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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Amortized Cost and Estimated Fair Values of Investments Securities | The amortized cost and estimated fair values of investment securities classified as available for sale and held to maturity are summarized in the following tables:
| December 31, 2023
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
|  |  | (in thousands) |  |
Debt Securities Available for Sale |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 1,386,772 |  |  | $ | 2 |  |  | $ | (165,037) |  |  | $ | 1,221,737 |
Obligations of states and political subdivisions | 262,879 |  |  | 268 |  |  | (26,772) |  |  | 236,375 |
Corporate bonds | 6,173 |  |  | — |  |  | (571) |  |  | 5,602 |
Asset backed securities | 359,214 |  |  | 255 |  |  | (4,188) |  |  | 355,281 |
Non-agency collateralized mortgage obligations | 369,287 |  |  | — |  |  | (35,778) |  |  | 333,509 |
Total debt securities available for sale | $ | 2,384,325 |  |  | $ | 525 |  |  | $ | (232,346) |  |  | $ | 2,152,504 |
Debt Securities Held to Maturity |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 130,823 |  |  | $ | — |  |  | $ | (8,331) |  |  | $ | 122,492 |
Obligations of states and political subdivisions | 2,671 |  |  | 6 |  |  | (43) |  |  | 2,634 |
Total debt securities held to maturity | $ | 133,494 |  |  | $ | 6 |  |  | $ | (8,374) |  |  | $ | 125,126 |
| December 31, 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
|  |  | (in thousands) |  |
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 |
December 31, 2023 | Available for Sale |  | Held to Maturity
(In thousands) | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Due in one year | $ | 83,239 |  |  | $ | 81,775 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 47,769 |  |  | 44,932 |  |  | 5,829 |  |  | 5,640 |
Due after five years through ten years | 367,733 |  |  | 354,333 |  |  | 89,070 |  |  | 83,726 |
Due after ten years | 1,885,584 |  |  | 1,671,464 |  |  | 38,595 |  |  | 35,760 |
Totals | $ | 2,384,325 |  |  | $ | 2,152,504 |  |  | $ | 133,494 |  |  | $ | 125,126 |
Gross Unrealized Losses on Investment Securities | Gross unrealized losses on investment 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:
| Less than 12 months |  | 12 months or more |  | Total
| Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
December 31, 2023 | (in thousands)
Debt Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 224 |  |  | $ | — |  |  | $ | 1,221,320 |  |  | $ | (165,037) |  |  | $ | 1,221,544 |  |  | $ | (165,037) |
Obligations of states and political subdivisions | 6,229 |  |  | (75) |  |  | 216,497 |  |  | (26,697) |  |  | 222,726 |  |  | (26,772) |
Corporate bonds | — |  |  | — |  |  | 5,602 |  |  | (571) |  |  | 5,602 |  |  | (571) |
Asset backed securities | 15,928 |  |  | (93) |  |  | 264,731 |  |  | (4,095) |  |  | 280,659 |  |  | (4,188) |
Non-agency collateralized mortgage obligations | 44,276 |  |  | (583) |  |  | 289,233 |  |  | (35,195) |  |  | 333,509 |  |  | (35,778) |
Total debt securities available for sale | $ | 66,657 |  |  | $ | (751) |  |  | $ | 1,997,383 |  |  | $ | (231,595) |  |  | $ | 2,064,040 |  |  | $ | (232,346) |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | — |  |  | $ | — |  |  | $ | 122,259 |  |  | $ | (8,331) |  |  | $ | 122,259 |  |  | $ | (8,331) |
Obligations of states and political subdivisions | — |  |  | — |  |  | 1,012 |  |  | (43) |  |  | 1,012 |  |  | (43) |
Total debt securities held to maturity | $ | — |  |  | $ | — |  |  | $ | 123,271 |  |  | $ | (8,374) |  |  | $ | 123,271 |  |  | $ | (8,374) |
| Less than 12 months |  | 12 months or more |  | Total
| Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
December 31, 2022 | (in thousands)
Debt Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 766,612 |  |  | $ | (134,234) |  |  | $ | 605,615 |  |  | $ | (61,408) |  |  | $ | 1,372,227 |  |  | $ | (195,642) |
Obligations of states and political subdivisions | 43,282 |  |  | (12,917) |  |  | 219,532 |  |  | (26,904) |  |  | 262,814 |  |  | (39,821) |
Corporate bonds | — |  |  | — |  |  | 5,751 |  |  | (413) |  |  | 5,751 |  |  | (413) |
Asset backed securities | 205,329 |  |  | (10,238) |  |  | 231,703 |  |  | (4,955) |  |  | 437,032 |  |  | (15,193) |
Non-agency collateralized mortgage obligations | 203,620 |  |  | (36,480) |  |  | 123,075 |  |  | (3,421) |  |  | 326,695 |  |  | (39,901) |
Total securities available for sale | $ | 1,218,843 |  |  | $ | (193,869) |  |  | $ | 1,185,676 |  |  | $ | (97,101) |  |  | $ | 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 | Gross unrealized losses on investment 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:
| Less than 12 months |  | 12 months or more |  | Total
| Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
December 31, 2023 | (in thousands)
Debt Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 224 |  |  | $ | — |  |  | $ | 1,221,320 |  |  | $ | (165,037) |  |  | $ | 1,221,544 |  |  | $ | (165,037) |
Obligations of states and political subdivisions | 6,229 |  |  | (75) |  |  | 216,497 |  |  | (26,697) |  |  | 222,726 |  |  | (26,772) |
Corporate bonds | — |  |  | — |  |  | 5,602 |  |  | (571) |  |  | 5,602 |  |  | (571) |
Asset backed securities | 15,928 |  |  | (93) |  |  | 264,731 |  |  | (4,095) |  |  | 280,659 |  |  | (4,188) |
Non-agency collateralized mortgage obligations | 44,276 |  |  | (583) |  |  | 289,233 |  |  | (35,195) |  |  | 333,509 |  |  | (35,778) |
Total debt securities available for sale | $ | 66,657 |  |  | $ | (751) |  |  | $ | 1,997,383 |  |  | $ | (231,595) |  |  | $ | 2,064,040 |  |  | $ | (232,346) |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | — |  |  | $ | — |  |  | $ | 122,259 |  |  | $ | (8,331) |  |  | $ | 122,259 |  |  | $ | (8,331) |
Obligations of states and political subdivisions | — |  |  | — |  |  | 1,012 |  |  | (43) |  |  | 1,012 |  |  | (43) |
Total debt securities held to maturity | $ | — |  |  | $ | — |  |  | $ | 123,271 |  |  | $ | (8,374) |  |  | $ | 123,271 |  |  | $ | (8,374) |
| Less than 12 months |  | 12 months or more |  | Total
| Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
December 31, 2022 | (in thousands)
Debt Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 766,612 |  |  | $ | (134,234) |  |  | $ | 605,615 |  |  | $ | (61,408) |  |  | $ | 1,372,227 |  |  | $ | (195,642) |
Obligations of states and political subdivisions | 43,282 |  |  | (12,917) |  |  | 219,532 |  |  | (26,904) |  |  | 262,814 |  |  | (39,821) |
Corporate bonds | — |  |  | — |  |  | 5,751 |  |  | (413) |  |  | 5,751 |  |  | (413) |
Asset backed securities | 205,329 |  |  | (10,238) |  |  | 231,703 |  |  | (4,955) |  |  | 437,032 |  |  | (15,193) |
Non-agency collateralized mortgage obligations | 203,620 |  |  | (36,480) |  |  | 123,075 |  |  | (3,421) |  |  | 326,695 |  |  | (39,901) |
Total securities available for sale | $ | 1,218,843 |  |  | $ | (193,869) |  |  | $ | 1,185,676 |  |  | $ | (97,101) |  |  | $ | 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:
| December 31, 2023 |  | December 31, 2022
| AAA/AA/A |  | BBB/BB/B |  | AAA/AA/A |  | BBB/BB/B
| (In thousands) |  | (In thousands)
Debt Securities Held to Maturity |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 130,823 |  |  | $ | — |  |  | $ | 154,830 |  |  | $ | — |
Obligations of states and political subdivisions | 2,671 |  |  | — |  |  | 6,153 |  |  | — |
Total debt securities held to maturity | $ | 133,494 |  |  | $ | — |  |  | $ | 160,983 |  |  | $ | — |

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