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Securities (Tables)
6 Months Ended
Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 are summarized as follows (in thousands):
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
June 30, 2024:    
Securities available-for-sale:    
U.S. Treasury securities$1,399,084 $$6,877 $1,392,208 
U.S. Government agency securities262,915 20 23,880 239,055 
Mortgage-backed securities1,500,690 1,308 111,817 1,390,181 
State and municipal securities1,325,113 24,795 38,108 1,311,800 
Asset-backed securities128,481 304 698 128,087 
Corporate notes and other479,906 146 32,416 447,636 
 $5,096,189 $26,574 $213,796 $4,908,967 
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
June 30, 2024:    
Securities held-to-maturity:    
U.S. Treasury securities$90,089 $— $2,649 $87,440 
U.S. Government agency securities365,028 — 19,093 345,935 
Mortgage-backed securities373,826 113 37,777 336,162 
State and municipal securities1,871,366 2,430 178,688 1,695,108 
Asset-backed securities190,762 11,530 179,239 
Corporate notes and other84,560 — 8,808 75,752 
 $2,975,631 $2,550 $258,545 $2,719,636 
Allowance for credit losses - securities held-to-maturity(1,707)
Securities held-to-maturity, net of allowance for credit losses$2,973,924 
December 31, 2023:    
Securities available-for-sale:    
U.S. Treasury securities$907,990 $$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 notes86,009 — 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 
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
The amortized cost and fair value of debt securities as of June 30, 2024 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
June 30, 2024:Amortized
Cost
Fair
Value
Amortized
 Cost
Fair
Value
Due in one year or less$67,851 $68,485 $121,289 $119,182 
Due in one year to five years233,513 224,280 370,914 347,132 
Due in five years to ten years438,075 411,348 66,668 60,431 
Due after ten years2,727,579 2,686,586 1,852,172 1,677,490 
Mortgage-backed securities1,500,690 1,390,181 373,826 336,162 
Asset-backed securities128,481 128,087 190,762 179,239 
 $5,096,189 $4,908,967 $2,975,631 $2,719,636 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
At June 30, 2024 and December 31, 2023, 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 June 30, 2024      
U.S. Treasury securities$1,163,421 $5,851 $181,953 $1,026 $1,345,374 $6,877 
U.S. Government agency securities1,275 10 236,960 23,870 238,235 23,880 
Mortgage-backed securities661,753 7,350 605,683 104,467 1,267,436 111,817 
State and municipal securities237,393 60 277,936 38,048 515,329 38,108 
Asset-backed securities69,306 342 21,427 356 90,733 698 
Corporate notes133,135 2,286 261,337 30,130 394,472 32,416 
Total temporarily-impaired securities$2,266,283 $15,899 $1,585,296 $197,897 $3,851,579 $213,796 
At 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 notes12,679 403,882 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