Investment Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investment securities at March 31, 2024 and at December 31, 2023, were as follows:


Debt securities AFS (In thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
March 31, 2024:
Obligations of states and political subdivisions	$	219,886	$	392	$	13,752	$	206,526
U.S. Government sponsored entities' asset-backed securities	672,462		13		69,466		603,009
Collateralized loan obligations	420,041		320		1,364		418,997
Corporate debt securities	22,584		1		2,330		20,255
Total	$	1,334,973	$	726	$	86,912	$	1,248,787


Debt securities AFS (In thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
December 31, 2023:
Obligations of states and political subdivisions	$	251,531	$	1,173	$	11,520	$	241,184
U.S. Government sponsored entities' asset-backed securities	703,645		23		68,193		635,475
Collateralized loan obligations	443,112		31		4,857		438,286
Corporate debt securities	20,482		—		2,585		17,897
Total	$	1,418,770	$	1,227	$	87,155	$	1,332,842

Schedule Of Unrealized Loss On Securities

Investment securities in an unrealized loss position at March 31, 2024, 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 states and political subdivisions	$	37,808	$	276	$	131,395	$	13,476	$	169,203	$	13,752
U.S. Government sponsored entities' asset-backed securities	—		—		601,810		69,466		601,810		69,466
Collateralized loan obligations	34,873		25		254,721		1,339		289,594		1,364
Corporate debt securities	3,001		40		15,360		2,290		18,361		2,330
Total	$	75,682	$	341	$	1,003,286	$	86,571	$	1,078,968	$	86,912

Investment securities in an unrealized loss position at December 31, 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 states and political subdivisions	$	46,685	$	420	$	103,993	$	11,100	$	150,678	$	11,520
U.S. Government sponsored entities' asset-backed securities	—		—		634,261		68,193		634,261		68,193
Collateralized loan obligations	—		—		404,019		4,857		404,019		4,857
Corporate debt securities	9,530		702		8,367		1,883		17,897		2,585
Total	$	56,215	$	1,122	$	1,150,640	$	86,033	$	1,206,855	$	87,155

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of investments in debt securities AFS at March 31, 2024, 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 state and political subdivisions:
Due one through five years	$	1,505	$	1,503	3.15	%
Due five through ten years	87,545		85,731		3.26	%
Due over ten years	130,836		119,292		3.14	%
Total (1)	$	219,886	$	206,526	3.19	%

U.S. Government sponsored entities' asset-backed securities	$	672,462	$	603,009	1.83	%

Collateralized loan obligations	$	420,041	$	418,997	7.23	%

Corporate debt securities
Due one through five years	$	2,834	$	2,795	9.21	%
Due five through ten years	19,750		17,460		4.10	%
Total	$	22,584	$	20,255	4.74	%