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Securities

3 Months Ended

Mar. 31, 2024

Securities

Securities

​

​

Note 4 — Securities

Investment Securities

The following is the amortized cost and fair value of investment securities held to maturity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

Gross

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

Fair

(Dollars in thousands)

Cost

Gains

Losses

Value

March 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Government agencies

​

$

197,269

​

$

—

​

$

(25,821)

​

$

171,448

​

Residential mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

1,406,440

​

​

—

​

​

(246,764)

​

​

1,159,676

​

Residential collateralized mortgage-obligations issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

437,718

​

​

—

​

​

(72,593)

​

​

365,125

​

Commercial mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

352,399

​

​

—

​

​

(73,294)

​

​

279,105

​

Small Business Administration loan-backed securities

​

​

52,763

​

​

—

​

​

(11,550)

​

​

41,213

​

​

​

$

2,446,589

​

$

—

​

$

(430,022)

​

$

2,016,567

​

December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Government agencies

​

$

197,267

​

$

—

​

$

(24,607)

​

$

172,660

​

Residential mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

1,438,102

​

​

—

​

​

(227,312)

​

​

1,210,790

​

Residential collateralized mortgage-obligations issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

444,883

​

​

—

​

​

(68,139)

​

​

376,744

​

Commercial mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

354,055

​

​

—

​

​

(71,327)

​

​

282,728

​

Small Business Administration loan-backed securities

​

​

53,133

​

​

—

​

​

(11,319)

​

​

41,814

​

​

​

$

2,487,440

​

$

—

​

$

(402,704)

​

$

2,084,736

​

​

The following is the amortized cost and fair value of investment securities available for sale:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

Gross

​

​

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

Fair

(Dollars in thousands)

Cost

Gains

Losses

Value

March 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Treasuries

​

$

24,920

​

$

—

​

$

(333)

​

$

24,587

​

U.S. Government agencies

​

​

246,118

​

​

—

​

​

(22,313)

​

​

223,805

​

Residential mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

1,780,838

​

161

​

(288,576)

​

1,492,423

​

Residential collateralized mortgage-obligations issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

611,044

​

​

4

​

​

(102,936)

​

​

508,112

​

Commercial mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

1,213,549

​

​

767

​

​

(202,099)

​

​

1,012,217

​

State and municipal obligations

​

1,127,834

​

2

​

(167,477)

​

960,359

​

Small Business Administration loan-backed securities

​

393,770

​

52

​

(43,779)

​

350,043

​

Corporate securities

​

​

30,521

​

​

—

​

​

(3,667)

​

​

26,854

​

​

​

$

5,428,594

​

$

986

​

$

(831,180)

​

$

4,598,400

​

December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Treasuries

​

$

74,720

​

$

—

​

$

(830)

​

$

73,890

​

U.S. Government agencies

​

​

246,089

​

​

—

​

​

(21,383)

​

​

224,706

​

Residential mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

1,822,104

​

294

​

(264,092)

​

1,558,306

​

Residential collateralized mortgage-obligations issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

626,735

​

​

—

​

​

(99,313)

​

​

527,422

​

Commercial mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

1,217,125

​

​

1,516

​

​

(194,471)

​

​

1,024,170

​

State and municipal obligations

​

​

1,129,750

​

2

​

(152,291)

​

977,461

​

Small Business Administration loan-backed securities

​

413,950

​

86

​

(42,350)

​

371,686

​

Corporate securities

​

30,533

​

​

—

​

​

(3,786)

​

​

26,747

​

​

​

$

5,561,006

​

$

1,898

​

$

(778,516)

​

$

4,784,388

​

​

The following is the amortized cost and carrying value of other investment securities:

​

​	​	​	​	​
​	​	Carrying
(Dollars in thousands)		Value
March 31, 2024:	​	​	​	​
Federal Home Loan Bank stock	​	$	18,086	​
Federal Reserve Bank stock	​	​	150,261	​
Investment in unconsolidated subsidiaries	​		3,563	​
Other nonmarketable investment securities	​		15,375	​
​	​	$	187,285	​
December 31, 2023:	​	​	​	​
Federal Home Loan Bank stock	​	$	22,836	​
Federal Reserve Bank stock	​	​	150,261	​
Investment in unconsolidated subsidiaries	​		3,563	​
Other nonmarketable investment securities	​		15,383	​
​	​	$	192,043	​

​

The Company’s other investment securities consist of non-marketable equity securities that have no readily determinable market value. Accordingly, when evaluating these securities for impairment, management considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. As of March 31, 2024, we determined that there was no impairment on other investment securities.

The amortized cost and fair value of debt securities at March 31, 2024 by contractual maturity are detailed below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Securities

​

Securities

​

​

Held to Maturity

​

Available for Sale

​

​

Amortized

​

Fair

​

Amortized

​

Fair

(Dollars in thousands)

Cost

Value

Cost

Value

Due in one year or less

$

64,365

​

$

63,576

$

157,891

$

155,556

​

Due after one year through five years

​

36,550

​

32,413

​

262,765

​

246,685

​

Due after five years through ten years

​

468,529

​

399,174

​

1,295,555

​

1,111,329

​

Due after ten years

​

1,877,145

​

1,521,404

​

3,712,383

​

3,084,830

​

​

​

$

2,446,589

​

$

2,016,567

​

$

5,428,594

​

$

4,598,400

​

​

During the three months ended March 31, 2024, there were no sales of securities available for sale and therefore, there were no gains or losses on sale securities available for sale. During the three months ended March 31, 2023, there were gross gains of $1.3 million and gross losses of $1.3 million realized from the sale of available for sale securities.

​

There were no sales of held to maturity securities during the three months ended March 31, 2024 or March 31, 2023.

​

​

Information pertaining to our securities with gross unrealized losses at March 31, 2024 and December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less Than

​

Twelve Months

​

​

Twelve Months

​

or More

​

​

Gross Unrealized

​

Fair

​

Gross Unrealized

​

Fair

(Dollars in thousands)

Losses

Value

Losses

Value

March 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

Securities Held to Maturity

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Government agencies

​

$

—

​

$

—

​

$

25,821

​

$

171,448

​

Residential mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

—

​

​

—

​

​

246,764

​

​

1,159,676

​

Residential collateralized mortgage-obligations issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

—

​

—

​

72,593

​

365,125

​

Commercial mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

—

​

​

—

​

​

73,294

​

​

279,105

​

Small Business Administration loan-backed securities

​

​

—

​

​

—

​

​

11,550

​

​

41,213

​

​

​

$

—

​

$

—

​

$

430,022

​

$

2,016,567

​

Securities Available for Sale

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Treasuries

​

$

—

​

$

—

​

$

333

​

$

24,597

​

U.S. Government agencies

​

​

—

​

​

—

​

​

22,313

​

​

223,805

​

Residential mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

135

​

​

8,878

​

​

288,441

​

​

1,473,944

​

Residential collateralized mortgage-obligations issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

—

​

—

​

102,936

​

506,900

​

Commercial mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

63

​

​

14,929

​

​

202,036

​

​

932,902

​

State and municipal obligations

​

1,981

​

​

19,989

​

​

165,496

​

​

936,573

​

Small Business Administration loan-backed securities

​

62

​

​

16,734

​

​

43,717

​

​

317,469

​

Corporate securities

​

​

10

​

​

489

​

​

3,657

​

​

26,366

​

​

​

$

2,251

​

$

61,019

​

$

828,929

​

$

4,442,556

​

December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

Securities Held to Maturity

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Government agencies

​

$

—

​

$

—

​

$

24,607

​

$

172,660

​

Residential mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

—

​

​

—

​

​

227,312

​

​

1,210,790

​

Residential collateralized mortgage-obligations issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

—

​

—

​

68,139

​

376,745

​

Commercial mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

—

​

​

—

​

​

71,327

​

​

282,728

​

Small Business Administration loan-backed securities

​

​

—

​

​

—

​

​

11,319

​

​

41,814

​

​

​

$

—

​

$

—

​

$

402,704

​

$

2,084,737

​

Securities Available for Sale

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Treasuries

​

$

—

​

$

—

​

$

830

​

$

73,890

​

U.S. Government agencies

​

​

—

​

​

—

​

​

21,383

​

​

224,706

​

Residential mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

122

​

​

9,358

​

​

263,970

​

​

1,539,208

​

Residential collateralized mortgage-obligations issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

—

​

—

​

99,313

​

527,422

​

Commercial mortgage-backed securities issued by U.S. government

​

​

​

​

​

​

​

​

​

​

​

​

​

agencies or sponsored enterprises

​

​

91

​

​

7,959

​

​

194,380

​

​

955,059

​

State and municipal obligations

​

​

177

​

​

6,340

​

​

152,114

​

​

967,305

​

Small Business Administration loan-backed securities

​

​

128

​

​

42,447

​

​

42,222

​

​

304,770

​

Corporate securities

​

18

​

​

480

​

​

3,768

​

​

26,267

​

​

​

$

536

​

$

66,584

​

$

777,980

​

$

4,618,627

​

​

The Company’s valuation methodology for securities impairment is disclosed in Note 1—Summary of Significant Accounting Policies, under “Investment Securities” section, of our Annual Report on Form 10-K for the year ended December 31, 2023. All debt securities in an unrealized loss position as of March 31, 2024 continue to perform as scheduled and management does not believe there is a credit loss or a provision for credit losses is necessary. Management does not currently intend to sell the securities within the portfolio and it is not more-likely-than-not that the Company will be required to sell the debt securities. Management continues to monitor all of the securities with a high degree of scrutiny. See Note 2 — Summary of Significant Accounting Policies for further discussion.

​

​

At March 31, 2024, investment securities with a market value of $2.2 billion and a carrying value of $2.4 billion were pledged to secure public funds deposits and for other purposes required and permitted by law (excluding securities pledged to secure repurchase agreement disclosed in Note 19 — Short-Term Borrowings, under the “Securities Sold Under Agreements to Repurchase (“Repurchase agreements”)” section). Of the $2.4 billion carrying value of investment securities pledged, $2.2 billion were pledged to secure public funds deposits, $145.4 million were pledged to secure FHLB advances and $111.2 million were pledged to secure interest rate swap positions with correspondent banks. At December 31, 2023, investment securities with a market value of $3.0 billion and a carrying value of $3.2 billion were pledged to secure public funds deposits and for other purposes required and permitted by law. Of the $3.2 billion carrying value of investment securities pledged, $2.4 billion were pledged to secure public funds deposits, $729.4 million were pledged to secure FHLB advances and $115.0 million were pledged to secure interest rate swap positions with correspondent banks.

Trading Securities

At March 31, 2024 and December 31, 2023, trading securities, at estimated fair value, were as follows:

​

​	​	​	​	​	​	​	​
​		March 31,		​	December 31,		​
(Dollars in thousands)		2024			2023		​
U.S. Government agencies	​	$	10,352	​	$	1,537	​
Residential mortgage pass-through securities issued or guaranteed by U.S.	​	​	​	​	​	​	​
government agencies or sponsored enterprises	​	​	11,383	​	​	14,461	​
Other residential mortgage issued or guaranteed by U.S. government	​		​	​		​	​
agencies or sponsored enterprises	​		1,148	​		—	​
Commercial mortgage-backed securities issued by U.S. government	​	​	​	​	​	​	​
agencies or sponsored enterprises	​	​	8,467	​	​	—	​
State and municipal obligations	​	​	31,263	​	​	14,620	​
Other debt securities	​	​	3,575	​	​	703	​
​	​	$	66,188	​	$	31,321	​

​

Net gains (losses) on trading securities for the three months ended March 31, 2024 and 2023 were as follows:

​

​	​	​	​	​	​	​	​
​		Three Months Ended					​
​	​	March 31,					​
(Dollars in thousands)		2024			2023		​
Net gains (losses) on sales transaction	​	$	54	​	$	(139)	​
Net mark to mark gains (losses)	​	​	12	​	​	(6)	​
Net gains (losses) on trading securities	​	$	66	​	$	(145)	​

​

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//320/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph (b)
-Publisher SEC

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//946-320/tableOfContent

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 940
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//940-320/tableOfContent

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//942-320/tableOfContent

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