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DEBT SECURITIES (Tables)
12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost, unrealized gains and losses and fair values of securities classified available for sale and held to maturity
The table below provides the amortized cost, unrealized and unrecognized gains and losses, and fair values of debt securities, summarized by major category (dollars in thousands):
As of December 31, 2022
Amortized
Cost
UnrealizedFair
Value
Gross GainsGross Losses
Debt securities available for sale
U.S. Treasury securities$117,805 $— $(3,744)$114,061 
Obligations of U.S. government corporations and agencies20,097 (321)19,779 
Obligations of states and political subdivisions283,481 106 (26,075)257,512 
Asset-backed securities489,558 — (19,683)469,875 
Commercial mortgage-backed securities124,423 — (16,029)108,394 
Residential mortgage-backed securities1,463,971 (220,717)1,243,256 
Corporate debt securities273,118 33 (24,635)248,516 
Total debt securities available for sale$2,772,453 $144 $(311,204)$2,461,393 
Amortized
Cost
UnrecognizedFair
Value
Gross GainsGross Losses
Debt securities held to maturity
Commercial mortgage-backed securities$474,820 $— $(63,738)$411,082 
Residential mortgage-backed securities443,492 — (69,279)374,213 
Total debt securities held to maturity$918,312 $— $(133,017)$785,295 
As of December 31, 2021
Amortized
Cost
UnrealizedFair
Value
Gross GainsGross Losses
Debt securities available for sale
U.S. Treasury securities$166,768 $41 $(1,047)$165,762 
Obligations of U.S. government corporations and agencies37,579 891 — 38,470 
Obligations of states and political subdivisions300,602 7,760 (1,493)306,869 
Asset-backed securities492,055 295 (164)492,186 
Commercial mortgage-backed securities625,339 3,425 (13,766)614,998 
Residential mortgage-backed securities2,095,104 8,889 (34,680)2,069,313 
Corporate debt securities296,076 1,081 (3,504)293,653 
Total debt securities available for sale$4,013,523 $22,382 $(54,654)$3,981,251 
Schedule of amortized cost and fair value of debt securities available for sale and held to maturity by contractual maturity
As of December 31, 2022
Amortized
Cost
Fair
Value
Debt securities available for sale
Due in one year or less$135,698 $133,967 
Due after one year through five years395,914 368,754 
Due after five years through ten years364,065 330,280 
Due after ten years1,876,776 1,628,392 
Debt securities available for sale$2,772,453 $2,461,393 
Debt securities held to maturity
Due after one year through five years$44,392 $41,483 
Due after five years through ten years64,593 57,955 
Due after ten years809,327 685,857 
Debt securities held to maturity$918,312 $785,295 
Schedule of realized gains and losses related to sales of securities
Realized gains and losses related to sales and calls of debt securities available for sale are summarized as follows (dollars in thousands):
Years Ended December 31,
202220212020
Realized gains and losses on debt securities
Gross gains on debt securities$115 $543 $1,732 
Gross (losses) on debt securities(89)(514)(8)
Realized net gains (losses) on debt securities1
$26 $29 $1,724 
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1.Net gains (losses) on sales of securities reported on the Consolidated Statements of Income include the sale of equity securities, excluded in this table.
Schedule of securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position
The following information pertains to debt securities with gross unrealized and unrecognized losses, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (dollars in thousands):
As of December 31, 2022
Less than 12 months12 months or moreTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Debt securities available for sale
U.S. Treasury securities1
$74 $— $113,987 $(3,744)$114,061 $(3,744)
Obligations of U.S. government corporations and agencies19,603 (321)— — 19,603 (321)
Obligations of states and political subdivisions166,147 (10,059)75,217 (16,016)241,364 (26,075)
Asset-backed securities390,164 (15,648)79,711 (4,035)469,875 (19,683)
Commercial mortgage-backed securities89,428 (12,623)18,966 (3,406)108,394 (16,029)
Residential mortgage-backed securities366,221 (38,111)876,668 (182,606)1,242,889 (220,717)
Corporate debt securities39,037 (5,079)204,310 (19,556)243,347 (24,635)
Debt securities available for sale with gross unrealized losses$1,070,674 $(81,841)$1,368,859 $(229,363)$2,439,533 $(311,204)
Less than 12 months12 months or moreTotal
Fair
Value
Unrecognized
Losses
Fair
Value
Unrecognized
Losses
Fair
Value
Unrecognized
Losses
Debt securities held to maturity
Commercial mortgage-backed securities$58,065 $(8,009)$353,017 $(55,729)$411,082 $(63,738)
Residential mortgage-backed securities— — 374,213 (69,279)374,213 (69,279)
Debt securities held to maturity with gross unrecognized losses$58,065 $(8,009)$727,230 $(125,008)$785,295 $(133,017)
___________________________________________
1.Unrealized losses for U.S. Treasury securities that have been in a continuous loss position for less than 12 months were insignificant, rounding to zero thousand.
As of December 31, 2021
Less than 12 months12 months or moreTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Debt securities available for sale
U.S. Treasury securities$163,653 $(1,047)$— $— $163,653 $(1,047)
Obligations of states and political subdivisions92,680 (1,493)— — 92,680 (1,493)
Asset-backed securities89,983 (164)— — 89,983 (164)
Commercial mortgage-backed securities389,078 (10,186)85,905 (3,580)474,983 (13,766)
Residential mortgage-backed securities1,700,187 (33,453)20,538 (1,227)1,720,725 (34,680)
Corporate debt securities241,153 (3,504)— — 241,153 (3,504)
Debt securities available for sale with gross unrealized losses$2,676,734 $(49,847)$106,443 $(4,807)$2,783,177 $(54,654)
Additional information about debt securities in an unrealized or unrecognized loss position is presented in the tables below (dollars in thousands):
As of December 31, 2022
Available for Sale Held to Maturity Total
Debt securities with gross unrealized or unrecognized losses, fair value$2,439,533 $785,295 $3,224,828 
Gross unrealized or unrecognized losses on debt securities311,204 133,017 444,221 
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses12.8 %16.9 %13.8 %
Count of debt securities1,091 55 1,146 
Count of debt securities in an unrealized or unrecognized loss position1,032 55 1,087 
As of December 31, 2021
Available for Sale Held to MaturityTotal
Debt securities with gross unrealized losses, fair value$2,783,177 $— $2,783,177 
Gross unrealized losses on debt securities54,654 — 54,654 
Ratio of gross unrealized losses to debt securities with gross unrealized losses2.0 %— %2.0 %
Count of debt securities1,252 — 1,252 
Count of debt securities in an unrealized loss position373 — 373