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Investment Securities
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
The amortized cost basis, unrealized gains and losses and fair value of HTM debt securities as of the dates indicated are as follows.
(in thousands)Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value
As of March 31, 2024    
U.S. Treasuries$19,872 $— $2,093 $17,779 
U.S. Government agencies & GSEs99,052 — 16,673 82,379 
State and political subdivisions292,236 23 52,802 239,457 
Residential MBS, Agency & GSEs1,360,395 9 223,439 1,136,965 
Commercial MBS, Agency & GSEs678,578 — 124,464 554,114 
Supranational entities15,000 — 2,782 12,218 
Total$2,465,133 $32 $422,253 $2,042,912 
As of December 31, 2023
U.S. Treasuries$19,864 $— $1,914 $17,950 
U.S. Government agencies & GSEs99,052 — 15,689 83,363 
State and political subdivisions292,705 171 50,437 242,439 
Residential MBS, Agency & GSEs1,383,294 24 206,344 1,176,974 
Commercial MBS, Agency & GSEs680,933 — 118,539 562,394 
Supranational entities$15,000 $— $2,500 $12,500 
Total$2,490,848 $195 $395,423 $2,095,620 
The amortized cost basis, unrealized gains and losses, and fair value of AFS debt securities as of the dates indicated are presented below.
(in thousands)Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value
As of March 31, 2024    
U.S. Treasuries$411,640 $5 $12,865 $398,780 
U.S. Government agencies & GSEs312,408 259 15,241 297,426 
State and political subdivisions181,829 — 18,566 163,263 
Residential MBS, Agency & GSEs1,337,504 250 132,233 1,205,521 
Residential MBS, Non-agency333,045 — 20,673 312,372 
Commercial MBS, Agency & GSEs693,011 100 39,653 653,458 
Commercial MBS, Non-agency20,165 — 542 19,623 
Corporate bonds213,371 130 17,601 195,900 
Asset-backed securities148,738 96 1,778 147,056 
Total$3,651,711 $840 $259,152 $3,393,399 
As of December 31, 2023
U.S. Treasuries$398,021 $39 $10,711 $387,349 
U.S. Government agencies & GSEs281,708 269 14,477 267,500 
State and political subdivisions182,546 5 18,502 164,049 
Residential MBS, Agency & GSEs1,315,064 300 125,012 1,190,352 
Residential MBS, Non-agency339,330 — 22,084 317,246 
Commercial MBS, Agency & GSEs656,004 1,073 39,017 618,060 
Commercial MBS, Non-agency24,269 — 675 23,594 
Corporate bonds218,285 64 17,127 201,222 
Asset-backed securities164,728 — 3,016 161,712 
Total$3,579,955 $1,750 $250,621 $3,331,084 
 
Securities with a carrying value of $2.90 billion and $4.12 billion, respectively, were pledged, primarily to secure public deposits at March 31, 2024 and to secure public deposits and provide contingent liquidity through the Bank Term Funding Program at the Federal Reserve Bank, at December 31, 2023. The Bank Term Funding Program was discontinued in the first quarter of 2024.

The following table summarizes HTM debt securities in an unrealized loss position as of the dates indicated.
 Less than 12 Months12 Months or MoreTotal
(in thousands)Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss
As of March 31, 2024      
U.S. Treasuries$— $— $17,779 $2,093 $17,779 $2,093 
U.S. Government agencies & GSEs— — 82,379 16,673 82,379 16,673 
State and political subdivisions13,297 88 217,862 52,714 231,159 52,802 
Residential MBS, Agency & GSEs355 3 1,135,361 223,436 1,135,716 223,439 
Commercial MBS, Agency & GSEs— — 554,114 124,464 554,114 124,464 
Supranational entities— — 12,218 2,782 12,218 2,782 
Total unrealized loss position$13,652 $91 $2,019,713 $422,162 $2,033,365 $422,253 
As of December 31, 2023
U.S. Treasuries$— $— $17,951 $1,914 $17,951 $1,914 
U.S. Government agencies & GSEs— — 83,363 15,689 83,363 15,689 
State and political subdivisions2,986 13 217,547 50,424 220,533 50,437 
Residential MBS, Agency & GSEs311 2 1,175,263 206,342 1,175,574 206,344 
Commercial MBS, Agency & GSEs6,533 115 555,861 118,424 562,394 118,539 
Supranational entities— — 12,500 2,500 12,500 2,500 
Total unrealized loss position$9,830 $130 $2,062,485 $395,293 $2,072,315 $395,423 
 
The following table summarizes AFS debt securities in an unrealized loss position as of the dates indicated.
 Less than 12 Months12 Months or MoreTotal
(in thousands)Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss
As of March 31, 2024      
U.S. Treasuries$270,743 $1,566 $102,963 $11,299 $373,706 $12,865 
U.S. Government agencies & GSEs40,825 216 177,406 15,025 218,231 15,241 
State and political subdivisions— — 162,495 18,566 162,495 18,566 
Residential MBS, Agency & GSEs81,990 331 1,086,333 131,902 1,168,323 132,233 
Residential MBS, Non-agency— — 312,372 20,673 312,372 20,673 
Commercial MBS, Agency & GSEs170,175 724 379,980 38,929 550,155 39,653 
Commercial MBS, Non-agency— — 19,623 542 19,623 542 
Corporate bonds3,201 49 190,753 17,552 193,954 17,601 
Asset-backed securities3,214 3 118,321 1,775 121,535 1,778 
Total unrealized loss position$570,148 $2,889 $2,550,246 $256,263 $3,120,394 $259,152 
As of December 31, 2023
U.S. Treasuries$100,369 $39 $103,535 $10,672 $203,904 $10,711 
U.S. Government agencies & GSEs41,960 141 184,184 14,336 226,144 14,477 
State and political subdivisions— — 163,278 18,502 163,278 18,502 
Residential MBS, Agency & GSEs50,014 672 1,108,290 124,340 1,158,304 125,012 
Residential MBS, Non-agency— — 317,247 22,084 317,247 22,084 
Commercial MBS, Agency & GSEs98,052 2,494 342,390 36,523 440,442 39,017 
Commercial MBS, Non-agency— — 23,594 675 23,594 675 
Corporate bonds4,016 116 195,329 17,011 199,345 17,127 
Asset-backed securities11,855 53 149,857 2,963 161,712 3,016 
Total unrealized loss position$306,266 $3,515 $2,587,704 $247,106 $2,893,970 $250,621 
 
At March 31, 2024, there were 639 AFS debt securities and 315 HTM debt securities that were in an unrealized loss position. United does not intend to sell nor does it believe it will be required to sell securities in an unrealized loss position prior to the recovery of their amortized cost basis. Unrealized losses at March 31, 2024 were primarily attributable to changes in interest rates.

At March 31, 2024 and December 31, 2023, estimated credit losses and, thus, the related ACL on HTM debt securities were de minimis due to the high credit quality of the portfolio, which included securities issued or guaranteed by U.S. Government agencies, GSEs, high credit quality municipalities and supranational entities. As a result, no ACL was recorded on the HTM portfolio at March 31, 2024 or December 31, 2023. In addition, based on the assessments performed at March 31, 2024 and December 31, 2023, there was no ACL required related to the AFS portfolio.

The following table presents accrued interest receivable on HTM and AFS debt securities, which was excluded from the estimate of credit losses, for the periods indicated.
Accrued Interest Receivable
(in thousands)March 31, 2024December 31, 2023
HTM$5,942 $6,143 
AFS15,050 12,568 
The amortized cost and fair value of AFS and HTM debt securities at March 31, 2024, by contractual maturity, are presented in the following table.
 AFSHTM
(in thousands)Amortized CostFair ValueAmortized CostFair Value
Within 1 year:
U.S. Treasuries$122,246 $122,094 $— $— 
U.S. Government agencies & GSEs371 357 — — 
State and political subdivisions3,147 3,114 1,200 1,194 
Corporate bonds16,878 16,413 — — 
142,642 141,978 1,200 1,194 
1 to 5 years:
U.S. Treasuries289,394 276,686 19,872 17,779 
U.S. Government agencies & GSEs46,818 43,034 — — 
State and political subdivisions27,823 25,762 27,197 25,579 
Corporate bonds152,155 140,542 — — 
516,190 486,024 47,069 43,358 
5 to 10 years:
U.S. Government agencies & GSEs129,138 122,597 72,635 61,301 
State and political subdivisions59,827 51,150 55,664 47,296 
Corporate bonds43,528 38,029 — — 
Supranational entities— — 15,000 12,218 
232,493 211,776 143,299 120,815 
More than 10 years:
U.S. Government agencies & GSEs136,081 131,438 26,417 21,078 
State and political subdivisions91,032 83,237 208,175 165,388 
Corporate bonds810 916 — — 
227,923 215,591 234,592 186,466 
Debt securities not due at a single maturity date:
Asset-backed securities148,738 147,056 — — 
Residential MBS1,670,549 1,517,893 1,360,395 1,136,965 
Commercial MBS713,176 673,081 678,578 554,114 
2,532,463 2,338,030 2,038,973 1,691,079 
Total$3,651,711 $3,393,399 $2,465,133 $2,042,912 

Expected maturities may differ from contractual maturities because issuers and borrowers may have the right to call or prepay obligations. 
Realized gains and losses are derived using the specific identification method for determining the cost of securities sold. The following table summarizes AFS securities sales activity for the three months ended March 31, 2024 and 2023.

 Three Months Ended
March 31,
(in thousands)20242023
Proceeds from sales$647 $380,661 
Gross realized gains$— $1,373 
Gross realized losses— (3,017)
Securities losses, net$— $(1,644)
Income tax benefit attributable to sales$— $(374)