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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Fair Value of Securities Available-for-Sale

The following table summarizes the amortized cost and fair value of securities that are classified as available-for-sale and held-to-maturity:

			March 31, 2024
			Available-for-Sale
			Amortized Cost						Allowance for Credit Losses						Net Carrying Amount						Gross Unrealized Gains						Gross Unrealized (Losses)						Estimated Fair Value
			(In thousands)
U.S. government-sponsored enterprises			$	342,771					$	—					$	342,771					$	1,441					$	(18,537)					$	325,675
U.S. government-sponsored mortgage-backed securities			1,667,526						—						1,667,526						396						(215,187)						1,452,735
Private mortgage-backed securities			190,155						—						190,155						—						(16,614)						173,541
Non-government-sponsored asset backed securities			367,066						—						367,066						695						(6,421)						361,340
State and political subdivisions			980,415						—						980,415						1,104						(81,647)						899,872
Other securities			215,676						(2,525)						213,151						957						(26,387)						187,721
Total			$	3,763,609					$	(2,525)					$	3,761,084					$	4,593					$	(364,793)					$	3,400,884

			March 31, 2024
			Held-to-Maturity
			Amortized Cost						Allowance for Credit Losses						Net Carrying Amount						Gross Unrealized Gains						Gross Unrealized (Losses)						Estimated Fair Value
			(In thousands)
U.S. government-sponsored enterprises			$	43,353					$	—					$	43,353					$	—					$	(3,342)					$	40,011
U.S. government-sponsored mortgage-backed securities			129,077						—						129,077						—						(6,093)						122,984
State and political subdivisions			1,110,161						(2,005)						1,108,156						216						(112,222)						996,150
Total			$	1,282,591					$	(2,005)					$	1,280,586					$	216					$	(121,657)					$	1,159,145

			December 31, 2023
			Available-for-Sale
			Amortized Cost						Allowance for Credit Losses						Net Carrying Amount						Gross Unrealized Gains						Gross Unrealized (Losses)						Estimated Fair Value
			(In thousands)
U.S. government-sponsored enterprises			$	361,494					$	—					$	361,494					$	2,247					$	(17,093)					$	346,648
U.S. government-sponsored mortgage-backed securities			1,711,668						—						1,711,668						310						(191,557)						1,520,421
Private mortgage-backed securities			191,522						—						191,522						—						(16,117)						175,405
Non-government-sponsored asset backed securities			370,203												370,203						821						(7,551)						363,473
State and political subdivisions			990,318						—						990,318						1,938						(75,931)						916,325
Other securities			215,722						(2,525)						213,197						402						(28,030)						185,569
Total			$	3,840,927					$	(2,525)					$	3,838,402					$	5,718					$	(336,279)					$	3,507,841

			December 31, 2023
			Held-to-Maturity
			Amortized Cost						Allowance for Credit Losses						Net Carrying Amount						Gross Unrealized Gains						Gross Unrealized (Losses)						Estimated Fair Value
			(In thousands)
U.S. government-sponsored enterprises			$	43,285					$	—					$	43,285					$	—					$	(2,607)					$	40,678
U.S. government-sponsored mortgage-backed securities			130,278						—						130,278						106						(4,362)						126,022
State and political subdivisions			1,110,424						(2,005)						1,108,419						456						(105,094)						1,003,781
Total			$	1,283,987					$	(2,005)					$	1,281,982					$	562					$	(112,063)					$	1,170,481

Amortized Cost and Estimated Fair Value of Securities Contractual Maturity

The amortized cost and estimated fair value of securities classified as available-for-sale and held-to-maturity at March 31, 2024, by contractual maturity, are shown below. Expected maturities could differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

			Available-for-Sale												Held-to-Maturity
			Amortized Cost						Estimated Fair Value						Amortized Cost						Estimated Fair Value
			(In thousands)
Due in one year or less			$	15,856					$	15,686					$	—					$	—
Due after one year through five years			235,704						220,573						28,202						26,487
Due after five years through ten years			396,977						355,394						313,321						283,296
Due after ten years			890,325						821,615						811,991						726,378
U.S. government-sponsored mortgage-backed securities			1,667,526						1,452,735						129,077						122,984
Private mortgage-backed securities			190,155						173,541						—						—
Non-government-sponsored asset backed securities			367,066						361,340						—						—
Total			$	3,763,609					$	3,400,884					$	1,282,591					$	1,159,145

Unrealized Losses and Estimated Fair Value of Investment Securities Available for Sale

The following table shows gross unrealized losses and estimated fair value of investment securities classified as available-for-sale and held-to-maturity, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of March 31, 2024 and December 31, 2023.

			March 31, 2024
			Less Than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
			(In thousands)
Available-for-sale:
U.S. government-sponsored enterprises			$	29,035					$	(529)					$	177,346					$	(18,008)					$	206,381					$	(18,537)
U.S. government-sponsored mortgage-backed securities			34,770						(956)						1,365,034						(214,231)						1,399,804						(215,187)
Private mortgage-backed securities			—						—						173,541						(16,614)						173,541						(16,614)
Non-government-sponsored asset backed securities			17,486						(15)						212,754						(6,406)						230,240						(6,421)
State and political subdivisions			32,760						(921)						782,538						(80,726)						815,298						(81,647)
Other securities			2,415						(1,085)						167,048						(25,302)						169,463						(26,387)
Total			$	116,466					$	(3,506)					$	2,878,261					$	(361,287)					$	2,994,727					$	(364,793)
Held-to-maturity:
U.S. government-sponsored enterprises			$	—					$	—					$	40,011					$	(3,342)					$	40,011					$	(3,342)
U.S. government-sponsored mortgage-backed securities			42,125						(960)						80,859						(5,133)						122,984						(6,093)
State and political subdivisions			10,816						(480)						961,813						(111,742)						972,629						(112,222)
Total			$	52,941					$	(1,440)					$	1,082,683					$	(120,217)					$	1,135,624					$	(121,657)

			December 31, 2023
			Less Than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
			(In thousands)
Available-for-sale:
U.S. government-sponsored enterprises			$	2,742					$	(2)					$	180,569					$	(17,091)					$	183,311					$	(17,093)
U.S. government-sponsored mortgage-backed securities			102,831						(2,166)						1,392,318						(189,391)						1,495,149						(191,557)
Private mortgage-backed securities			9,298						(226)						166,107						(15,891)						175,405						(16,117)
Non-government-sponsored asset backed securities			—						—						213,838						(7,551)						213,838						(7,551)
State and political subdivisions			28,596						(400)						769,860						(75,531)						798,456						(75,931)
Other securities			—						—						164,430						(28,030)						164,430						(28,030)
Total			$	143,467					$	(2,794)					$	2,887,122					$	(333,485)					$	3,030,589					$	(336,279)
Held to maturity:
U.S. government-sponsored enterprises			$	—					$	—					$	40,677					$	(2,607)					$	40,677					$	(2,607)
U.S. government-sponsored mortgage-backed securities			48,498						(861)						65,573						(3,501)						114,071						(4,362)
State and political subdivisions			21,493						(297)						956,578						(104,797)						978,071						(105,094)
Total			$	69,991					$	(1,158)					$	1,062,828					$	(110,905)					$	1,132,819					$	(112,063)

Debt Securities, Available-for-Sale, Allowance for Credit Loss

Available-for-Sale Investment Securities
			March 31, 2024						December 31, 2023
Allowance for credit losses:			(In thousands)
Beginning balance			$	2,525					$	842
Provision for credit loss			—						—
Balance, March 31			$	2,525					$	842
Provision for credit loss									1,683
Balance, December 31, 2023									$	2,525

Debt Securities, Held-to-maturity, Allowance for Credit Loss

Held-to-Maturity Investment Securities
			March 31, 2024						December 31, 2023
Allowance for credit losses:			(In thousands)
Beginning balance			$	2,005					$	2,005
Provision for credit loss			—						—
Balance, March 31			$	2,005					$	2,005
Provision for credit loss									—
Balance, December 31, 2023									$	2,005

Held-to-Maturity Securities Credit Quality Indicators

The following table summarizes bond ratings for the Company’s held-to-maturity portfolio, based upon amortized cost, issued by state and political subdivisions and other securities as of March 31, 2024:

			State and political subdivisions						U.S. government-sponsored enterprises						U.S. government-sponsored mortgage-backed securities						Total
			(In thousands)
Aaa/AAA			$	235,082					$	43,353					$	—					$	278,435
Aa/AA			845,485						—						—						845,485
A			27,686						—						—						27,686
Not rated			1,908						—						—						1,908
Agency Backed			—						—						129,077						129,077
Total			$	1,110,161					$	43,353					$	129,077					$	1,282,591

Schedule of Income Earned on Available-for Sale Securities

Income earned on securities for the three months ended March 31, 2024 and 2023, is as follows:

			Three Months Ended March 31,
			2024						2023
			(In thousands)
Taxable
Available-for-sale			$	25,762					$	27,798
Held-to-maturity			7,467						7,490
Non-taxable
Available-for-sale			4,695						4,826
Held-to-maturity			3,108						3,137
Total			$	41,032					$	43,251

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-Topic 326
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-Topic 326
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