XML 42 R31.htm IDEA: XBRL DOCUMENT v3.24.2.u1

INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024:

						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					$	34,915					$	0					$	(3,943)					$	30,972
Securities of U.S. government agencies and corporations						0						0						0						0						82,501						0						(12,521)						69,980
Mortgage-backed securities - residential						0						0						0						0						909,468						469						(102,814)						807,123
Mortgage-backed securities - commercial						31,961						0						(4,891)						27,070						438,738						0						(33,465)						405,273
Collateralized mortgage obligations						7,466						0						(873)						6,593						529,316						374						(57,225)						472,465
Obligations of state and other political subdivisions						8,244						35						(325)						7,954						701,945						975						(124,348)						578,572
Asset-backed securities						0						0						0						0						578,931						191						(30,021)						549,101
Other securities						31,250						0						(2,801)						28,449						134,224						15						(10,967)						123,272
Total						$	78,921					$	35					$	(8,890)					$	70,066					$	3,410,038					$	2,024					$	(375,304)					$	3,036,758

The following is a summary of HTM and AFS investment securities as of December 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					$	34,904					$	0					$	(3,661)					$	31,243
Securities of U.S. government agencies and corporations						0						0						0						0						81,790						0						(12,010)						69,780
Mortgage-backed securities - residential						0						0						0						0						744,546						2,034						(85,532)						661,048
Mortgage-backed securities - commercial						32,926						0						(4,628)						28,298						543,134						7						(35,911)						507,230
Collateralized mortgage obligations						7,970						0						(539)						7,431						478,744						181						(60,277)						418,648
Obligations of state and other political subdivisions						8,175						130						(215)						8,090						765,223						1,614						(114,320)						652,517
Asset-backed securities						0						0						0						0						600,055						6						(39,813)						560,248
Other securities						31,250						0						(3,381)						27,869						134,208						0						(13,796)						120,412
Total						$	80,321					$	130					$	(8,763)					$	71,688					$	3,382,604					$	3,842					$	(365,320)					$	3,021,126

Summary of Investment Securities by Estimated Maturity

The following table provides a summary of investment securities by contractual maturity as of June 30, 2024, 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					$	10,536					$	10,542
Due after one year through five years						5,092						5,070						159,963						146,287
Due after five years through ten years						32,747						29,909						250,521						211,774
Due after ten years						1,655						1,424						532,565						434,193
Mortgage-backed securities - residential						0						0						909,468						807,123
Mortgage-backed securities - commercial						31,961						27,070						438,738						405,273
Collateralized mortgage obligations						7,466						6,593						529,316						472,465
Asset-backed securities						0						0						578,931						549,101
Total						$	78,921					$	70,066					$	3,410,038					$	3,036,758

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:

						June 30, 2024
						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					$	30,972					$	(3,943)					$	30,972					$	(3,943)
Securities of U.S. Government agencies and corporations						0						0						69,980						(12,521)						69,980						(12,521)
Mortgage-backed securities - residential						170,664						(2,559)						548,735						(100,255)						719,399						(102,814)
Mortgage-backed securities - commercial						26,663						(103)						358,441						(33,362)						385,104						(33,465)
Collateralized mortgage obligations						54,817						(167)						313,966						(57,058)						368,783						(57,225)
Obligations of state and other political subdivisions						29,951						(361)						505,236						(123,987)						535,187						(124,348)
Asset-backed securities						51,977						(99)						314,378						(29,922)						366,355						(30,021)
Other securities						0						0						118,256						(10,967)						118,256						(10,967)
Total						$	334,072					$	(3,289)					$	2,259,964					$	(372,015)					$	2,594,036					$	(375,304)

						December 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					$	31,243					$	(3,661)					$	31,243					$	(3,661)
Securities of U.S. Government agencies and corporations						0						0						69,780						(12,010)						69,780						(12,010)
Mortgage-backed securities - residential						31,892						(483)						538,863						(85,049)						570,755						(85,532)
Mortgage-backed securities - commercial						1,772						(11)						495,451						(35,900)						497,223						(35,911)
Collateralized mortgage obligations						10,699						(157)						393,884						(60,120)						404,583						(60,277)
Obligations of state and other political subdivisions						15,155						(132)						562,740						(114,188)						577,895						(114,320)
Asset-backed securities						6,853						(15)						542,029						(39,798)						548,882						(39,813)
Other securities						14,605						(396)						105,807						(13,400)						120,412						(13,796)
Total						$	80,976					$	(1,194)					$	2,739,797					$	(364,126)					$	2,820,773					$	(365,320)

The following tables provide the fair value and gross unrecognized losses of HTM investment securities in an unrecognized 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:

						June 30, 2024
						Less than 12 months												12 months or more												Total
(Dollars in thousands)						Fair value						Unrecognized loss						Fair value						Unrecognized loss						Fair value						Unrecognized 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						27,070						(4,891)						27,070						(4,891)
Collateralized mortgage obligations						0						0						6,593						(873)						6,593						(873)
Obligations of state and other political subdivisions						3,368						(75)						2,554						(250)						5,922						(325)
Asset-backed securities						0						0						0						0						0						0
Other securities						0						0						28,449						(2,801)						28,449						(2,801)
Total						$	3,368					$	(75)					$	64,666					$	(8,815)					$	68,034					$	(8,890)

						December 31, 2023
						Less than 12 months												12 months or more												Total
(Dollars in thousands)						Fair value						Unrecognized loss						Fair value						Unrecognized loss						Fair value						Unrecognized 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						28,298						(4,628)						28,298						(4,628)
Collateralized mortgage obligations						0						0						7,431						(539)						7,431						(539)
Obligations of state and other political subdivisions						1,128						(3)						1,488						(212)						2,616						(215)
Asset-backed securities						0						0						0						0						0						0
Other securities						0						0						27,869						(3,381)						27,869						(3,381)
Total						$	1,128					$	(3)					$	65,086					$	(8,760)					$	66,214					$	(8,763)

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

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

X

- Definition

Tabular disclosure of unrealized gains and losses on investments.

+ References

No definition available.

+ Details

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