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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity 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, 2024 |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 265,745 |  |  | $ | 8 |  |  | $ | (10,940) |  |  | $ | (49,505) |  |  | $ | 205,308 |
U.S. government-sponsored entities and agencies | 1,442,132 |  |  | — |  |  | (187,768) |  |  | (82,070) |  |  | 1,172,294 |
Mortgage-backed securities - Agency | 5,571,763 |  |  | 2,244 |  |  | (685,551) |  |  | — |  |  | 4,888,456 |
States and political subdivisions | 550,897 |  |  | 121 |  |  | (28,267) |  |  | 564 |  |  | 523,315 |
Pooled trust preferred securities | 13,802 |  |  | — |  |  | (2,504) |  |  | — |  |  | 11,298 |
Other securities | 324,169 |  |  | 216 |  |  | (19,578) |  |  | — |  |  | 304,807 |
Total available-for-sale securities | $ | 8,168,508 |  |  | $ | 2,589 |  |  | $ | (934,608) |  |  | $ | (131,011) |  |  | $ | 7,105,478 |
Held-to-Maturity |  |  |  |  |  |  |  |  |
U.S. government-sponsored entities and agencies | $ | 829,402 |  |  | $ | — |  |  | $ | (167,071) |  |  | $ | — |  |  | $ | 662,331 |
Mortgage-backed securities - Agency | 1,001,915 |  |  | — |  |  | (163,626) |  |  | — |  |  | 838,289 |
States and political subdivisions | 1,155,282 |  |  | 469 |  |  | (143,719) |  |  | — |  |  | 1,012,032 |
Allowance for securities held-to-maturity | (150) |  |  | — |  |  | — |  |  | — |  |  | (150) |
Total held-to-maturity securities | $ | 2,986,449 |  |  | $ | 469 |  |  | $ | (474,416) |  |  | $ | — |  |  | $ | 2,512,502 |
December 31, 2023 |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 449,817 |  |  | $ | 154 |  |  | $ | (11,941) |  |  | $ | (41,297) |  |  | $ | 396,733 |
U.S. government-sponsored entities and agencies | 1,487,879 |  |  | 33 |  |  | (192,717) |  |  | (63,931) |  |  | 1,231,264 |
Mortgage-backed securities - Agency | 4,835,319 |  |  | 3,093 |  |  | (621,852) |  |  | — |  |  | 4,216,560 |
States and political subdivisions | 554,509 |  |  | 878 |  |  | (23,057) |  |  | 2,930 |  |  | 535,260 |
Pooled trust preferred securities | 13,797 |  |  | — |  |  | (2,460) |  |  | — |  |  | 11,337 |
Other securities | 343,568 |  |  | 449 |  |  | (22,116) |  |  | — |  |  | 321,901 |
Total available-for-sale securities | $ | 7,684,889 |  |  | $ | 4,607 |  |  | $ | (874,143) |  |  | $ | (102,298) |  |  | $ | 6,713,055 |
Held-to-Maturity |  |  |  |  |  |  |  |  |
U.S. government-sponsored entities and agencies | $ | 825,953 |  |  | $ | — |  |  | $ | (154,827) |  |  | $ | — |  |  | $ | 671,126 |
Mortgage-backed securities - Agency | 1,029,131 |  |  | — |  |  | (147,137) |  |  | — |  |  | 881,994 |
States and political subdivisions | 1,158,559 |  |  | 1,800 |  |  | (112,141) |  |  | — |  |  | 1,048,218 |
Allowance for securities held-to-maturity | (150) |  |  | — |  |  | — |  |  | — |  |  | (150) |
Total held-to-maturity securities | $ | 3,013,493 |  |  | $ | 1,800 |  |  | $ | (414,105) |  |  | $ | — |  |  | $ | 2,601,188 |
(1) Basis adjustments represent the amount of fair value hedging adjustments included in the carrying amounts of fixed-rate investment securities assets designated in fair value hedging arrangements. See Note 15 to the consolidated financial statements for additional information regarding these derivative financial instruments.
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) | 2024 |  | 2023 |  | 2024 |  | 2023
Proceeds | $ | 287,075 |  |  | $ | 24,933 |  |  | $ | 348,325 |  |  | $ | 82,888 |
Realized gains | 4 |  |  | 39 |  |  | 8 |  |  | 948 |
Realized losses | (2) |  |  | (22) |  |  | (22) |  |  | (6,147) |
Schedule of Expected Maturities of Investment Securities Portfolio | Weighted average yield is based on amortized cost.
| June 30, 2024
(dollars in thousands) | Amortized Cost |  | Fair Value |  | Weighted Average Yield
Maturity |  |
Available-for-Sale |  |  |  |  |
Within one year | $ | 201,863 |  |  | $ | 199,144 |  |  | 3.31 | %
One to five years | 2,465,325 |  |  | 2,302,561 |  |  | 3.73 |
Five to ten years | 4,194,624 |  |  | 3,585,179 |  |  | 2.63 |
Beyond ten years | 1,306,696 |  |  | 1,018,594 |  |  | 2.65 |
Total | $ | 8,168,508 |  |  | $ | 7,105,478 |  |  | 2.98 | %
Held-to-Maturity |  |  |  |  |
Within one year | $ | 158 |  |  | $ | 148 |  |  | 2.19 | %
One to five years | 164,614 |  |  | 134,416 |  |  | 2.59 |
Five to ten years | 1,179,654 |  |  | 1,015,361 |  |  | 2.63 |
Beyond ten years | 1,642,023 |  |  | 1,362,577 |  |  | 2.72 |
Total | $ | 2,986,449 |  |  | $ | 2,512,502 |  |  | 2.68 | %
Schedule of 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, 2024 |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 7,944 |  |  | $ | (32) |  |  | $ | 187,270 |  |  | $ | (10,908) |  |  | $ | 195,214 |  |  | $ | (10,940) |
U.S. government-sponsored entities and agencies | 4,010 |  |  | (67) |  |  | 1,168,284 |  |  | (187,701) |  |  | 1,172,294 |  |  | (187,768) |
Mortgage-backed securities - Agency | 933,388 |  |  | (6,678) |  |  | 3,625,425 |  |  | (678,873) |  |  | 4,558,813 |  |  | (685,551) |
States and political subdivisions | 150,978 |  |  | (1,977) |  |  | 317,112 |  |  | (26,290) |  |  | 468,090 |  |  | (28,267) |
Pooled trust preferred securities | — |  |  | — |  |  | 11,298 |  |  | (2,504) |  |  | 11,298 |  |  | (2,504) |
Other securities | 26,624 |  |  | (132) |  |  | 216,148 |  |  | (19,446) |  |  | 242,772 |  |  | (19,578) |
Total available-for-sale | $ | 1,122,944 |  |  | $ | (8,886) |  |  | $ | 5,525,537 |  |  | $ | (925,722) |  |  | $ | 6,648,481 |  |  | $ | (934,608) |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 8,937 |  |  | $ | (42) |  |  | $ | 191,027 |  |  | $ | (11,899) |  |  | $ | 199,964 |  |  | $ | (11,941) |
U.S. government-sponsored entities and agencies | — |  |  | — |  |  | 1,189,314 |  |  | (192,717) |  |  | 1,189,314 |  |  | (192,717) |
Mortgage-backed securities - Agency | 90,145 |  |  | (710) |  |  | 3,835,552 |  |  | (621,142) |  |  | 3,925,697 |  |  | (621,852) |
States and political subdivisions | 86,865 |  |  | (495) |  |  | 259,767 |  |  | (22,562) |  |  | 346,632 |  |  | (23,057) |
Pooled trust preferred securities | — |  |  | — |  |  | 11,337 |  |  | (2,460) |  |  | 11,337 |  |  | (2,460) |
Other securities | 39,032 |  |  | (229) |  |  | 255,888 |  |  | (21,887) |  |  | 294,920 |  |  | (22,116) |
Total available-for-sale | $ | 224,979 |  |  | $ | (1,476) |  |  | $ | 5,742,885 |  |  | $ | (872,667) |  |  | $ | 5,967,864 |  |  | $ | (874,143) |
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, 2024 |  |  |  |  |  |  |  |  |  |  |
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored entities and agencies | $ | — |  |  | $ | — |  |  | $ | 662,331 |  |  | $ | (167,071) |  |  | $ | 662,331 |  |  | $ | (167,071) |
Mortgage-backed securities - Agency | — |  |  | — |  |  | 838,289 |  |  | (163,626) |  |  | 838,289 |  |  | (163,626) |
States and political subdivisions | 25,998 |  |  | (231) |  |  | 942,639 |  |  | (143,488) |  |  | 968,637 |  |  | (143,719) |
Total held-to-maturity | $ | 25,998 |  |  | $ | (231) |  |  | $ | 2,443,259 |  |  | $ | (474,185) |  |  | $ | 2,469,257 |  |  | $ | (474,416) |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored entities and agencies | $ | — |  |  | $ | — |  |  | $ | 671,126 |  |  | $ | (154,827) |  |  | $ | 671,126 |  |  | $ | (154,827) |
Mortgage-backed securities - Agency | — |  |  | — |  |  | 881,994 |  |  | (147,137) |  |  | 881,994 |  |  | (147,137) |
States and political subdivisions | — |  |  | — |  |  | 977,154 |  |  | (112,141) |  |  | 977,154 |  |  | (112,141) |
Total held-to-maturity | $ | — |  |  | $ | — |  |  | $ | 2,530,274 |  |  | $ | (414,105) |  |  | $ | 2,530,274 |  |  | $ | (414,105) |

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