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Debt Securities (Tables)
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Amortized cost, gross unrealized gains and losses and fair value of debt securities
The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of the Company’s debt securities:
 September 30, 2023
(Dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available-for-sale
U.S. government and federal agency$485,496 13 (41,364)444,145 
U.S. government sponsored enterprises321,532 — (31,701)289,831 
State and local governments102,702 96 (6,085)96,713 
Corporate bonds27,021 — (1,117)25,904 
Residential mortgage-backed securities3,281,286 2 (470,394)2,810,894 
Commercial mortgage-backed securities1,192,450 129 (118,328)1,074,251 
Total available-for-sale$5,410,487 240 (668,989)4,741,738 
Held-to-maturity
U.S. government and federal agency851,751 — (93,899)757,852 
State and local governments1,657,628 63 (311,437)1,346,254 
Residential mortgage-backed securities1,044,426 — (110,065)934,361 
Total held-to-maturity3,553,805 63 (515,401)3,038,467 
Total debt securities$8,964,292 303 (1,184,390)7,780,205 


 December 31, 2022
(Dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available-for-sale
U.S. government and federal agency$487,320 23 (42,616)444,727 
U.S. government sponsored enterprises320,157 — (32,793)287,364 
State and local governments137,033 709 (4,749)132,993 
Corporate bonds27,101 — (992)26,109 
Residential mortgage-backed securities3,706,427 6 (439,092)3,267,341 
Commercial mortgage-backed securities1,252,065 347 (103,639)1,148,773 
Total available-for-sale$5,930,103 1,085 (623,881)5,307,307 
Held-to-maturity
U.S. government and federal agency846,046 — (83,796)762,250 
State and local governments1,682,640 1,045 (248,233)1,435,452 
Residential mortgage-backed securities1,186,366 — (109,276)1,077,090 
Total held-to-maturity3,715,052 1,045 (441,305)3,274,792 
Total debt securities$9,645,155 2,130 (1,065,186)8,582,099 
Amortized cost and fair value of securities by contractual maturity
The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity at September 30, 2023. Actual maturities may differ from expected or contractual maturities since some issuers have the right to prepay obligations with or without prepayment penalties.
 September 30, 2023
 Available-for-SaleHeld-to-Maturity
(Dollars in thousands)Amortized CostFair ValueAmortized CostFair Value
Due within one year$1,315 1,302 4,558 4,533 
Due after one year through five years856,275 782,020 924,257 827,398 
Due after five years through ten years38,723 36,427 172,780 159,696 
Due after ten years40,438 36,844 1,407,784 1,112,479 
936,751 856,593 2,509,379 2,104,106 
Mortgage-backed securities 1
4,473,736 3,885,145 1,044,426 934,361 
Total$5,410,487 4,741,738 3,553,805 3,038,467 
______________________________
1 Mortgage-backed securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds.
Proceeds from sales and calls of debt securities and the associated gains and losses
Proceeds from sales and calls of debt securities and the associated gains and losses that have been included in earnings are listed below:
 Three Months endedNine Months ended
(Dollars in thousands)September 30,
2023		September 30,
2022		September 30,
2023		September 30,
2022
Available-for-sale
Proceeds from sales and calls of debt securities$410 16,745 31,695 88,011 
Gross realized gains 1
— 15 145 795 
Gross realized losses 1
— — (176)(15)
Held-to-maturity
Proceeds from calls of debt securities4,735 3,885 15,205 26,230 
Gross realized gains 1
1 25 10 54 
Gross realized losses 1
(66)(125)(181)(733)
______________________________
1 The gain or loss on the sale or call of each debt security is determined by the specific identification method.
AFS debt securities in an unrealized loss position with no ACL recorded
The following table summarizes available-for-sale debt securities that were in an unrealized loss position for which an ACL has not been recorded, based on the length of time the individual securities have been in an unrealized loss position. The number of available-for-sale debt securities in an unrealized position is also disclosed.
 September 30, 2023
 Number
of
Securities		Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Available-for-sale
U.S. government and federal agency
57 $2,724 (40)437,769 (41,324)440,493 (41,364)
U.S. government sponsored enterprises
14 — — 289,831 (31,701)289,831 (31,701)
State and local governments108 17,903 (438)62,015 (5,647)79,918 (6,085)
Corporate bonds5 — — 25,028 (1,117)25,028 (1,117)
Residential mortgage-backed securities
414 1,598 (79)2,809,172 (470,315)2,810,770 (470,394)
Commercial mortgage-backed securities
159 57,493 (3,405)1,000,441 (114,923)1,057,934 (118,328)
Total available-for-sale
757 $79,718 (3,962)4,624,256 (665,027)4,703,974 (668,989)
 
 December 31, 2022
 Number
of
Securities		Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Available-for-sale
U.S. government and federal agency
56 $4,150 (64)435,375 (42,552)439,525 (42,616)
U.S. government sponsored enterprises
14 — — 287,364 (32,793)287,364 (32,793)
State and local governments121 71,512 (2,109)20,753 (2,640)92,265 (4,749)
Corporate bonds5 25,146 (992)— — 25,146 (992)
Residential mortgage-backed securities
441 301,548 (24,581)2,965,512 (414,511)3,267,060 (439,092)
Commercial mortgage-backed securities
157 673,102 (41,984)435,176 (61,655)1,108,278 (103,639)
Total available-for-sale
794 $1,075,458 (69,730)4,144,180 (554,151)5,219,638 (623,881)
Credit quality indictors for HTM debt securities The following table summarizes the amortized cost of held-to-maturity municipal bonds aggregated by NRSRO credit rating:
(Dollars in thousands)September 30,
2023		December 31,
2022
Municipal bonds held-to-maturity
S&P: AAA / Moody’s: Aaa
$429,432 430,542 
S&P: AA+, AA, AA- / Moody’s: Aa1, Aa2, Aa3
1,180,898 1,206,441 
S&P: A+, A, A- / Moody’s: A1, A2, A3
37,337 37,162 
Not rated by either entity
9,961 8,495 
Total municipal bonds held-to-maturity
$1,657,628 1,682,640