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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 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
June 30, 2023 |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 364,824 |  |  | $ | — |  |  | $ | (9,245) |  |  | $ | (43,167) |  |  | $ | 312,412 |
U.S. government-sponsored entities and agencies | 1,448,873 |  |  | — |  |  | (201,623) |  |  | (72,894) |  |  | 1,174,356 |
Mortgage-backed securities - Agency | 4,760,921 |  |  | 123 |  |  | (663,273) |  |  | — |  |  | 4,097,771 |
States and political subdivisions | 623,196 |  |  | 844 |  |  | (25,258) |  |  | — |  |  | 598,782 |
Pooled trust preferred securities | 13,791 |  |  | — |  |  | (2,797) |  |  | — |  |  | 10,994 |
Other securities | 339,653 |  |  | 117 |  |  | (33,570) |  |  | — |  |  | 306,200 |
Total available-for-sale securities | $ | 7,551,258 |  |  | $ | 1,084 |  |  | $ | (935,766) |  |  | $ | (116,061) |  |  | $ | 6,500,515 |
Held-to-Maturity |  |  |  |  |  |  |  |  |
U.S. government-sponsored entities and agencies | $ | 822,517 |  |  | $ | — |  |  | $ | (167,071) |  |  | $ | — |  |  | $ | 655,446 |
Mortgage-backed securities - Agency | 1,070,687 |  |  | — |  |  | (142,191) |  |  | — |  |  | 928,496 |
States and political subdivisions | 1,161,943 |  |  | 437 |  |  | (143,114) |  |  | — |  |  | 1,019,266 |
Allowance for securities held-to-maturity | (150) |  |  | — |  |  | — |  |  | — |  |  | (150) |
Total held-to-maturity securities | $ | 3,054,997 |  |  | $ | 437 |  |  | $ | (452,376) |  |  | $ | — |  |  | $ | 2,603,058 |
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 June 30, |  | Six Months Ended June 30,
(dollars in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Proceeds | $ | 24,933 |  |  | $ | 23,234 |  |  | $ | 82,888 |  |  | $ | 73,347 |
Realized gains | 39 |  |  | 48 |  |  | 948 |  |  | 511 |
Realized losses | (22) |  |  | (133) |  |  | (6,147) |  |  | (254) |
Expected Maturities of Investment Securities Portfolio | Weighted average yield is based on amortized cost.
| June 30, 2023
(dollars in thousands) | Amortized Cost |  | Fair Value |  | Weighted Average Yield
Maturity |  |
Available-for-Sale |  |  |  |  |
Within one year | $ | 242,424 |  |  | $ | 238,951 |  |  | 3.93 | %
One to five years | 1,621,101 |  |  | 1,478,764 |  |  | 2.77 |
Five to ten years | 3,926,306 |  |  | 3,374,584 |  |  | 2.35 |
Beyond ten years | 1,761,427 |  |  | 1,408,216 |  |  | 2.43 |
Total | $ | 7,551,258 |  |  | $ | 6,500,515 |  |  | 2.51 | %
Held-to-Maturity |  |  |  |  |
One to five years | 162,082 |  |  | 135,763 |  |  | 2.71 | %
Five to ten years | 888,640 |  |  | 780,437 |  |  | 2.61 |
Beyond ten years | 2,004,275 |  |  | 1,686,858 |  |  | 2.73 |
Total | $ | 3,054,997 |  |  | $ | 2,603,058 |  |  | 2.69 | %
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
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 124,751 |  |  | $ | (258) |  |  | $ | 187,661 |  |  | $ | (8,987) |  |  | $ | 312,412 |  |  | $ | (9,245) |
U.S. government-sponsored entities and agencies | 14,732 |  |  | (264) |  |  | 1,159,624 |  |  | (201,359) |  |  | 1,174,356 |  |  | (201,623) |
Mortgage-backed securities - Agency | 402,696 |  |  | (19,217) |  |  | 3,677,906 |  |  | (644,056) |  |  | 4,080,602 |  |  | (663,273) |
States and political subdivisions | 168,144 |  |  | (1,406) |  |  | 264,829 |  |  | (23,852) |  |  | 432,973 |  |  | (25,258) |
Pooled trust preferred securities | — |  |  | — |  |  | 10,994 |  |  | (2,797) |  |  | 10,994 |  |  | (2,797) |
Other securities | 25,133 |  |  | (498) |  |  | 265,688 |  |  | (33,072) |  |  | 290,821 |  |  | (33,570) |
Total available-for-sale | $ | 735,456 |  |  | $ | (21,643) |  |  | $ | 5,566,702 |  |  | $ | (914,123) |  |  | $ | 6,302,158 |  |  | $ | (935,766) |
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
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored entities and agencies | $ | 81,251 |  |  | $ | (8,138) |  |  | $ | 574,195 |  |  | $ | (158,933) |  |  | $ | 655,446 |  |  | $ | (167,071) |
Mortgage-backed securities - Agency | 244,643 |  |  | (24,690) |  |  | 683,853 |  |  | (117,501) |  |  | 928,496 |  |  | (142,191) |
States and political subdivisions | 38,302 |  |  | (394) |  |  | 948,627 |  |  | (142,720) |  |  | 986,929 |  |  | (143,114) |
Total held-to-maturity | $ | 364,196 |  |  | $ | (33,222) |  |  | $ | 2,206,675 |  |  | $ | (419,154) |  |  | $ | 2,570,871 |  |  | $ | (452,376) |
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 held-to-maturity | $ | 1,560,831 |  |  | $ | (280,316) |  |  | $ | 1,052,753 |  |  | $ | (165,370) |  |  | $ | 2,613,584 |  |  | $ | (445,686) |

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