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Investment Securities (Tables) | 9 Months Ended
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Sep. 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 portfolio and the corresponding amounts of gross unrealized gains, unrealized losses, and basis adjustments in AOCI.
(dollars in thousands) | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Basis Adjustments (1) |  | Fair Value
September 30, 2024 |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 260,893 |  |  | $ | 157 |  |  | $ | (13,076) |  |  | $ | (37,696) |  |  | $ | 210,278 |
U.S. government-sponsored entities and agencies | 1,506,552 |  |  | 227 |  |  | (160,832) |  |  | (51,669) |  |  | 1,294,278 |
Mortgage-backed securities - Agency | 5,608,308 |  |  | 20,435 |  |  | (527,687) |  |  | — |  |  | 5,101,056 |
States and political subdivisions | 527,887 |  |  | 1,199 |  |  | (21,042) |  |  | 3,521 |  |  | 511,565 |
Pooled trust preferred securities | 13,805 |  |  | — |  |  | (2,648) |  |  | — |  |  | 11,157 |
Other securities | 315,787 |  |  | 786 |  |  | (12,467) |  |  | — |  |  | 304,106 |
Total available-for-sale securities | $ | 8,233,232 |  |  | $ | 22,804 |  |  | $ | (737,752) |  |  | $ | (85,844) |  |  | $ | 7,432,440 |
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 |
(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 Held-to-Maturity Investment Securities with Unrecognized Losses | The following table summarizes the amortized cost and fair value of the held-to-maturity investment securities portfolio and the corresponding amounts of gross unrecognized gains and losses.
(dollars in thousands) | Amortized Cost |  | Unrecognized Gains |  | Unrecognized Losses |  | Fair Value
September 30, 2024 |  |  |  |  |  |  |
Held-to-Maturity |  |  |  |  |  |  |
U.S. government-sponsored entities and agencies | $ | 831,160 |  |  | $ | — |  |  | $ | (130,687) |  |  | $ | 700,473 |
Mortgage-backed securities - Agency | 984,770 |  |  | — |  |  | (130,454) |  |  | 854,316 |
States and political subdivisions | 1,153,563 |  |  | 1,680 |  |  | (105,827) |  |  | 1,049,416 |
Allowance for securities held-to-maturity | (150) |  |  | — |  |  | — |  |  | (150) |
Total held-to-maturity securities | $ | 2,969,343 |  |  | $ | 1,680 |  |  | $ | (366,968) |  |  | $ | 2,604,055 |
December 31, 2023 |  |  |  |  |  |  |
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 |
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
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored entities and agencies | $ | — |  |  | $ | — |  |  | $ | 700,473 |  |  | $ | (130,687) |  |  | $ | 700,473 |  |  | $ | (130,687) |
Mortgage-backed securities - Agency | — |  |  | — |  |  | 854,316 |  |  | (130,454) |  |  | 854,316 |  |  | (130,454) |
States and political subdivisions | 671 |  |  | (1) |  |  | 978,641 |  |  | (105,826) |  |  | 979,312 |  |  | (105,827) |
Total held-to-maturity | $ | 671 |  |  | $ | (1) |  |  | $ | 2,533,430 |  |  | $ | (366,967) |  |  | $ | 2,534,101 |  |  | $ | (366,968) |
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) |
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 September 30, |  | Nine Months Ended September 30,
(dollars in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Proceeds | $ | 22,545 |  |  | $ | 28,531 |  |  | $ | 370,870 |  |  | $ | 111,419 |
Realized gains | 90 |  |  | 54 |  |  | 98 |  |  | 1,002 |
Realized losses | (166) |  |  | (295) |  |  | (188) |  |  | (6,442) |
Schedule of Expected Maturities of Investment Securities Portfolio | Weighted average yield is based on amortized cost.
| September 30, 2024
(dollars in thousands) | Amortized Cost |  | Fair Value |  | Weighted Average Yield
Maturity |  |
Available-for-Sale |  |  |  |  |
Within one year | $ | 408,483 |  |  | $ | 409,578 |  |  | 4.31 | %
One to five years | 2,841,655 |  |  | 2,728,724 |  |  | 3.87 |
Five to ten years | 3,716,071 |  |  | 3,257,518 |  |  | 2.39 |
Beyond ten years | 1,267,023 |  |  | 1,036,620 |  |  | 2.66 |
Total | $ | 8,233,232 |  |  | $ | 7,432,440 |  |  | 3.04 | %
Held-to-Maturity |  |  |  |  |
Within one year | $ | 153 |  |  | $ | 146 |  |  | 2.20 | %
One to five years | 164,752 |  |  | 139,140 |  |  | 2.56 |
Five to ten years | 1,248,019 |  |  | 1,115,473 |  |  | 2.65 |
Beyond ten years | 1,556,419 |  |  | 1,349,296 |  |  | 2.72 |
Total | $ | 2,969,343 |  |  | $ | 2,604,055 |  |  | 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
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 1,998 |  |  | $ | (4) |  |  | $ | 193,148 |  |  | $ | (13,072) |  |  | $ | 195,146 |  |  | $ | (13,076) |
U.S. government-sponsored entities and agencies | 55,754 |  |  | (114) |  |  | 1,209,200 |  |  | (160,718) |  |  | 1,264,954 |  |  | (160,832) |
Mortgage-backed securities - Agency | 93,981 |  |  | (786) |  |  | 3,633,891 |  |  | (526,901) |  |  | 3,727,872 |  |  | (527,687) |
States and political subdivisions | 22,970 |  |  | (114) |  |  | 306,635 |  |  | (20,928) |  |  | 329,605 |  |  | (21,042) |
Pooled trust preferred securities | — |  |  | — |  |  | 11,157 |  |  | (2,648) |  |  | 11,157 |  |  | (2,648) |
Other securities | 47,408 |  |  | (157) |  |  | 209,600 |  |  | (12,310) |  |  | 257,008 |  |  | (12,467) |
Total available-for-sale | $ | 222,111 |  |  | $ | (1,175) |  |  | $ | 5,563,631 |  |  | $ | (736,577) |  |  | $ | 5,785,742 |  |  | $ | (737,752) |
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) |

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