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Investment Securities (Tables)
9 Months Ended
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 agencies1,506,552 227 (160,832)(51,669)1,294,278 
Mortgage-backed securities - Agency5,608,308 20,435 (527,687) 5,101,056 
States and political subdivisions527,887 1,199 (21,042)3,521 511,565 
Pooled trust preferred securities13,805  (2,648) 11,157 
Other securities315,787 786 (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 agencies1,487,879 33 (192,717)(63,931)1,231,264 
Mortgage-backed securities - Agency4,835,319 3,093 (621,852)— 4,216,560 
States and political subdivisions554,509 878 (23,057)2,930 535,260 
Pooled trust preferred securities13,797 — (2,460)— 11,337 
Other securities343,568 449 (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 - Agency984,770  (130,454)854,316 
States and political subdivisions1,153,563 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 - Agency1,029,131 — (147,137)881,994 
States and political subdivisions1,158,559 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 months12 months or longerTotal
(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 subdivisions671 (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)2024202320242023
Proceeds$22,545 $28,531 $370,870 $111,419 
Realized gains90 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 years2,841,655 2,728,724 3.87 
Five to ten years3,716,071 3,257,518 2.39 
Beyond ten years1,267,023 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 years164,752 139,140 2.56 
Five to ten years1,248,019 1,115,473 2.65 
Beyond ten years1,556,419 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 months12 months or longerTotal
(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 - Agency93,981 (786)3,633,891 (526,901)3,727,872 (527,687)
States and political subdivisions22,970 (114)306,635 (20,928)329,605 (21,042)
Pooled trust preferred securities  11,157 (2,648)11,157 (2,648)
Other securities47,408 (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 - Agency90,145 (710)3,835,552 (621,142)3,925,697 (621,852)
States and political subdivisions86,865 (495)259,767 (22,562)346,632 (23,057)
Pooled trust preferred securities— — 11,337 (2,460)11,337 (2,460)
Other securities39,032 (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)