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Investment Securities (Tables)

9 Months Ended

Sep. 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:

			September 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			$	321,233					$	—					$	321,233					$	1,800					$	(11,248)					$	311,785
U.S. government-sponsored mortgage-backed securities			1,574,430						—						1,574,430						1,105						(150,070)						1,425,465
Private mortgage-backed securities			186,916						—						186,916						115						(9,090)						177,941
Non-government-sponsored asset backed securities			264,497						—						264,497						646						(2,945)						262,198
State and political subdivisions			966,644						—						966,644						1,094						(66,804)						900,934
Other securities			215,605						(2,195)						213,410						539						(21,652)						192,297
Total			$	3,529,325					$	(2,195)					$	3,527,130					$	5,299					$	(261,809)					$	3,270,620

			September 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			$	43,490					$	—					$	43,490					$	—					$	(1,712)					$	41,778
U.S. government-sponsored mortgage-backed securities			125,920						—						125,920						754						(2,288)						124,386
State and political subdivisions			1,109,685						(2,005)						1,107,680						197						(79,586)						1,028,291
Total			$	1,279,095					$	(2,005)					$	1,277,090					$	951					$	(83,586)					$	1,194,455

			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 September 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			$	29,837					$	29,449					$	—					$	—
Due after one year through five years			256,357						245,060						43,548						42,380
Due after five years through ten years			377,774						346,905						341,352						321,196
Due after ten years			839,514						783,602						768,275						706,493
U.S. government-sponsored mortgage-backed securities			1,574,430						1,425,465						125,920						124,386
Private mortgage-backed securities			186,916						177,941						—						—
Non-government-sponsored asset backed securities			264,497						262,198						—						—
Total			$	3,529,325					$	3,270,620					$	1,279,095					$	1,194,455

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 September 30, 2024 and December 31, 2023.

			September 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			$	18,911					$	(132)					$	171,503					$	(11,116)					$	190,414					$	(11,248)
U.S. government-sponsored mortgage-backed securities			2,314						(23)						1,322,911						(150,047)						1,325,225						(150,070)
Private mortgage-backed securities			—						—						168,230						(9,090)						168,230						(9,090)
Non-government-sponsored asset backed securities			—						—						106,450						(2,945)						106,450						(2,945)
State and political subdivisions			22,859						(504)						771,340						(66,300)						794,199						(66,804)
Other securities			6,976						(1,079)						171,574						(20,573)						178,550						(21,652)
Total			$	51,060					$	(1,738)					$	2,712,008					$	(260,071)					$	2,763,068					$	(261,809)
Held-to-maturity:
U.S. government-sponsored enterprises			$	—					$	—					$	41,779					$	(1,712)					$	41,779					$	(1,712)
U.S. government-sponsored mortgage-backed securities			—						—						72,591						(2,288)						72,591						(2,288)
State and political subdivisions			22,950						(483)						994,010						(79,103)						1,016,960						(79,586)
Total			$	22,950					$	(483)					$	1,108,380					$	(83,103)					$	1,131,330					$	(83,586)

			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
			September 30, 2024						December 31, 2023
Allowance for credit losses:			(In thousands)
Beginning balance			$	2,525					$	842
(Recovery of) provision for credit loss			(330)						1,683
Balance, September 30			$	2,195					$	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
			September 30, 2024						December 31, 2023
Allowance for credit losses:			(In thousands)
Beginning balance			$	2,005					$	2,005
Provision for credit loss			—						—
Balance, September 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 September 30, 2024:

			State and political subdivisions						U.S. government-sponsored enterprises						U.S. government-sponsored mortgage-backed securities						Total
			(In thousands)
Aaa/AAA			$	238,872					$	43,490					$	—					$	282,362
Aa/AA			845,788						—						—						845,788
A			23,200						—						—						23,200
Not rated			1,825						—						—						1,825
Agency Backed			—						—						125,920						125,920
Total			$	1,109,685					$	43,490					$	125,920					$	1,279,095

Schedule of Income Earned on Available-for Sale Securities

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

			Three Months Ended September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
			(In thousands)
Taxable
Available-for-sale			$	23,550					$	27,028					$	74,439					$	82,080
Held-to-maturity			7,456						7,492						22,383						22,479
Non-taxable
Available-for-sale			4,612						4,746						13,971						14,369
Held-to-maturity			3,092						3,122						9,305						9,394
Total			$	38,710					$	42,388					$	120,098					$	128,322

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-Topic 326
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-Topic 326
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