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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
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 $$(165,037)$1,221,737 
Obligations of states and political subdivisions262,879 268 (26,772)236,375 
Corporate bonds6,173 — (571)5,602 
Asset backed securities359,214 255 (4,188)355,281 
Non-agency collateralized mortgage obligations369,287 — (35,778)333,509 
Total debt securities available for sale$2,384,325 $525 $(232,346)$2,152,504 
Debt Securities Held to Maturity
Obligations of U.S. government agencies$130,823 $— $(8,331)$122,492 
Obligations of states and political subdivisions2,671 (43)2,634 
Total debt securities held to maturity$133,494 $$(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 $$(195,642)$1,372,769 
Obligations of states and political subdivisions332,625 401 (39,821)293,205 
Corporate bonds6,164 — (413)5,751 
Asset backed securities454,943 17 (15,193)439,767 
Non-agency collateralized mortgage obligations380,847 — (39,901)340,946 
Total debt securities available for sale$2,742,987 $421 $(290,970)$2,452,438 
Debt Securities Held to Maturity
Obligations of U.S. government agencies$154,830 $$(11,013)$143,819 
Obligations of states and political subdivisions6,153 13 (47)6,119 
Total debt securities held to maturity$160,983 $15 $(11,060)$149,938 
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity
December 31, 2023Available for SaleHeld 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 years47,769 44,932 5,829 5,640 
Due after five years through ten years367,733 354,333 89,070 83,726 
Due after ten years1,885,584 1,671,464 38,595 35,760 
Totals$2,384,325 $2,152,504 $133,494 $125,126 
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 months12 months or moreTotal
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 subdivisions6,229 (75)216,497 (26,697)222,726 (26,772)
Corporate bonds— — 5,602 (571)5,602 (571)
Asset backed securities15,928 (93)264,731 (4,095)280,659 (4,188)
Non-agency collateralized mortgage obligations44,276 (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 months12 months or moreTotal
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 subdivisions43,282 (12,917)219,532 (26,904)262,814 (39,821)
Corporate bonds— — 5,751 (413)5,751 (413)
Asset backed securities205,329 (10,238)231,703 (4,955)437,032 (15,193)
Non-agency collateralized mortgage obligations203,620 (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)
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 months12 months or moreTotal
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 subdivisions6,229 (75)216,497 (26,697)222,726 (26,772)
Corporate bonds— — 5,602 (571)5,602 (571)
Asset backed securities15,928 (93)264,731 (4,095)280,659 (4,188)
Non-agency collateralized mortgage obligations44,276 (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 months12 months or moreTotal
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 subdivisions43,282 (12,917)219,532 (26,904)262,814 (39,821)
Corporate bonds— — 5,751 (413)5,751 (413)
Asset backed securities205,329 (10,238)231,703 (4,955)437,032 (15,193)
Non-agency collateralized mortgage obligations203,620 (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, 2023December 31, 2022
AAA/AA/ABBB/BB/BAAA/AA/ABBB/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 subdivisions2,671 — 6,153 — 
Total debt securities held to maturity$133,494 $— $160,983 $—