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v3.23.2

Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Amortized Cost and Estimated Fair Values of Investments Securities | The amortized cost, estimated fair values and allowance for credit losses of investments in debt securities are summarized in the following tables:
| June 30, 2023
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Estimated Fair Value
Debt Securities Available for Sale |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 1,497,396 |  |  | $ | — |  |  | $ | (187,972) |  |  | $ | — |  |  | $ | 1,309,424 |
Obligations of states and political subdivisions | 307,961 |  |  | 377 |  |  | (32,687) |  |  | — |  |  | 275,651 |
Corporate bonds | 6,168 |  |  | — |  |  | (667) |  |  | — |  |  | 5,501 |
Asset backed securities | 464,331 |  |  | 46 |  |  | (10,910) |  |  | — |  |  | 453,467 |
Non-agency collateralized mortgage obligations | 317,319 |  |  | — |  |  | (40,949) |  |  | — |  |  | 276,370 |
Total debt securities available for sale | $ | 2,593,175 |  |  | $ | 423 |  |  | $ | (273,185) |  |  | $ | — |  |  | $ | 2,320,413 |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 142,466 |  |  | $ | 1 |  |  | $ | (10,664) |  |  | — |  |  | 131,803 |
Obligations of states and political subdivisions | 2,651 |  |  | 1 |  |  | (46) |  |  | — |  |  | 2,606 |
Total debt securities held to maturity | $ | 145,117 |  |  | $ | 2 |  |  | $ | (10,710) |  |  | $ | — |  |  | $ | 134,409 |
| December 31, 2022
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Estimated Fair Value
Debt Securities Available for Sale |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 1,568,408 |  |  | $ | 3 |  |  | $ | (195,642) |  |  | $ | — |  |  | $ | 1,372,769 |
Obligations of states and political subdivisions | 332,625 |  |  | 401 |  |  | (39,821) |  |  | — |  |  | 293,205 |
Corporate bonds | 6,164 |  |  | — |  |  | (413) |  |  | — |  |  | 5,751 |
Asset backed securities | 454,943 |  |  | 17 |  |  | (15,193) |  |  | — |  |  | 439,767 |
Non-agency collateralized mortgage obligations | 380,847 |  |  | — |  |  | (39,901) |  |  | — |  |  | 340,946 |
Total debt securities available for sale | $ | 2,742,987 |  |  | $ | 421 |  |  | $ | (290,970) |  |  | $ | — |  |  | $ | 2,452,438 |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 154,830 |  |  | $ | 2 |  |  | $ | (11,013) |  |  | $ | — |  |  | $ | 143,819 |
Obligations of states and political subdivisions | 6,153 |  |  | 13 |  |  | (47) |  |  | — |  |  | 6,119 |
Total debt securities held to maturity | $ | 160,983 |  |  | $ | 15 |  |  | $ | (11,060) |  |  | $ | — |  |  | $ | 149,938 |
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | As of June 30, 2023, the contractual final maturity for available for sale and held to maturity investment securities is as follows:
Debt Securities | Available for Sale |  | Held to Maturity
(in thousands) | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Due in one year | $ | 91,262 |  |  | $ | 88,777 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 75,911 |  |  | 72,601 |  |  | 6,790 |  |  | 6,485 |
Due after five years through ten years | 406,088 |  |  | 385,442 |  |  | 30,471 |  |  | 27,882 |
Due after ten years | 2,019,914 |  |  | 1,773,593 |  |  | 107,856 |  |  | 100,042 |
Totals | $ | 2,593,175 |  |  | $ | 2,320,413 |  |  | $ | 145,117 |  |  | $ | 134,409 |
Gross Unrealized Losses on Investment Securities | Gross unrealized losses on debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:
June 30, 2023: | Less than 12 months |  | 12 months or more |  | Total
(in thousands) | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Debt Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 148,377 |  |  | $ | (9,454) |  |  | $ | 1,160,872 |  |  | $ | (178,518) |  |  | $ | 1,309,249 |  |  | $ | (187,972) |
Obligations of states and political subdivisions | 42,997 |  |  | (958) |  |  | 204,574 |  |  | (31,729) |  |  | 247,571 |  |  | (32,687) |
Corporate bonds | — |  |  | — |  |  | 5,501 |  |  | (667) |  |  | 5,501 |  |  | (667) |
Asset backed securities | 88,449 |  |  | (1,240) |  |  | 359,902 |  |  | (9,670) |  |  | 448,351 |  |  | (10,910) |
Non-agency collateralized mortgage obligations | 61,766 |  |  | (2,173) |  |  | 214,604 |  |  | (38,776) |  |  | 276,370 |  |  | (40,949) |
Total debt securities available for sale | $ | 341,589 |  |  | $ | (13,825) |  |  | $ | 1,945,453 |  |  | $ | (259,360) |  |  | $ | 2,287,042 |  |  | $ | (273,185) |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 39,059 |  |  | $ | (2,530) |  |  | $ | 92,743 |  |  | $ | (8,134) |  |  | $ | 131,802 |  |  | $ | (10,664) |
Obligations of states and political subdivisions | 973 |  |  | (22) |  |  | 546 |  |  | (24) |  |  | 1,519 |  |  | (46) |
Total debt securities held to maturity | $ | 40,032 |  |  | $ | (2,552) |  |  | $ | 93,289 |  |  | $ | (8,158) |  |  | $ | 133,321 |  |  | $ | (10,710) |
December 31, 2022: | Less than 12 months |  | 12 months or more |  | Total
(in thousands) | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Debt Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 605,615 |  |  | $ | (61,408) |  |  | $ | 766,612 |  |  | $ | (134,234) |  |  | $ | 1,372,227 |  |  | $ | (195,642) |
Obligations of states and political subdivisions | 219,532 |  |  | (26,904) |  |  | 43,282 |  |  | (12,917) |  |  | 262,814 |  |  | (39,821) |
Corporate bonds | 5,751 |  |  | (413) |  |  | — |  |  | — |  |  | 5,751 |  |  | (413) |
Asset backed securities | 231,703 |  |  | (4,955) |  |  | 205,329 |  |  | (10,238) |  |  | 437,032 |  |  | (15,193) |
Non-agency collateralized mortgage obligations | 123,075 |  |  | (3,421) |  |  | 203,620 |  |  | (36,480) |  |  | 326,695 |  |  | (39,901) |
Total debt securities available for sale | $ | 1,185,676 |  |  | (97,101) |  |  | $ | 1,218,843 |  |  | $ | (193,869) |  |  | $ | 2,404,519 |  |  | $ | (290,970) |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 143,577 |  |  | $ | (11,013) |  |  | $ | — |  |  | $ | — |  |  | $ | 143,577 |  |  | $ | (11,013) |
Obligations of states and political subdivisions | 4,530 |  |  | (47) |  |  | — |  |  | — |  |  | 4,530 |  |  | (47) |
Total debt securities held to maturity | $ | 148,107 |  |  | $ | (11,060) |  |  | $ | — |  |  | $ | — |  |  | $ | 148,107 |  |  | $ | (11,060) |
Amortized Cost of Debt Securities Held-to-Maturity | The following table summarizes the amortized cost of debt securities held-to-maturity at the dates indicated, aggregated by credit quality indicator:
| June 30, 2023 |  | December 31, 2022
(in thousands) | AAA/AA/A |  | BBB/BB/B |  | AAA/AA/A |  | BBB/BB/B
Obligations of U.S. government agencies | $ | 142,466 |  |  | $ | — |  |  | $ | 154,830 |  |  | $ | — |
Obligations of states and political subdivisions | 2,651 |  |  | — |  |  | 6,153 |  |  | — |
Total debt securities held to maturity | $ | 145,117 |  |  | $ | — |  |  | $ | 160,983 |  |  | $ | — |

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