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INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Held-To-Maturity and Available-For-Sale Investment Securities

The following is a summary of HTM and AFS investment securities as of March 31, 2023:

						Held-to-maturity																								Available-for-sale
(Dollars in thousands)						Amortized cost						Unrecognized gain						Unrecognized loss						Fair value						Amortized cost						Unrealized gain						Unrealized loss						Fair value
U.S. Treasuries						$	0					$	0					$	0					$	0					$	37,319					$	0					$	(3,898)					$	33,421
Securities of U.S. government agencies and corporations						0						0						0						0						80,728						0						(12,963)						67,765
Mortgage-backed securities - residential						0						0						0						0						734,761						624						(86,142)						649,243
Mortgage-backed securities - commercial						34,659						0						(3,981)						30,678						669,015						0						(44,121)						624,894
Collateralized mortgage obligations						9,030						0						(684)						8,346						524,394						121						(59,400)						465,115
Obligations of state and other political subdivisions						8,131						172						(186)						8,117						828,948						1,355						(111,128)						719,175
Asset-backed securities						0						0						0						0						746,463						179						(51,567)						695,075
Other securities						31,250						0						(2,629)						28,621						142,030						0						(11,769)						130,261
Total						$	83,070					$	172					$	(7,480)					$	75,762					$	3,763,658					$	2,279					$	(380,988)					$	3,384,949

The following is a summary of HTM and AFS investment securities as of December 31, 2022:

						Held-to-maturity																								Available-for-sale
(Dollars in thousands)						Amortized cost						Unrecognized gain						Unrecognized loss						Fair value						Amortized cost						Unrealized gain						Unrealized loss						Fair value
U.S. Treasuries						$	0					$	0					$	0					$	0					$	37,312					$	0					$	(4,616)					$	32,696
Securities of U.S. government agencies and corporations						0						0						0						0						80,382						0						(13,914)						66,468
Mortgage-backed securities - residential						0						0						0						0						747,478						47						(97,462)						650,063
Mortgage-backed securities - commercial						35,363						0						(4,114)						31,249						676,934						2						(47,374)						629,562
Collateralized mortgage obligations						9,280						0						(827)						8,453						538,970						181						(61,439)						477,712
Obligations of state and other political subdivisions						8,128						105						(201)						8,032						832,066						565						(124,168)						708,463
Asset-backed securities						0						0						0						0						772,261						39						(60,975)						711,325
Other securities						31,250						0						(2,499)						28,751						142,015						0						(8,656)						133,359
Total						$	84,021					$	105					$	(7,641)					$	76,485					$	3,827,418					$	834					$	(418,604)					$	3,409,648

Summary of Investment Securities by Estimated Maturity

The following table provides a summary of investment securities by contractual maturity as of March 31, 2023, except for residential and commercial mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, which are shown as single totals due to the unpredictability of the timing in principal repayments.

						Held-to-maturity												Available-for-sale
(Dollars in thousands)						Amortized cost						Fair value						Amortized cost						Fair value
By Contractual Maturity:
Due in one year or less						$	0					$	0					$	8,119					$	7,981
Due after one year through five years						2,607						2,720						99,178						93,713
Due after five years through ten years						34,951						32,381						293,272						258,231
Due after ten years						1,823						1,637						688,456						590,697
Mortgage-backed securities - residential						0						0						734,761						649,243
Mortgage-backed securities - commercial						34,659						30,678						669,015						624,894
Collateralized mortgage obligations						9,030						8,346						524,394						465,115
Asset-backed securities						0						0						746,463						695,075
Total						$	83,070					$	75,762					$	3,763,658					$	3,384,949

Age of Gross Unrealized Losses and Associated Fair Value by Investment Category

The following tables provide the fair value and gross unrealized losses of AFS investment securities in an unrealized loss position for which an ACL has not been recorded, aggregated by investment category and the length of time the individual securities have been in a continuous loss position:

						March 31, 2023
						Less than 12 months												12 months or more												Total
(Dollars in thousands)						Fair value						Unrealized loss						Fair value						Unrealized loss						Fair value						Unrealized loss
U.S. Treasuries						$	2,397					$	(34)					$	31,024					$	(3,864)					$	33,421					$	(3,898)
Securities of U.S. Government agencies and corporations						0						0						67,765						(12,963)						67,765						(12,963)
Mortgage-backed securities - residential						119,487						(3,998)						490,241						(82,144)						609,728						(86,142)
Mortgage-backed securities - commercial						84,064						(2,787)						540,830						(41,334)						624,894						(44,121)
Collateralized mortgage obligations						89,481						(3,484)						366,249						(55,916)						455,730						(59,400)
Obligations of state and other political subdivisions						65,220						(3,941)						537,923						(107,187)						603,143						(111,128)
Asset-backed securities						100,004						(2,838)						573,501						(48,729)						673,505						(51,567)
Other securities						48,558						(2,442)						81,569						(9,327)						130,127						(11,769)
Total						$	509,211					$	(19,524)					$	2,689,102					$	(361,464)					$	3,198,313					$	(380,988)

						December 31, 2022
						Less than 12 months												12 months or more												Total
(Dollars in thousands)						Fair value						Unrealized loss						Fair value						Unrealized loss						Fair value						Unrealized loss
U.S. Treasuries						$	2,383					$	(46)					$	30,313					$	(4,570)					$	32,696					$	(4,616)
Securities of U.S. Government agencies and corporations						0						0						66,468						(13,914)						66,468						(13,914)
Mortgage-backed securities - residential						195,972						(10,413)						443,415						(87,049)						639,387						(97,462)
Mortgage-backed securities - commercial						440,207						(18,823)						175,530						(28,551)						615,737						(47,374)
Collateralized mortgage obligations						199,138						(12,453)						269,242						(48,986)						468,380						(61,439)
Obligations of state and other political subdivisions						295,913						(31,196)						368,673						(92,972)						664,586						(124,168)
Asset-backed securities						250,946						(9,410)						422,090						(51,565)						673,036						(60,975)
Other securities						118,262						(6,865)						9,959						(1,791)						128,221						(8,656)
Total						$	1,502,821					$	(89,206)					$	1,785,690					$	(329,398)					$	3,288,511					$	(418,604)

The following tables provide the fair value and gross unrealized losses of HTM investment securities in an unrealized loss position for which an ACL has not been recorded, aggregated by investment category and the length of time the individual securities have been in a continuous loss position:

						March 31, 2023
						Less than 12 months												12 months or more												Total
(Dollars in thousands)						Fair value						Unrealized loss						Fair value						Unrealized loss						Fair value						Unrealized loss
U.S. Treasuries						$	0					$	0					$	0					$	0					$	0					$	0
Securities of U.S. Government agencies and corporations						0						0						0						0						0						0
Mortgage-backed securities - residential						0						0						0						0						0						0
Mortgage-backed securities - commercial						0						0						30,678						(3,981)						30,678						(3,981)
Collateralized mortgage obligations						0						0						8,346						(684)						8,346						(684)
Obligations of state and other political subdivisions						0						0						1,637						(186)						1,637						(186)
Asset-backed securities						0						0						0						0						0						0
Other securities						0						0						28,621						(2,629)						28,621						(2,629)
Total						$	0					$	0					$	69,282					$	(7,480)					$	69,282					$	(7,480)

						December 31, 2022
						Less than 12 months												12 months or more												Total
(Dollars in thousands)						Fair value						Unrealized loss						Fair value						Unrealized loss						Fair value						Unrealized loss
U.S. Treasuries						$	0					$	0					$	0					$	0					$	0					$	0
Securities of U.S. Government agencies and corporations						0						0						0						0						0						0
Mortgage-backed securities - residential						0						0						0						0						0						0
Mortgage-backed securities - commercial						17,656						(2,197)						13,593						(1,917)						31,249						(4,114)
Collateralized mortgage obligations						6,317						(606)						2,136						(221)						8,453						(827)
Obligations of state and other political subdivisions						5,160						(201)						0						0						5,160						(201)
Asset-backed securities						0						0						0						0						0						0
Other securities						7,082						(418)						21,670						(2,081)						28,752						(2,499)
Total						$	36,215					$	(3,422)					$	37,399					$	(4,219)					$	73,614					$	(7,641)

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- Definition

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

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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/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

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Tabular disclosure of unrealized gains and losses on investments.

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