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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 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:
| June 30, 2024
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Estimated Fair Value
Debt Securities Available for Sale |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 1,271,105 |  |  | $ | 1 |  |  | $ | (178,082) |  |  |  |  | $ | 1,093,024 |
Obligations of states and political subdivisions | 251,954 |  |  | 85 |  |  | (29,430) |  |  |  |  | 222,609 |
Corporate bonds | 6,177 |  |  | — |  |  | (367) |  |  |  |  | 5,810 |
Asset backed securities | 344,115 |  |  | 569 |  |  | (1,504) |  |  |  |  | 343,180 |
Non-agency collateralized mortgage obligations | 311,101 |  |  | — |  |  | (34,941) |  |  |  |  | 276,160 |
Total debt securities available for sale | $ | 2,184,452 |  |  | $ | 655 |  |  | $ | (244,324) |  |  |  |  | $ | 1,940,783 |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 119,982 |  |  | $ | 3 |  |  | $ | (8,880) |  |  |  |  | 111,105 |
Obligations of states and political subdivisions | 2,691 |  |  | 1 |  |  | (88) |  |  |  |  | 2,604 |
Total debt securities held to maturity | $ | 122,673 |  |  | $ | 4 |  |  | $ | (8,968) |  |  |  |  | $ | 113,709 |
| December 31, 2023
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized 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 June 30, 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 | $ | 15,715 |  |  | $ | 15,600 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 66,353 |  |  | 63,156 |  |  | 4,981 |  |  | 4,817 |
Due after five years through ten years | 263,947 |  |  | 252,757 |  |  | 89,811 |  |  | 83,494 |
Due after ten years | 1,838,437 |  |  | 1,609,270 |  |  | 27,881 |  |  | 25,398 |
Totals | $ | 2,184,452 |  |  | $ | 1,940,783 |  |  | $ | 122,673 |  |  | $ | 113,709 |
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, 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 | $ | 322 |  |  | $ | (3) |  |  | $ | 1,092,549 |  |  | $ | (178,079) |  |  | $ | 1,092,871 |  |  | $ | (178,082) |
Obligations of states and political subdivisions | 7,705 |  |  | (225) |  |  | 208,951 |  |  | (29,205) |  |  | 216,656 |  |  | (29,430) |
Corporate bonds | — |  |  | — |  |  | 5,810 |  |  | (367) |  |  | 5,810 |  |  | (367) |
Asset backed securities | 43,914 |  |  | (72) |  |  | 101,081 |  |  | (1,432) |  |  | 144,995 |  |  | (1,504) |
Non-agency collateralized mortgage obligations | — |  |  | — |  |  | 276,160 |  |  | (34,941) |  |  | 276,160 |  |  | (34,941) |
Total debt securities available for sale | $ | 51,941 |  |  | $ | (300) |  |  | $ | 1,684,551 |  |  | $ | (244,024) |  |  | $ | 1,736,492 |  |  | $ | (244,324) |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | — |  |  | $ | — |  |  | $ | 110,872 |  |  | $ | (8,880) |  |  | $ | 110,872 |  |  | $ | (8,880) |
Obligations of states and political subdivisions | 486 |  |  | (23) |  |  | 991 |  |  | (65) |  |  | 1,477 |  |  | (88) |
Total debt securities held to maturity | $ | 486 |  |  | $ | (23) |  |  | $ | 111,863 |  |  | $ | (8,945) |  |  | $ | 112,349 |  |  | $ | (8,968) |
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:
| June 30, 2024 |  | December 31, 2023
(in thousands) | AAA/AA/A |  | BBB/BB/B |  | AAA/AA/A |  | BBB/BB/B
Obligations of U.S. government agencies | $ | 119,982 |  |  | $ | — |  |  | $ | 130,823 |  |  | $ | — |
Obligations of states and political subdivisions | 2,691 |  |  | — |  |  | 2,671 |  |  | — |
Total debt securities held to maturity | $ | 122,673 |  |  | $ | — |  |  | $ | 133,494 |  |  | $ | — |

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