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DEBT SECURITIES (Tables)

12 Months Ended

Dec. 31, 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 provides the amortized cost, unrealized and unrecognized gains and losses, and fair values of debt securities, summarized by major category (dollars in thousands):

			As of December 31, 2023
			Amortized Cost						Unrealized												Fair Value
									Gross Gains						Gross Losses
Debt securities available for sale
U.S. Treasury securities			$	16,031					$	—					$	(85)					$	15,946
Obligations of U.S. government corporations and agencies			5,889						1						(58)						5,832
Obligations of states and political subdivisions1			190,819						52						(18,026)						172,845
Asset-backed securities			470,046						—						(1,823)						468,223
Commercial mortgage-backed securities			119,044						—						(15,535)						103,509
Residential mortgage-backed securities			1,306,854						5						(195,547)						1,111,312
Corporate debt securities			225,947						128						(16,171)						209,904
Total debt securities available for sale			$	2,334,630					$	186					$	(247,245)					$	2,087,571

			Amortized Cost						Unrecognized												Fair Value
									Gross Gains						Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities			$	428,526					$	—					$	(71,000)					$	357,526
Residential mortgage-backed securities			444,102						—						(71,231)						372,871
Total debt securities held to maturity			$	872,628					$	—					$	(142,231)					$	730,397

___________________________________________

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

			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

Schedule of amortized cost and fair value of debt securities available for sale and held to maturity by contractual maturity

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

			As of December 31, 2023
			Amortized Cost						Fair Value
Debt securities available for sale
Due in one year or less			$	71,960					$	71,429
Due after one year through five years			244,231						230,299
Due after five years through ten years			418,655						388,864
Due after ten years			1,599,784						1,396,979
Debt securities available for sale			$	2,334,630					$	2,087,571
Debt securities held to maturity
Due after one year through five years			$	73,943					$	69,373
Due after five years through ten years			28,489						25,824
Due after ten years			770,196						635,200
Debt securities held to maturity			$	872,628					$	730,397

Schedule of realized gains and losses related to sales of securities

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

									Years Ended December 31,
															2023						2022						2021
Realized gains and losses on debt securities
Gross gains on debt securities															$	20					$	115					$	543
Gross (losses) on debt securities															(5,523)						(89)						(514)
Realized net gains (losses) on debt securities1															$	(5,503)					$	26					$	29

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

Schedule of securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous 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 December 31, 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			$	—					$	—					$	15,946					$	(85)					$	15,946					$	(85)
Obligations of U.S. government corporations and agencies			—						—						5,709						(58)						5,709						(58)
Obligations of states and political subdivisions			11,442						(54)						146,797						(17,972)						158,239						(18,026)
Asset-backed securities			—						—						468,223						(1,823)						468,223						(1,823)
Commercial mortgage-backed securities			—						—						103,509						(15,535)						103,509						(15,535)
Residential mortgage-backed securities			141						(1)						1,110,906						(195,546)						1,111,047						(195,547)
Corporate debt securities			1,450						(10)						198,694						(16,161)						200,144						(16,171)
Debt securities available for sale with gross unrealized losses			$	13,033					$	(65)					$	2,049,784					$	(247,180)					$	2,062,817					$	(247,245)

									12 months or more												Total
															Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses
Debt securities held to maturity
Commercial mortgage-backed securities															$	357,526					$	(71,000)					$	357,526					$	(71,000)
Residential mortgage-backed securities															372,871						(71,231)						372,871						(71,231)
Debt securities held to maturity with gross unrecognized losses															$	730,397					$	(142,231)					$	730,397					$	(142,231)

			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 have been in a continuous 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 December 31, 2023
			Available for Sale						Held to Maturity						Total
Debt securities with gross unrealized or unrecognized losses, fair value			$	2,062,817					$	730,397					$	2,793,214
Gross unrealized or unrecognized losses on debt securities			247,245						142,231						389,476
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses			12.0		%				19.5		%				13.9		%
Count of debt securities			835						55						890
Count of debt securities in an unrealized or unrecognized loss position			779						55						834

			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

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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.

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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
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