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v3.23.1

Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Amortized Cost and Fair Value of Available-for-Sale Investment Securities Portfolio | The following table summarizes the amortized cost and fair value of the available-for-sale and held-to-maturity investment securities portfolios and the corresponding amounts of gross unrealized gains, unrealized losses, and basis adjustments in AOCI and gross unrecognized gains and losses.
(dollars in thousands) | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Basis Adjustments (1) |  | Fair Value
March 31, 2023 |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 268,894 |  |  | $ | 34 |  |  | $ | (10,755) |  |  | $ | (36,301) |  |  | $ | 221,872 |
U.S. government-sponsored entities and agencies | 1,450,300 |  |  | — |  |  | (201,717) |  |  | (54,892) |  |  | 1,193,691 |
Mortgage-backed securities - Agency | 4,861,624 |  |  | 641 |  |  | (553,490) |  |  | — |  |  | 4,308,775 |
States and political subdivisions | 641,317 |  |  | 2,138 |  |  | (21,968) |  |  | — |  |  | 621,487 |
Pooled trust preferred securities | 13,787 |  |  | — |  |  | (2,938) |  |  | — |  |  | 10,849 |
Other securities | 356,843 |  |  | 277 |  |  | (26,728) |  |  | — |  |  | 330,392 |
Total available-for-sale securities | $ | 7,592,765 |  |  | $ | 3,090 |  |  | $ | (817,596) |  |  | $ | (91,193) |  |  | $ | 6,687,066 |
Held-to-Maturity |  |  |  |  |  |  |  |  |
U.S. government-sponsored entities and agencies | $ | 820,849 |  |  | $ | — |  |  | $ | (157,226) |  |  | $ | — |  |  | $ | 663,623 |
Mortgage-backed securities - Agency | 1,086,905 |  |  | — |  |  | (113,419) |  |  | — |  |  | 973,486 |
States and political subdivisions | 1,163,586 |  |  | 744 |  |  | (137,915) |  |  | — |  |  | 1,026,415 |
Allowance for securities held-to-maturity | (150) |  |  | — |  |  | — |  |  | — |  |  | (150) |
Total held-to-maturity securities | $ | 3,071,190 |  |  | $ | 744 |  |  | $ | (408,560) |  |  | $ | — |  |  | $ | 2,663,374 |
December 31, 2022 |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 253,148 |  |  | $ | 5 |  |  | $ | (5,189) |  |  | $ | (47,037) |  |  | $ | 200,927 |
U.S. government-sponsored entities and agencies | 1,451,736 |  |  | — |  |  | (169,248) |  |  | (107,408) |  |  | 1,175,080 |
Mortgage-backed securities - Agency | 4,986,354 |  |  | 976 |  |  | (617,428) |  |  | — |  |  | 4,369,902 |
States and political subdivisions | 688,159 |  |  | 1,789 |  |  | (26,096) |  |  | — |  |  | 663,852 |
Pooled trust preferred securities | 13,783 |  |  | — |  |  | (2,972) |  |  | — |  |  | 10,811 |
Other securities | 379,423 |  |  | 258 |  |  | (26,541) |  |  | — |  |  | 353,140 |
Total available-for-sale securities | $ | 7,772,603 |  |  | $ | 3,028 |  |  | $ | (847,474) |  |  | $ | (154,445) |  |  | $ | 6,773,712 |
Held-to-Maturity |  |  |  |  |  |  |  |  |
U.S. government-sponsored entities and agencies | $ | 819,168 |  |  | $ | — |  |  | $ | (162,810) |  |  | $ | — |  |  | $ | 656,358 |
Mortgage-backed securities - Agency | 1,106,817 |  |  | — |  |  | (123,854) |  |  | — |  |  | 982,963 |
States and political subdivisions | 1,163,312 |  |  | 221 |  |  | (159,022) |  |  | — |  |  | 1,004,511 |
Allowance for securities held-to-maturity | (150) |  |  | — |  |  | — |  |  | — |  |  | (150) |
Total held-to-maturity securities | $ | 3,089,147 |  |  | $ | 221 |  |  | $ | (445,686) |  |  | $ | — |  |  | $ | 2,643,682 |
(1) Basis adjustments represent the cumulative fair value adjustments included in the carrying amounts of fixed-rate investment securities assets in fair value hedging arrangements.
Schedule of Proceeds from Sales or Calls and Realized Gain and Losses of Available-for-Sale Investment Securities and Other Securities | Proceeds from sales or calls of available-for-sale investment securities and the resulting realized gains and realized losses were as follows:
| Three Months Ended March 31, |  |
(dollars in thousands) | 2023 |  | 2022 |  |  |  |
Proceeds | $ | 57,955 |  |  | $ | 50,113 |  |  |  |  |
Realized gains | 909 |  |  | 463 |  |  |  |  |
Realized losses | (6,125) |  |  | (121) |  |  |  |  |
Expected Maturities of Investment Securities Portfolio | Weighted average yield is based on amortized cost.
| March 31, 2023
(dollars in thousands) | Amortized Cost |  | Fair Value |  | Weighted Average Yield
Maturity |  |
Available-for-Sale |  |  |  |  |
Within one year | $ | 141,160 |  |  | $ | 138,855 |  |  | 3.10 | %
One to five years | 1,751,081 |  |  | 1,635,833 |  |  | 2.79 |
Five to ten years | 4,031,392 |  |  | 3,556,971 |  |  | 2.34 |
Beyond ten years | 1,669,132 |  |  | 1,355,407 |  |  | 2.41 |
Total | $ | 7,592,765 |  |  | $ | 6,687,066 |  |  | 2.47 | %
Held-to-Maturity |  |  |  |  |
One to five years | 162,300 |  |  | 141,113 |  |  | 2.74 | %
Five to ten years | 928,090 |  |  | 838,844 |  |  | 2.67 |
Beyond ten years | 1,980,800 |  |  | 1,683,417 |  |  | 2.73 |
Total | $ | 3,071,190 |  |  | $ | 2,663,374 |  |  | 2.71 | %
Available-for-Sale and Held-to-Maturity Investment Securities with Unrealized Losses by Aggregated Major Security Type and Length of Time in Continuous Unrealized Loss Position | The following table summarizes the available-for-sale investment securities with unrealized losses for which an allowance for credit losses has not been recorded by aggregated major security type and length of time in a continuous unrealized loss position:
| Less than 12 months |  | 12 months or longer |  | Total
(dollars in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 23,229 |  |  | $ | (106) |  |  | $ | 190,653 |  |  | $ | (10,649) |  |  | $ | 213,882 |  |  | $ | (10,755) |
U.S. government-sponsored entities and agencies | 96,117 |  |  | (2,554) |  |  | 1,097,574 |  |  | (199,163) |  |  | 1,193,691 |  |  | (201,717) |
Mortgage-backed securities - Agency | 758,680 |  |  | (26,422) |  |  | 3,513,804 |  |  | (527,068) |  |  | 4,272,484 |  |  | (553,490) |
States and political subdivisions | 112,958 |  |  | (1,576) |  |  | 233,172 |  |  | (20,392) |  |  | 346,130 |  |  | (21,968) |
Pooled trust preferred securities | — |  |  | — |  |  | 10,849 |  |  | (2,938) |  |  | 10,849 |  |  | (2,938) |
Other securities | 42,014 |  |  | (1,404) |  |  | 273,603 |  |  | (25,324) |  |  | 315,617 |  |  | (26,728) |
Total available-for-sale | $ | 1,032,998 |  |  | $ | (32,062) |  |  | $ | 5,319,655 |  |  | $ | (785,534) |  |  | $ | 6,352,653 |  |  | $ | (817,596) |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 130,967 |  |  | $ | (3,264) |  |  | $ | 66,992 |  |  | $ | (1,925) |  |  | $ | 197,959 |  |  | $ | (5,189) |
U.S. government-sponsored entities and agencies | 454,854 |  |  | (75,795) |  |  | 720,226 |  |  | (93,453) |  |  | 1,175,080 |  |  | (169,248) |
Mortgage-backed securities - Agency | 3,207,319 |  |  | (358,507) |  |  | 1,116,205 |  |  | (258,921) |  |  | 4,323,524 |  |  | (617,428) |
States and political subdivisions | 414,813 |  |  | (25,555) |  |  | 2,703 |  |  | (541) |  |  | 417,516 |  |  | (26,096) |
Pooled trust preferred securities | — |  |  | — |  |  | 10,811 |  |  | (2,972) |  |  | 10,811 |  |  | (2,972) |
Other securities | 257,775 |  |  | (17,045) |  |  | 75,309 |  |  | (9,496) |  |  | 333,084 |  |  | (26,541) |
Total available-for-sale | $ | 4,465,728 |  |  | $ | (480,166) |  |  | $ | 1,992,246 |  |  | $ | (367,308) |  |  | $ | 6,457,974 |  |  | $ | (847,474) |
Schedule of Held-to-Maturity Investment Securities with Unrecognized Losses | The following table summarizes the held-to-maturity investment securities with unrecognized losses aggregated by major security type and length of time in a continuous loss position:
| Less than 12 months |  | 12 months or longer |  | Total
(dollars in thousands) | Fair Value |  | Unrecognized Losses |  | Fair Value |  | Unrecognized Losses |  | Fair Value |  | Unrecognized Losses
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored entities and agencies | $ | 82,080 |  |  | $ | (7,003) |  |  | $ | 581,543 |  |  | $ | (150,223) |  |  | $ | 663,623 |  |  | $ | (157,226) |
Mortgage-backed securities - Agency | 254,788 |  |  | (18,775) |  |  | 718,698 |  |  | (94,644) |  |  | 973,486 |  |  | (113,419) |
States and political subdivisions | 40,220 |  |  | (2,238) |  |  | 931,463 |  |  | (135,677) |  |  | 971,683 |  |  | (137,915) |
Total held-to-maturity | $ | 377,088 |  |  | $ | (28,016) |  |  | $ | 2,231,704 |  |  | $ | (380,544) |  |  | $ | 2,608,792 |  |  | $ | (408,560) |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored entities and agencies | 354,293 |  |  | (110,523) |  |  | 302,066 |  |  | (52,287) |  |  | 656,359 |  |  | (162,810) |
Mortgage-backed securities - Agency | 367,849 |  |  | (42,438) |  |  | 615,114 |  |  | (81,416) |  |  | 982,963 |  |  | (123,854) |
States and political subdivisions | 838,689 |  |  | (127,355) |  |  | 135,573 |  |  | (31,667) |  |  | 974,262 |  |  | (159,022) |
Total available-for-sale | $ | 1,560,831 |  |  | $ | (280,316) |  |  | $ | 1,052,753 |  |  | $ | (165,370) |  |  | $ | 2,613,584 |  |  | $ | (445,686) |

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