XML 40 R30.htm IDEA: XBRL DOCUMENT v3.24.3
Investment Securities (Tables)
 9 Months Ended
Sep. 30, 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 AFS debt securities at September 30, 2024 and December 31, 2023 were as follows: 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
 (in thousands)
September 30, 2024
U.S. Treasury securities$318,090 $— $(22,029)$296,061 
U.S. government agency securities24,634 24 (1,446)23,212 
Obligations of states and political subdivisions:
Obligations of states and state agencies47,235 — (504)46,731 
Municipal bonds180,001 — (24,886)155,115 
Total obligations of states and political subdivisions227,236 — (25,390)201,846 
Residential mortgage-backed securities1,943,569 17,293 (64,994)1,895,868 
Corporate and other debt securities202,591 54 (17,372)185,273 
Total $2,716,120 $17,371 $(131,231)$2,602,260 
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)$1,296,576 
Age of Unrealized Losses and Fair Value of Related Available for Sale Debt Securities
The age of unrealized losses and fair value of the related AFS debt securities at September 30, 2024 and December 31, 2023 were as follows: 
 Less than 12 MonthsMore than 12 MonthsTotal
 Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
 (in thousands)
September 30, 2024
U.S. Treasury securities$— $— $296,061 $(22,029)$296,061 $(22,029)
U.S. government agency securities— — 21,927 (1,446)21,927 (1,446)
Obligations of states and political subdivisions:
Obligations of states and state agencies
— — 6,631 (504)6,631 (504)
Municipal bonds— — 146,966 (24,886)146,966 (24,886)
Total obligations of states and political subdivisions
— — 153,597 (25,390)153,597 (25,390)
Residential mortgage-backed securities260,237 (514)537,074 (64,480)797,311 (64,994)
Corporate and other debt securities— — 175,220 (17,372)175,220 (17,372)
Total$260,237 $(514)$1,183,879 $(130,717)$1,444,116 $(131,231)
December 31, 2023
U.S. Treasury securities$— $— $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 September 30, 2024 are set forth in the following table. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Residential mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties.
 September 30, 2024
 Amortized
Cost		Fair
Value
 (in thousands)
Due in one year$349 $349 
Due after one year through five years293,486 286,672 
Due after five years through ten years185,908 167,814 
Due after ten years292,808 251,557 
Residential mortgage-backed securities1,943,569 1,895,868 
Total $2,716,120 $2,602,260 
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 HTM debt securities at September 30, 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)
September 30, 2024
U.S. Treasury securities$25,671 $11 $— $25,682 $— $25,671 
U.S. government agency securities303,200 — (33,992)269,208 — 303,200 
Obligations of states and political subdivisions:
Obligations of states and state agencies75,529 273 (3,536)72,266 389 75,140 
Municipal bonds305,124 42 (13,142)292,024 45 305,079 
Total obligations of states and political subdivisions380,653 315 (16,678)364,290 434 380,219 
Residential mortgage-backed securities2,742,188 6,946 (316,267)2,432,867 — 2,742,188 
Trust preferred securities37,076 — (7,302)29,774 440 36,636 
Corporate and other debt securities86,248 35 (3,608)82,675 202 86,046 
Total $3,575,036 $7,307 $(377,847)$3,204,496 $1,076 $3,573,960 
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 agencies
88,556 552 (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 HTM debt securities at September 30, 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)
September 30, 2024
U.S. government agency securities$24,075 $(12)$244,032 $(33,980)$268,107 $(33,992)
Obligations of states and political subdivisions:
Obligations of states and state agencies6,656 (59)46,408 (3,477)53,064 (3,536)
Municipal bonds23,968 (258)208,824 (12,884)232,792 (13,142)
Total obligations of states and political subdivisions
30,624 (317)255,232 (16,361)285,856 (16,678)
Residential mortgage-backed securities
2,402 (22)2,071,415 (316,245)2,073,817 (316,267)
Trust preferred securities— — 28,774 (7,302)28,774 (7,302)
Corporate and other debt securities— — 63,640 (3,608)63,640 (3,608)
Total$57,101 $(351)$2,663,093 $(377,496)$2,720,194 $(377,847)
December 31, 2023
U.S. Treasury securities$— $— $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 September 30, 2024 are set forth in the table below. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Residential mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties.
 September 30, 2024
 Amortized
Cost		Fair
Value
 (in thousands)
Due in one year$41,841 $41,814 
Due after one year through five years83,350 82,404 
Due after five years through ten years173,008 164,021 
Due after ten years534,649 483,390 
Residential mortgage-backed securities2,742,188 2,432,867 
Total$3,575,036 $3,204,496 
Amortized Cost of Debt Securities Held to Maturity by External Credit Rating The following table summarizes the amortized cost of HTM debt securities by external credit rating at September 30, 2024 and December 31, 2023.
AAA/AA/A RatedBBB ratedNon-investment grade ratedNon-ratedTotal
 (in thousands)
September 30, 2024
U.S. Treasury securities$25,671 $— $— $— $25,671 
U.S. government agency securities303,200 — — — 303,200 
Obligations of states and political subdivisions:
Obligations of states and state agencies54,810 — 5,190 15,529 75,529 
Municipal bonds278,339 — — 26,785 305,124 
Total obligations of states and political subdivisions
333,149 — 5,190 42,314 380,653 
Residential mortgage-backed securities2,742,188 — — — 2,742,188 
Trust preferred securities— — — 37,076 37,076 
Corporate and other debt securities— 6,000 — 80,248 86,248 
Total $3,404,208 $6,000 $5,190 $159,638 $3,575,036 
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 HTM securities for the three and nine months ended September 30, 2024 and 2023: 
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
(in thousands)
Beginning balance$1,090 $1,351 $1,205 $1,646 
Credit for credit losses(14)(30)(129)(325)
Ending balance$1,076 $1,321 $1,076 $1,321