XML 39 R28.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Available for Sale
The amortized cost, gross unrealized gains and losses and fair value of available for sale debt securities at March 31, 2024 and December 31, 2023 were as follows: 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
 (in thousands)
March 31, 2024
U.S. Treasury securities$315,202 $— $(29,656)$285,546 
U.S. government agency securities25,171 20 (2,437)22,754 
Obligations of states and political subdivisions:
Obligations of states and state agencies47,673 — (618)47,055 
Municipal bonds170,902 — (30,228)140,674 
Total obligations of states and political subdivisions218,575 — (30,846)187,729 
Residential mortgage-backed securities870,356 587 (87,800)783,143 
Corporate and other debt securities192,384 — (22,222)170,162 
Total $1,621,688 $607 $(172,961)$1,449,334 
December 31, 2023
U.S. Treasury securities$313,772 $— $(25,615)$288,157 
U.S. government agency securities25,967 19 (2,284)23,702 
Obligations of states and political subdivisions:
Obligations of states and state agencies48,283 — (588)47,695 
Municipal bonds170,260 — (26,265)143,995 
Total obligations of states and political subdivisions218,543 — (26,853)191,690 
Residential mortgage-backed securities703,875 728 (78,031)626,572 
Corporate and other debt securities192,282 — (25,827)166,455 
Total$1,454,439 $747 $(158,610)$1,296,576 
Age of Unrealized Losses and Fair Value of Related Available for Sale Debt Securities
The age of unrealized losses and fair value of the related available for sale debt securities at March 31, 2024 and December 31, 2023 were as follows: 
 Less than 12 MonthsMore than 12 MonthsTotal
 Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
 (in thousands)
March 31, 2024
U.S. Treasury securities$— $— $285,546 $(29,656)$285,546 $(29,656)
U.S. government agency securities— — 21,435 (2,437)21,435 (2,437)
Obligations of states and political subdivisions:
Obligations of states and state agencies
— — 7,875 (618)7,875 (618)
Municipal bonds— — 140,673 (30,228)140,673 (30,228)
Total obligations of states and political subdivisions
— — 148,548 (30,846)148,548 (30,846)
Residential mortgage-backed securities152,843 (625)546,154 (87,175)698,997 (87,800)
Corporate and other debt securities4,817 (184)165,346 (22,038)170,163 (22,222)
Total$157,660 $(809)$1,167,029 $(172,152)$1,324,689 $(172,961)
December 31, 2023
U.S. Treasury securities$— $— $288,156 $(25,615)$288,156 $(25,615)
U.S. government agency securities— — 22,364 (2,284)22,364 (2,284)
Obligations of states and political subdivisions:
Obligations of states and state agencies
— — 8,276 (588)8,276 (588)
Municipal bonds1,019 (4)142,976 (26,261)143,995 (26,265)
Total obligations of states and political subdivisions
1,019 (4)151,252 (26,849)152,271 (26,853)
Residential mortgage-backed securities9,010 (3)569,629 (78,028)578,639 (78,031)
Corporate and other debt securities4,977 (23)161,478 (25,804)166,455 (25,827)
Total$15,006 $(30)$1,192,879 $(158,580)$1,207,885 $(158,610)
Contractual Maturities of Debt Securities Available for Sale
The contractual maturities of AFS debt securities at March 31, 2024 are set forth in the following table. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary.
 March 31, 2024
 Amortized
Cost		Fair
Value
 (in thousands)
Due in one year$1,353 $1,346 
Due after one year through five years290,800 277,194 
Due after five years through ten years172,949 150,980 
Due after ten years286,230 236,671 
Residential mortgage-backed securities870,356 783,143 
Total $1,621,688 $1,449,334 
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Held to Maturity
The amortized cost, gross unrealized gains and losses and fair value of debt securities held to maturity at March 31, 2024 and December 31, 2023 were as follows: 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueAllowance for Credit LossesNet Carrying Value
 (in thousands)
March 31, 2024
U.S. Treasury securities$26,048 $— $(306)$25,742 $— $26,048 
U.S. government agency securities305,543 — (45,368)260,175 — 305,543 
Obligations of states and political subdivisions:
Obligations of states and state agencies87,017 186 (4,632)82,571 401 86,616 
Municipal bonds313,506 4 (18,049)295,461 49 313,457 
Total obligations of states and political subdivisions400,523 190 (22,681)378,032 450 400,073 
Residential mortgage-backed securities2,856,322 3,249 (417,637)2,441,934 — 2,856,322 
Trust preferred securities37,066 — (6,584)30,482 454 36,612 
Corporate and other debt securities86,316 — (5,279)81,037 227 86,089 
Total $3,711,818 $3,439 $(497,855)$3,217,402 $1,131 $3,710,687 
December 31, 2023
U.S. Treasury securities$26,232 $— $(254)$25,978 $— $26,232 
U.S. government agency securities305,996 — (44,441)261,555 — 305,996 
Obligations of states and political subdivisions:
Obligations of states and state agencies88,556 552 (4,155)84,953 395 88,161 
Municipal bonds316,914 40 (14,380)302,574 49 316,865 
Total obligations of states and political subdivisions405,470 592 (18,535)387,527 444 405,026 
Residential mortgage-backed securities2,885,303 6,059 (369,436)2,521,926 — 2,885,303 
Trust preferred securities37,062 — (6,412)30,650 506 36,556 
Corporate and other debt securities80,350 — (5,674)74,676 255 80,095 
Total $3,740,413 $6,651 $(444,752)$3,302,312 $1,205 $3,739,208 
Age of Unrealized Losses and Fair Value of Related Debt Securities Held to Maturity
The age of unrealized losses and fair value of related debt securities held to maturity at March 31, 2024 and December 31, 2023 were as follows: 
 Less than 12 MonthsMore than 12 MonthsTotal
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
 (in thousands)
March 31, 2024
U.S. Treasury securities$— $— $25,742 $(306)$25,742 $(306)
U.S. government agency securities42,760 (187)216,293 (45,181)259,053 (45,368)
Obligations of states and political subdivisions:
Obligations of states and state agencies
7,271 (124)57,008 (4,508)64,279 (4,632)
Municipal bonds45,923 (307)210,292 (17,742)256,215 (18,049)
Total obligations of states and political subdivisions
53,194 (431)267,300 (22,250)320,494 (22,681)
Residential mortgage-backed securities
46,777 (353)2,104,844 (417,284)2,151,621 (417,637)
Trust preferred securities951 (49)29,532 (6,535)30,483 (6,584)
Corporate and other debt securities26,483 (517)54,554 (4,762)81,037 (5,279)
Total$170,165 $(1,537)$2,698,265 $(496,318)$2,868,430 $(497,855)
December 31, 2023
U.S. Treasury securities$— $— $25,978 $(254)$25,978 $(254)
U.S. government agency securities43,664 (151)216,759 (44,290)260,423 (44,441)
Obligations of states and political subdivisions:
Obligations of states and state agencies10,700 (102)48,149 (4,053)58,849 (4,155)
Municipal bonds11,958 (121)207,520 (14,259)219,478 (14,380)
Total obligations of states and political subdivisions
22,658 (223)255,669 (18,312)278,327 (18,535)
Residential mortgage-backed securities
57,085 (505)2,164,704 (368,931)2,221,789 (369,436)
Trust preferred securities938 (63)29,712 (6,349)30,650 (6,412)
Corporate and other debt securities
12,575 (426)59,102 (5,248)71,677 (5,674)
Total$136,920 $(1,368)$2,751,924 $(443,384)$2,888,844 $(444,752)
Contractual Maturities of Debt Securities Held to Maturity
The contractual maturities of investments in HTM debt securities at March 31, 2024 are set forth in the table below. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary.
 March 31, 2024
 Amortized
Cost		Fair
Value
 (in thousands)
Due in one year$21,808 $21,680 
Due after one year through five years119,771 117,124 
Due after five years through ten years166,510 156,912 
Due after ten years547,407 479,752 
Residential mortgage-backed securities2,856,322 2,441,934 
Total$3,711,818 $3,217,402 
Amortized Cost of Debt Securities Held to Maturity by External Credit Rating The following table summarizes the amortized cost of held to maturity debt securities by external credit rating at March 31, 2024 and December 31, 2023.
AAA/AA/A RatedBBB ratedNon-investment grade ratedNon-ratedTotal
 (in thousands)
March 31, 2024
U.S. Treasury securities$26,048 $— $— $— $26,048 
U.S. government agency securities305,543 — — — 305,543 
Obligations of states and political subdivisions:
Obligations of states and state agencies65,534 — 5,269 16,214 87,017 
Municipal bonds279,552 — — 33,954 313,506 
Total obligations of states and political subdivisions
345,086 — 5,269 50,168 400,523 
Residential mortgage-backed securities2,856,322 — — — 2,856,322 
Trust preferred securities— — — 37,066 37,066 
Corporate and other debt securities— 6,000 — 80,316 86,316 
Total $3,532,999 $6,000 $5,269 $167,550 $3,711,818 
December 31, 2023
U.S. Treasury securities$26,232 $— $— $— $26,232 
U.S. government agency securities305,996 — — — 305,996 
Obligations of states and political subdivisions:
Obligations of states and state agencies66,502 — 5,330 16,724 88,556 
Municipal bonds283,441 — — 33,473 316,914 
Total obligations of states and political subdivisions
349,943 — 5,330 50,197 405,470 
Residential mortgage-backed securities2,885,303 — — — 2,885,303 
Trust preferred securities— — 37,062 37,062 
Corporate and other debt securities— 6,000 — 74,350 80,350 
Total$3,567,474 $6,000 $5,330 $161,609 $3,740,413 
Debt Securities, Held-to-Maturity, Allowance for Credit Loss
The following table details the activity in the allowance for credit losses for the three months ended March 31, 2024 and 2023: 
Three months ended March 31,
20242023
(in thousands)
Beginning balance$1,205 $1,646 
Credit for credit losses(74)(13)
Ending balance$1,131 $1,633