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Investment Securities | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Investment Securities |
NOTE 4 - INVESTMENT SECURITIES
The following tables present the amortized cost and estimated fair values of investment securities, as of December 31:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
| (dollars in thousands)
2023 |  |  |  |  |  |  |
Available for Sale |  |  |  |  |  |  |
U.S. Government securities | $ | 42,475 |  |  | $ | — |  |  | $ | (314) |  |  | $ | 42,161 |
U.S. Government-sponsored agency securities | 1,038 |  |  | — |  |  | (28) |  |  | 1,010 |
State and municipal securities | 1,200,571 |  |  | 1,089 |  |  | (129,647) |  |  | 1,072,013 |
Corporate debt securities | 480,714 |  |  | 473 |  |  | (40,636) |  |  | 440,551 |
Collateralized mortgage obligations | 122,824 |  |  | — |  |  | (11,390) |  |  | 111,434 |
Residential mortgage-backed securities | 223,273 |  |  | 7 |  |  | (26,485) |  |  | 196,795 |
Commercial mortgage-backed securities | 627,364 |  |  | — |  |  | (92,976) |  |  | 534,388 |
Total | $ | 2,698,259 |  |  | $ | 1,569 |  |  | $ | (301,476) |  |  | $ | 2,398,352 |
Held to Maturity |  |  |  |  |  |  |
Residential mortgage-backed securities | $ | 407,075 |  |  | $ | — |  |  | $ | (51,805) |  |  | $ | 355,270 |
Commercial mortgage-backed securities | 860,847 |  |  | — |  |  | (143,910) |  |  | 716,937 |
Total | $ | 1,267,922 |  |  | $ | — |  |  | $ | (195,715) |  |  | $ | 1,072,207 |
2022 |  |  |  |  |  |  |
Available for Sale |  |  |  |  |  |  |
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 |
On May 1, 2022, the Corporation transferred certain residential mortgage-backed securities and commercial mortgage-backed securities from AFS to HTM classification as permitted by ASU 2019-04 Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The estimated fair value of the securities transferred was $415.2 million, and the amortized cost of the securities was $479.0 million. Securities carried at $0.4 billion and $1.1 billion at December 31, 2023 and 2022, respectively, were pledged as collateral to secure public and trust deposits. The amortized cost and estimated fair values of debt securities as of December 31, 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.
| 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 | $ | 49,267 |  |  | $ | 49,022 |  |  | $ | — |  |  | $ | — |
Due from one year to five years | 153,550 |  |  | 147,521 |  |  | — |  |  | — |
Due from five years to ten years | 508,237 |  |  | 471,086 |  |  | — |  |  | — |
Due after ten years | 1,013,744 |  |  | 888,106 |  |  | — |  |  | — |
| 1,724,798 |  |  | 1,555,735 |  |  | — |  |  | — |
Residential mortgage-backed securities(1) | 223,273 |  |  | 196,795 |  |  | 407,075 |  |  | 355,270 |
Commercial mortgage-backed securities(1) | 627,364 |  |  | 534,388 |  |  | 860,847 |  |  | 716,937 |
Collateralized mortgage obligations(1) | 122,824 |  |  | 111,434 |  |  | — |  |  | — |
Total | $ | 2,698,259 |  |  | $ | 2,398,352 |  |  | $ | 1,267,922 |  |  | $ | 1,072,207 |
(1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the underlying loans. The following table presents information related to gross gains and losses on the sales of securities for the years presented:
| Gross Realized Gains |  | Gross Realized Losses |  | Net Gains (Losses)
| (dollars in thousands)
2023 | $ | 283 |  |  | $ | (1,016) |  |  | $ | (733) |
2022 | 1,587 |  |  | (1,614) |  |  | (27) |
2021 | 35,593 |  |  | (2,077) |  |  | 33,516 |
The following tables present the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31:
| Less than 12 months |  | 12 Months or Longer |  | Total
| Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
2023 | (dollars in thousands)
Available for Sale |  |  |  |  |  |  |  |  |  |  |
U.S. Government securities | $ | — |  |  | $ | — |  |  | $ | 42,161 |  |  | $ | (314) |  |  | $ | 42,161 |  |  | $ | (314) |
U.S. Government-sponsored agency securities | — |  |  | — |  |  | 1,010 |  |  | (28) |  |  | 1,010 |  |  | (28) |
State and municipal securities | 76,155 |  |  | (858) |  |  | 917,274 |  |  | (128,789) |  |  | 993,429 |  |  | (129,647) |
Corporate debt securities | 42,945 |  |  | (1,326) |  |  | 370,523 |  |  | (39,310) |  |  | 413,468 |  |  | (40,636) |
Collateralized mortgage obligations | — |  |  | — |  |  | 111,434 |  |  | (11,390) |  |  | 111,434 |  |  | (11,390) |
Residential mortgage-backed securities | 409 |  |  | (3) |  |  | 195,453 |  |  | (26,482) |  |  | 195,862 |  |  | (26,485) |
Commercial mortgage-backed securities | 26,907 |  |  | (1,053) |  |  | 507,481 |  |  | (91,923) |  |  | 534,388 |  |  | (92,976) |
Total available for sale | $ | 146,416 |  |  | $ | (3,240) |  |  | $ | 2,145,336 |  |  | $ | (298,236) |  |  | $ | 2,291,752 |  |  | $ | (301,476) |
Held to Maturity |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities | $ | — |  |  | $ | — |  |  | $ | 355,270 |  |  | $ | (51,805) |  |  | $ | 355,270 |  |  | $ | (51,805) |
Commercial mortgage-backed securities | — |  |  | — |  |  | 716,937 |  |  | (143,910) |  |  | 716,937 |  |  | (143,910) |
Total held to maturity | $ | — |  |  | $ | — |  |  | $ | 1,072,207 |  |  | $ | (195,715) |  |  | $ | 1,072,207 |  |  | $ | (195,715) |
There were 727 AFS and 180 HTM positions at unrealized loss at December 31, 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
2022 | (dollars in thousands)
Available for Sale |  |  |  |  |  |  |  |  |  |  |
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) |
There were 782 AFS and 180 HTM positions at unrealized loss at December 31, 2022. The Corporation's collateralized mortgage obligations, residential mortgage-backed securities and commercial mortgage-backed securities have contractual terms that generally do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. The change in fair value of these securities is attributable to changes in interest rates and not credit quality. The Corporation does not have the intent to sell, and does not believe it will more likely than not be required to sell, any of these securities prior to a recovery of their fair value to amortized cost. In addition, these securities have principal payments that are guaranteed by U.S. government-sponsored agencies. Therefore, the Corporation does not have an ACL for these investments as of December 31, 2023 and 2022. As of December 31, 2023 and 2022, no ACL was required for the Corporation's state and municipal securities. The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity. The majority of the corporate debt securities were rated at or above investment grade as of December 31, 2023 and 2022, respectively. The Corporation does not have the intent to sell and does not believe it will be more likely than not to be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity. Based on the payment status, rating and management's evaluation of these securities, no ACL was required for corporate debt securities as of December 31, 2023 and 2022.

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