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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Investment Securities Portfolio
The following table summarizes the amortized cost and fair value of the available-for-sale and held-to-maturity investment securities portfolios and the corresponding amounts of gross unrealized gains, unrealized losses, and basis adjustments in AOCI and gross unrecognized gains and losses.
(dollars in thousands)Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Basis
Adjustments (1)
Fair
Value
December 31, 2023
Available-for-Sale
U.S. Treasury$449,817 $154 $(11,941)$(41,297)$396,733 
U.S. government-sponsored entities and agencies1,487,879 33 (192,717)(63,931)1,231,264 
Mortgage-backed securities - Agency4,835,319 3,093 (621,852) 4,216,560 
States and political subdivisions554,509 878 (23,057)2,930 535,260 
Pooled trust preferred securities13,797  (2,460) 11,337 
Other securities343,568 449 (22,116) 321,901 
Total available-for-sale securities$7,684,889 $4,607 $(874,143)$(102,298)$6,713,055 
Held-to-Maturity
U.S. government-sponsored entities and agencies$825,953 $ $(154,827)$ $671,126 
Mortgage-backed securities - Agency1,029,131  (147,137) 881,994 
States and political subdivisions1,158,559 1,800 (112,141) 1,048,218 
Allowance for securities held-to-maturity(150)   (150)
Total held-to-maturity securities$3,013,493 $1,800 $(414,105)$ $2,601,188 
December 31, 2022
Available-for-Sale
U.S. Treasury$253,148 $$(5,189)$(47,037)$200,927 
U.S. government-sponsored entities and agencies1,451,736 — (169,248)(107,408)1,175,080 
Mortgage-backed securities - Agency4,986,354 976 (617,428)— 4,369,902 
States and political subdivisions688,159 1,789 (26,096)— 663,852 
Pooled trust preferred securities13,783 — (2,972)— 10,811 
Other securities379,423 258 (26,541)— 353,140 
Total available-for-sale securities$7,772,603 $3,028 $(847,474)$(154,445)$6,773,712 
Held-to-Maturity
U.S. government-sponsored entities and agencies$819,168 $— $(162,810)$— $656,358 
Mortgage-backed securities - Agency1,106,817 — (123,854)— 982,963 
States and political subdivisions1,163,312 221 (159,022)— 1,004,511 
Allowance for securities held-to-maturity(150)— — — (150)
Total held-to-maturity securities$3,089,147 $221 $(445,686)$— $2,643,682 
(1)    Basis adjustments represent the amount of fair value hedging adjustments included in the carrying amounts of fixed-rate investment securities assets designated in fair value hedging arrangements. See Note 19 to the consolidated financial statements for additional information regarding these derivative financial instruments.
Schedule of Proceeds from Sales or Calls and Realized Gain and Losses of Available-for-Sale Investment Securities and Other Securities
Proceeds from sales or calls of available-for-sale investment securities and the resulting realized gains and realized losses were as follows:
Years Ended December 31,
(dollars in thousands)202320222021
Proceeds$154,339 $90,840 $357,704 
Realized gains1,006 531 4,505 
Realized losses(7,271)(619)(178)
Schedule of Expected Maturities of Investment Securities Portfolio Weighted average yield is based on amortized cost.
At December 31, 2023
(dollars in thousands)Amortized
Cost
Fair
Value
Weighted
Average
Yield
Maturity
Available-for-Sale
Within one year$378,992 $375,976 4.37 %
One to five years1,875,152 1,736,452 3.14 %
Five to ten years3,944,940 3,408,082 2.39 %
Beyond ten years1,485,805 1,192,545 2.60 %
Total$7,684,889 $6,713,055 2.71 %
Held-to-Maturity
One to five years$161,440 $134,333 2.65 %
Five to ten years1,183,893 1,040,925 2.66 %
Beyond ten years1,668,160 1,425,930 2.72 %
Total$3,013,493 $2,601,188 2.69 %
Schedule of Available-for-Sale and Held-to-Maturity Investment Securities with Unrealized Losses by Aggregated Major Security Type and Length of Time in Continuous Unrealized Loss Position
The following table summarizes the available-for-sale investment securities with unrealized losses for which an allowance for credit losses has not been recorded by aggregated major security type and length of time in a continuous unrealized loss position:
Less than 12 months12 months or longerTotal
(dollars in thousands)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized Losses
December 31, 2023
Available-for-Sale
U.S. Treasury$8,937 $(42)$191,027 $(11,899)$199,964 $(11,941)
U.S. government-sponsored entities
   and agencies
  1,189,314 (192,717)1,189,314 (192,717)
Mortgage-backed securities - Agency90,145 (710)3,835,552 (621,142)3,925,697 (621,852)
States and political subdivisions86,865 (495)259,767 (22,562)346,632 (23,057)
Pooled trust preferred securities  11,337 (2,460)11,337 (2,460)
Other securities39,032 (229)255,888 (21,887)294,920 (22,116)
Total available-for-sale$224,979 $(1,476)$5,742,885 $(872,667)$5,967,864 $(874,143)
December 31, 2022
Available-for-Sale
U.S. Treasury$130,967 $(3,264)$66,992 $(1,925)$197,959 $(5,189)
U.S. government-sponsored entities
   and agencies
454,854 (75,795)720,226 (93,453)1,175,080 (169,248)
Mortgage-backed securities - Agency3,207,319 (358,507)1,116,205 (258,921)4,323,524 (617,428)
States and political subdivisions414,813 (25,555)2,703 (541)417,516 (26,096)
Pooled trust preferred securities— — 10,811 (2,972)10,811 (2,972)
Other securities257,775 (17,045)75,309 (9,496)333,084 (26,541)
Total available-for-sale$4,465,728 $(480,166)$1,992,246 $(367,308)$6,457,974 $(847,474)
Schedule of Held-to-Maturity Investment Securities with Unrecognized Losses
The following table summarizes the held-to-maturity investment securities with unrecognized losses aggregated by major security type and length of time in a continuous loss position:
 Less than 12 months12 months or longerTotal
(dollars in thousands)Fair
Value
Unrecognized
Losses
Fair
Value
Unrecognized
Losses
Fair
Value
Unrecognized
Losses
December 31, 2023
Held-to-Maturity
U.S. government-sponsored entities
   and agencies
$ $ $671,126 $(154,827)$671,126 $(154,827)
Mortgage-backed securities - Agency  881,994 (147,137)881,994 (147,137)
States and political subdivisions  977,154 (112,141)977,154 (112,141)
Total held-to-maturity$ $ $2,530,274 $(414,105)$2,530,274 $(414,105)
December 31, 2022
Held-to-Maturity
U.S. government-sponsored entities
   and agencies
$354,293 $(110,523)$302,066 $(52,287)$656,359 $(162,810)
Mortgage-backed securities - Agency367,849 (42,438)615,114 (81,416)982,963 (123,854)
States and political subdivisions838,689 (127,355)135,573 (31,667)974,262 (159,022)
Total held-to-maturity$1,560,831 $(280,316)$1,052,753 $(165,370)$2,613,584 $(445,686)