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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Amortized Cost, Estimated Fair Value and Allowance for Credit Loss on Investments in Debt 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, 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 | $ | 1,234,038 |  |  | $ | 76 |  |  | $ | (132,117) |  |  |  |  | $ | 1,101,997 |
Obligations of states and political subdivisions | 249,709 |  |  | 159 |  |  | (20,526) |  |  |  |  | 229,342 |
Corporate bonds | 6,179 |  |  | 20 |  |  | (335) |  |  |  |  | 5,864 |
Asset backed securities | 364,561 |  |  | 492 |  |  | (1,513) |  |  |  |  | 363,540 |
Non-agency collateralized mortgage obligations | 305,221 |  |  | 352 |  |  | (27,046) |  |  |  |  | 278,527 |
Total debt securities available for sale | $ | 2,159,708 |  |  | $ | 1,099 |  |  | $ | (181,537) |  |  |  |  | $ | 1,979,270 |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 114,558 |  |  | $ | 4 |  |  | $ | (5,253) |  |  |  |  | 109,309 |
Obligations of states and political subdivisions | 2,701 |  |  | 6 |  |  | (29) |  |  |  |  | 2,678 |
Total debt securities held to maturity | $ | 117,259 |  |  | $ | 10 |  |  | $ | (5,282) |  |  |  |  | $ | 111,987 |
| 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 September 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 | $ | 6,625 |  |  | $ | 6,421 |  |  | $ | 1,137 |  |  | $ | 1,143 |
Due after one year through five years | 62,174 |  |  | 60,553 |  |  | 3,453 |  |  | 3,361 |
Due after five years through ten years | 239,924 |  |  | 231,415 |  |  | 87,693 |  |  | 83,990 |
Due after ten years | 1,850,985 |  |  | 1,680,881 |  |  | 24,976 |  |  | 23,493 |
Totals | $ | 2,159,708 |  |  | $ | 1,979,270 |  |  | $ | 117,259 |  |  | $ | 111,987 |
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:
September 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 | $ | 7 |  |  | $ | (1) |  |  | $ | 1,092,624 |  |  | $ | (132,116) |  |  | $ | 1,092,631 |  |  | $ | (132,117) |
Obligations of states and political subdivisions | — |  |  | — |  |  | 216,428 |  |  | (20,526) |  |  | 216,428 |  |  | (20,526) |
Corporate bonds | — |  |  | — |  |  | 4,598 |  |  | (335) |  |  | 4,598 |  |  | (335) |
Asset backed securities | 107,510 |  |  | (164) |  |  | 109,099 |  |  | (1,349) |  |  | 216,609 |  |  | (1,513) |
Non-agency collateralized mortgage obligations | — |  |  | — |  |  | 245,023 |  |  | (27,046) |  |  | 245,023 |  |  | (27,046) |
Total debt securities available for sale | $ | 107,517 |  |  | $ | (165) |  |  | $ | 1,667,772 |  |  | $ | (181,372) |  |  | $ | 1,775,289 |  |  | $ | (181,537) |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | — |  |  | $ | — |  |  | $ | 109,144 |  |  | $ | (5,253) |  |  | $ | 109,144 |  |  | $ | (5,253) |
Obligations of states and political subdivisions | 506 |  |  | (3) |  |  | 1,029 |  |  | (26) |  |  | 1,535 |  |  | (29) |
Total debt securities held to maturity | $ | 506 |  |  | $ | (3) |  |  | $ | 110,173 |  |  | $ | (5,279) |  |  | $ | 110,679 |  |  | $ | (5,282) |
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:
| September 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 | $ | 114,558 |  |  | $ | — |  |  | $ | 130,823 |  |  | $ | — |
Obligations of states and political subdivisions | 2,701 |  |  | — |  |  | 2,671 |  |  | — |
Total debt securities held to maturity | $ | 117,259 |  |  | $ | — |  |  | $ | 133,494 |  |  | $ | — |

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