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Investment Securities

6 Months Ended

Jun. 30, 2024

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, 2024
(in thousands)			Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
Available for sale:
U.S. Treasury and agencies			$	1,553,422					$	140					$	(86,340)					$	1,467,222
Obligations of states and political subdivisions			1,064,031						4,178						(33,686)						1,034,523
Mortgage-backed securities and collateralized mortgage obligations			6,480,698						1,168						(480,611)						6,001,255
Total available for sale securities			$	9,098,151					$	5,486					$	(600,637)					$	8,503,000
Held to maturity:
Mortgage-backed securities and collateralized mortgage obligations			$	2,203					$	682					$	—					$	2,885
Total held to maturity securities			$	2,203					$	682					$	—					$	2,885

			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

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 $33.5 million and $34.1 million as of June 30, 2024 and December 31, 2023, respectively, and is included in other assets on the Condensed Consolidated Balance Sheets.

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, 2024
			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			$	503,063					$	(1,498)					$	913,887					$	(84,842)					$	1,416,950					$	(86,340)
Obligations of states and political subdivisions			499,412						(7,526)						221,760						(26,160)						721,172						(33,686)
Mortgage-backed securities and collateralized mortgage obligations			3,273,776						(51,322)						2,524,899						(429,289)						5,798,675						(480,611)
Total temporarily impaired securities			$	4,276,251					$	(60,346)					$	3,660,546					$	(540,291)					$	7,936,797					$	(600,637)

			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)

The number of individual debt securities in an unrealized loss position in the tables above increased to 1,263 as of June 30, 2024, as compared to 600 at December 31, 2023. 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 June 30, 2024.

The following table presents the contractual maturities of debt securities as of June 30, 2024:  

			Available For Sale												Held To Maturity
(in thousands)			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Due within one year			$	190,692					$	189,169					$	—					$	—
Due after one year through five years			2,352,102						2,289,382						3						3
Due after five years through ten years			2,095,493						2,003,191						1						486
Due after ten years			4,459,864						4,021,258						2,199						2,396
Total debt securities			$	9,098,151					$	8,503,000					$	2,203					$	2,885

The following table presents, as of June 30, 2024, 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			$	1,912,250					$	1,727,324
To secure repurchase agreements			320,289						291,554
Other securities pledged			3,534,750						3,249,558
Total pledged securities			$	5,767,289					$	5,268,436

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

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