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Debt Securities (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost, unrealized gains and losses and fair values of securities classified available for sale and held to maturity

The tables below provide the amortized cost, unrealized gains and losses, and fair values of debt securities summarized by major category (dollars in thousands):

			As of June 30, 2023
			Amortized Cost						Unrealized												Fair Value
									Gross Gains						Gross Losses
Debt securities available for sale
U.S. Treasury securities			$	61,995					$	—					$	(2,065)					$	59,930
Obligations of U.S. government corporations and agencies			11,391						2						(281)						11,112
Obligations of states and political subdivisions1			262,306						71						(22,622)						239,755
Asset-backed securities1			487,190						—						(13,108)						474,082
Commercial mortgage-backed securities			120,596						—						(16,833)						103,763
Residential mortgage-backed securities			1,384,992						2						(218,301)						1,166,693
Corporate debt securities			252,168						104						(23,759)						228,513
Total debt securities available for sale			$	2,580,638					$	179					$	(296,969)					$	2,283,848

___________________________________________

1.Includes securities marked at par, with no gain or loss to report.

			Amortized Cost						Unrecognized												Fair Value
									Gross Gains						Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities			$	463,895					$	—					$	(75,806)					$	388,089
Residential mortgage-backed securities			430,207						—						(71,794)						358,413
Total debt securities held to maturity			$	894,102					$	—					$	(147,600)					$	746,502

			As of December 31, 2022
			Amortized Cost						Unrealized												Fair Value
									Gross Gains						Gross Losses
Debt securities available for sale
U.S. Treasury securities			$	117,805					$	—					$	(3,744)					$	114,061
Obligations of U.S. government corporations and agencies			20,097						3						(321)						19,779
Obligations of states and political subdivisions			283,481						106						(26,075)						257,512
Asset-backed securities			489,558						—						(19,683)						469,875
Commercial mortgage-backed securities			124,423						—						(16,029)						108,394
Residential mortgage-backed securities			1,463,971						2						(220,717)						1,243,256
Corporate debt securities			273,118						33						(24,635)						248,516
Total debt securities available for sale			$	2,772,453					$	144					$	(311,204)					$	2,461,393

			Amortized Cost						Unrecognized												Fair Value
									Gross Gains						Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities			$	474,820					$	—					$	(63,738)					$	411,082
Residential mortgage-backed securities			443,492						—						(69,279)						374,213
Total debt securities held to maturity			$	918,312					$	—					$	(133,017)					$	785,295

Maturities of debt securities

All mortgage-backed securities were issued by U.S. government corporations and agencies (dollars in thousands):

			As of June 30, 2023
			Amortized Cost						Fair Value
Debt securities available for sale
Due in one year or less			$	97,674					$	95,155
Due after one year through five years			341,606						318,067
Due after five years through ten years			368,196						333,186
Due after ten years			1,773,162						1,537,440
Debt securities available for sale			$	2,580,638					$	2,283,848

Debt securities held to maturity
Due after one year through five years			$	63,693					$	58,693
Due after five years through ten years			40,943						36,482
Due after ten years			789,466						651,327
Debt securities held to maturity			$	894,102					$	746,502

Gains and losses on debt securities

Realized gains and losses related to sales and calls of debt securities available for sale are summarized as follows (dollars in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
Realized gains and losses on debt securities
Gross gains on debt securities			$	—					$	1					$	10					$	114
Gross (losses) on debt securities			(178)						(5)						(184)						(12)
Realized net gains (losses) on debt securities1			$	(178)					$	(4)					$	(174)					$	102

___________________________________________

1.Net gains (losses) on sales of securities reported in the unaudited Consolidated Statements of Income include sales of equity securities, excluded in this table.

Debt securities in an unrealized loss position

The following information pertains to debt securities with gross unrealized or unrecognized losses, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (dollars in thousands):

			As of June 30, 2023
			Less than 12 months												12 months or more												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Debt securities available for sale
U.S. Treasury securities			$	1,168					$	(28)					$	58,762					$	(2,037)					$	59,930					$	(2,065)
Obligations of U.S. government corporations and agencies			4,146						(98)						6,821						(183)						10,967						(281)
Obligations of states and political subdivisions			84,821						(1,112)						142,226						(21,510)						227,047						(22,622)
Asset-backed securities			—						—						473,897						(13,108)						473,897						(13,108)
Commercial mortgage-backed securities			—						—						103,763						(16,833)						103,763						(16,833)
Residential mortgage-backed securities			30,250						(1,650)						1,136,283						(216,651)						1,166,533						(218,301)
Corporate debt securities			11,453						(962)						211,467						(22,797)						222,920						(23,759)
Debt securities available for sale with gross unrealized losses			$	131,838					$	(3,850)					$	2,133,219					$	(293,119)					$	2,265,057					$	(296,969)

			Less than 12 months												12 months or more												Total
			Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses
Debt securities held to maturity
Commercial mortgage-backed securities			$	—					$	—					$	388,089					$	(75,806)					$	388,089					$	(75,806)
Residential mortgage-backed securities			—						—						358,413						(71,794)						358,413						(71,794)
Debt securities held to maturity with gross unrecognized losses			$	—					$	—					$	746,502					$	(147,600)					$	746,502					$	(147,600)

			As of December 31, 2022
			Less than 12 months												12 months or more												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Debt securities available for sale
U.S. Treasury securities1			$	74					$	—					$	113,987					$	(3,744)					$	114,061					$	(3,744)
Obligations of U.S. government corporations and agencies			19,603						(321)						—						—						19,603						(321)
Obligations of states and political subdivisions			166,147						(10,059)						75,217						(16,016)						241,364						(26,075)
Asset-backed securities			390,164						(15,648)						79,711						(4,035)						469,875						(19,683)
Commercial mortgage-backed securities			89,428						(12,623)						18,966						(3,406)						108,394						(16,029)
Residential mortgage-backed securities			366,221						(38,111)						876,668						(182,606)						1,242,889						(220,717)
Corporate debt securities			39,037						(5,079)						204,310						(19,556)						243,347						(24,635)
Debt securities available for sale with gross unrealized losses			$	1,070,674					$	(81,841)					$	1,368,859					$	(229,363)					$	2,439,533					$	(311,204)

			Less than 12 months												12 months or more												Total
			Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses
Debt securities held to maturity
Commercial mortgage-backed securities			$	58,065					$	(8,009)					$	353,017					$	(55,729)					$	411,082					$	(63,738)
Residential mortgage-backed securities			—						—						374,213						(69,279)						374,213						(69,279)
Debt securities held to maturity with gross unrecognized losses			$	58,065					$	(8,009)					$	727,230					$	(125,008)					$	785,295					$	(133,017)

___________________________________________

1.Unrealized losses for U.S. Treasury securities that had been in a continuous unrealized loss position for less than 12 months were insignificant, rounding to zero thousand.

Additional information about debt securities in an unrealized or unrecognized loss position is presented in the tables below (dollars in thousands):

			As of June 30, 2023
			Available for Sale						Held to Maturity						Total
Debt securities with gross unrealized or unrecognized losses, fair value			$	2,265,057					$	746,502					$	3,011,559
Gross unrealized or unrecognized losses on debt securities			296,969						147,600						444,569
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses			13.1		%				19.8		%				14.8		%
Count of debt securities			1,027						55						1,082
Count of debt securities in an unrealized or unrecognized loss position			986						55						1,041

			As of December 31, 2022
			Available for Sale						Held to Maturity						Total
Debt securities with gross unrealized or unrecognized losses, fair value			$	2,439,533					$	785,295					$	3,224,828
Gross unrealized or unrecognized losses on debt securities			311,204						133,017						444,221
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses			12.8		%				16.9		%				13.8		%
Count of debt securities			1,091						55						1,146
Count of debt securities in an unrealized or unrecognized loss position			1,032						55						1,087

X

- Definition

Tabular disclosure of the reconciliation of available-for-sale and held to maturity securities from cost basis to fair value.

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- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479081/326-30-55-8

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-Section 50
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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- Definition

Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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