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v3.23.3

Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of Amortized Cost and Fair Values of Investment Securities | The following table presents the amortized cost and estimated fair values of investment securities for the periods presented:
| September 30, 2023
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available for Sale | (dollars in thousands)
U.S. Government securities | $ | 225,244 |  |  | $ | — |  |  | $ | (2,798) |  |  | $ | 222,446 |
U.S. Government-sponsored agency securities | 1,041 |  |  | — |  |  | (54) |  |  | 987 |
State and municipal securities | 1,203,732 |  |  | — |  |  | (254,586) |  |  | 949,146 |
Corporate debt securities | 479,941 |  |  | 320 |  |  | (51,777) |  |  | 428,484 |
Collateralized mortgage obligations | 127,845 |  |  | — |  |  | (15,628) |  |  | 112,217 |
Residential mortgage-backed securities | 228,431 |  |  | 5 |  |  | (39,161) |  |  | 189,275 |
Commercial mortgage-backed securities | 632,334 |  |  | — |  |  | (116,021) |  |  | 516,313 |
Total | $ | 2,898,568 |  |  | $ | 325 |  |  | $ | (480,025) |  |  | $ | 2,418,868 |
Held to Maturity |  |  |  |  |  |  |
Residential mortgage-backed securities | $ | 418,362 |  |  | $ | — |  |  | $ | (73,552) |  |  | $ | 344,810 |
Commercial mortgage-backed securities | 861,371 |  |  | — |  |  | (186,337) |  |  | 675,034 |
Total | $ | 1,279,733 |  |  | $ | — |  |  | $ | (259,889) |  |  | $ | 1,019,844 |
| December 31, 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available for Sale | (dollars in thousands)
U.S. Government securities | $ | 226,140 |  |  | $ | — |  |  | $ | (7,655) |  |  | $ | 218,485 |
U.S. Government-sponsored agency securities | 1,050 |  |  | — |  |  | (42) |  |  | 1,008 |
State and municipal securities | 1,284,245 |  |  | 283 |  |  | (178,816) |  |  | 1,105,712 |
Corporate debt securities | 459,792 |  |  | — |  |  | (37,483) |  |  | 422,309 |
Collateralized mortgage obligations | 147,155 |  |  | — |  |  | (13,122) |  |  | 134,033 |
Residential mortgage-backed securities | 242,527 |  |  | 18 |  |  | (29,847) |  |  | 212,698 |
Commercial mortgage-backed securities | 631,604 |  |  | — |  |  | (79,082) |  |  | 552,522 |
Total | $ | 2,992,513 |  |  | $ | 301 |  |  | $ | (346,047) |  |  | $ | 2,646,767 |
Held to Maturity |  |  |  |  |  |  |
Residential mortgage-backed securities | $ | 457,325 |  |  | $ | — |  |  | $ | (57,480) |  |  | $ | 399,845 |
Commercial mortgage-backed securities | 863,931 |  |  | — |  |  | (138,727) |  |  | 725,204 |
Total | $ | 1,321,256 |  |  | $ | — |  |  | $ | (196,207) |  |  | $ | 1,125,049 |
Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities | The amortized cost and estimated fair values of debt securities as of September 30, 2023, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay with or without call or prepayment penalties.
|  | September 30, 2023
|  | Available for Sale |  | Held to Maturity
|  | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
| (dollars in thousands)
Due in one year or less |  | $ | 231,703 |  |  | $ | 228,876 |  |  | $ | — |  |  | $ | — |
Due from one year to five years |  | 111,296 |  |  | 106,291 |  |  | — |  |  | — |
Due from five years to ten years |  | 550,997 |  |  | 487,118 |  |  | — |  |  | — |
Due after ten years |  | 1,015,962 |  |  | 778,778 |  |  | — |  |  | — |
|  | 1,909,958 |  |  | 1,601,063 |  |  | — |  |  | — |
Residential mortgage-backed securities(1) |  | 228,431 |  |  | 189,275 |  |  | 418,362 |  |  | 344,810 |
Commercial mortgage-backed securities(1) |  | 632,334 |  |  | 516,313 |  |  | 861,371 |  |  | 675,034 |
Collateralized mortgage obligations(1) |  | 127,845 |  |  | 112,217 |  |  | — |  |  | — |
Total |  | $ | 2,898,568 |  |  | $ | 2,418,868 |  |  | $ | 1,279,733 |  |  | $ | 1,019,844 |
(1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the underlying loans.
Summary of Gains and Losses from Equity and Debt Securities, and Losses Recognized from Other-than-Temporary Impairment | The following table presents information related to gross realized gains and losses on the sales of securities for the periods presented:
| Gross Realized Gains |  | Gross Realized Losses |  |  |  | Net Gains (Losses)
Three months ended | (dollars in thousands)
September 30, 2023 | $ | — |  |  | $ | — |  |  |  |  | $ | — |
September 30, 2022 | 33 |  |  | (86) |  |  |  |  | (53) |
Nine months ended |  |  |  |  |  |  |
September 30, 2023 | $ | 283 |  |  | $ | (264) |  |  |  |  | $ | 19 |
September 30, 2022 | 1,587 |  |  | (1,613) |  |  |  |  | (26) |
Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position | The following tables present the gross unrealized losses and estimated fair values of investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented:
|  |  | September 30, 2023
|  |  | Less than 12 months |  |  |  | 12 months or longer |  | Total
|  |  | Estimated Fair Value |  | Unrealized Losses |  |  |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
Available for Sale |  |  | (dollars in thousands)
U.S. Government securities |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 222,446 |  |  | $ | (2,798) |  |  | $ | 222,446 |  |  | $ | (2,798) |
U.S. Government-sponsored agency securities |  |  | 987 |  |  | (54) |  |  |  |  | — |  |  | — |  |  | 987 |  |  | (54) |
State and municipal securities |  |  | 138,638 |  |  | (13,674) |  |  |  |  | 807,811 |  |  | (240,912) |  |  | 946,449 |  |  | (254,586) |
Corporate debt securities |  |  | 118,791 |  |  | (10,241) |  |  |  |  | 300,480 |  |  | (41,536) |  |  | 419,271 |  |  | (51,777) |
Collateralized mortgage obligations |  |  | 10,292 |  |  | (1,397) |  |  |  |  | 101,925 |  |  | (14,231) |  |  | 112,217 |  |  | (15,628) |
Residential mortgage-backed securities |  |  | 32,935 |  |  | (4,272) |  |  |  |  | 155,351 |  |  | (34,889) |  |  | 188,286 |  |  | (39,161) |
Commercial mortgage-backed securities |  |  | 67,258 |  |  | (6,622) |  |  |  |  | 449,055 |  |  | (109,399) |  |  | 516,313 |  |  | (116,021) |
Total available for sale |  |  | $ | 368,901 |  |  | $ | (36,260) |  |  |  |  | $ | 2,037,068 |  |  | $ | (443,765) |  |  | $ | 2,405,969 |  |  | $ | (480,025) |
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 344,810 |  |  | $ | (73,552) |  |  | $ | 344,810 |  |  | $ | (73,552) |
Commercial mortgage-backed securities |  |  | — |  |  | — |  |  |  |  | 675,034 |  |  | (186,337) |  |  | 675,034 |  |  | (186,337) |
Total held to maturity |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 1,019,844 |  |  | $ | (259,889) |  |  | $ | 1,019,844 |  |  | $ | (259,889) |
|  |  | December 31, 2022
|  |  | Less than 12 months |  |  | 12 months or longer |  | Total
|  |  | Estimated Fair Value |  | Unrealized Losses |  |  |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
Available for Sale |  |  | (dollars in thousands)
U.S. Government Securities |  |  | $ | 96,906 |  |  | $ | (2,814) |  |  |  |  | $ | 121,579 |  |  | $ | (4,841) |  |  | $ | 218,485 |  |  | $ | (7,655) |
U.S. Government sponsored agency securities |  |  | 1,008 |  |  | (42) |  |  |  |  | — |  |  | — |  |  | 1,008 |  |  | (42) |
State and municipal securities |  |  | 995,122 |  |  | (157,397) |  |  |  |  | 61,089 |  |  | (21,419) |  |  | 1,056,211 |  |  | (178,816) |
Corporate debt securities |  |  | 376,398 |  |  | (31,333) |  |  |  |  | 37,157 |  |  | (6,150) |  |  | 413,555 |  |  | (37,483) |
Collateralized mortgage obligations |  |  | 113,191 |  |  | (7,650) |  |  |  |  | 20,842 |  |  | (5,472) |  |  | 134,033 |  |  | (13,122) |
Residential mortgage-backed securities |  |  | 154,861 |  |  | (18,301) |  |  |  |  | 55,293 |  |  | (11,546) |  |  | 210,154 |  |  | (29,847) |
Commercial mortgage-backed securities |  |  | 371,109 |  |  | (38,845) |  |  |  |  | 181,413 |  |  | (40,237) |  |  | 552,522 |  |  | (79,082) |
Total available for sale |  |  | $ | 2,108,595 |  |  | $ | (256,382) |  |  |  |  | $ | 477,373 |  |  | $ | (89,665) |  |  | $ | 2,585,968 |  |  | $ | (346,047) |
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  |  | $ | 246,667 |  |  | $ | (14,275) |  |  |  |  | $ | 153,178 |  |  | $ | (43,205) |  |  | $ | 399,845 |  |  | $ | (57,480) |
Commercial mortgage-backed securities |  |  | 258,255 |  |  | (24,029) |  |  |  |  | 466,949 |  |  | (114,698) |  |  | 725,204 |  |  | (138,727) |
Total held to maturity |  |  | $ | 504,922 |  |  | $ | (38,304) |  |  |  |  | $ | 620,127 |  |  | $ | (157,903) |  |  | $ | 1,125,049 |  |  | $ | (196,207) |

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