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v3.23.1

Investment Securities | 3 Months Ended
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Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities The following tables present the amortized cost, unrealized gains, unrealized losses and approximate fair values of debt securities as of March 31, 2023 and December 31, 2022:
| March 31, 2023
(in thousands) | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Available for sale: |  |  |  |  |  |  |
U.S. Treasury and agencies | $ | 1,584,480 |  |  | $ | 3,940 |  |  | $ | (86,058) |  |  | $ | 1,502,362 |
Obligations of states and political subdivisions | 1,086,982 |  |  | 21,327 |  |  | (22,124) |  |  | 1,086,185 |
Mortgage-backed securities and collateralized mortgage obligations | 6,974,815 |  |  | 68,832 |  |  | (382,594) |  |  | 6,661,053 |
Total available for sale securities | $ | 9,646,277 |  |  | $ | 94,099 |  |  | $ | (490,776) |  |  | $ | 9,249,600 |
Held to maturity: |  |  |  |  |  |  |
Mortgage-backed securities and collateralized mortgage obligations | $ | 2,432 |  |  | $ | 743 |  |  | $ | — |  |  | $ | 3,175 |
Total held to maturity securities | $ | 2,432 |  |  | $ | 743 |  |  | $ | — |  |  | $ | 3,175 |
| December 31, 2022
(in thousands) | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Available for sale: |  |  |  |  |  |  |
U.S. Treasury and agencies | $ | 1,035,532 |  |  | $ | — |  |  | $ | (99,358) |  |  | $ | 936,174 |
Obligations of states and political subdivisions | 297,610 |  |  | 231 |  |  | (28,041) |  |  | 269,800 |
Mortgage-backed securities and collateralized mortgage obligations | 2,405,139 |  |  | 3 |  |  | (414,950) |  |  | 1,990,192 |
Total available for sale securities | $ | 3,738,281 |  |  | $ | 234 |  |  | $ | (542,349) |  |  | $ | 3,196,166 |
Held to maturity: |  |  |  |  |  |  |
Mortgage-backed securities and collateralized mortgage obligations | $ | 2,476 |  |  | $ | 721 |  |  | $ | — |  |  | $ | 3,197 |
Total held to maturity securities | $ | 2,476 |  |  | $ | 721 |  |  | $ | — |  |  | $ | 3,197 |
The Company elected to exclude accrued interest receivable from the amortized cost basis of debt securities disclosed throughout this note. Interest accrued on investment securities totaled $34.8 million and $10.6 million as of March 31, 2023 and December 31, 2022, respectively, and is included in Other Assets. Debt securities that were in an unrealized loss position as of March 31, 2023 and December 31, 2022 are presented in the following tables, based on the length of time individual securities have been in an unrealized loss position.
| March 31, 2023
| Less than 12 Months |  | 12 Months or Longer |  | Total
(in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Available for sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agencies | $ | 78,917 |  |  | $ | 3,513 |  |  | $ | 770,126 |  |  | $ | 82,545 |  |  | $ | 849,043 |  |  | $ | 86,058 |
Obligations of states and political subdivisions | 59,926 |  |  | 425 |  |  | 129,513 |  |  | 21,699 |  |  | 189,439 |  |  | 22,124 |
Mortgage-backed securities and collateralized mortgage obligations | 174,883 |  |  | 3,083 |  |  | 1,912,276 |  |  | 379,511 |  |  | 2,087,159 |  |  | 382,594 |
Total temporarily impaired securities | $ | 313,726 |  |  | $ | 7,021 |  |  | $ | 2,811,915 |  |  | $ | 483,755 |  |  | $ | 3,125,641 |  |  | $ | 490,776 |
| December 31, 2022
| Less than 12 Months |  | 12 Months or Longer |  | Total
(in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Available for sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agencies | $ | 734,473 |  |  | $ | 71,967 |  |  | $ | 201,701 |  |  | $ | 27,391 |  |  | $ | 936,174 |  |  | $ | 99,358 |
Obligations of states and political subdivisions | 160,078 |  |  | 10,037 |  |  | 60,381 |  |  | 18,004 |  |  | 220,459 |  |  | 28,041 |
Mortgage-backed securities and collateralized mortgage obligations | 592,032 |  |  | 61,813 |  |  | 1,398,061 |  |  | 353,137 |  |  | 1,990,093 |  |  | 414,950 |
Total temporarily impaired securities | $ | 1,486,583 |  |  | $ | 143,817 |  |  | $ | 1,660,143 |  |  | $ | 398,532 |  |  | $ | 3,146,726 |  |  | $ | 542,349 |
The number of individual debt securities in an unrealized loss position in the tables above decreased to 439 at March 31, 2023, as compared to 473 at December 31, 2022. These unrealized losses on the debt securities held by the Company were caused by changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities and are not due to the underlying credit of the issuers. Management monitors the published credit ratings of the issuers of the debt securities for material rating or outlook changes. Substantially all of the Company's obligations of states and political subdivisions are general obligation issuances. Substantially all of the available for sale mortgage-backed securities and collateralized mortgage obligations portfolio in an unrealized loss position at March 31, 2023 are issued or guaranteed by government sponsored enterprises. Because the decline in fair value of the debt securities is attributable to changes in interest rates or widening market spreads and not credit quality, these investments do not have an allowance for credit losses at March 31, 2023. The following table presents the contractual maturities of debt securities at March 31, 2023:
| Available For Sale |  | Held To Maturity
(in thousands) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due within one year | $ | 46,775 |  |  | $ | 46,157 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 1,654,173 |  |  | 1,646,542 |  |  | 4 |  |  | 4 |
Due after five years through ten years | 2,924,904 |  |  | 2,870,751 |  |  | 2 |  |  | 2 |
Due after ten years | 5,020,425 |  |  | 4,686,150 |  |  | 2,426 |  |  | 3,169 |
Total securities | $ | 9,646,277 |  |  | $ | 9,249,600 |  |  | $ | 2,432 |  |  | $ | 3,175 |
The following table presents, as of March 31, 2023, investment securities which were pledged to secure borrowings, public deposits, and repurchase agreements as permitted or required by law:
(in thousands) | Amortized Cost |  | Fair Value
To state and local governments to secure public deposits | $ | 1,659,206 |  |  | $ | 1,529,789 |
To secure repurchase agreements | 635,851 |  |  | 577,667 |
Other securities pledged | 2,564,019 |  |  | 2,375,610 |
Total pledged securities | $ | 4,859,076 |  |  | $ | 4,483,066 |

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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