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Securities (Tables)
 9 Months Ended
Sep. 30, 2025
Securities Available for Sale

This table provides detailed information about securities available for sale at September 30, 2025 and December 31, 2024 (in thousands):

September 30, 2025

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

U.S. Treasury

 

$

2,180,744

 

 

$

17,757

 

 

$

(750

)

 

$

2,197,751

 

U.S. Agencies

 

 

81,171

 

 

 

422

 

 

 

(167

)

 

 

81,426

 

Mortgage-backed

 

 

8,160,828

 

 

 

55,196

 

 

 

(373,749

)

 

 

7,842,275

 

State and political subdivisions

 

 

2,541,797

 

 

 

23,996

 

 

 

(86,291

)

 

 

2,479,502

 

Corporates

 

 

228,546

 

 

 

217

 

 

 

(6,227

)

 

 

222,536

 

Collateralized loan obligations

 

 

554,063

 

 

 

878

 

 

 

(151

)

 

 

554,790

 

Total

 

$

13,747,149

 

 

$

98,466

 

 

$

(467,335

)

 

$

13,378,280

 

December 31, 2024

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

U.S. Treasury

 

$

1,331,394

 

 

$

2,751

 

 

$

(8,072

)

 

$

1,326,073

 

U.S. Agencies

 

 

129,246

 

 

 

126

 

 

 

(325

)

 

 

129,047

 

Mortgage-backed

 

 

4,945,548

 

 

 

339

 

 

 

(524,957

)

 

 

4,420,930

 

State and political subdivisions

 

 

1,309,126

 

 

 

487

 

 

 

(91,044

)

 

 

1,218,569

 

Corporates

 

 

330,739

 

 

 

60

 

 

 

(13,629

)

 

 

317,170

 

Collateralized loan obligations

 

 

361,623

 

 

 

1,060

 

 

 

(138

)

 

 

362,545

 

Total

 

$

8,407,676

 

 

$

4,823

 

 

$

(638,165

)

 

$

7,774,334

 

 
Schedule of Sales of Securities Available for Sale

The following table presents the sales of securities available for sale for the three and nine months ended September 30, 2025 and 2024 (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Proceeds from sales

 

$

7,871

 

 

$

—

 

 

$

624,225

 

 

$

19,154

 

Gross realized gains

 

 

91

 

 

 

—

 

 

 

514

 

 

 

139

 

Gross realized losses

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 
Gross Unrealized Losses and Fair Value of Investment Securities Available for Sale

The following table shows the Company’s available-for-sale investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2025 and December 31, 2024 (in thousands):

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

September 30, 2025

 

Count

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized
Losses

 

Description of Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

 

7

 

 

$

79,522

 

 

$

(168

)

 

 

7

 

 

$

75,611

 

 

$

(582

)

 

 

14

 

 

$

155,133

 

 

$

(750

)

U.S. Agencies

 

 

1

 

 

 

8,583

 

 

 

(167

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

8,583

 

 

 

(167

)

Mortgage-backed

 

 

99

 

 

 

697,377

 

 

 

(3,896

)

 

 

829

 

 

 

2,951,837

 

 

 

(369,853

)

 

 

928

 

 

 

3,649,214

 

 

 

(373,749

)

State and political subdivisions

 

 

147

 

 

 

610,974

 

 

 

(17,306

)

 

 

1,215

 

 

 

800,722

 

 

 

(68,985

)

 

 

1,362

 

 

 

1,411,696

 

 

 

(86,291

)

Corporates

 

 

2

 

 

 

2,244

 

 

 

(6

)

 

 

161

 

 

 

194,933

 

 

 

(6,221

)

 

 

163

 

 

 

197,177

 

 

 

(6,227

)

Collateralized loan obligations

 

 

11

 

 

 

109,671

 

 

 

(102

)

 

 

3

 

 

 

15,847

 

 

 

(49

)

 

 

14

 

 

 

125,518

 

 

 

(151

)

Total

 

 

267

 

 

$

1,508,371

 

 

$

(21,645

)

 

 

2,215

 

 

$

4,038,950

 

 

$

(445,690

)

 

 

2,482

 

 

$

5,547,321

 

 

$

(467,335

)

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

December 31, 2024

 

Count

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized
Losses

 

Description of Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

 

93

 

 

$

635,739

 

 

$

(6,319

)

 

 

9

 

 

$

142,518

 

 

$

(1,753

)

 

 

102

 

 

$

778,257

 

 

$

(8,072

)

U.S. Agencies

 

 

4

 

 

 

20,858

 

 

 

(46

)

 

 

5

 

 

 

56,712

 

 

 

(279

)

 

 

9

 

 

 

77,570

 

 

 

(325

)

Mortgage-backed

 

 

159

 

 

 

1,293,953

 

 

 

(22,468

)

 

 

834

 

 

 

3,055,882

 

 

 

(502,489

)

 

 

993

 

 

 

4,349,835

 

 

 

(524,957

)

State and political subdivisions

 

 

264

 

 

 

173,006

 

 

 

(2,392

)

 

 

1,629

 

 

 

953,458

 

 

 

(88,652

)

 

 

1,893

 

 

 

1,126,464

 

 

 

(91,044

)

Corporates

 

 

—

 

 

 

—

 

 

 

—

 

 

 

239

 

 

 

315,109

 

 

 

(13,629

)

 

 

239

 

 

 

315,109

 

 

 

(13,629

)

Collateralized loan obligations

 

 

7

 

 

 

47,222

 

 

 

(88

)

 

 

5

 

 

 

30,521

 

 

 

(50

)

 

 

12

 

 

 

77,743

 

 

 

(138

)

Total

 

 

527

 

 

$

2,170,778

 

 

$

(31,313

)

 

 

2,721

 

 

$

4,554,200

 

 

$

(606,852

)

 

 

3,248

 

 

$

6,724,978

 

 

$

(638,165

)
Gross Unrealized Losses and Fair Value of Investment Securities Held to Maturity

The following table shows the Company’s held-to-maturity investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2025 and December 31, 2024, respectively (in thousands):

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

September 30, 2025

 

Count

 

 

Fair Value

 

 

Unrealized Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized Losses

 

U.S. Treasury

 

 

6

 

 

$

30,638

 

 

$

(115

)

 

 

—

 

 

$

—

 

 

$

—

 

 

 

6

 

 

$

30,638

 

 

$

(115

)

U.S. Agencies

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Mortgage-backed

 

 

12

 

 

 

104,013

 

 

 

(1,198

)

 

 

262

 

 

 

2,037,057

 

 

 

(322,126

)

 

 

274

 

 

 

2,141,070

 

 

 

(323,324

)

State and political subdivisions

 

 

151

 

 

 

727,606

 

 

 

(48,914

)

 

 

1,353

 

 

 

1,468,551

 

 

 

(175,424

)

 

 

1,504

 

 

 

2,196,157

 

 

 

(224,338

)

Total

 

 

169

 

 

$

862,257

 

 

$

(50,227

)

 

 

1,615

 

 

$

3,505,608

 

 

$

(497,550

)

 

 

1,784

 

 

$

4,367,865

 

 

$

(547,777

)

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

December 31, 2024

 

Count

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized
Losses

 

U.S. Agencies

 

 

—

 

 

$

—

 

 

$

—

 

 

 

10

 

 

$

115,750

 

 

$

(581

)

 

 

10

 

 

$

115,750

 

 

$

(581

)

Mortgage-backed

 

 

6

 

 

 

3,527

 

 

 

(103

)

 

 

263

 

 

 

2,101,125

 

 

 

(418,379

)

 

 

269

 

 

 

2,104,652

 

 

 

(418,482

)

State and political subdivisions

 

 

47

 

 

 

52,468

 

 

 

(2,030

)

 

 

1,414

 

 

 

1,972,927

 

 

 

(220,916

)

 

 

1,461

 

 

 

2,025,395

 

 

 

(222,946

)

Total

 

 

53

 

 

$

55,995

 

 

$

(2,133

)

 

 

1,687

 

 

$

4,189,802

 

 

$

(639,876

)

 

 

1,740

 

 

$

4,245,797

 

 

$

(642,009

)

 
Schedule of Amortized Cost Basis by Credit Rating of Held to Maturity Investment

The following tables show the amortized cost basis by credit rating of the Company’s held-to-maturity State and political subdivisions bond investments at September 30, 2025 and December 31, 2024 (in thousands):

 

 

 

Amortized Cost Basis by Credit Rating - HTM Debt Securities

 

September 30, 2025

 

AAA

 

 

AA

 

 

A

 

 

BBB

 

 

BB

 

 

B

 

 

CCC-C

 

 

Total

 

State and political subdivisions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Competitive

 

$

48,372

 

 

$

51,835

 

 

$

401,250

 

 

$

797,970

 

 

$

41,021

 

 

$

23,551

 

 

$

14,721

 

 

$

1,378,720

 

Utilities

 

 

774,751

 

 

 

754,910

 

 

 

110,326

 

 

 

22,895

 

 

 

673

 

 

 

—

 

 

 

—

 

 

 

1,663,555

 

Total state and political subdivisions

 

$

823,123

 

 

$

806,745

 

 

$

511,576

 

 

$

820,865

 

 

$

41,694

 

 

$

23,551

 

 

$

14,721

 

 

$

3,042,275

 

 

 

 

Amortized Cost Basis by Credit Rating - HTM Debt Securities

 

December 31, 2024

 

AAA

 

 

AA

 

 

A

 

 

BBB

 

 

BB

 

 

CCC-C

 

 

Total

 

State and political subdivisions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Competitive

 

$

—

 

 

$

—

 

 

$

424,690

 

 

$

610,351

 

 

$

36,628

 

 

$

21,990

 

 

$

1,093,659

 

Utilities

 

 

759,798

 

 

 

761,706

 

 

 

99,127

 

 

 

24,509

 

 

 

648

 

 

 

—

 

 

 

1,645,788

 

Total state and political subdivisions

 

$

759,798

 

 

$

761,706

 

 

$

523,817

 

 

$

634,860

 

 

$

37,276

 

 

$

21,990

 

 

$

2,739,447

 
Schedule of Changes in Equity Securities Without Readily Determinable Fair Values

The table below presents the changes in equity securities without readily determinable fair values for the three and nine months ended September 30, 2025 and 2024 (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Beginning balance

 

$

533,749

 

 

$

371,123

 

 

$

416,750

 

 

$

394,035

 

Acquisition of HTLF

 

 

(19,675

)

 

 

—

 

 

 

103,211

 

 

 

—

 

Purchases of securities

 

 

34,919

 

 

 

33,397

 

 

 

83,749

 

 

 

45,154

 

Observable upward price adjustments

 

 

3,462

 

 

 

2,552

 

 

 

13,895

 

 

 

15,740

 

Observable downward price adjustments

 

 

(653

)

 

 

(268

)

 

 

(9,228

)

 

 

(6,042

)

Sales of securities and other activity

 

 

(10,783

)

 

 

(7,032

)

 

 

(67,358

)

 

 

(49,115

)

Ending balance

 

$

541,019

 

 

$

399,772

 

 

$

541,019

 

 

$

399,772

 
Schedule of Other Securities

The table below provides detailed information for Other securities at September 30, 2025 and December 31, 2024 (in thousands):

 

 

 

September 30, 2025

 

 

December 31, 2024

 

FRB and FHLB stock

 

$

137,406

 

 

$

42,672

 

Equity securities with readily determinable fair values

 

 

41,150

 

 

 

11,596

 

Equity securities without readily determinable fair values

 

 

541,019

 

 

 

416,750

 

Total

 

$

719,575

 

 

$

471,018

 
Schedule of Components of Investment Securities (Losses) Gains, Net

The following table presents the components of Investment securities (losses) gains, net for the three and nine months ended September 30, 2025 and September 30, 2024 (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Investment securities (losses) gains, net

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

Gains realized on sales

 

$

91

 

 

$

—

 

 

$

514

 

 

$

139

 

Equity securities with readily determinable fair values:

 

 

 

 

 

 

 

 

 

 

 

 

Fair value adjustments, net

 

 

(7,103

)

 

 

340

 

 

 

22,513

 

 

 

291

 

Equity securities without readily determinable fair values:

 

 

 

 

 

 

 

 

 

 

 

 

Fair value adjustments, net

 

 

2,919

 

 

 

738

 

 

 

(2,384

)

 

 

(2,277

)

Sales

 

 

—

 

 

 

1,545

 

 

 

8,167

 

 

 

11,974

 

Total investment securities (losses) gains, net

 

$

(4,093

)

 

$

2,623

 

 

$

28,810

 

 

$

10,127

 
Available-for-sale Securities [Member]  
Contractual Maturity Information

The following table presents contractual maturity information for securities available for sale at September 30, 2025 (in thousands):

 

 

Amortized

 

 

Fair

 

 

 

Cost

 

 

Value

 

Due in 1 year or less

 

$

565,899

 

 

$

564,700

 

Due after 1 year through 5 years

 

 

2,535,587

 

 

 

2,545,738

 

Due after 5 years through 10 years

 

 

624,238

 

 

 

616,146

 

Due after 10 years

 

 

1,860,597

 

 

 

1,809,421

 

Total

 

 

5,586,321

 

 

 

5,536,005

 

Mortgage-backed securities

 

 

8,160,828

 

 

 

7,842,275

 

Total securities available for sale

 

$

13,747,149

 

 

$

13,378,280

 
Held-to-maturity Securities [Member]  
Contractual Maturity Information

The following table provides detailed information about securities held to maturity at September 30, 2025 and December 31, 2024, respectively (in thousands):

September 30, 2025

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Allowance for Credit Losses

 

 

Net Carrying Amount

 

U.S. Treasury

 

$

38,249

 

 

$

4

 

 

$

(115

)

 

$

38,138

 

 

$

—

 

 

$

38,249

 

U.S. Agencies

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Mortgage-backed

 

 

2,573,708

 

 

 

170

 

 

 

(323,324

)

 

 

2,250,554

 

 

 

—

 

 

 

2,573,708

 

State and political subdivisions

 

 

3,042,275

 

 

 

13,072

 

 

 

(224,338

)

 

 

2,831,009

 

 

 

(1,845

)

 

 

3,040,430

 

Total

 

$

5,654,232

 

 

$

13,246

 

 

$

(547,777

)

 

$

5,119,701

 

 

$

(1,845

)

 

$

5,652,387

 

December 31, 2024

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Allowance for Credit Losses

 

 

Net Carrying Amount

 

U.S. Agencies

 

$

116,331

 

 

$

—

 

 

$

(581

)

 

$

115,750

 

 

$

—

 

 

$

116,331

 

Mortgage-backed

 

 

2,523,134

 

 

 

—

 

 

 

(418,482

)

 

 

2,104,652

 

 

 

—

 

 

 

2,523,134

 

State and political subdivisions

 

 

2,739,447

 

 

 

12,035

 

 

 

(222,946

)

 

 

2,528,536

 

 

 

(2,645

)

 

 

2,736,802

 

Total

 

$

5,378,912

 

 

$

12,035

 

 

$

(642,009

)

 

$

4,748,938

 

 

$

(2,645

)

 

$

5,376,267

 

The following table presents contractual maturity information for securities held to maturity at September 30, 2025 (in thousands):

 

 

 

Amortized

 

 

Fair

 

 

 

Cost

 

 

Value

 

Due in 1 year or less

 

$

157,934

 

 

$

157,342

 

Due after 1 year through 5 years

 

 

378,358

 

 

 

368,805

 

Due after 5 years through 10 years

 

 

875,003

 

 

 

836,790

 

Due after 10 years

 

 

1,669,229

 

 

 

1,506,210

 

Total

 

 

3,080,524

 

 

 

2,869,147

 

Mortgage-backed securities

 

 

2,573,708

 

 

 

2,250,554

 

Total securities held to maturity

 

$

5,654,232

 

 

$

5,119,701