XML 53 R35.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Held-to-maturity
The amortized cost, fair value and allowance for credit losses of investment securities that are classified as HTM are as follows: 

(In thousands)Amortized CostAllowance
for Credit Losses		Net Carrying AmountGross Unrealized
Gains		Gross Unrealized
(Losses)		Estimated Fair
Value
Held-to-maturity   
March 31, 2024
U.S. Government agencies$453,805 $— $453,805 $— $(94,887)$358,918 
Mortgage-backed securities 1,142,352 — 1,142,352 238 (126,553)1,016,037 
State and political subdivisions
1,857,894 (2,252)1,855,642 86 (410,749)1,444,979 
Other securities256,421 (962)255,459 — (26,111)229,348 
Total HTM$3,710,472 $(3,214)$3,707,258 $324 $(658,300)$3,049,282 
December 31, 2023
U.S. Government agencies$453,121 $— $453,121 $— $(89,203)$363,918 
Mortgage-backed securities 1,161,694 — 1,161,694 354 (107,834)1,054,214 
State and political subdivisions
1,858,680 (2,006)1,856,674 284 (369,509)1,487,449 
Other securities256,007 (1,208)254,799 — (25,010)229,789 
Total HTM$3,729,502 $(3,214)$3,726,288 $638 $(591,556)$3,135,370 
Debt Securities, Available-for-sale
The amortized cost, fair value and allowance for credit losses of investment securities that are classified as AFS are as follows:

(In thousands)Amortized
Cost		Allowance
for Credit Losses		Gross Unrealized
Gains		Gross Unrealized
(Losses)		Estimated Fair
Value
Available-for-sale
March 31, 2024
U.S. Treasury$1,990 $— $— $(26)$1,964 
U.S. Government agencies71,768 — 28 (1,995)69,801 
Mortgage-backed securities2,048,895 — 3 (203,534)1,845,364 
State and political subdivisions1,013,190 — 142 (138,483)874,849 
Other securities259,128 — 59 (23,607)235,580 
Total AFS$3,394,971 $— $232 $(367,645)$3,027,558 
December 31, 2023
U.S. Treasury$2,285 $— $— $(31)$2,254 
U.S. Government agencies74,460 — 35 (1,993)72,502 
Mortgage-backed securities2,138,652 — 8 (198,353)1,940,307 
State and political subdivisions1,035,147 — 187 (132,541)902,793 
Other securities259,165 — — (24,868)234,297 
Total AFS$3,509,709 $— $230 $(357,786)$3,152,153 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table summarizes the Company’s AFS investments in an unrealized loss position for which an allowance for credit loss has not been recorded as of March 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

 Less Than 12 Months12 Months or MoreTotal
(In thousands)Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses
Available-for-sale
U.S. Treasury$1,964 $(26)$— $— $1,964 $(26)
U.S. Government agencies15,965 (181)49,809 (1,814)65,774 (1,995)
Mortgage-backed securities10,842 (293)1,833,560 (203,241)1,844,402 (203,534)
State and political subdivisions14,262 (79)845,801 (138,404)860,063 (138,483)
Other securities— — 201,410 (23,607)201,410 (23,607)
Total AFS$43,033 $(579)$2,930,580 $(367,066)$2,973,613 $(367,645)
Debt Securities, Allowance for Credit Loss
The following table details activity in the allowance for credit losses by investment security type for the three months ended March 31, 2024 on the Company’s HTM securities portfolio.

(In thousands)State and Political SubdivisionsOther
Securities		Total
Three Months Ended March 31, 2024
Held-to-maturity
Beginning balance, January 1, 2024$2,006 $1,208 $3,214 
Provision for credit loss expense— — — 
Net increase (decrease) in allowance on previously impaired securities246 (246)— 
Ending balance, March 31, 2024$2,252 $962 $3,214 

Activity in the allowance for credit losses by investment security type for the three months ended March 31, 2023 on the Company’s HTM and AFS securities portfolio was as follows:

(In thousands)State and Political SubdivisionsOther
Securities		Total
Three Months Ended March 31, 2023
Held-to-maturity
Beginning balance, January 1, 2023$110 $1,278 $1,388 
Provision for credit loss expense252 248 500 
Ending balance, March 31, 2023$362 $1,526 $1,888 
Available-for-sale
Beginning balance, January 1, 2023$— $— $— 
Provision for credit loss expense— 12,800 12,800 
Securities charged-off— (7,000)(7,000)
Ending balance, March 31, 2023$— $5,800 $5,800 
Debt Securities, Held-to-maturity, Credit Quality Indicator
The following table summarizes bond ratings for the Company’s HTM portfolio, based upon amortized cost, issued by state and political subdivisions and other securities as of March 31, 2024:

State and Political Subdivisions
(In thousands)Not Guaranteed or Pre-RefundedOther Credit Enhancement or InsurancePre-RefundedTotalOther Securities
Aaa/AAA$179,307 $299,940 $— $479,247 $— 
Aa/AA634,641 524,661 — 1,159,302 — 
A37,050 161,368 — 198,418 102,604 
Baa/BBB— 4,379 — 4,379 153,817 
Not Rated16,548 — — 16,548 — 
Total$867,546 $990,348 $— $1,857,894 $256,421 
Income Earned on Securities
Income earned on securities for the three months ended March 31, 2024 and 2023, is as follows:

Three Months Ended
March 31,
(In thousands)20242023
Taxable:  
Held-to-maturity$11,003 $11,013 
Available-for-sale31,195 21,791 
Non-taxable:
Held-to-maturity10,100 10,126 
Available-for-sale5,703 5,844 
Total$58,001 $48,774 
Amortized Cost and Estimated Fair Value by Maturity of Securities
The amortized cost and estimated fair value by maturity of securities as of March 31, 2024 are shown in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. 

 Held-to-MaturityAvailable-for-Sale
(In thousands)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
One year or less$1,570 $1,516 $10,034 $9,778 
After one through five years13,708 13,065 116,012 115,248 
After five through ten years394,392 347,677 213,380 188,442 
After ten years2,158,450 1,670,987 1,006,399 868,475 
Securities not due on a single maturity date1,142,352 1,016,037 2,048,895 1,845,364 
Other securities (no maturity)— — 251 251 
Total$3,710,472 $3,049,282 $3,394,971 $3,027,558