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Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2024
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:
| March 31, 2024
(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 | $ | 1,349,679 |  |  | $ | 1 |  |  | $ | (179,488) |  |  | $ | — |  |  | $ | 1,170,192 |
Obligations of states and political subdivisions | 262,777 |  |  | 132 |  |  | (28,732) |  |  | — |  |  | 234,177 |
Corporate bonds | 6,175 |  |  | — |  |  | (429) |  |  | — |  |  | 5,746 |
Asset backed securities | 362,877 |  |  | 623 |  |  | (3,827) |  |  | — |  |  | 359,673 |
Non-agency collateralized mortgage obligations | 340,100 |  |  | — |  |  | (36,000) |  |  | — |  |  | 304,100 |
Total debt securities available for sale | $ | 2,321,608 |  |  | $ | 756 |  |  | $ | (248,476) |  |  | $ | — |  |  | $ | 2,073,888 |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 125,131 |  |  | $ | 1 |  |  | $ | (9,239) |  |  | — |  |  | 115,893 |
Obligations of states and political subdivisions | 2,680 |  |  | — |  |  | (45) |  |  | — |  |  | 2,635 |
Total debt securities held to maturity | $ | 127,811 |  |  | $ | 1 |  |  | $ | (9,284) |  |  | $ | — |  |  | $ | 118,528 |
| December 31, 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 | $ | 1,386,772 |  |  | $ | 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 |
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | As of March 31, 2024, 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 | $ | 51,718 |  |  | $ | 51,226 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 49,150 |  |  | 46,062 |  |  | 5,396 |  |  | 5,206 |
Due after five years through ten years | 371,852 |  |  | 358,110 |  |  | 92,951 |  |  | 86,475 |
Due after ten years | 1,848,888 |  |  | 1,618,490 |  |  | 29,464 |  |  | 26,847 |
Totals | $ | 2,321,608 |  |  | $ | 2,073,888 |  |  | $ | 127,811 |  |  | $ | 118,528 |
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:
March 31, 2024: | 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 | $ | 442 |  |  | $ | (3) |  |  | $ | 1,169,687 |  |  | $ | (179,485) |  |  | $ | 1,170,129 |  |  | $ | (179,488) |
Obligations of states and political subdivisions | 6,760 |  |  | (152) |  |  | 219,908 |  |  | (28,580) |  |  | 226,668 |  |  | (28,732) |
Corporate bonds | — |  |  | — |  |  | 5,746 |  |  | (429) |  |  | 5,746 |  |  | (429) |
Asset backed securities | 94,861 |  |  | (350) |  |  | 146,838 |  |  | (3,477) |  |  | 241,699 |  |  | (3,827) |
Non-agency collateralized mortgage obligations | 43,223 |  |  | (523) |  |  | 260,877 |  |  | (35,477) |  |  | 304,100 |  |  | (36,000) |
Total debt securities available for sale | $ | 145,286 |  |  | $ | (1,028) |  |  | $ | 1,803,056 |  |  | $ | (247,448) |  |  | $ | 1,948,342 |  |  | $ | (248,476) |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | — |  |  | $ | — |  |  | $ | 115,660 |  |  | $ | (9,239) |  |  | $ | 115,660 |  |  | $ | (9,239) |
Obligations of states and political subdivisions | 1,618 |  |  | (8) |  |  | 1,018 |  |  | (37) |  |  | 2,636 |  |  | (45) |
Total debt securities held to maturity | $ | 1,618 |  |  | $ | (8) |  |  | $ | 116,678 |  |  | $ | (9,276) |  |  | $ | 118,296 |  |  | $ | (9,284) |
December 31, 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 | $ | 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) |
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:
| March 31, 2024 |  | December 31, 2023
(in thousands) | AAA/AA/A |  | BBB/BB/B |  | AAA/AA/A |  | BBB/BB/B
Obligations of U.S. government agencies | $ | 125,131 |  |  | $ | — |  |  | $ | 130,823 |  |  | $ | — |
Obligations of states and political subdivisions | 2,680 |  |  | — |  |  | 2,671 |  |  | — |
Total debt securities held to maturity | $ | 127,811 |  |  | $ | — |  |  | $ | 133,494 |  |  | $ | — |

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