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INVESTMENTS (Tables) | 9 Months Ended
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Sep. 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 September 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 |  |  | $ | 100 |  |  | $ | 0 |  |  | $ | (7) |  |  | $ | 93 |
Securities of U.S. government agencies and corporations |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 82,861 |  |  | 0 |  |  | (8,952) |  |  | 73,909 |
Mortgage-backed securities - residential |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 978,973 |  |  | 8,430 |  |  | (73,462) |  |  | 913,941 |
Mortgage-backed securities - commercial |  | 31,242 |  |  | 0 |  |  | (3,778) |  |  | 27,464 |  |  | 415,811 |  |  | 384 |  |  | (23,626) |  |  | 392,569 |
Collateralized mortgage obligations |  | 7,231 |  |  | 0 |  |  | (539) |  |  | 6,692 |  |  | 605,547 |  |  | 3,272 |  |  | (44,485) |  |  | 564,334 |
Obligations of state and other political subdivisions |  | 8,262 |  |  | 110 |  |  | (237) |  |  | 8,135 |  |  | 640,066 |  |  | 593 |  |  | (98,608) |  |  | 542,051 |
Asset-backed securities |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 557,239 |  |  | 1,733 |  |  | (19,253) |  |  | 539,719 |
Other securities |  | 31,250 |  |  | 0 |  |  | (2,415) |  |  | 28,835 |  |  | 137,737 |  |  | 113 |  |  | (7,201) |  |  | 130,649 |
Total |  | $ | 77,985 |  |  | $ | 110 |  |  | $ | (6,969) |  |  | $ | 71,126 |  |  | $ | 3,418,334 |  |  | $ | 14,525 |  |  | $ | (275,594) |  |  | $ | 3,157,265 |
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 September 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 |  |  | $ | 6,860 |  |  | $ | 6,878 |
Due after one year through five years |  | 5,137 |  |  | 5,233 |  |  | 110,769 |  |  | 103,568 |
Due after five years through ten years |  | 32,760 |  |  | 30,353 |  |  | 238,451 |  |  | 209,263 |
Due after ten years |  | 1,615 |  |  | 1,384 |  |  | 504,684 |  |  | 426,993 |
Mortgage-backed securities - residential |  | 0 |  |  | 0 |  |  | 978,973 |  |  | 913,941 |
Mortgage-backed securities - commercial |  | 31,242 |  |  | 27,464 |  |  | 415,811 |  |  | 392,569 |
Collateralized mortgage obligations |  | 7,231 |  |  | 6,692 |  |  | 605,547 |  |  | 564,334 |
Asset-backed securities |  | 0 |  |  | 0 |  |  | 557,239 |  |  | 539,719 |
Total |  | $ | 77,985 |  |  | $ | 71,126 |  |  | $ | 3,418,334 |  |  | $ | 3,157,265 |
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:
|  | September 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 |  |  | $ | 93 |  |  | $ | (7) |  |  | $ | 93 |  |  | $ | (7) |
Securities of U.S. Government agencies and corporations |  | 0 |  |  | 0 |  |  | 73,909 |  |  | (8,952) |  |  | 73,909 |  |  | (8,952) |
Mortgage-backed securities - residential |  | 32,903 |  |  | (63) |  |  | 538,029 |  |  | (73,399) |  |  | 570,932 |  |  | (73,462) |
Mortgage-backed securities - commercial |  | 23,191 |  |  | (554) |  |  | 324,377 |  |  | (23,072) |  |  | 347,568 |  |  | (23,626) |
Collateralized mortgage obligations |  | 56,534 |  |  | (353) |  |  | 311,939 |  |  | (44,132) |  |  | 368,473 |  |  | (44,485) |
Obligations of state and other political subdivisions |  | 0 |  |  | 0 |  |  | 496,345 |  |  | (98,608) |  |  | 496,345 |  |  | (98,608) |
Asset-backed securities |  | 14,400 |  |  | (81) |  |  | 204,634 |  |  | (19,172) |  |  | 219,034 |  |  | (19,253) |
Other securities |  | 0 |  |  | 0 |  |  | 114,535 |  |  | (7,201) |  |  | 114,535 |  |  | (7,201) |
Total |  | $ | 127,028 |  |  | $ | (1,051) |  |  | $ | 2,063,861 |  |  | $ | (274,543) |  |  | $ | 2,190,889 |  |  | $ | (275,594) |
|  | 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:
|  | September 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 |  |  | 27,464 |  |  | (3,778) |  |  | 27,464 |  |  | (3,778) |
Collateralized mortgage obligations |  | 0 |  |  | 0 |  |  | 6,692 |  |  | (539) |  |  | 6,692 |  |  | (539) |
Obligations of state and other political subdivisions |  | 1,025 |  |  | (6) |  |  | 1,384 |  |  | (231) |  |  | 2,409 |  |  | (237) |
Asset-backed securities |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Other securities |  | 0 |  |  | 0 |  |  | 28,835 |  |  | (2,415) |  |  | 28,835 |  |  | (2,415) |
Total |  | $ | 1,025 |  |  | $ | (6) |  |  | $ | 64,375 |  |  | $ | (6,963) |  |  | $ | 65,400 |  |  | $ | (6,969) |
|  | 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) |

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