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Investment Securities (Tables)
6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Investment Securities Portfolio
The following table summarizes the amortized cost and fair value of the available-for-sale portfolio and the corresponding amounts of gross unrealized gains, unrealized losses, and basis adjustments in accumulated other comprehensive income (loss) (“AOCI”).
(dollars in thousands)Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Basis
Adjustments (1)
Fair
Value
June 30, 2025    
Available-for-Sale    
U.S. Treasury$318,626 $86 $(11,823)$(45,597)$261,292 
U.S. government-sponsored entities and agencies1,567,522 244 (159,198)(60,789)1,347,779 
Mortgage-backed securities - Agency9,204,788 40,827 (554,873) 8,690,742 
States and political subdivisions466,812 1,009 (28,517)2,576 441,880 
Pooled trust preferred securities13,813  (2,494) 11,319 
Other securities259,880 911 (8,607) 252,184 
Total available-for-sale securities$11,831,441 $43,077 $(765,512)$(103,810)$11,005,196 
December 31, 2024
Available-for-Sale
U.S. Treasury$261,421 $67 $(12,659)$(49,816)$199,013 
U.S. government-sponsored entities and agencies1,521,610 (181,360)(82,351)1,257,906 
Mortgage-backed securities - Agency5,861,067 6,005 (662,181)— 5,204,891 
States and political subdivisions510,630 148 (25,881)647 485,544 
Pooled trust preferred securities13,807 — (2,485)— 11,322 
Other securities311,973 760 (12,950)— 299,783 
Total available-for-sale securities$8,480,508 $6,987 $(897,516)$(131,520)$7,458,459 
(1)    Basis adjustments represent the amount of fair value hedging adjustments included in the carrying amounts of fixed-rate investment securities assets designated in fair value hedging arrangements. See Note 15 to the consolidated financial statements for additional information regarding these derivative financial instruments.
Schedule of Held-to-Maturity Investment Securities with Unrecognized Losses
The following table summarizes the amortized cost and fair value of the held-to-maturity investment securities portfolio and the corresponding amounts of gross unrecognized gains and losses.
(dollars in thousands)Amortized
Cost
Unrecognized
Gains
Unrecognized
Losses
Fair
Value
June 30, 2025   
Held-to-Maturity
U.S. government-sponsored entities and agencies$836,662 $ $(142,285)$694,377 
Mortgage-backed securities - Agency941,464  (145,385)796,079 
States and political subdivisions1,148,392 7 (168,358)980,041 
Allowance for securities held-to-maturity(150)  (150)
Total held-to-maturity securities$2,926,368 $7 $(456,028)$2,470,347 
December 31, 2024
Held-to-Maturity
U.S. government-sponsored entities and agencies$832,984 $— $(168,653)$664,331 
Mortgage-backed securities - Agency970,212 — (169,546)800,666 
States and political subdivisions1,151,835 317 (145,861)1,006,291 
Allowance for securities held-to-maturity(150)— — (150)
Total held-to-maturity securities$2,954,881 $317 $(484,060)$2,471,138 
The following table summarizes the held-to-maturity investment securities with unrecognized losses aggregated by major security type and length of time in a continuous loss position:
 Less than 12 months12 months or longerTotal
(dollars in thousands)Fair
Value
Unrecognized
Losses
Fair
Value
Unrecognized
Losses
Fair
Value
Unrecognized
Losses
June 30, 2025
Held-to-Maturity
U.S. government-sponsored entities
   and agencies
$ $ $694,377 $(142,285)$694,377 $(142,285)
Mortgage-backed securities - Agency  796,079 (145,385)796,079 (145,385)
States and political subdivisions63,800 (2,767)914,539 (165,591)978,339 (168,358)
Total held-to-maturity$63,800 $(2,767)$2,404,995 $(453,261)$2,468,795 $(456,028)
December 31, 2024
Held-to-Maturity
U.S. government-sponsored entities
   and agencies
$— $— $664,331 $(168,653)$664,331 $(168,653)
Mortgage-backed securities - Agency— — 800,666 (169,546)800,666 (169,546)
States and political subdivisions37,007 (430)937,364 (145,431)974,371 (145,861)
Total held-to-maturity$37,007 $(430)$2,402,361 $(483,630)$2,439,368 $(484,060)
Schedule of Proceeds from Sales or Calls and Realized Gain and Losses of Available-for-Sale Investment Securities and Other Securities
Proceeds from sales or calls of available-for-sale investment securities and the resulting realized gains and realized losses were as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
(dollars in thousands)2025202420252024
Proceeds$2,092,486 $287,075 $2,163,445 $348,325 
Realized gains11 90 
Realized losses(52)(2)(207)(22)
Schedule of Expected Maturities of Investment Securities Portfolio
The table below shows the amortized cost and fair value of the investment securities portfolio by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Weighted average yield is based on amortized cost.
 June 30, 2025
(dollars in thousands)Amortized
Cost
Fair
Value
Weighted
Average
Yield
Maturity
Available-for-Sale   
Within one year$291,158 $290,051 3.92 %
One to five years3,181,494 3,139,051 4.48 
Five to ten years7,175,378 6,646,934 3.80 
Beyond ten years1,183,411 929,160 2.65 
Total$11,831,441 $11,005,196 3.87 %
Held-to-Maturity
Within one year$18,232 $18,101 3.21 %
One to five years51,266 46,861 2.02 
Five to ten years1,344,104 1,167,923 2.57 
Beyond ten years1,512,766 1,237,462 2.75 
Total$2,926,368 $2,470,347 2.66 %
Schedule of Available-for-Sale and Held-to-Maturity Investment Securities with Unrealized Losses by Aggregated Major Security Type and Length of Time in Continuous Unrealized Loss Position
The following table summarizes the available-for-sale investment securities with unrealized losses for which an allowance for credit losses has not been recorded by aggregated major security type and length of time in a continuous unrealized loss position:
 Less than 12 months12 months or longerTotal
(dollars in thousands)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized Losses
June 30, 2025
Available-for-Sale
U.S. Treasury$2,992 $(9)$180,172 $(11,814)$183,164 $(11,823)
U.S. government-sponsored entities
   and agencies
107,447 (796)1,158,392 (158,402)1,265,839 (159,198)
Mortgage-backed securities - Agency372,714 (2,174)3,309,123 (552,699)3,681,837 (554,873)
States and political subdivisions70,158 (720)258,259 (27,797)328,417 (28,517)
Pooled trust preferred securities  11,319 (2,494)11,319 (2,494)
Other securities26,361 (107)179,433 (8,500)205,794 (8,607)
Total available-for-sale$579,672 $(3,806)$5,096,698 $(761,706)$5,676,370 $(765,512)
December 31, 2024
Available-for-Sale
U.S. Treasury$3,977 $(26)$177,691 $(12,633)$181,668 $(12,659)
U.S. government-sponsored entities
   and agencies
98,280 (1,713)1,144,618 (179,647)1,242,898 (181,360)
Mortgage-backed securities - Agency857,440 (9,172)3,406,350 (653,009)4,263,790 (662,181)
States and political subdivisions133,906 (1,462)279,121 (24,419)413,027 (25,881)
Pooled trust preferred securities— — 11,322 (2,485)11,322 (2,485)
Other securities33,292 (295)199,631 (12,655)232,923 (12,950)
Total available-for-sale$1,126,895 $(12,668)$5,218,733 $(884,848)$6,345,628 $(897,516)