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INVESTMENTS (Tables)

9 Months Ended

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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- Definition

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

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- 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

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Tabular disclosure of unrealized gains and losses on investments.

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