Investment Securities (Tables)
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12 Months Ended |
Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] |
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Amortized Cost and Estimated Fair Values of Investments Securities |
The amortized cost and estimated fair values of investment securities classified as available for sale and held to maturity are summarized in the following tables: | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | | | | (in thousands) | | | Debt Securities Available for Sale | | | | | | | | Obligations of U.S. government agencies | $ | 1,386,772 | | | $ | 2 | | | $ | (165,037) | | | $ | 1,221,737 | | Obligations of states and political subdivisions | 262,879 | | | 268 | | | (26,772) | | | 236,375 | | Corporate bonds | 6,173 | | | — | | | (571) | | | 5,602 | | Asset backed securities | 359,214 | | | 255 | | | (4,188) | | | 355,281 | | Non-agency collateralized mortgage obligations | 369,287 | | | — | | | (35,778) | | | 333,509 | | Total debt securities available for sale | $ | 2,384,325 | | | $ | 525 | | | $ | (232,346) | | | $ | 2,152,504 | | Debt Securities Held to Maturity | | | | | | | | Obligations of U.S. government agencies | $ | 130,823 | | | $ | — | | | $ | (8,331) | | | $ | 122,492 | | Obligations of states and political subdivisions | 2,671 | | | 6 | | | (43) | | | 2,634 | | Total debt securities held to maturity | $ | 133,494 | | | $ | 6 | | | $ | (8,374) | | | $ | 125,126 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | | | | (in thousands) | | | Debt Securities Available for Sale | | | | | | | | Obligations of U.S. government agencies | $ | 1,568,408 | | | $ | 3 | | | $ | (195,642) | | | $ | 1,372,769 | | Obligations of states and political subdivisions | 332,625 | | | 401 | | | (39,821) | | | 293,205 | | Corporate bonds | 6,164 | | | — | | | (413) | | | 5,751 | | Asset backed securities | 454,943 | | | 17 | | | (15,193) | | | 439,767 | | Non-agency collateralized mortgage obligations | 380,847 | | | — | | | (39,901) | | | 340,946 | | Total debt securities available for sale | $ | 2,742,987 | | | $ | 421 | | | $ | (290,970) | | | $ | 2,452,438 | | Debt Securities Held to Maturity | | | | | | | | Obligations of U.S. government agencies | $ | 154,830 | | | $ | 2 | | | $ | (11,013) | | | $ | 143,819 | | Obligations of states and political subdivisions | 6,153 | | | 13 | | | (47) | | | 6,119 | | Total debt securities held to maturity | $ | 160,983 | | | $ | 15 | | | $ | (11,060) | | | $ | 149,938 | |
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Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity |
| | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | Available for Sale | | Held to Maturity | (In thousands) | Amortized Cost | | Estimated Fair Value | | Amortized Cost | | Estimated Fair Value | Due in one year | $ | 83,239 | | | $ | 81,775 | | | $ | — | | | $ | — | | Due after one year through five years | 47,769 | | | 44,932 | | | 5,829 | | | 5,640 | | Due after five years through ten years | 367,733 | | | 354,333 | | | 89,070 | | | 83,726 | | Due after ten years | 1,885,584 | | | 1,671,464 | | | 38,595 | | | 35,760 | | Totals | $ | 2,384,325 | | | $ | 2,152,504 | | | $ | 133,494 | | | $ | 125,126 | |
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Gross Unrealized Losses on Investment Securities |
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | Total | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | December 31, 2023 | (in thousands) | Debt Securities Available for Sale | | | | | | | | | | | | Obligations of U.S. government agencies | $ | 224 | | | $ | — | | | $ | 1,221,320 | | | $ | (165,037) | | | $ | 1,221,544 | | | $ | (165,037) | | Obligations of states and political subdivisions | 6,229 | | | (75) | | | 216,497 | | | (26,697) | | | 222,726 | | | (26,772) | | Corporate bonds | — | | | — | | | 5,602 | | | (571) | | | 5,602 | | | (571) | | Asset backed securities | 15,928 | | | (93) | | | 264,731 | | | (4,095) | | | 280,659 | | | (4,188) | | Non-agency collateralized mortgage obligations | 44,276 | | | (583) | | | 289,233 | | | (35,195) | | | 333,509 | | | (35,778) | | Total debt securities available for sale | $ | 66,657 | | | $ | (751) | | | $ | 1,997,383 | | | $ | (231,595) | | | $ | 2,064,040 | | | $ | (232,346) | | Debt Securities Held to Maturity | | | | | | | | | | | | Obligations of U.S. government agencies | $ | — | | | $ | — | | | $ | 122,259 | | | $ | (8,331) | | | $ | 122,259 | | | $ | (8,331) | | Obligations of states and political subdivisions | — | | | — | | | 1,012 | | | (43) | | | 1,012 | | | (43) | | Total debt securities held to maturity | $ | — | | | $ | — | | | $ | 123,271 | | | $ | (8,374) | | | $ | 123,271 | | | $ | (8,374) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | Total | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | December 31, 2022 | (in thousands) | Debt Securities Available for Sale | | | | | | | | | | | | Obligations of U.S. government agencies | $ | 766,612 | | | $ | (134,234) | | | $ | 605,615 | | | $ | (61,408) | | | $ | 1,372,227 | | | $ | (195,642) | | Obligations of states and political subdivisions | 43,282 | | | (12,917) | | | 219,532 | | | (26,904) | | | 262,814 | | | (39,821) | | Corporate bonds | — | | | — | | | 5,751 | | | (413) | | | 5,751 | | | (413) | | Asset backed securities | 205,329 | | | (10,238) | | | 231,703 | | | (4,955) | | | 437,032 | | | (15,193) | | Non-agency collateralized mortgage obligations | 203,620 | | | (36,480) | | | 123,075 | | | (3,421) | | | 326,695 | | | (39,901) | | Total securities available for sale | $ | 1,218,843 | | | $ | (193,869) | | | $ | 1,185,676 | | | $ | (97,101) | | | $ | 2,404,519 | | | $ | (290,970) | | Debt Securities Held to Maturity | | | | | | | | | | | | Obligations of U.S. government agencies | $ | — | | | $ | — | | | $ | 143,577 | | | $ | (11,013) | | | $ | 143,577 | | | $ | (11,013) | | Obligations of states and political subdivisions | — | | | — | | | 4,530 | | | (47) | | | 4,530 | | | (47) | | Total debt securities held to maturity | $ | — | | | $ | — | | | $ | 148,107 | | | $ | (11,060) | | | $ | 148,107 | | | $ | (11,060) | |
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Amortized Cost of Debt Securities Held-to-Maturity |
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | Total | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | December 31, 2023 | (in thousands) | Debt Securities Available for Sale | | | | | | | | | | | | Obligations of U.S. government agencies | $ | 224 | | | $ | — | | | $ | 1,221,320 | | | $ | (165,037) | | | $ | 1,221,544 | | | $ | (165,037) | | Obligations of states and political subdivisions | 6,229 | | | (75) | | | 216,497 | | | (26,697) | | | 222,726 | | | (26,772) | | Corporate bonds | — | | | — | | | 5,602 | | | (571) | | | 5,602 | | | (571) | | Asset backed securities | 15,928 | | | (93) | | | 264,731 | | | (4,095) | | | 280,659 | | | (4,188) | | Non-agency collateralized mortgage obligations | 44,276 | | | (583) | | | 289,233 | | | (35,195) | | | 333,509 | | | (35,778) | | Total debt securities available for sale | $ | 66,657 | | | $ | (751) | | | $ | 1,997,383 | | | $ | (231,595) | | | $ | 2,064,040 | | | $ | (232,346) | | Debt Securities Held to Maturity | | | | | | | | | | | | Obligations of U.S. government agencies | $ | — | | | $ | — | | | $ | 122,259 | | | $ | (8,331) | | | $ | 122,259 | | | $ | (8,331) | | Obligations of states and political subdivisions | — | | | — | | | 1,012 | | | (43) | | | 1,012 | | | (43) | | Total debt securities held to maturity | $ | — | | | $ | — | | | $ | 123,271 | | | $ | (8,374) | | | $ | 123,271 | | | $ | (8,374) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | Total | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | December 31, 2022 | (in thousands) | Debt Securities Available for Sale | | | | | | | | | | | | Obligations of U.S. government agencies | $ | 766,612 | | | $ | (134,234) | | | $ | 605,615 | | | $ | (61,408) | | | $ | 1,372,227 | | | $ | (195,642) | | Obligations of states and political subdivisions | 43,282 | | | (12,917) | | | 219,532 | | | (26,904) | | | 262,814 | | | (39,821) | | Corporate bonds | — | | | — | | | 5,751 | | | (413) | | | 5,751 | | | (413) | | Asset backed securities | 205,329 | | | (10,238) | | | 231,703 | | | (4,955) | | | 437,032 | | | (15,193) | | Non-agency collateralized mortgage obligations | 203,620 | | | (36,480) | | | 123,075 | | | (3,421) | | | 326,695 | | | (39,901) | | Total securities available for sale | $ | 1,218,843 | | | $ | (193,869) | | | $ | 1,185,676 | | | $ | (97,101) | | | $ | 2,404,519 | | | $ | (290,970) | | Debt Securities Held to Maturity | | | | | | | | | | | | Obligations of U.S. government agencies | $ | — | | | $ | — | | | $ | 143,577 | | | $ | (11,013) | | | $ | 143,577 | | | $ | (11,013) | | Obligations of states and political subdivisions | — | | | — | | | 4,530 | | | (47) | | | 4,530 | | | (47) | | Total debt securities held to maturity | $ | — | | | $ | — | | | $ | 148,107 | | | $ | (11,060) | | | $ | 148,107 | | | $ | (11,060) | |
The following table summarizes the amortized cost of debt securities held-to-maturity at the dates indicated, aggregated by credit quality indicator: | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | December 31, 2022 | | AAA/AA/A | | BBB/BB/B | | AAA/AA/A | | BBB/BB/B | | (In thousands) | | (In thousands) | Debt Securities Held to Maturity | | | | | | | | Obligations of U.S. government agencies | $ | 130,823 | | | $ | — | | | $ | 154,830 | | | $ | — | | Obligations of states and political subdivisions | 2,671 | | | — | | | 6,153 | | | — | | Total debt securities held to maturity | $ | 133,494 | | | $ | — | | | $ | 160,983 | | | $ | — | |
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