XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.24.3

Investment Securities | 9 Months Ended
--- | ---
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities The following table presents the amortized cost and estimated fair values of investment securities:
| September 30, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available for Sale | (dollars in thousands)
State and municipal securities | $ | 963,138 |  |  | $ | 814 |  |  | $ | (112,619) |  |  | $ | 851,333 |
Corporate debt securities | 318,631 |  |  | 473 |  |  | (22,524) |  |  | 296,580 |
Collateralized mortgage obligations | 746,328 |  |  | 11,858 |  |  | (8,718) |  |  | 749,468 |
Residential mortgage-backed securities | 911,713 |  |  | 6,349 |  |  | (22,427) |  |  | 895,635 |
Commercial mortgage-backed securities | 604,376 |  |  | — |  |  | (84,096) |  |  | 520,280 |
Total | $ | 3,544,186 |  |  | $ | 19,494 |  |  | $ | (250,384) |  |  | $ | 3,313,296 |
Held to Maturity |  |  |  |  |  |  |
Residential mortgage-backed securities | $ | 373,313 |  |  | $ | — |  |  | $ | (44,387) |  |  | $ | 328,926 |
Commercial mortgage-backed securities | 858,669 |  |  | — |  |  | (123,291) |  |  | 735,378 |
Total | $ | 1,231,982 |  |  | $ | — |  |  | $ | (167,678) |  |  | $ | 1,064,304 |
| December 31, 2023
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available for Sale | (dollars in thousands)
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 |
In May 2024, the Corporation sold $345.7 million AFS securities and recorded a pre-tax loss of $20.3 million. The proceeds from the sale were reinvested into higher-yielding securities of a similar type and similar duration. Securities carried at $0.6 billion and $0.4 billion at September 30, 2024 and December 31, 2023, respectively, were pledged as collateral to secure public and trust deposits. The amortized cost and estimated fair values of debt securities as of September 30, 2024, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because issuers may have the right to call or borrowers may have the right to prepay with or without call or prepayment penalties.
|  | September 30, 2024
|  | 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 |  | $ | 9,727 |  |  | $ | 9,548 |  |  | $ | — |  |  | $ | — |
Due from one year to five years |  | 87,566 |  |  | 84,556 |  |  | — |  |  | — |
Due from five years to ten years |  | 340,494 |  |  | 319,163 |  |  | — |  |  | — |
Due after ten years |  | 843,982 |  |  | 734,646 |  |  | — |  |  | — |
|  | 1,281,769 |  |  | 1,147,913 |  |  | — |  |  | — |
Residential mortgage-backed securities(1) |  | 911,713 |  |  | 895,635 |  |  | 373,313 |  |  | 328,926 |
Commercial mortgage-backed securities(1) |  | 604,376 |  |  | 520,280 |  |  | 858,669 |  |  | 735,378 |
Collateralized mortgage obligations(1) |  | 746,328 |  |  | 749,468 |  |  | — |  |  | — |
Total |  | $ | 3,544,186 |  |  | $ | 3,313,296 |  |  | $ | 1,231,982 |  |  | $ | 1,064,304 |
(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 realized gains and losses on the sales of securities:
| Gross Realized Gains |  | Gross Realized Losses |  |  |  | Net Gains (Losses)
Three months ended | (dollars in thousands)
September 30, 2024 | $ | 88 |  |  | $ | (89) |  |  |  |  | $ | (1) |
September 30, 2023 | — |  |  | — |  |  |  |  | — |
Nine months ended |  |  |  |  |  |  |
September 30, 2024 | $ | 179 |  |  | $ | (20,462) |  |  |  |  | $ | (20,283) |
September 30, 2023 | 283 |  |  | (264) |  |  |  |  | 19 |
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:
| September 30, 2024
|  |  | Less than 12 months |  |  |  | 12 months or longer |  | Total
| Number of Securities |  | Estimated Fair Value |  | Unrealized Losses |  | Number of Securities |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
Available for Sale | (dollars in thousands)
State and municipal securities | 7 |  |  | $ | 19,919 |  |  | $ | (138) |  |  | 273 |  |  | $ | 790,484 |  |  | $ | (112,481) |  |  | $ | 810,403 |  |  | $ | (112,619) |
Corporate debt securities | — |  |  | — |  |  | — |  |  | 49 |  |  | 271,021 |  |  | (22,524) |  |  | 271,021 |  |  | (22,524) |
Collateralized mortgage obligations | 2 |  |  | 39,917 |  |  | (181) |  |  | 78 |  |  | 91,327 |  |  | (8,537) |  |  | 131,244 |  |  | (8,718) |
Residential mortgage-backed securities | 8 |  |  | 165,584 |  |  | (486) |  |  | 69 |  |  | 187,709 |  |  | (21,941) |  |  | 353,293 |  |  | (22,427) |
Commercial mortgage-backed securities | — |  |  | — |  |  | — |  |  | 135 |  |  | 520,280 |  |  | (84,096) |  |  | 520,280 |  |  | (84,096) |
Total available for sale | 17 |  |  | $ | 225,420 |  |  | $ | (805) |  |  | 604 |  |  | $ | 1,860,821 |  |  | $ | (249,579) |  |  | $ | 2,086,241 |  |  | $ | (250,384) |
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities | — |  |  | $ | — |  |  | $ | — |  |  | 120 |  |  | $ | 328,926 |  |  | $ | (44,387) |  |  | $ | 328,926 |  |  | $ | (44,387) |
Commercial mortgage-backed securities | — |  |  | — |  |  | — |  |  | 60 |  |  | 735,378 |  |  | (123,291) |  |  | 735,378 |  |  | (123,291) |
Total held to maturity | — |  |  | $ | — |  |  | $ | — |  |  | 180 |  |  | $ | 1,064,304 |  |  | $ | (167,678) |  |  | $ | 1,064,304 |  |  | $ | (167,678) |
| December 31, 2023
| Less than 12 months |  | 12 months or longer |  | Total
| Number of Securities |  | Estimated Fair Value |  | Unrealized Losses |  | Number of Securities |  | Estimated Fair Value |  | Unrealized Losses |  | Estimated Fair Value |  | Unrealized Losses
Available for Sale | (dollars in thousands)
U.S. Government Securities | — |  |  | $ | — |  |  | $ | — |  |  | 1 |  |  | $ | 42,161 |  |  | $ | (314) |  |  | $ | 42,161 |  |  | $ | (314) |
U.S. Government-sponsored agency securities | — |  |  | — |  |  | — |  |  | 1 |  |  | 1,010 |  |  | (28) |  |  | 1,010 |  |  | (28) |
State and municipal securities | 40 |  |  | 76,155 |  |  | (858) |  |  | 314 |  |  | 917,274 |  |  | (128,789) |  |  | 993,429 |  |  | (129,647) |
Corporate debt securities | 8 |  |  | 42,945 |  |  | (1,326) |  |  | 60 |  |  | 370,523 |  |  | (39,310) |  |  | 413,468 |  |  | (40,636) |
Collateralized mortgage obligations | — |  |  | — |  |  | — |  |  | 93 |  |  | 111,434 |  |  | (11,390) |  |  | 111,434 |  |  | (11,390) |
Residential mortgage-backed securities | 6 |  |  | 409 |  |  | (3) |  |  | 69 |  |  | 195,453 |  |  | (26,482) |  |  | 195,862 |  |  | (26,485) |
Commercial mortgage-backed securities | 2 |  |  | 26,907 |  |  | (1,053) |  |  | 133 |  |  | 507,481 |  |  | (91,923) |  |  | 534,388 |  |  | (92,976) |
Total available for sale | 56 |  |  | $ | 146,416 |  |  | $ | (3,240) |  |  | 671 |  |  | $ | 2,145,336 |  |  | $ | (298,236) |  |  | $ | 2,291,752 |  |  | $ | (301,476) |
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities | — |  |  | $ | — |  |  | $ | — |  |  | 60 |  |  | $ | 355,270 |  |  | $ | (51,805) |  |  | $ | 355,270 |  |  | $ | (51,805) |
Commercial mortgage-backed securities | — |  |  | — |  |  | — |  |  | 120 |  |  | 716,937 |  |  | (143,910) |  |  | 716,937 |  |  | (143,910) |
Total held to maturity | — |  |  | $ | — |  |  | $ | — |  |  | 180 |  |  | $ | 1,072,207 |  |  | $ | (195,715) |  |  | $ | 1,072,207 |  |  | $ | (195,715) |
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. Therefore, the Corporation did not record a loss on these investments as of September 30, 2024 and December 31, 2023. As of September 30, 2024 and December 31, 2023, 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. Therefore, the Corporation did not record a loss on these investments as of September 30, 2024 and December 31, 2023. The majority of the corporate debt securities were rated at or above investment grade as of September 30, 2024 and December 31, 2023. Based on the payment status, rating and management's evaluation of these securities, no ACL was required for corporate debt securities as of September 30, 2024 and December 31, 2023. The Corporation does not have the intent to sell and does not believe it will 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. Therefore, the Corporation did not record a loss on these investments as of September 30, 2024 and December 31, 2023.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration