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Investment Securities (Tables)

9 Months Ended

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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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
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