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Securities (Tables)
 3 Months Ended
Mar. 31, 2026
Securities Available for Sale

This table provides detailed information about securities available for sale at March 31, 2026 and December 31, 2025 (in thousands):

March 31, 2026

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

U.S. Treasury

 

$

2,252,751

 

 

$

8,082

 

 

$

(3,120

)

 

$

2,257,713

 

U.S. Agencies

 

 

49,834

 

 

 

200

 

 

 

(66

)

 

 

49,968

 

Mortgage-backed

 

 

8,589,349

 

 

 

42,549

 

 

 

(344,025

)

 

 

8,287,873

 

State and political subdivisions

 

 

2,448,080

 

 

 

17,379

 

 

 

(94,003

)

 

 

2,371,456

 

Corporates

 

 

142,631

 

 

 

267

 

 

 

(3,217

)

 

 

139,681

 

Collateralized loan obligations

 

 

554,875

 

 

 

151

 

 

 

(831

)

 

 

554,195

 

Total

 

$

14,037,520

 

 

$

68,628

 

 

$

(445,262

)

 

$

13,660,886

 

December 31, 2025

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

U.S. Treasury

 

$

2,301,248

 

 

$

20,008

 

 

$

(441

)

 

$

2,320,815

 

U.S. Agencies

 

 

62,069

 

 

 

401

 

 

 

(100

)

 

 

62,370

 

Mortgage-backed

 

 

8,427,197

 

 

 

71,827

 

 

 

(331,151

)

 

 

8,167,873

 

State and political subdivisions

 

 

2,494,537

 

 

 

24,898

 

 

 

(72,847

)

 

 

2,446,588

 

Corporates

 

 

180,854

 

 

 

349

 

 

 

(4,088

)

 

 

177,115

 

Collateralized loan obligations

 

 

533,995

 

 

 

504

 

 

 

(119

)

 

 

534,380

 

Total

 

$

13,999,900

 

 

$

117,987

 

 

$

(408,746

)

 

$

13,709,141

 
Schedule of Sales of Securities Available for Sale

The following table presents the sales of securities available for sale for the three months ended March 31, 2026 and 2025 (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Proceeds from sales

 

$

51,771

 

 

$

611,423

 

Gross realized gains

 

 

403

 

 

 

390

 

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 March 31, 2026 and December 31, 2025 (in thousands):

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

March 31, 2026

 

Count

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized
Losses

 

Description of Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

 

77

 

 

$

594,413

 

 

$

(2,942

)

 

 

1

 

 

$

14,815

 

 

$

(178

)

 

 

78

 

 

$

609,228

 

 

$

(3,120

)

U.S. Agencies

 

 

1

 

 

 

7,569

 

 

 

(66

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

7,569

 

 

 

(66

)

Mortgage-backed

 

 

212

 

 

 

1,987,192

 

 

 

(18,766

)

 

 

798

 

 

 

2,696,163

 

 

 

(325,259

)

 

 

1,010

 

 

 

4,683,355

 

 

 

(344,025

)

State and political subdivisions

 

 

474

 

 

 

631,510

 

 

 

(14,306

)

 

 

837

 

 

 

806,914

 

 

 

(79,697

)

 

 

1,311

 

 

 

1,438,424

 

 

 

(94,003

)

Corporates

 

 

—

 

 

 

—

 

 

 

—

 

 

 

89

 

 

 

120,650

 

 

 

(3,217

)

 

 

89

 

 

 

120,650

 

 

 

(3,217

)

Collateralized loan obligations

 

 

32

 

 

 

317,287

 

 

 

(788

)

 

 

2

 

 

 

12,963

 

 

 

(43

)

 

 

34

 

 

 

330,250

 

 

 

(831

)

Total

 

 

796

 

 

$

3,537,971

 

 

$

(36,868

)

 

 

1,727

 

 

$

3,651,505

 

 

$

(408,394

)

 

 

2,523

 

 

$

7,189,476

 

 

$

(445,262

)

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

December 31, 2025

 

Count

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized
Losses

 

Description of Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

 

8

 

 

$

72,013

 

 

$

(88

)

 

 

2

 

 

$

30,234

 

 

$

(353

)

 

 

10

 

 

$

102,247

 

 

$

(441

)

U.S. Agencies

 

 

1

 

 

 

7,855

 

 

 

(100

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

7,855

 

 

 

(100

)

Mortgage-backed

 

 

82

 

 

 

757,160

 

 

 

(5,682

)

 

 

817

 

 

 

2,871,729

 

 

 

(325,469

)

 

 

899

 

 

 

3,628,889

 

 

 

(331,151

)

State and political subdivisions

 

 

152

 

 

 

515,364

 

 

 

(11,181

)

 

 

1,142

 

 

 

809,113

 

 

 

(61,666

)

 

 

1,294

 

 

 

1,324,477

 

 

 

(72,847

)

Corporates

 

 

1

 

 

 

2,990

 

 

 

(10

)

 

 

134

 

 

 

164,108

 

 

 

(4,078

)

 

 

135

 

 

 

167,098

 

 

 

(4,088

)

Collateralized loan obligations

 

 

20

 

 

 

164,531

 

 

 

(112

)

 

 

1

 

 

 

2,999

 

 

 

(7

)

 

 

21

 

 

 

167,530

 

 

 

(119

)

Total

 

 

264

 

 

$

1,519,913

 

 

$

(17,173

)

 

 

2,096

 

 

$

3,878,183

 

 

$

(391,573

)

 

 

2,360

 

 

$

5,398,096

 

 

$

(408,746

)
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 March 31, 2026 and December 31, 2025, respectively (in thousands):

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

March 31, 2026

 

Count

 

 

Fair Value

 

 

Unrealized Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized Losses

 

U.S. Treasury

 

 

7

 

 

$

37,958

 

 

$

(298

)

 

 

—

 

 

$

—

 

 

$

—

 

 

 

7

 

 

$

37,958

 

 

$

(298

)

Mortgage-backed

 

 

14

 

 

 

172,121

 

 

 

(1,682

)

 

 

262

 

 

 

1,951,706

 

 

 

(306,012

)

 

 

276

 

 

 

2,123,827

 

 

 

(307,694

)

State and political subdivisions

 

 

260

 

 

 

949,911

 

 

 

(55,117

)

 

 

1,353

 

 

 

1,493,930

 

 

 

(180,571

)

 

 

1,613

 

 

 

2,443,841

 

 

 

(235,688

)

Total

 

 

281

 

 

$

1,159,990

 

 

$

(57,097

)

 

 

1,615

 

 

$

3,445,636

 

 

$

(486,583

)

 

 

1,896

 

 

$

4,605,626

 

 

$

(543,680

)

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

December 31, 2025

 

Count

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Count

 

 

Fair Value

 

 

Unrealized
Losses

 

U.S. Treasury

 

 

3

 

 

$

15,913

 

 

$

(37

)

 

 

—

 

 

$

—

 

 

$

—

 

 

 

3

 

 

$

15,913

 

 

$

(37

)

Mortgage-backed

 

 

10

 

 

 

147,066

 

 

 

(918

)

 

 

262

 

 

 

1,998,984

 

 

 

(304,122

)

 

 

272

 

 

 

2,146,050

 

 

 

(305,040

)

State and political subdivisions

 

 

146

 

 

 

687,180

 

 

 

(41,122

)

 

 

1,354

 

 

 

1,480,709

 

 

 

(154,638

)

 

 

1,500

 

 

 

2,167,889

 

 

 

(195,760

)

Total

 

 

159

 

 

$

850,159

 

 

$

(42,077

)

 

 

1,616

 

 

$

3,479,693

 

 

$

(458,760

)

 

 

1,775

 

 

$

4,329,852

 

 

$

(500,837

)

 
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 March 31, 2026 and December 31, 2025 (in thousands):

 

 

 

Amortized Cost Basis by Credit Rating - HTM Debt Securities

 

March 31, 2026

 

AAA

 

 

AA

 

 

A

 

 

BBB

 

 

BB

 

 

B

 

 

CCC-C

 

 

Total

 

State and political subdivisions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Competitive

 

$

47,376

 

 

$

51,712

 

 

$

372,892

 

 

$

804,924

 

 

$

30,295

 

 

$

23,100

 

 

$

13,604

 

 

$

1,343,903

 

Utilities

 

 

827,336

 

 

 

902,260

 

 

 

110,407

 

 

 

15,316

 

 

 

2,456

 

 

 

—

 

 

 

—

 

 

 

1,857,775

 

Total state and political subdivisions

 

$

874,712

 

 

$

953,972

 

 

$

483,299

 

 

$

820,240

 

 

$

32,751

 

 

$

23,100

 

 

$

13,604

 

 

$

3,201,678

 

 

 

 

Amortized Cost Basis by Credit Rating - HTM Debt Securities

 

December 31, 2025

 

AAA

 

 

AA

 

 

A

 

 

BBB

 

 

BB

 

 

B

 

 

CCC-C

 

 

Total

 

State and political subdivisions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Competitive

 

$

46,933

 

 

$

51,390

 

 

$

379,973

 

 

$

812,061

 

 

$

34,105

 

 

$

23,326

 

 

$

14,424

 

 

$

1,362,212

 

Utilities

 

 

899,088

 

 

 

777,880

 

 

 

114,845

 

 

 

15,824

 

 

 

2,458

 

 

 

—

 

 

 

—

 

 

 

1,810,095

 

Total state and political subdivisions

 

$

946,021

 

 

$

829,270

 

 

$

494,818

 

 

$

827,885

 

 

$

36,563

 

 

$

23,326

 

 

$

14,424

 

 

$

3,172,307

 
Schedule of Aging of Past due Held to Maturity Securities

The following table presents the aging of past due held-to-maturity securities at March 31, 2026 (in thousands):

 

March 31, 2026

 

30-89
Days Past
Due and
Accruing

 

 

Greater than
90 Days Past
Due and
Accruing

 

 

Non-
Accrual

 

 

Total
Past Due

 

 

Current

 

 

Total

 

State and political subdivisions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Competitive

 

$

131

 

 

$

16,470

 

 

$

—

 

 

$

16,601

 

 

$

1,327,302

 

 

$

1,343,903

 

Utilities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,857,775

 

 

 

1,857,775

 

Total state and political subdivisions

 

$

131

 

 

$

16,470

 

 

$

—

 

 

$

16,601

 

 

$

3,185,077

 

 

$

3,201,678

 
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 months ended March 31, 2026 and 2025 (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Beginning balance

 

$

524,112

 

 

$

416,750

 

Acquisition of HTLF

 

 

—

 

 

 

121,769

 

Purchases of securities

 

 

33,664

 

 

 

24,003

 

Observable upward price adjustments

 

 

3,568

 

 

 

1,022

 

Observable downward price adjustments

 

 

(636

)

 

 

(6,273

)

Sales of securities and other activity

 

 

(25,382

)

 

 

(17,341

)

Ending balance

 

$

535,326

 

 

$

539,930

 
Schedule of Other Securities

The table below provides detailed information for Other securities at March 31, 2026 and December 31, 2025 (in thousands):

 

 

 

March 31, 2026

 

 

December 31, 2025

 

FRB and FHLB stock

 

$

137,660

 

 

$

137,498

 

Equity securities with readily determinable fair values

 

 

12,604

 

 

 

14,690

 

Equity securities without readily determinable fair values

 

 

535,326

 

 

 

524,112

 

Total

 

$

685,590

 

 

$

676,300

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

The following table presents the components of Investment securities gains (losses), net for the three months ended March 31, 2026 and March 31, 2025 (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Investment securities gains (losses), net

 

 

 

 

 

 

Available-for-sale debt securities:

 

 

 

 

 

 

Gains realized on sales

 

$

403

 

 

$

390

 

Equity securities with readily determinable fair values:

 

 

 

 

 

 

Fair value adjustments, net

 

 

(287

)

 

 

144

 

Equity securities without readily determinable fair values:

 

 

 

 

 

 

Fair value adjustments, net

 

 

315

 

 

 

(5,243

)

Sales

 

 

2,615

 

 

 

(73

)

Total investment securities gains (losses), net

 

$

3,046

 

 

$

(4,782

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

The following table presents contractual maturity information for securities available for sale at March 31, 2026 (in thousands):

 

 

Amortized

 

 

Fair

 

 

 

Cost

 

 

Value

 

Due in 1 year or less

 

$

776,270

 

 

$

777,228

 

Due after 1 year through 5 years

 

 

2,284,188

 

 

 

2,279,354

 

Due after 5 years through 10 years

 

 

599,727

 

 

 

589,950

 

Due after 10 years

 

 

1,787,986

 

 

 

1,726,481

 

Total

 

 

5,448,171

 

 

 

5,373,013

 

Mortgage-backed securities

 

 

8,589,349

 

 

 

8,287,873

 

Total securities available for sale

 

$

14,037,520

 

 

$

13,660,886

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

The following table provides detailed information about securities held to maturity at March 31, 2026 and December 31, 2025, respectively (in thousands):

March 31, 2026

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Allowance for Credit Losses

 

 

Net Carrying Amount

 

U.S. Treasury

 

$

38,256

 

 

$

—

 

 

$

(298

)

 

$

37,958

 

 

$

—

 

 

$

38,256

 

Mortgage-backed

 

 

2,463,304

 

 

 

87

 

 

 

(307,694

)

 

 

2,155,697

 

 

 

—

 

 

 

2,463,304

 

State and political subdivisions

 

 

3,201,678

 

 

 

12,919

 

 

 

(235,688

)

 

 

2,978,909

 

 

 

(3,357

)

 

 

3,198,321

 

Total

 

$

5,703,238

 

 

$

13,006

 

 

$

(543,680

)

 

$

5,172,564

 

 

$

(3,357

)

 

$

5,699,881

 

December 31, 2025

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Allowance for Credit Losses

 

 

Net Carrying Amount

 

U.S. Treasury

 

$

38,253

 

 

$

27

 

 

$

(37

)

 

$

38,243

 

 

$

—

 

 

$

38,253

 

Mortgage-backed

 

 

2,513,667

 

 

 

335

 

 

 

(305,040

)

 

 

2,208,962

 

 

 

—

 

 

 

2,513,667

 

State and political subdivisions

 

 

3,172,307

 

 

 

26,713

 

 

 

(195,760

)

 

 

3,003,260

 

 

 

(1,684

)

 

 

3,170,623

 

Total

 

$

5,724,227

 

 

$

27,075

 

 

$

(500,837

)

 

$

5,250,465

 

 

$

(1,684

)

 

$

5,722,543

 

The following table presents contractual maturity information for securities held to maturity at March 31, 2026 (in thousands):

 

 

 

Amortized

 

 

Fair

 

 

 

Cost

 

 

Value

 

Due in 1 year or less

 

$

124,608

 

 

$

124,506

 

Due after 1 year through 5 years

 

 

420,999

 

 

 

410,094

 

Due after 5 years through 10 years

 

 

862,412

 

 

 

823,822

 

Due after 10 years

 

 

1,831,915

 

 

 

1,658,445

 

Total

 

 

3,239,934

 

 

 

3,016,867

 

Mortgage-backed securities

 

 

2,463,304

 

 

 

2,155,697

 

Total securities held to maturity

 

$

5,703,238

 

 

$

5,172,564