XML 50 R35.htm IDEA: XBRL DOCUMENT v3.24.0.1
Investment Securities (Tables)
12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Values of Investment Securities
The following tables present the amortized cost and estimated fair values of investment securities, as of December 31:

Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
 (dollars in thousands)
2023
Available for Sale
U.S. Government securities$42,475 $ $(314)$42,161 
U.S. Government-sponsored agency securities1,038  (28)1,010 
State and municipal securities1,200,571 1,089 (129,647)1,072,013 
Corporate debt securities480,714 473 (40,636)440,551 
Collateralized mortgage obligations122,824  (11,390)111,434 
Residential mortgage-backed securities223,273 7 (26,485)196,795 
Commercial mortgage-backed securities627,364  (92,976)534,388 
Total$2,698,259 $1,569 $(301,476)$2,398,352 
Held to Maturity
Residential mortgage-backed securities$407,075 $ $(51,805)$355,270 
Commercial mortgage-backed securities860,847  (143,910)716,937 
Total $1,267,922 $ $(195,715)$1,072,207 
2022
Available for Sale
U.S. Government securities$226,140 $— $(7,655)$218,485 
U.S. Government-sponsored agency securities1,050 — (42)1,008 
State and municipal securities1,284,245 283 (178,816)1,105,712 
Corporate debt securities459,792 — (37,483)422,309 
Collateralized mortgage obligations147,155 — (13,122)134,033 
Residential mortgage-backed securities242,527 18 (29,847)212,698 
Commercial mortgage-backed securities631,604 — (79,082)552,522 
   Total$2,992,513 $301 $(346,047)$2,646,767 
Held to Maturity
Residential mortgage-backed securities$457,325 $— $(57,480)$399,845 
Commercial mortgage-backed securities863,931 — (138,727)725,204 
Total $1,321,256 $— $(196,207)$1,125,049 
Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities
The amortized cost and estimated fair values of debt securities as of December 31, 2023, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay with or without call or prepayment penalties.
Available for SaleHeld to Maturity
 Amortized
Cost
Estimated
Fair Value
Amortized
Cost
Estimated
Fair Value
(dollars in thousands)
Due in one year or less$49,267 $49,022 $— $— 
Due from one year to five years153,550 147,521 — — 
Due from five years to ten years508,237 471,086 — — 
Due after ten years1,013,744 888,106 — — 
1,724,798 1,555,735 — — 
Residential mortgage-backed securities(1)
223,273 196,795 407,075 355,270 
Commercial mortgage-backed securities(1)
627,364 534,388 860,847 716,937 
Collateralized mortgage obligations(1)
122,824 111,434 — — 
Total$2,698,259 $2,398,352 $1,267,922 $1,072,207 
(1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the underlying loans.
Summary of Gains and Losses on the Sales of Securities
The following table presents information related to gross gains and losses on the sales of securities for the years presented:
Gross Realized GainsGross Realized LossesNet Gains (Losses)
 (dollars in thousands)
2023$283 $(1,016)$(733)
20221,587 (1,614)(27)
202135,593 (2,077)33,516 
Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position
The following tables present the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31:

Less than 12 months12 Months or LongerTotal
Estimated
Fair Value
Unrealized
Losses
Estimated
Fair Value
Unrealized
Losses
Estimated
Fair Value
Unrealized
Losses
2023(dollars in thousands)
Available for Sale
U.S. Government securities$ $ $42,161 $(314)$42,161 $(314)
U.S. Government-sponsored agency securities  1,010 (28)1,010 (28)
State and municipal securities76,155 (858)917,274 (128,789)993,429 (129,647)
Corporate debt securities42,945 (1,326)370,523 (39,310)413,468 (40,636)
Collateralized mortgage obligations  111,434 (11,390)111,434 (11,390)
Residential mortgage-backed securities409 (3)195,453 (26,482)195,862 (26,485)
Commercial mortgage-backed securities26,907 (1,053)507,481 (91,923)534,388 (92,976)
Total available for sale$146,416 $(3,240)$2,145,336 $(298,236)$2,291,752 $(301,476)
Held to Maturity
Residential mortgage-backed securities$ $ $355,270 $(51,805)$355,270 $(51,805)
Commercial mortgage-backed securities  716,937 (143,910)716,937 (143,910)
Total held to maturity$ $ $1,072,207 $(195,715)$1,072,207 $(195,715)
There were 727 AFS and 180 HTM positions at unrealized loss at December 31, 2023.

Less than 12 months12 Months or LongerTotal
Estimated
Fair Value
Unrealized
Losses
Estimated
Fair Value
Unrealized
Losses
Estimated
Fair Value
Unrealized
Losses
2022(dollars in thousands)
Available for Sale
U.S. Government Securities$96,906 $(2,814)$121,579 $(4,841)$218,485 $(7,655)
U.S. Government-sponsored agency securities1,008 (42)— — 1,008 (42)
State and municipal securities995,122 (157,397)61,089 (21,419)1,056,211 (178,816)
Corporate debt securities376,398 (31,333)37,157 (6,150)413,555 (37,483)
Collateralized mortgage obligations113,191 (7,650)20,842 (5,472)134,033 (13,122)
Residential mortgage-backed securities154,861 (18,301)55,293 (11,546)210,154 (29,847)
Commercial mortgage-backed securities371,109 (38,845)181,413 (40,237)552,522 (79,082)
Total available for sale$2,108,595 $(256,382)$477,373 $(89,665)$2,585,968 $(346,047)
Held to maturity
Residential mortgage-backed securities$246,667 $(14,275)$153,178 $(43,205)$399,845 $(57,480)
Commercial mortgage-backed securities258,255 (24,029)466,949 (114,698)725,204 (138,727)
Total held to maturity$504,922 $(38,304)$620,127 $(157,903)$1,125,049 $(196,207)