,229 164,155 
State and municipal securities221,897 24,286 989,360 114,999 1,211,257 139,285 
Asset-backed securities69,397 1,283 93,719 13,470 163,116 14,753 
Corporate notes10,996 222 384,950 54,890 395,946 55,112 
Total temporarily-impaired securities$931,198 $30,681 $2,670,913 $375,231 $3,602,111 $405,912 
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