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Securities (Tables)
3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Available-for-sale
The amortized cost and fair value of securities available-for-sale and held-to-maturity at March 31, 2023 and December 31, 2022 are summarized as follows (in thousands):
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
March 31, 2023:    
Securities available-for-sale:    
U.S. Treasury securities$212,637 $$4,434 $208,204 
U.S. Government agency securities457,346 — 31,141 426,205 
Mortgage-backed securities1,127,326 396 125,514 1,002,208 
State and municipal securities1,598,308 14,857 59,341 1,553,824 
Asset-backed securities186,617 21 14,328 172,310 
Corporate notes and other507,742 54 45,344 462,452 
 $4,089,976 $15,329 $280,102 $3,825,203 
Securities held-to-maturity:    
U.S. Treasury securities$90,636 $— $5,308 $85,328 
U.S. Government agency securities364,388 — 22,651 341,737 
Mortgage-backed securities393,567 1,047 33,504 361,110 
State and municipal securities1,919,770 4,809 186,649 1,737,930 
Asset-backed securities199,194 47 15,718 183,523 
Corporate notes and other87,980 — 8,895 79,085 
 $3,055,535 $5,903 $272,725 $2,788,713 
Allowance for credit losses - securities held-to-maturity(1,907)
Securities held-to-maturity, net of allowance for credit losses$3,053,628 
December 31, 2022:    
Securities available-for-sale:    
U.S. Treasury securities$196,151 $— $1,967 $194,184 
U.S. Government agency securities432,475 — 36,318 396,157 
Mortgage-backed securities1,114,948 211 143,583 971,576 
State and municipal securities1,478,310 12,553 78,557 1,412,306 
Asset-backed securities134,386 — 16,983 117,403 
Corporate notes and other515,221 41 48,018 467,244 
 $3,871,491 $12,805 325,426 $3,558,870 
Securities held-to-maturity:    
U.S Treasury securities$92,738 $— $6,472 $86,266 
U.S. Government agency securities374,255 — 27,860 346,395 
Mortgage-backed securities413,119 52 41,593 371,578 
State and municipal securities1,927,778 2,216 233,564 1,696,430 
Asset-backed securities184,241 — 18,573 165,668 
Corporate notes88,527 — 9,918 78,609 
$3,080,658 $2,268 $337,980 $2,744,946 
Allowance for credit losses - securities held-to-maturity(1,608)
Securities held-to-maturity, net of allowance for credit losses$3,079,050 
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
The amortized cost and fair value of debt securities as of March 31, 2023 by contractual maturity is shown below. Actual maturities may differ from contractual maturities of mortgage- and asset-backed securities since the mortgages and assets underlying the securities may be called or prepaid with or without penalty. Therefore, these securities are not included in the maturity categories in the following summary (in thousands):
 Available-for-saleHeld-to-maturity
March 31, 2023:Amortized
Cost
Fair
Value
Amortized
 Cost
Fair
Value
Due in one year or less$39,764 $39,027 $— $— 
Due in one year to five years192,878 198,742 417,781 391,711 
Due in five years to ten years725,958 665,002 133,425 122,346 
Due after ten years1,817,433 1,747,914 1,911,568 1,730,023 
Mortgage-backed securities1,127,326 1,002,208 393,567 361,110 
Asset-backed securities186,617 172,310 199,194 183,523 
 $4,089,976 $3,825,203 $3,055,535 $2,788,713 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
At March 31, 2023 and December 31, 2022, the following available-for-sale securities had unrealized losses. The table below classifies these investments according to the term of the unrealized losses of less than twelve months or twelve months or longer (in thousands):
 Investments with an Unrealized Loss of
less than 12 months
Investments with an Unrealized Loss of
12 months or longer
Total Investments with an
Unrealized Loss
 Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized
Losses
At March 31, 2023      
U.S. Treasury securities$20,090 $430 $180,809 $4,004 $200,899 $4,434 
U.S. Government agency securities25,888 62 400,168 31,079 426,056 31,141 
Mortgage-backed securities60,063 1,105 906,333 124,409 966,396 125,514 
State and municipal securities170,787 74 635,725 59,267 806,512 59,341 
Asset-backed securities25,584 312 126,314 14,016 151,898 14,328 
Corporate notes89,839 4,813 354,613 40,531 444,452 45,344 
Total temporarily-impaired securities$392,251 $6,796 $2,603,962 $273,306 $2,996,213 $280,102 
At December 31, 2022      
U.S. Treasury securities$192,188 $1,963 $1,997 $$194,185 $1,967 
U.S. Government agency securities46,062 2,224 350,094 34,094 396,156 36,318 
Mortgage-backed securities390,014 34,106 570,601 109,477 960,615 143,583 
State and municipal securities568,691 18,863 304,451 59,694 873,142 78,557 
Asset-backed securities513 116,442 16,978 116,955 16,983 
Corporate notes259,453 20,260 207,326 27,758 466,779 48,018 
Total temporarily-impaired securities$1,456,921 $77,421 $1,550,911 $248,005 $3,007,832 $325,426