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Debt 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
The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of the Company’s debt securities:
 March 31, 2024
(Dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available-for-sale
U.S. government and federal agency$484,765 9 (29,957)454,817 
U.S. government sponsored enterprises329,392 — (22,766)306,626 
State and local governments101,090 74 (3,782)97,382 
Corporate bonds14,881 — (675)14,206 
Residential mortgage-backed securities3,028,348 3 (350,700)2,677,651 
Commercial mortgage-backed securities1,166,124 290 (88,023)1,078,391 
Total available-for-sale$5,124,600 376 (495,903)4,629,073 
Held-to-maturity
U.S. government and federal agency854,791 — (71,911)782,880 
State and local governments1,641,551 1,344 (205,613)1,437,282 
Residential mortgage-backed securities955,241 — (84,209)871,032 
Total held-to-maturity3,451,583 1,344 (361,733)3,091,194 
Total debt securities$8,576,183 1,720 (857,636)7,720,267 
 December 31, 2023
(Dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available-for-sale
U.S. government and federal agency$485,005 11 (29,669)455,347 
U.S. government sponsored enterprises321,993 — (22,774)299,219 
State and local governments101,903 302 (3,273)98,932 
Corporate bonds27,007 2 (756)26,253 
Residential mortgage-backed securities3,166,589 7 (355,333)2,811,263 
Commercial mortgage-backed securities1,180,756 519 (86,570)1,094,705 
Total available-for-sale$5,283,253 841 (498,375)4,785,719 
Held-to-maturity
U.S. government and federal agency853,273 — (65,472)787,801 
State and local governments1,650,000 2,843 (181,192)1,471,651 
Residential mortgage-backed securities999,138 — (78,396)920,742 
Total held-to-maturity3,502,411 2,843 (325,060)3,180,194 
Total debt securities$8,785,664 3,684 (823,435)7,965,913 
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 March 31, 2024. Actual maturities may differ from expected or contractual maturities since some issuers have the right to prepay obligations with or without prepayment penalties.
 March 31, 2024
 Available-for-SaleHeld-to-Maturity
(Dollars in thousands)Amortized CostFair ValueAmortized CostFair Value
Due within one year$11,544 11,527 5,212 5,194 
Due after one year through five years846,883 793,437 934,210 860,793 
Due after five years through ten years33,140 32,114 181,452 173,245 
Due after ten years38,561 35,953 1,375,468 1,180,930 
930,128 873,031 2,496,342 2,220,162 
Mortgage-backed securities 1
4,194,472 3,756,042 955,241 871,032 
Total$5,124,600 4,629,073 3,451,583 3,091,194 
______________________________
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 ended
(Dollars in thousands)March 31,
2024		March 31,
2023
Available-for-sale
Proceeds from sales and calls of debt securities$173,268 31,279 
Gross realized gains 1
29 145 
Gross realized losses 1
— (176)
Held-to-maturity
Proceeds from calls of debt securities5,535 4,635 
Gross realized gains 1
— 8 
Gross realized losses 1
(13)(91)
______________________________
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 tables summarize 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.
 March 31, 2024
 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 $2,512 (42)449,659 (29,915)452,171 (29,957)
U.S. government sponsored enterprises
16 6,931 (5)299,695 (22,761)306,626 (22,766)
State and local governments99 14,909 (43)64,440 (3,739)79,349 (3,782)
Corporate bonds2 — — 13,362 (675)13,362 (675)
Residential mortgage-backed securities
402 1,040 (28)2,677,271 (350,672)2,678,311 (350,700)
Commercial mortgage-backed securities
152 31,890 (1,685)1,024,142 (86,338)1,056,032 (88,023)
Total available-for-sale
727 $57,282 (1,803)4,528,569 (494,100)4,585,851 (495,903)
 
 December 31, 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 $3,702 (56)448,909 (29,613)452,611 (29,669)
U.S. government sponsored enterprises
14 — — 299,220 (22,774)299,220 (22,774)
State and local governments85 3,039 (2)64,645 (3,271)67,684 (3,273)
Corporate bonds4 — — 23,262 (756)23,262 (756)
Residential mortgage-backed securities
402 1,430 (44)2,809,482 (355,289)2,810,912 (355,333)
Commercial mortgage-backed securities
151 21,232 (268)1,034,183 (86,302)1,055,415 (86,570)
Total available-for-sale
713 $29,403 (370)4,679,701 (498,005)4,709,104 (498,375)
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)March 31,
2024		December 31,
2023
Municipal bonds held-to-maturity
S&P: AAA / Moody’s: Aaa
$422,288 427,918 
S&P: AA+, AA, AA- / Moody’s: Aa1, Aa2, Aa3
1,180,187 1,182,894 
S&P: A+, A, A- / Moody’s: A1, A2, A3
35,015 37,742 
Not rated by either entity
4,061 1,446 
Total municipal bonds held-to-maturity
$1,641,551 1,650,000