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Investment Securities (Tables)
3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Fair Value of Available-for-Sale Investment Securities Portfolio
The following table summarizes the amortized cost and fair value of the available-for-sale and held-to-maturity investment securities portfolios and the corresponding amounts of gross unrealized gains, unrealized losses, and basis adjustments in AOCI and gross unrecognized gains and losses.
(dollars in thousands)Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Basis
Adjustments (1)
Fair
Value
March 31, 2023    
Available-for-Sale    
U.S. Treasury$268,894 $34 $(10,755)$(36,301)$221,872 
U.S. government-sponsored entities and agencies1,450,300  (201,717)(54,892)1,193,691 
Mortgage-backed securities - Agency4,861,624 641 (553,490) 4,308,775 
States and political subdivisions641,317 2,138 (21,968) 621,487 
Pooled trust preferred securities13,787  (2,938) 10,849 
Other securities356,843 277 (26,728) 330,392 
Total available-for-sale securities$7,592,765 $3,090 $(817,596)$(91,193)$6,687,066 
Held-to-Maturity
U.S. government-sponsored entities and agencies$820,849 $ $(157,226)$ $663,623 
Mortgage-backed securities - Agency1,086,905  (113,419) 973,486 
States and political subdivisions1,163,586 744 (137,915) 1,026,415 
Allowance for securities held-to-maturity(150)   (150)
Total held-to-maturity securities$3,071,190 $744 $(408,560)$ $2,663,374 
December 31, 2022
Available-for-Sale
U.S. Treasury$253,148 $$(5,189)$(47,037)$200,927 
U.S. government-sponsored entities and agencies1,451,736 — (169,248)(107,408)1,175,080 
Mortgage-backed securities - Agency4,986,354 976 (617,428)— 4,369,902 
States and political subdivisions688,159 1,789 (26,096)— 663,852 
Pooled trust preferred securities13,783 — (2,972)— 10,811 
Other securities379,423 258 (26,541)— 353,140 
Total available-for-sale securities$7,772,603 $3,028 $(847,474)$(154,445)$6,773,712 
Held-to-Maturity
U.S. government-sponsored entities and agencies$819,168 $— $(162,810)$— $656,358 
Mortgage-backed securities - Agency1,106,817 — (123,854)— 982,963 
States and political subdivisions1,163,312 221 (159,022)— 1,004,511 
Allowance for securities held-to-maturity(150)— — — (150)
Total held-to-maturity securities$3,089,147 $221 $(445,686)$— $2,643,682 
(1)    Basis adjustments represent the cumulative fair value adjustments included in the carrying amounts of fixed-rate investment securities assets in fair value hedging arrangements.
Schedule of Proceeds from Sales or Calls and Realized Gain and Losses of Available-for-Sale Investment Securities and Other Securities
Proceeds from sales or calls of available-for-sale investment securities and the resulting realized gains and realized losses were as follows:
Three Months Ended
March 31,
(dollars in thousands)20232022
Proceeds$57,955 $50,113 
Realized gains909 463 
Realized losses(6,125)(121)
Expected Maturities of Investment Securities Portfolio Weighted average yield is based on amortized cost.
 March 31, 2023
(dollars in thousands)Amortized
Cost
Fair
Value
Weighted
Average
Yield
Maturity
Available-for-Sale   
Within one year$141,160 $138,855 3.10 %
One to five years1,751,081 1,635,833 2.79 
Five to ten years4,031,392 3,556,971 2.34 
Beyond ten years1,669,132 1,355,407 2.41 
Total$7,592,765 $6,687,066 2.47 %
Held-to-Maturity
One to five years162,300 141,113 2.74 %
Five to ten years928,090 838,844 2.67 
Beyond ten years1,980,800 1,683,417 2.73 
Total$3,071,190 $2,663,374 2.71 %
Available-for-Sale and Held-to-Maturity Investment Securities with Unrealized Losses by Aggregated Major Security Type and Length of Time in Continuous Unrealized Loss Position
The following table summarizes the available-for-sale investment securities with unrealized losses for which an allowance for credit losses has not been recorded by aggregated major security type and length of time in a continuous unrealized loss position:
 Less than 12 months12 months or longerTotal
(dollars in thousands)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized Losses
March 31, 2023
Available-for-Sale
U.S. Treasury$23,229 $(106)$190,653 $(10,649)$213,882 $(10,755)
U.S. government-sponsored entities
   and agencies
96,117 (2,554)1,097,574 (199,163)1,193,691 (201,717)
Mortgage-backed securities - Agency758,680 (26,422)3,513,804 (527,068)4,272,484 (553,490)
States and political subdivisions112,958 (1,576)233,172 (20,392)346,130 (21,968)
Pooled trust preferred securities  10,849 (2,938)10,849 (2,938)
Other securities42,014 (1,404)273,603 (25,324)315,617 (26,728)
Total available-for-sale$1,032,998 $(32,062)$5,319,655 $(785,534)$6,352,653 $(817,596)
December 31, 2022
Available-for-Sale
U.S. Treasury$130,967 $(3,264)$66,992 $(1,925)$197,959 $(5,189)
U.S. government-sponsored entities
   and agencies
454,854 (75,795)720,226 (93,453)1,175,080 (169,248)
Mortgage-backed securities - Agency3,207,319 (358,507)1,116,205 (258,921)4,323,524 (617,428)
States and political subdivisions414,813 (25,555)2,703 (541)417,516 (26,096)
Pooled trust preferred securities— — 10,811 (2,972)10,811 (2,972)
Other securities257,775 (17,045)75,309 (9,496)333,084 (26,541)
Total available-for-sale$4,465,728 $(480,166)$1,992,246 $(367,308)$6,457,974 $(847,474)
Schedule of Held-to-Maturity Investment Securities with Unrecognized Losses
The following table summarizes the held-to-maturity investment securities with unrecognized losses aggregated by major security type and length of time in a continuous loss position:
 Less than 12 months12 months or longerTotal
(dollars in thousands)Fair
Value
Unrecognized
Losses
Fair
Value
Unrecognized
Losses
Fair
Value
Unrecognized
Losses
March 31, 2023
Held-to-Maturity
U.S. government-sponsored entities
   and agencies
$82,080 $(7,003)$581,543 $(150,223)$663,623 $(157,226)
Mortgage-backed securities - Agency254,788 (18,775)718,698 (94,644)973,486 (113,419)
States and political subdivisions40,220 (2,238)931,463 (135,677)971,683 (137,915)
Total held-to-maturity$377,088 $(28,016)$2,231,704 $(380,544)$2,608,792 $(408,560)
December 31, 2022
Held-to-Maturity
U.S. government-sponsored entities
   and agencies
354,293 (110,523)302,066 (52,287)656,359 (162,810)
Mortgage-backed securities - Agency367,849 (42,438)615,114 (81,416)982,963 (123,854)
States and political subdivisions838,689 (127,355)135,573 (31,667)974,262 (159,022)
Total available-for-sale$1,560,831 $(280,316)$1,052,753 $(165,370)$2,613,584 $(445,686)