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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Amortized Cost, Unrealized Gains And Losses, And Fair Value Of 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

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

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)

Schedule Of Maturities Of Investment Securities

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

Investment Securities Pledged To Secure Borrowings And Public Deposits

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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- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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-Topic 326
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Tabular disclosure of financial instruments held by the entity for its own account for trading or investment purposes that are carried at fair value and pledged to counterparties as collateral for financing transactions. Description may include equity, fixed income, debt or other securities.

+ References

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