XML 33 R24.htm IDEA: XBRL DOCUMENT v3.23.3
Securities (Tables)
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Securities

The following table presents the fair value and amortized cost of available-for-sale and held-to-maturity debt securities:

 

 

 

September 30, 2023

 

 

December 31, 2022

 

(unaudited, in thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Available-for-sale debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government sponsored entities and agencies

 

$

242,104

 

 

$

—

 

 

$

(40,592

)

 

$

201,512

 

 

$

259,418

 

 

$

2

 

 

$

(33,450

)

 

$

225,970

 

Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies

 

 

1,952,915

 

 

 

20

 

 

 

(337,659

)

 

 

1,615,276

 

 

 

2,144,015

 

 

 

25

 

 

 

(297,987

)

 

 

1,846,053

 

Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies

 

 

301,489

 

 

 

—

 

 

 

(8,242

)

 

 

293,247

 

 

 

359,811

 

 

 

—

 

 

 

(10,080

)

 

 

349,731

 

Obligations of states and political subdivisions

 

 

80,602

 

 

 

—

 

 

 

(6,155

)

 

 

74,447

 

 

 

96,081

 

 

 

244

 

 

 

(4,097

)

 

 

92,228

 

Corporate debt securities

 

 

11,959

 

 

 

—

 

 

 

(300

)

 

 

11,659

 

 

 

15,451

 

 

 

—

 

 

 

(293

)

 

 

15,158

 

Total available-for-sale debt securities

 

$

2,589,069

 

 

$

20

 

 

$

(392,948

)

 

$

2,196,141

 

 

$

2,874,776

 

 

$

271

 

 

$

(345,907

)

 

$

2,529,140

 

Held-to-maturity debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government sponsored entities and agencies

 

$

3,807

 

 

$

—

 

 

$

(433

)

 

$

3,374

 

 

$

4,357

 

 

$

—

 

 

$

(416

)

 

$

3,941

 

Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies

 

 

40,527

 

 

 

—

 

 

 

(4,647

)

 

 

35,880

 

 

 

45,909

 

 

 

—

 

 

 

(3,809

)

 

 

42,100

 

Obligations of states and political subdivisions

 

 

1,146,362

 

 

 

62

 

 

 

(206,313

)

 

 

940,111

 

 

 

1,177,986

 

 

 

577

 

 

 

(159,975

)

 

 

1,018,588

 

Corporate debt securities

 

 

20,296

 

 

 

—

 

 

 

(674

)

 

 

19,622

 

 

 

20,377

 

 

 

—

 

 

 

(616

)

 

 

19,761

 

Total held-to-maturity debt securities (1)

 

$

1,210,992

 

 

$

62

 

 

$

(212,067

)

 

$

998,987

 

 

$

1,248,629

 

 

$

577

 

 

$

(164,816

)

 

$

1,084,390

 

Total debt securities

 

$

3,800,061

 

 

$

82

 

 

$

(605,015

)

 

$

3,195,128

 

 

$

4,123,405

 

 

$

848

 

 

$

(510,723

)

 

$

3,613,530

 
(1)
Total held-to-maturity debt securities are presented on the balance sheet net of their allowance for credit losses totaling $0.2 million at September 30, 2023 and December 31, 2022, respectively.
Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Securities by Contractual Maturity

The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity date at September 30, 2023. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay debt obligations with or without prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are classified in the table below based on their contractual maturity date; however, regular principal payments and prepayments of principal are received on a monthly basis.

 

(unaudited, in thousands)

 

Amortized Cost

 

 

Fair Value

 

Available-for-sale debt securities

 

 

 

 

 

 

Within one year

 

$

27,501

 

 

$

26,969

 

After 1 year through 5 years

 

 

127,072

 

 

 

122,529

 

After 5 years through 10 years

 

 

386,343

 

 

 

360,145

 

After 10 years

 

 

2,048,153

 

 

 

1,686,498

 

Total available-for-sale debt securities

 

$

2,589,069

 

 

$

2,196,141

 

Held-to-maturity debt securities

 

 

 

 

 

 

Within one year

 

$

18,814

 

 

$

18,694

 

After 1 year through 5 years

 

 

110,471

 

 

 

106,721

 

After 5 years through 10 years

 

 

464,698

 

 

 

406,786

 

After 10 years

 

 

617,009

 

 

 

466,786

 

Total held-to-maturity debt securities

 

$

1,210,992

 

 

$

998,987

 

Total debt securities

 

$

3,800,061

 

 

$

3,195,128

 
Schedule of Gross Realized Gains and Losses on the Sales and Calls of Securities

The following table presents the gross realized gains and losses on sales and calls of available-for-sale and held-to-maturity debt securities, as well as gains and losses on equity securities from both sales and market adjustments, for the three and nine months ended September 30, 2023 and 2022, respectively. All gains and losses presented in the table below are included in the net securities gains (losses) line item of the consolidated income statement. For those equity securities relating to the key officer and director deferred compensation plan, the corresponding change in the obligation to the participant is recognized in employee benefits expense.

 

 

 

For the Three Months
Ended September 30,

 

 

For the Nine Months
Ended September 30,

 

(unaudited, in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

Gross realized gains

 

$

—

 

 

$

30

 

 

$

65

 

 

$

168

 

Gross realized losses

 

 

(80

)

 

 

(1

)

 

 

(286

)

 

 

(12

)

Net (losses) gains on debt securities

 

 

(80

)

 

 

29

 

 

 

(221

)

 

 

156

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized (losses) gains recognized on securities still held

 

 

(257

)

 

 

627

 

 

 

234

 

 

 

(1,332

)

Net securities (losses) gains

 

$

(337

)

 

$

656

 

 

$

13

 

 

$

(1,176

)
Schedule of Allowance for Credit Losses on Held-to-maturity Securities

The following table provides a roll-forward of the allowance for credit losses on held-to-maturity securities for the nine months ended September 30, 2023 and 2022:

 

 

Allowance for Credit Losses By Category

 

 

For the Nine Months Ended September 30, 2023 and 2022

 

 

 

 

Residential mortgage

 

 

 

 

 

 

 

 

 

 

-backed

 

 

 

 

 

 

 

 

 

 

securities and

 

 

 

 

 

 

 

 

 

 

collateralized

 

 

 

 

 

 

 

 

 

 

mortgage obligations

 

Obligations of

 

 

 

 

 

 

U.S. Government

 

of government

 

states and

 

Corporate

 

 

 

 

sponsored

 

sponsored entities

 

political

 

debt

 

 

(unaudited, in thousands)

entities and agencies

 

and agencies

 

subdivisions

 

Securities

 

Total

 

Balance at December 31, 2022

$

—

 

$

—

 

$

167

 

$

53

 

$

220

 

Current period provision (1)

 

—

 

 

—

 

 

(22

)

 

(18

)

 

(40

)

Write-offs

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Recoveries

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Balance at September 30, 2023

$

—

 

$

—

 

$

145

 

$

35

 

$

180

 

.

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021

$

—

 

$

—

 

$

174

 

$

94

 

$

268

 

Current period provision (1)

 

—

 

 

—

 

 

(2

)

 

(41

)

 

(43

)

Write-offs

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Recoveries

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Balance at September 30, 2022

$

—

 

$

—

 

$

172

 

$

53

 

$

225

 

(1) The total provision for credit losses on held-to-maturity securities is reported in the consolidated statements of income in the provision for credit losses line item, which also includes the provision for credit losses - loans and loan commitments. For more information on the provision relating to loans and loan commitments, please see Note 4, "Loans and the Allowance for Credit Losses."
Schedule of Unrealized Losses on Investment Securities

The following tables provide information on unrealized losses on available-for-sale debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more, for which an allowance for credit losses has not been recorded, as of September 30, 2023 and December 31, 2022, respectively:

 

 

 

September 30, 2023

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

(unaudited, dollars in thousands)

 

Fair
Value

 

 

Unrealized
Losses

 

 

# of
Securities

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

# of
Securities

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

# of
Securities

 

U.S. Government sponsored entities and agencies

 

$

—

 

 

$

—

 

 

 

—

 

 

$

201,494

 

 

$

(40,592

)

 

 

45

 

 

$

201,494

 

 

$

(40,592

)

 

 

45

 

Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,613,653

 

 

 

(337,659

)

 

 

472

 

 

 

1,613,653

 

 

 

(337,659

)

 

 

472

 

Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies

 

 

5,574

 

 

 

(41

)

 

 

1

 

 

 

283,445

 

 

 

(8,201

)

 

 

64

 

 

 

289,019

 

 

 

(8,242

)

 

 

65

 

Obligations of states and political subdivisions

 

 

24,713

 

 

 

(956

)

 

 

33

 

 

 

48,863

 

 

 

(5,199

)

 

 

84

 

 

 

73,576

 

 

 

(6,155

)

 

 

117

 

Corporate debt securities

 

 

4,462

 

 

 

(38

)

 

 

3

 

 

 

7,197

 

 

 

(262

)

 

 

3

 

 

 

11,659

 

 

 

(300

)

 

 

6

 

Total

 

$

34,749

 

 

$

(1,035

)

 

 

37

 

 

$

2,154,652

 

 

$

(391,913

)

 

 

668

 

 

$

2,189,401

 

 

$

(392,948

)

 

 

705

 

 

 

 

December 31, 2022

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

(dollars in thousands)

 

Fair
Value

 

 

Unrealized
Losses

 

 

# of
Securities

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

# of
Securities

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

# of
Securities

 

U.S. Government sponsored entities and agencies

 

$

107,011

 

 

$

(8,435

)

 

 

35

 

 

$

118,779

 

 

$

(25,015

)

 

 

13

 

 

$

225,790

 

 

$

(33,450

)

 

 

48

 

Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies

 

 

514,789

 

 

 

(39,246

)

 

 

294

 

 

 

1,328,906

 

 

 

(258,741

)

 

 

202

 

 

 

1,843,695

 

 

 

(297,987

)

 

 

496

 

Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies

 

 

190,189

 

 

 

(5,106

)

 

 

38

 

 

 

159,543

 

 

 

(4,974

)

 

 

36

 

 

 

349,732

 

 

 

(10,080

)

 

 

74

 

Obligations of states and political subdivisions

 

 

67,822

 

 

 

(1,815

)

 

 

128

 

 

 

7,812

 

 

 

(2,282

)

 

 

10

 

 

 

75,634

 

 

 

(4,097

)

 

 

138

 

Corporate debt securities

 

 

7,225

 

 

 

(226

)

 

 

3

 

 

 

4,433

 

 

 

(67

)

 

 

3

 

 

 

11,658

 

 

 

(293

)

 

 

6

 

Total

 

$

887,036

 

 

$

(54,828

)

 

 

498

 

 

$

1,619,473

 

 

$

(291,079

)

 

 

264

 

 

$

2,506,509

 

 

$

(345,907

)

 

 

762