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Investment Securities (Tables) | 9 Months Ended
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Sep. 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:
| September 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 | $ | 1,443,038 |  |  | $ | — |  |  | $ | (235,866) |  |  | $ | — |  |  | $ | 1,207,172 |
Obligations of states and political subdivisions | 307,291 |  |  | 24 |  |  | (48,646) |  |  | — |  |  | 258,669 |
Corporate bonds | 6,170 |  |  | — |  |  | (665) |  |  | — |  |  | 5,505 |
Asset backed securities | 375,068 |  |  | 391 |  |  | (5,730) |  |  | — |  |  | 369,729 |
Non-agency collateralized mortgage obligations | 378,056 |  |  | — |  |  | (44,794) |  |  | — |  |  | 333,262 |
Total debt securities available for sale | $ | 2,509,623 |  |  | $ | 415 |  |  | $ | (335,701) |  |  | $ | — |  |  | $ | 2,174,337 |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 136,398 |  |  | $ | — |  |  | $ | (14,824) |  |  | — |  |  | 121,574 |
Obligations of states and political subdivisions | 2,660 |  |  | — |  |  | (176) |  |  | — |  |  | 2,484 |
Total debt securities held to maturity | $ | 139,058 |  |  | $ | — |  |  | $ | (15,000) |  |  | $ | — |  |  | $ | 124,058 |
| 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 |
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:
September 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 | $ | 413 |  |  | $ | (14) |  |  | $ | 1,206,736 |  |  | $ | (235,852) |  |  | $ | 1,207,149 |  |  | $ | (235,866) |
Obligations of states and political subdivisions | 46,600 |  |  | (2,674) |  |  | 207,415 |  |  | (45,972) |  |  | 254,015 |  |  | (48,646) |
Corporate bonds | — |  |  | — |  |  | 5,505 |  |  | (665) |  |  | 5,505 |  |  | (665) |
Asset backed securities | — |  |  | — |  |  | 309,126 |  |  | (5,730) |  |  | 309,126 |  |  | (5,730) |
Non-agency collateralized mortgage obligations | 44,591 |  |  | (1,236) |  |  | 288,671 |  |  | (43,558) |  |  | 333,262 |  |  | (44,794) |
Total debt securities available for sale | $ | 91,604 |  |  | $ | (3,924) |  |  | $ | 2,017,453 |  |  | $ | (331,777) |  |  | $ | 2,109,057 |  |  | $ | (335,701) |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 233 |  |  | $ | (2) |  |  | $ | 121,340 |  |  | $ | (14,822) |  |  | $ | 121,573 |  |  | $ | (14,824) |
Obligations of states and political subdivisions | 1,547 |  |  | (59) |  |  | 938 |  |  | (117) |  |  | 2,485 |  |  | (176) |
Total debt securities held to maturity | $ | 1,780 |  |  | $ | (61) |  |  | $ | 122,278 |  |  | $ | (14,939) |  |  | $ | 124,058 |  |  | $ | (15,000) |
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 and Estimated Fair Value of Debt Securities by Contractual Maturity | As of September 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 | $ | 86,722 |  |  | $ | 84,609 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 62,069 |  |  | 58,068 |  |  | 6,302 |  |  | 6,015 |
Due after five years through ten years | 398,920 |  |  | 377,030 |  |  | 80,279 |  |  | 71,376 |
Due after ten years | 1,961,912 |  |  | 1,654,630 |  |  | 52,477 |  |  | 46,667 |
Totals | $ | 2,509,623 |  |  | $ | 2,174,337 |  |  | $ | 139,058 |  |  | $ | 124,058 |
Amortized Cost of Debt Securities Held-to-Maturity | 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:
September 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 | $ | 413 |  |  | $ | (14) |  |  | $ | 1,206,736 |  |  | $ | (235,852) |  |  | $ | 1,207,149 |  |  | $ | (235,866) |
Obligations of states and political subdivisions | 46,600 |  |  | (2,674) |  |  | 207,415 |  |  | (45,972) |  |  | 254,015 |  |  | (48,646) |
Corporate bonds | — |  |  | — |  |  | 5,505 |  |  | (665) |  |  | 5,505 |  |  | (665) |
Asset backed securities | — |  |  | — |  |  | 309,126 |  |  | (5,730) |  |  | 309,126 |  |  | (5,730) |
Non-agency collateralized mortgage obligations | 44,591 |  |  | (1,236) |  |  | 288,671 |  |  | (43,558) |  |  | 333,262 |  |  | (44,794) |
Total debt securities available for sale | $ | 91,604 |  |  | $ | (3,924) |  |  | $ | 2,017,453 |  |  | $ | (331,777) |  |  | $ | 2,109,057 |  |  | $ | (335,701) |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 233 |  |  | $ | (2) |  |  | $ | 121,340 |  |  | $ | (14,822) |  |  | $ | 121,573 |  |  | $ | (14,824) |
Obligations of states and political subdivisions | 1,547 |  |  | (59) |  |  | 938 |  |  | (117) |  |  | 2,485 |  |  | (176) |
Total debt securities held to maturity | $ | 1,780 |  |  | $ | (61) |  |  | $ | 122,278 |  |  | $ | (14,939) |  |  | $ | 124,058 |  |  | $ | (15,000) |
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) |
The following table summarizes the amortized cost of debt securities held-to-maturity at the dates indicated, aggregated by credit quality indicator:
| September 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 | $ | 136,398 |  |  | $ | — |  |  | $ | 154,830 |  |  | $ | — |
Obligations of states and political subdivisions | 2,660 |  |  | — |  |  | 6,153 |  |  | — |
Total debt securities held to maturity | $ | 139,058 |  |  | $ | — |  |  | $ | 160,983 |  |  | $ | — |

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