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INVESTMENT SECURITIES (Tables)
12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Approximate Fair Value of Investment Securities
The following table summarizes the amortized cost, gross unrealized gains and losses and approximate fair value of investment securities available for sale as of December 31, 2023 and December 31, 2022.
Amortized
Cost
Gross Unrealized
Gains
Gross Unrealized
Losses
Fair
Value
Available for sale at December 31, 2023
U.S. Government-sponsored agency securities$111,521 $— $16,214 $95,307 
State and municipal1,181,029 364 116,222 1,065,171 
U.S. Government-sponsored mortgage-backed securities541,343 462 86,990 454,815 
Corporate obligations12,947 — 1,128 11,819 
Total available for sale$1,846,840 $826 $220,554 $1,627,112 

Amortized
Cost
Gross Unrealized
Gains
Gross Unrealized
Losses
Fair
Value
Available for sale at December 31, 2022
U.S. Treasury$2,501 $— $42 $2,459 
U.S. Government-sponsored agency securities119,154 — 17,192 101,962 
State and municipal1,530,048 438 178,726 1,351,760 
U.S. Government-sponsored mortgage-backed securities608,630 100,358 508,273 
Corporate obligations13,014 — 807 12,207 
Total available for sale$2,273,347 $439 $297,125 $1,976,661 


The following table summarizes the amortized cost, gross unrealized gains and losses, approximate fair value and allowance for credit losses on investment securities held to maturity as of December 31, 2023 and December 31, 2022.

Amortized
Cost
Allowance for Credit LossesNet Carrying AmountGross Unrealized
Gains
Gross Unrealized
Losses
Fair
Value
Held to maturity at December 31, 2023
U.S. Government-sponsored agency securities$374,002 $— $374,002 $— $64,159 $309,843 
State and municipal1,099,201 245 1,098,956 1,625 152,113 948,713 
U.S. Government-sponsored mortgage-backed securities709,794 — 709,794 — 99,448 610,346 
Foreign investment1,500 — 1,500 — 28 1,472 
Total held to maturity$2,184,497 $245 $2,184,252 $1,625 $315,748 $1,870,374 


Amortized
Cost
Allowance for Credit LossesNet Carrying AmountGross Unrealized
Gains
Gross Unrealized
Losses
Fair
Value
Held to maturity at December 31, 2022
U.S. Government-sponsored agency securities$392,246 $— $392,246 $— $69,147 $323,099 
State and municipal1,117,552 245 1,117,307 647 197,064 921,135 
U.S. Government-sponsored mortgage-backed securities776,074 — 776,074 — 113,915 662,159 
Foreign investment1,500 — 1,500 — 28 1,472 
Total held to maturity$2,287,372 $245 $2,287,127 $647 $380,154 $1,907,865 
Schedule of Amortized Cost of Investment Securities Held to Maturity Aggregated by Credit Quality Indicator
On a quarterly basis, the Corporation monitors the credit quality of investment securities held to maturity through the use of credit ratings. The following table summarizes the amortized cost of investment securities held to maturity at December 31, 2023, aggregated by credit quality indicator.
Held to Maturity
State and municipalOtherTotal
Credit Rating:
Aaa$114,557 $70,586 $185,143 
Aa1150,821 — 150,821 
Aa2178,461 — 178,461 
Aa3133,439 — 133,439 
A1131,314 — 131,314 
A216,834 — 16,834 
A33,467 — 3,467 
Non-rated370,308 1,014,710 1,385,018 
Total$1,099,201 $1,085,296 $2,184,497 
Schedule of Investment Securities in a Continuous Unrealized Loss Position
The following tables summarize, as of December 31, 2023 and December 31, 2022, investment securities available for sale in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security type and length of time in a continuous unrealized loss position.

Less than 12 Months12 Months or LongerTotal
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Investment securities available for sale at December 31, 2023
U.S. Government-sponsored agency securities$— $— $95,307 $16,214 $95,307 $16,214 
State and municipal55,514 1,076 963,584 115,146 1,019,098 116,222 
U.S. Government-sponsored mortgage-backed securities11,493 25 422,868 86,965 434,361 86,990 
Corporate obligations— — 11,788 1,128 11,788 1,128 
Total investment securities available for sale$67,007 $1,101 $1,493,547 $219,453 $1,560,554 $220,554 

Less than 12 Months12 Months or LongerTotal
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Investment securities available for sale at December 31, 2022
U.S. Treasury$2,459 $42 $— $— $2,459 $42 
U.S. Government-sponsored agency securities48,940 4,973 53,022 12,219 101,962 17,192 
State and municipal1,177,104 150,096 108,652 28,630 1,285,756 178,726 
U.S. Government-sponsored mortgage-backed securities182,700 16,910 325,455 83,448 508,155 100,358 
Corporate obligations12,176 807 — — 12,176 807 
Total investment securities available for sale$1,423,379 $172,828 $487,129 $124,297 $1,910,508 $297,125 


The following table summarizes investment securities available for sale in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security type and the number of securities in the portfolio as of the dates indicated.

Gross
Unrealized
Losses
Number of Securities
Investment securities available for sale at December 31, 2023
U.S. Government-sponsored agency securities$16,214 14
State and municipal116,222 691
U.S. Government-sponsored mortgage-backed securities86,990 150
Corporate obligations1,128 10
Total investment securities available for sale$220,554 865 

Gross
Unrealized
Losses
Number of Securities
Investment securities available for sale at December 31, 2022
U.S. Treasury$42 5
U.S. Government-sponsored agency securities17,192 16
State and municipal178,726 946
U.S. Government-sponsored mortgage-backed securities100,358 177
Corporate obligations807 10
Total investment securities available for sale$297,125 1,154 
Schedule of Investments in Debt and Equity Securities Reported in the Financial Statements at an Amount Less Than Their Historical Cost
Certain investment securities available for sale are reported in the financial statements at an amount less than their historical cost as indicated in the table below.

December 31, 2023December 31, 2022
Investments available for sale reported at less than historical cost:
Historical cost$1,781,108 $2,207,633 
Fair value1,560,554 1,910,508 
Gross unrealized losses$220,554 $297,125 
Percent of the Corporation's investments available for sale95.9 %96.7 %
Schedule of Amortized Cost and Fair Value of Available for Sale Securities and Held to Maturity Securities by Contractual Maturity
The amortized cost and fair value of investment securities available for sale and held to maturity at December 31, 2023 and December 31, 2022, by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity are shown separately.

 Available for SaleHeld to Maturity
 Amortized CostFair ValueAmortized CostFair Value
Maturity Distribution at December 31, 2023    
Due in one year or less$1,390 $1,382 $3,041 $3,043 
Due after one through five years24,899 23,372 118,592 111,723 
Due after five through ten years127,948 120,385 135,805 126,461 
Due after ten years1,151,260 1,027,158 1,217,265 1,018,801 
 1,305,497 1,172,297 1,474,703 1,260,028 
U.S. Government-sponsored mortgage-backed securities541,343 454,815 709,794 610,346 
Total Investment Securities$1,846,840 $1,627,112 $2,184,497 $1,870,374 

Available for SaleHeld to Maturity
Amortized CostFair ValueAmortized CostFair Value
Maturity Distribution at December 31, 2022
Due in one year or less$2,822 $2,809 $13,697 $13,749 
Due after one through five years11,694 11,265 80,697 76,453 
Due after five through ten years169,729 161,211 147,078 135,027 
Due after ten years1,480,472 1,293,103 1,269,826 1,020,477 
1,664,717 1,468,388 1,511,298 1,245,706 
U.S. Government-sponsored mortgage-backed securities608,630 508,273 776,074 662,159 
Total Investment Securities$2,273,347 $1,976,661 $2,287,372 $1,907,865 
Schedule of Gross Gains on Sales and Redemptions of Available for Sale Securities
Gross gains and losses on the sales and redemptions of available for sale securities for the years indicated are shown below.
202320222021
Sales and redemptions of investment securities available for sale:  
Gross gains$759 $1,264 $6,502 
Gross losses7,689 70 828 
Net gains (losses) of sales and redemptions of investment securities available for sale$(6,930)$1,194 $5,674