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Investment Securities

6 Months Ended

Jun. 30, 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 the dates presented:

			June 30, 2023
(in thousands)			Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
Available for sale:
U.S. Treasury and agencies			$	1,585,683					$	2,020					$	(98,153)					$	1,489,550
Obligations of states and political subdivisions			1,082,310						7,467						(26,044)						1,063,733
Mortgage-backed securities and collateralized mortgage obligations			6,872,855						3,503						(431,213)						6,445,145
Total available for sale securities			$	9,540,848					$	12,990					$	(555,410)					$	8,998,428
Held to maturity:
Mortgage-backed securities and collateralized mortgage obligations			$	2,388					$	734					$	—					$	3,122
Total held to maturity securities			$	2,388					$	734					$	—					$	3,122

			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 June 30, 2023 and December 31, 2022, respectively, and is included in Other Assets.

The following tables present debt securities that were in an unrealized loss position as of the dates presented, based on the length of time individual securities have been in an unrealized loss position.

			June 30, 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			$	546,511					$	3,036					$	837,124					$	95,117					$	1,383,635					$	98,153
Obligations of states and political subdivisions			249,310						2,465						136,483						23,579						385,793						26,044
Mortgage-backed securities and collateralized mortgage obligations			3,155,741						24,273						1,855,361						406,940						5,011,102						431,213
Total temporarily impaired securities			$	3,951,562					$	29,774					$	2,828,968					$	525,636					$	6,780,530					$	555,410

			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 increased to 934 at June 30, 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 June 30, 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 June 30, 2023.

The following table presents the contractual maturities of debt securities at June 30, 2023:  

			Available For Sale												Held To Maturity
(in thousands)			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Due within one year			$	45,150					$	44,770					$	—					$	—
Due after one year through five years			1,847,803						1,810,546						3						3
Due after five years through ten years			2,746,974						2,646,514						4						14
Due after ten years			4,900,921						4,496,598						2,381						3,105
Total securities			$	9,540,848					$	8,998,428					$	2,388					$	3,122

The following table presents, as of June 30, 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			$	1,673,773					$	1,515,229
To secure repurchase agreements			624,279						557,728
Other securities pledged			2,543,803						2,318,996
Total pledged securities			$	4,841,855					$	4,391,953

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The entire disclosure for investments in certain debt and equity securities.

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