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Investment Securities (Tables)
3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Values of Investment Securities
The following table presents the amortized cost and estimated fair values of investment securities for the periods presented:
March 31, 2023
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Available for Sale(dollars in thousands)
U.S. Government securities$225,844 $ $(5,791)$220,053 
U.S. Government-sponsored agency securities1,047  (30)1,017 
State and municipal securities1,211,841 967 (145,210)1,067,598 
Corporate debt securities475,052  (36,018)439,034 
Collateralized mortgage obligations141,587  (11,137)130,450 
Residential mortgage-backed securities238,775 33 (26,234)212,574 
Commercial mortgage-backed securities651,767  (80,104)571,663 
   Total $2,945,913 $1,000 $(304,524)$2,642,389 
Held to Maturity
Residential mortgage-backed securities$444,431 $ $(52,078)$392,353 
Commercial mortgage-backed securities863,281  (130,607)732,674 
Total $1,307,712 $ $(182,685)$1,125,027 

December 31, 2022
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Available for Sale(dollars in thousands)
U.S. Government securities$226,140 $— $(7,655)$218,485 
U.S. Government sponsored agency securities1,050 — (42)1,008 
State and municipal securities1,284,245 283 (178,816)1,105,712 
Corporate debt securities459,792 — (37,483)422,309 
Collateralized mortgage obligations147,155 — (13,122)134,033 
Residential mortgage-backed securities242,527 18 (29,847)212,698 
Commercial mortgage-backed securities631,604 — (79,082)552,522 
   Total $2,992,513 $301 $(346,047)$2,646,767 
Held to Maturity
Residential mortgage-backed securities$457,325 $— $(57,480)$399,845 
Commercial mortgage-backed securities863,931 — (138,727)725,204 
Total $1,321,256 $— $(196,207)$1,125,049 
Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities
The amortized cost and estimated fair values of debt securities as of March 31, 2023, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay with or without call or prepayment penalties.
March 31, 2023
Available for SaleHeld to Maturity
 Amortized
Cost
Estimated
Fair Value
Amortized
Cost
Estimated
Fair Value
 (dollars in thousands)
Due in one year or less$237,505 $231,571 $ $ 
Due from one year to five years75,121 72,835   
Due from five years to ten years544,101 509,791   
Due after ten years1,057,057 913,505   
1,913,784 1,727,702   
Residential mortgage-backed securities(1)
238,775 212,574 444,431 392,353 
Commercial mortgage-backed securities(1)
651,767 571,663 863,281 732,674 
Collateralized mortgage obligations(1)
141,587 130,450   
  Total$2,945,913 $2,642,389 $1,307,712 $1,125,027 
(1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the underlying loans.
Summary of Gains and Losses from Equity and Debt Securities, and Losses Recognized from Other-than-Temporary Impairment
The following table presents information related to gross realized gains and losses on the sales of securities for the periods presented:
Gross Realized GainsGross Realized LossesNet  Gains (Losses)
Three months ended(dollars in thousands)
March 31, 2023$283 $(260)$23 
March 31, 20221,546 (1,527)19 
Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position
The following tables present the gross unrealized losses and estimated fair values of investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented:
March 31, 2023
Less than 12 months12 months or longerTotal
Number of SecuritiesEstimated
Fair Value
Unrealized
Losses
Number of SecuritiesEstimated
Fair Value
Unrealized
Losses
Estimated
Fair Value
Unrealized
Losses
Available for Sale(dollars in thousands)
U.S. Government securities1$97,566 $(2,210)2 $122,487 $(3,581)$220,053 $(5,791)
U.S. Government-sponsored agency securities11,017 (30)  1,017 (30)
State and municipal securities86 238,922 (6,326)258 735,187 (138,884)974,109 (145,210)
Corporate debt securities45 239,873 (13,138)27 196,406 (22,880)436,279 (36,018)
Collateralized mortgage obligations37 29,944 (1,499)59 100,506 (9,638)130,450 (11,137)
Residential mortgage-backed securities50 80,524 (4,743)25 129,035 (21,491)209,559 (26,234)
Commercial mortgage-backed securities75 138,365 (4,501)61 433,298 (75,603)571,663 (80,104)
Total available for sale295 $826,211 $(32,447)432 $1,716,919 $(272,077)$2,543,130 $(304,524)
Held to Maturity
Residential mortgage-backed securities106 $238,862 $(11,981)14 $153,491 $(40,097)$392,353 $(52,078)
Commercial mortgage-backed securities20 257,006 (17,272)40 475,668 (113,335)732,674 (130,607)
Total held to maturity126 $495,868 $(29,253)54 $629,159 $(153,432)$1,125,027 $(182,685)
December 31, 2022
Less than 12 months12 months or longerTotal
Number of SecuritiesEstimated
Fair Value
Unrealized
Losses
Number of SecuritiesEstimated
Fair Value
Unrealized
Losses
Estimated
Fair Value
Unrealized
Losses
Available for Sale(dollars in thousands)
U.S Government Securities$96,906 $(2,814)$121,579 $(4,841)$218,485 $(7,655)
U.S. Government sponsored agency securities1,008 (42)— — — 1,008 (42)
State and municipal securities360 995,122 (157,397)29 61,089 (21,419)1,056,211 (178,816)
Corporate debt securities66 376,398 (31,333)37,157 (6,150)413,555 (37,483)
Collateralized mortgage obligations96 113,191 (7,650)20,842 (5,472)134,033 (13,122)
Residential mortgage-backed securities81 154,861 (18,301)55,293 (11,546)210,154 (29,847)
Commercial mortgage-backed securities114 371,109 (38,845)20 181,413 (40,237)552,522 (79,082)
Total available for sale719 $2,108,595 $(256,382)63 $477,373 $(89,665)$2,585,968 $(346,047)
Held to Maturity
Residential mortgage-backed securities106 $246,667 $(14,275)14 $153,178 $(43,205)$399,845 $(57,480)
Commercial mortgage-backed securities21 258,255 (24,029)39 466,949 (114,698)725,204 (138,727)
    Total held to maturity127 $504,922 $(38,304)53 $620,127 $(157,903)$1,125,049 $(196,207)