XML 29 R13.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Investment Securities | 12 Months Ended
--- | ---
Dec. 31, 2022
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 December 31, 2023 and 2022:
| December 31, 2023
(in thousands) | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Available for sale: |  |  |  |  |  |  |
U.S. Treasury and agencies | $ | 1,551,074 |  |  | $ | 6,192 |  |  | $ | (78,874) |  |  | $ | 1,478,392 |
Obligations of states and political subdivisions | 1,073,264 |  |  | 20,451 |  |  | (21,610) |  |  | 1,072,105 |
Mortgage-backed securities and collateralized mortgage obligations | 6,638,439 |  |  | 28,558 |  |  | (387,624) |  |  | 6,279,373 |
Total available for sale securities | $ | 9,262,777 |  |  | $ | 55,201 |  |  | $ | (488,108) |  |  | $ | 8,829,870 |
Held to maturity: |  |  |  |  |  |  |
Mortgage-backed securities and collateralized mortgage obligations | $ | 2,300 |  |  | $ | 725 |  |  | $ | — |  |  | $ | 3,025 |
Total held to maturity securities | $ | 2,300 |  |  | $ | 725 |  |  | $ | — |  |  | $ | 3,025 |
| 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 $34.1 million and $10.6 million as of December 31, 2023 and 2022, respectively, and is included in other assets on the Consolidated Balance Sheets. Debt securities that were in an unrealized loss position as of December 31, 2023 and 2022 are presented in the following tables, based on the length of time individual securities have been in an unrealized loss position.
| December 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 | $ | 99,898 |  |  | $ | (1,074) |  |  | $ | 822,245 |  |  | $ | (77,800) |  |  | $ | 922,143 |  |  | $ | (78,874) |
Obligations of states and political subdivisions | 103,256 |  |  | (580) |  |  | 169,231 |  |  | (21,030) |  |  | 272,487 |  |  | (21,610) |
Mortgage-backed securities and collateralized mortgage obligations | 1,089,640 |  |  | (10,355) |  |  | 1,817,768 |  |  | (377,269) |  |  | 2,907,408 |  |  | (387,624) |
Total temporarily impaired securities | $ | 1,292,794 |  |  | $ | (12,009) |  |  | $ | 2,809,244 |  |  | $ | (476,099) |  |  | $ | 4,102,038 |  |  | $ | (488,108) |
| 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 600 as of December 31, 2023, as compared to 473 as of 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. As 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 ACL as of December 31, 2023. The following table presents the contractual maturities of debt securities as of December 31, 2023:
| Available For Sale |  | Held To Maturity
(in thousands) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due within one year | $ | 71,438 |  |  | $ | 70,451 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 2,127,299 |  |  | 2,106,753 |  |  | 2 |  |  | 2 |
Due after five years through ten years | 2,388,442 |  |  | 2,323,581 |  |  | 3 |  |  | 67 |
Due after ten years | 4,675,598 |  |  | 4,329,085 |  |  | 2,295 |  |  | 2,956 |
Total debt securities | $ | 9,262,777 |  |  | $ | 8,829,870 |  |  | $ | 2,300 |  |  | $ | 3,025 |
The following table presents, as of December 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 | $ | 1,796,582 |  |  | $ | 1,657,160 |
To secure repurchase agreements | 386,989 |  |  | 358,162 |
Other securities pledged | 1,863,025 |  |  | 1,766,958 |
Total pledged securities | $ | 4,046,596 |  |  | $ | 3,782,280 |

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) -Publisher SEC Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//946-320/tableOfContent Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//940-320/tableOfContent Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration