Investment Securities (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investment securities at September 30, 2023 and at December 31, 2022, were as follows:


Debt securities AFS (In thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
September 30, 2023:
Obligations of U.S. Government sponsored entities	$	39,000	$	—	$	1,700	$	37,300
Obligations of states and political subdivisions	420,590		17		31,510		389,097
U.S. Government sponsored entities' asset-backed securities	735,317		—		95,035		640,282
Collateralized loan obligations	532,030		—		7,139		524,891
Corporate debt securities	20,459		—		2,873		17,586
Total	$	1,747,396	$	17	$	138,257	$	1,609,156


Debt securities AFS (In thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
December 31, 2022:
Obligations of U.S. Government sponsored entities	$	39,000	$	—	$	1,787	$	37,213
Obligations of states and political subdivisions	423,285		1,620		18,194		406,711
U.S. Government sponsored entities' asset-backed securities	839,399		—		82,638		756,761
Collateralized loan obligations	535,518		—		18,979		516,539
Corporate debt securities	17,650		—		1,178		16,472
Total	$	1,854,852	$	1,620	$	122,776	$	1,733,696

Schedule Of Unrealized Loss On Securities

Investment securities in an unrealized loss position at September 30, 2023, were as follows:


	Unrealized loss position for less than 12 months				Unrealized loss position for 12 months or longer				Total
(In thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Debt securities AFS:
Obligations of U.S. Government sponsored entities	$	—	$	—	$	37,300	$	1,700	$	37,300	$	1,700
Obligations of states and political subdivisions	277,975		8,626		93,969		22,884		371,944		31,510
U.S. Government sponsored entities' asset-backed securities	1,171		22		639,111		95,013		640,282		95,035
Collateralized loan obligations	—		—		524,891		7,139		524,891		7,139
Corporate debt securities	9,299		910		8,287		1,963		17,586		2,873
Total	$	288,445	$	9,558	$	1,303,558	$	128,699	$	1,592,003	$	138,257

Investment securities in an unrealized loss position at December 31, 2022, were as follows:


	Unrealized loss position for less than 12 months				Unrealized loss position for 12 months or longer				Total
(In thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Debt securities AFS:
Obligations of U.S. Government sponsored entities	$	37,213	$	1,787	$	—	$	—	$	37,213	$	1,787
Obligations of states and political subdivisions	270,905		18,194		—		—		270,905		18,194
U.S. Government sponsored entities' asset-backed securities	446,423		27,507		310,338		55,131		756,761		82,638
Collateralized loan obligations	415,491		15,446		101,048		3,533		516,539		18,979
Corporate debt securities	7,388		862		1,684		316		9,072		1,178
Total	$	1,177,420	$	63,796	$	413,070	$	58,980	$	1,590,490	$	122,776

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of investments in debt securities AFS at September 30, 2023, are shown in the following table by contractual maturity, except for asset-backed securities and collateral loan obligations, which are shown as a single total due to the unpredictability of the timing of principal repayments. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.


(In thousands)	Amortized cost		Fair value		Tax equivalent yield (1)
Debt Securities AFS
Obligations of U.S. Treasury and other U.S. Government sponsored entities
Due one through five years	$	39,000	$	37,300	2.37	%

Obligations of state and political subdivisions:
Due one through five years	$	2,262	$	2,231	2.97	%
Due five through ten years	276,900		269,945		3.69	%
Due over ten years	141,428		116,921		3.10	%
Total (1)	$	420,590	$	389,097	3.49	%

U.S. Government sponsored entities' asset-backed securities	$	735,317	$	640,282	1.89	%

Collateralized loan obligations	$	532,030	$	524,891	7.31	%

Corporate debt securities
Due one through five years	$	2,809	$	2,794	10.41	%
Due five through ten years	17,650		14,792		3.89	%
Total	$	20,459	$	17,586	4.79	%