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Securities (Tables)
12 Months Ended
Dec. 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 December 31, 2023 and 2022 are summarized as follows (in thousands):
Amortized CostGross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
December 31, 2023
Securities available-for-sale:    
U.S Treasury securities$907,990 $$14,580 $893,412 
U.S. Government agency securities284,607 — 21,877 262,730 
Mortgage-backed securities1,071,963 444 125,017 947,390 
State and municipal securities1,604,874 26,129 45,108 1,585,895 
Asset-backed securities201,577 338 10,280 191,635 
Corporate notes and other477,761 69 41,362 436,468 
 $4,548,772 $26,982 $258,224 $4,317,530 
Securities held-to-maturity:    
U.S Treasury securities$90,309 $— $3,840 $86,469 
U.S. Government agency securities364,769 — 19,187 345,582 
Mortgage-backed securities382,100 637 34,900 347,837 
State and municipal securities1,886,459 6,079 159,027 1,733,511 
Asset-backed securities198,418 — 14,228 184,190 
Corporate notes and other86,009 — 8,414 77,595 
 $3,008,064 $6,716 $239,596 $2,775,184 
Allowance for credit losses - securities held-to-maturity(1,707)
Securities held-to-maturity, net of allowance for credit losses$3,006,357 
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 notes and other88,527 — 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 December 31, 2023 by contractual maturity is shown below. Actual maturities may differ from contractual maturities of mortgage-backed securities since the mortgages 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
 Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in one year or less$16,744 $18,747 $44,911 $43,530 
Due in one year to five years204,619 202,103 406,769 383,312 
Due in five years to ten years549,251 504,648 100,801 94,025 
Due after ten years2,504,618 2,453,007 1,875,065 1,722,290 
Mortgage-backed securities1,071,963 947,390 382,100 347,837 
Asset-backed securities201,577 191,635 198,418 184,190 
 $4,548,772 $4,317,530 $3,008,064 $2,775,184 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
At December 31, 2023 and 2022, included in securities available-for-sale were the following investments with unrealized losses. The information below classifies these investments according to the term of the unrealized loss 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
December 31, 2023      
U.S. Treasury securities$693,621 $11,651 $192,500 $2,929 $886,121 $14,580 
U.S. Government agency securities14,989 11 247,648 21,866 262,637 21,877 
Mortgage-backed securities72,907 1,518 828,251 123,499 901,158 125,017 
State and municipal securities185,108 908 449,212 44,200 634,320 45,108 
Asset-backed securities42,207 254 122,469 10,026 164,676 10,280 
Corporate notes and other12,679 403,882 41,355 416,561 41,362 
Total temporarily-impaired securities$1,021,511 $14,349 $2,243,962 $243,875 $3,265,473 $258,224 
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 notes and other259,453 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