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Investment Securities

9 Months Ended

Sep. 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:

			September 30, 2024
(in thousands)			Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
Available for sale:
U.S. Treasury and agencies			$	1,539,618					$	10,419					$	(53,780)					$	1,496,257
Obligations of states and political subdivisions			1,060,879						19,241						(18,530)						1,061,590
Mortgage-backed securities and collateralized mortgage obligations			6,369,692						77,236						(327,968)						6,118,960
Total available for sale securities			$	8,970,189					$	106,896					$	(400,278)					$	8,676,807
Held to maturity:
Mortgage-backed securities and collateralized mortgage obligations			$	2,159					$	636					$	—					$	2,795
Total held to maturity securities			$	2,159					$	636					$	—					$	2,795

			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 $32.6 million and $34.1 million as of September 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:

			September 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			$	—					$	—					$	842,948					$	(53,780)					$	842,948					$	(53,780)
Obligations of states and political subdivisions			49,619						(308)						237,547						(18,222)						287,166						(18,530)
Mortgage-backed securities and collateralized mortgage obligations			21,538						(123)						1,959,066						(327,845)						1,980,604						(327,968)
Total temporarily impaired securities			$	71,157					$	(431)					$	3,039,561					$	(399,847)					$	3,110,718					$	(400,278)

			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 decreased to 540 as of September 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 September 30, 2024.

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

			Available For Sale												Held To Maturity
(in thousands)			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Due within one year			$	235,915					$	236,109					$	—					$	—
Due after one year through five years			2,522,197						2,518,639						3						3
Due after five years through ten years			1,869,811						1,847,495						1						433
Due after ten years			4,342,266						4,074,564						2,155						2,359
Total debt securities			$	8,970,189					$	8,676,807					$	2,159					$	2,795

The following table presents, as of September 30, 2024, investment securities which were pledged to secure borrowings, public deposits, repurchase agreements, and for other purposes as permitted or required by law: 

(in thousands)			Amortized Cost						Fair Value
To state and local governments to secure public deposits			$	1,811,227					$	1,691,457
To secure repurchase agreements			242,425						231,156
Other securities pledged			3,500,624						3,332,102
Total pledged securities			$	5,554,276					$	5,254,715

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

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