XML 38 R27.htm IDEA: XBRL DOCUMENT v3.24.3

Investment Securities (Tables)

9 Months Ended

Sep. 30, 2024

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:

			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

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, 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.

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:

			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

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:

			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)

X

- Definition

Tabular disclosure of data and information required in the supplementary schedule applicable to management investment companies listing holdings of unaffiliated investments.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

+ Details

Name:	us-gaap_InvestmentHoldingsScheduleOfInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

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

Tabular disclosure of realized gains and losses on investments reported in the statement of income.

+ References

No definition available.

+ Details

Name:	us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-6

+ Details

Name:	us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration