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Investment Securities (Tables)

6 Months Ended

Jun. 30, 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:

			June 30, 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			$	334,736					$	—					$	334,736					$	1,626					$	(16,869)					$	319,493
U.S. government-sponsored mortgage-backed securities			1,621,192						—						1,621,192						547						(201,264)						1,420,475
Private mortgage-backed securities			188,551						—						188,551						—						(15,418)						173,133
Non-government-sponsored asset backed securities			358,968						—						358,968						700						(5,869)						353,799
State and political subdivisions			972,688						—						972,688						583						(83,006)						890,265
Other securities			215,733						(2,525)						213,208						466						(26,300)						187,374
Total			$	3,691,868					$	(2,525)					$	3,689,343					$	3,922					$	(348,726)					$	3,344,539

			June 30, 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			$	43,421					$	—					$	43,421					$	—					$	(3,146)					$	40,275
U.S. government-sponsored mortgage-backed securities			127,464						—						127,464						47						(6,084)						121,427
State and political subdivisions			1,109,973						(2,005)						1,107,968						80						(110,590)						997,458
Total			$	1,280,858					$	(2,005)					$	1,278,853					$	127					$	(119,820)					$	1,159,160

			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 June 30, 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			$	21,983					$	21,854					$	—					$	—
Due after one year through five years			242,321						226,640						32,900						30,933
Due after five years through ten years			406,876						364,876						319,351						289,436
Due after ten years			851,977						783,762						801,143						717,364
U.S. government-sponsored mortgage-backed securities			1,621,192						1,420,475						127,464						121,427
Private mortgage-backed securities			188,551						173,133						—						—
Non-government-sponsored asset backed securities			358,968						353,799						—						—
Total			$	3,691,868					$	3,344,539					$	1,280,858					$	1,159,160

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 June 30, 2024 and December 31, 2023.

			June 30, 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			$	15,810					$	(253)					$	173,941					$	(16,616)					$	189,751					$	(16,869)
U.S. government-sponsored mortgage-backed securities			4,890						(159)						1,363,467						(201,105)						1,368,357						(201,264)
Private mortgage-backed securities			—						—						173,133						(15,418)						173,133						(15,418)
Non-government-sponsored asset backed securities			—						—						145,821						(5,869)						145,821						(5,869)
State and political subdivisions			43,265						(1,163)						776,764						(81,843)						820,029						(83,006)
Other securities			6,733						(1,309)						167,350						(24,991)						174,083						(26,300)
Total			$	70,698					$	(2,884)					$	2,800,476					$	(345,842)					$	2,871,174					$	(348,726)
Held-to-maturity:
U.S. government-sponsored enterprises			$	—					$	—					$	40,275					$	(3,146)					$	40,275					$	(3,146)
U.S. government-sponsored mortgage-backed securities			6,202						(188)						10,954						(5,896)						17,156						(6,084)
State and political subdivisions			30,525						(799)						963,658						(109,791)						994,183						(110,590)
Total			$	36,727					$	(987)					$	1,014,887					$	(118,833)					$	1,051,614					$	(119,820)

			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
			June 30, 2024						December 31, 2023
Allowance for credit losses:			(In thousands)
Beginning balance			$	2,525					$	842
Provision for credit loss			—						1,683
Balance, June 30			$	2,525					$	2,525
Provision for credit loss									—
Balance, December 31, 2023									$	2,525

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

Held-to-Maturity Investment Securities
			June 30, 2024						December 31, 2023
Allowance for credit losses:			(In thousands)
Beginning balance			$	2,005					$	2,005
Provision for credit loss			—						—
Balance, June 30			$	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 June 30, 2024:

			State and political subdivisions						U.S. government-sponsored enterprises						U.S. government-sponsored mortgage-backed securities						Total
			(In thousands)
Aaa/AAA			$	234,801					$	43,421					$	—					$	278,222
Aa/AA			850,072						—						—						850,072
A			23,191						—						—						23,191
Not rated			1,909						—						—						1,909
Agency Backed			—						—						127,464						127,464
Total			$	1,109,973					$	43,421					$	127,464					$	1,280,858

Schedule of Income Earned on Available-for Sale Securities

Income earned on securities for the three months ended June 30, 2024 and 2023, is as follows:

			Three Months Ended June 30,												For the Six Months Ended June 30,
			2024						2023						2024						2023
			(In thousands)
Taxable
Available-for-sale			$	25,127					$	27,254					$	50,889					$	55,052
Held-to-maturity			7,460						7,497						14,927						14,987
Non-taxable
Available-for-sale			4,664						4,798						9,359						9,623
Held-to-maturity			3,105						3,134						6,213						6,272
Total			$	40,356					$	42,683					$	81,388					$	85,934

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-Topic 326
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-Topic 326
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