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Securities (Tables)
 3 Months Ended
Mar. 31, 2024
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:

 

 

 

March 31, 2024

 

 

December 31, 2023

 

(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

 

$

234,707

 

 

$

—

 

 

$

(32,998

)

 

$

201,709

 

 

$

238,676

 

 

$

—

 

 

$

(30,310

)

 

$

208,366

 

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

 

 

1,849,231

 

 

 

46

 

 

 

(276,658

)

 

 

1,572,619

 

 

 

1,897,511

 

 

 

47

 

 

 

(267,874

)

 

 

1,629,684

 

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

 

 

265,195

 

 

 

38

 

 

 

(5,386

)

 

 

259,847

 

 

 

274,220

 

 

 

11

 

 

 

(5,924

)

 

 

268,307

 

Obligations of states and political subdivisions

 

 

76,635

 

 

 

36

 

 

 

(3,384

)

 

 

73,287

 

 

 

78,819

 

 

 

167

 

 

 

(2,861

)

 

 

76,125

 

Corporate debt securities

 

 

11,965

 

 

 

—

 

 

 

(155

)

 

 

11,810

 

 

 

11,962

 

 

 

—

 

 

 

(115

)

 

 

11,847

 

Total available-for-sale debt securities

 

$

2,437,733

 

 

$

120

 

 

$

(318,581

)

 

$

2,119,272

 

 

$

2,501,188

 

 

$

225

 

 

$

(307,084

)

 

$

2,194,329

 

Held-to-maturity debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government sponsored entities and agencies

 

$

3,533

 

 

$

—

 

 

$

(342

)

 

$

3,191

 

 

$

3,587

 

 

$

—

 

 

$

(313

)

 

$

3,274

 

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

 

 

37,408

 

 

 

—

 

 

 

(3,222

)

 

 

34,186

 

 

 

38,893

 

 

 

—

 

 

 

(3,017

)

 

 

35,876

 

Obligations of states and political subdivisions

 

 

1,128,828

 

 

 

356

 

 

 

(133,972

)

 

 

995,212

 

 

 

1,136,779

 

 

 

852

 

 

 

(127,518

)

 

 

1,010,113

 

Corporate debt securities

 

 

20,241

 

 

 

—

 

 

 

(386

)

 

 

19,855

 

 

 

20,268

 

 

 

—

 

 

 

(372

)

 

 

19,896

 

Total held-to-maturity debt securities (1)

 

$

1,190,010

 

 

$

356

 

 

$

(137,922

)

 

$

1,052,444

 

 

$

1,199,527

 

 

$

852

 

 

$

(131,220

)

 

$

1,069,159

 

Total debt securities

 

$

3,627,743

 

 

$

476

 

 

$

(456,503

)

 

$

3,171,716

 

 

$

3,700,715

 

 

$

1,077

 

 

$

(438,304

)

 

$

3,263,488

 
(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 March 31, 2024 and December 31, 2023, 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 March 31, 2024. 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

 

$

25,261

 

 

$

24,946

 

After 1 year through 5 years

 

 

159,144

 

 

 

154,948

 

After 5 years through 10 years

 

 

307,040

 

 

 

290,268

 

After 10 years

 

 

1,946,288

 

 

 

1,649,110

 

Total available-for-sale debt securities

 

$

2,437,733

 

 

$

2,119,272

 

Held-to-maturity debt securities

 

 

 

 

 

 

Within one year

 

$

24,865

 

 

$

24,695

 

After 1 year through 5 years

 

 

111,641

 

 

 

109,756

 

After 5 years through 10 years

 

 

489,993

 

 

 

451,150

 

After 10 years

 

 

563,511

 

 

 

466,843

 

Total held-to-maturity debt securities

 

$

1,190,010

 

 

$

1,052,444

 

Total debt securities

 

$

3,627,743

 

 

$

3,171,716

 
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 months ended March 31, 2024 and 2023, 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 March 31,

 

(unaudited, in thousands)

 

2024

 

 

2023

 

Debt securities:

 

 

 

 

 

 

Gross realized gains

 

$

—

 

 

$

64

 

Gross realized losses

 

 

—

 

 

 

(197

)

Net losses on debt securities

 

 

—

 

 

 

(133

)

Equity securities:

 

 

 

 

 

 

Net unrealized gains recognized on securities still held

 

 

537

 

 

 

278

 

Net securities gains

 

$

537

 

 

$

145

 
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 three months ended March 31, 2024 and 2023:

 

 

Allowance for Credit Losses By Category

 

 

For the Three Months Ended March 31, 2024 and 2023

 

 

 

 

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, 2023

$

—

 

$

—

 

$

160

 

$

32

 

$

192

 

Current period provision (1)

 

—

 

 

—

 

 

—

 

 

(9

)

 

(9

)

Write-offs

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Recoveries

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Balance at March 31, 2024

$

—

 

$

—

 

$

160

 

$

23

 

$

183

 

.

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

$

—

 

$

—

 

$

167

 

$

53

 

$

220

 

Current period provision (1)

 

—

 

 

—

 

 

(6

)

 

(2

)

 

(8

)

Write-offs

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Recoveries

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Balance at March 31, 2023

$

—

 

$

—

 

$

161

 

$

51

 

$

212

 

(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 March 31, 2024 and December 31, 2023, respectively:

 

 

 

March 31, 2024

 

 

 

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

 

$

—

 

 

$

—

 

 

 

—

 

 

$

201,709

 

 

$

(32,998

)

 

 

45

 

 

$

201,709

 

 

$

(32,998

)

 

 

45

 

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

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,568,530

 

 

 

(276,658

)

 

 

466

 

 

 

1,568,530

 

 

 

(276,658

)

 

 

466

 

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

 

 

—

 

 

 

—

 

 

 

—

 

 

 

243,531

 

 

 

(5,386

)

 

 

60

 

 

 

243,531

 

 

 

(5,386

)

 

 

60

 

Obligations of states and political subdivisions

 

 

8,811

 

 

 

(61

)

 

 

10

 

 

 

58,392

 

 

 

(3,323

)

 

 

97

 

 

 

67,203

 

 

 

(3,384

)

 

 

107

 

Corporate debt securities

 

 

6,478

 

 

 

(22

)

 

 

4

 

 

 

4,831

 

 

 

(133

)

 

 

1

 

 

 

11,309

 

 

 

(155

)

 

 

5

 

Total

 

$

15,289

 

 

$

(83

)

 

 

14

 

 

$

2,076,993

 

 

$

(318,498

)

 

 

669

 

 

$

2,092,282

 

 

$

(318,581

)

 

 

683

 

 

 

 

December 31, 2023

 

 

 

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

 

$

18

 

 

$

(1

)

 

 

1

 

 

$

208,348

 

 

$

(30,309

)

 

 

45

 

 

$

208,366

 

 

$

(30,310

)

 

 

46

 

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

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,625,144

 

 

 

(267,874

)

 

 

467

 

 

 

1,625,144

 

 

 

(267,874

)

 

 

467

 

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

 

 

5,520

 

 

 

(31

)

 

 

1

 

 

 

251,765

 

 

 

(5,893

)

 

 

60

 

 

 

257,285

 

 

 

(5,924

)

 

 

61

 

Obligations of states and political subdivisions

 

 

10,387

 

 

 

(86

)

 

 

19

 

 

 

49,002

 

 

 

(2,775

)

 

 

79

 

 

 

59,389

 

 

 

(2,861

)

 

 

98

 

Corporate debt securities

 

 

4,482

 

 

 

(18

)

 

 

3

 

 

 

7,365

 

 

 

(97

)

 

 

3

 

 

 

11,847

 

 

 

(115

)

 

 

6

 

Total

 

$

20,407

 

 

$

(136

)

 

 

24

 

 

$

2,141,624

 

 

$

(306,948

)

 

 

654

 

 

$

2,162,031

 

 

$

(307,084

)

 

 

678