Investment Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investment securities at June 30, 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
June 30, 2024:
Obligations of states and political subdivisions	$	219,431	$	110	$	17,414	$	202,127
U.S. Government sponsored entities' asset-backed securities	640,810		4		69,975		570,839
Collateralized loan obligations	378,546		602		152		378,996
Corporate debt securities	20,711		51		2,018		18,744
Total	$	1,259,498	$	767	$	89,559	$	1,170,706


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 June 30, 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	$	57,246	$	1,588	$	136,200	$	15,826	$	193,446	$	17,414
U.S. Government sponsored entities' asset-backed securities	—		—		569,653		69,975		569,653		69,975
Collateralized loan obligations	7,993		6		143,950		146		151,943		152
Corporate debt securities	—		—		16,582		2,018		16,582		2,018
Total	$	65,239	$	1,594	$	866,385	$	87,965	$	931,624	$	89,559

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 June 30, 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	$	1,499	$	1,496	3.15	%
Due five through ten years	87,346		83,655		3.26	%
Due over ten years	130,586		116,976		3.14	%
Total (1)	$	219,431	$	202,127	3.19	%

U.S. Government sponsored entities' asset-backed securities	$	640,810	$	570,839	1.87	%

Collateralized loan obligations	$	378,546	$	378,996	7.25	%

Corporate debt securities
Due one through five years	$	950	$	916	9.67	%
Due five through ten years	19,761		17,828		4.10	%
Total	$	20,711	$	18,744	4.35	%