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Securities (Tables)
12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Available-for-sale
The amortized cost and fair value of securities available-for-sale and held-to-maturity at December 31, 2024 and 2023 are summarized as follows (in thousands):
Amortized CostGross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
December 31, 2024
Securities available-for-sale:    
U.S Treasury securities$1,419,727 $28 $14,277 $1,405,478 
U.S. Government agency securities238,636 24,572 214,066 
Mortgage-backed securities2,068,950 976 107,567 1,962,359 
State and municipal securities1,537,910 15,382 46,735 1,506,557 
Asset-backed securities45,280 85 27 45,338 
Corporate notes and other476,900 107 28,436 448,571 
 $5,787,403 $16,580 $221,614 $5,582,369 
Securities held-to-maturity:    
U.S Treasury securities$19,841 $— $954 $18,887 
U.S. Government agency securities315,286 — 13,719 301,567 
Mortgage-backed securities366,029 34,573 331,462 
State and municipal securities1,854,942 1,956 178,744 1,678,154 
Asset-backed securities161,957 41 6,920 155,078 
Corporate notes and other82,551 — 7,447 75,104 
 $2,800,606 $2,003 $242,357 $2,560,252 
Allowance for credit losses - securities held-to-maturity(1,707)
Securities held-to-maturity, net of allowance for credit losses$2,798,899 
Amortized CostGross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
December 31, 2023    
Securities available-for-sale:    
U.S Treasury securities$907,990 $$14,580 $893,412 
U.S. Government agency securities284,607 — 21,877 262,730 
Mortgage-backed securities1,071,963 444 125,017 947,390 
State and municipal securities1,604,874 26,129 45,108 1,585,895 
Asset-backed securities201,577 338 10,280 191,635 
Corporate notes and other477,761 69 41,362 436,468 
 $4,548,772 $26,982 $258,224 $4,317,530 
Securities held-to-maturity:    
U.S Treasury securities$90,309 $— $3,840 $86,469 
U.S. Government agency securities364,769 — 19,187 345,582 
Mortgage-backed securities382,100 637 34,900 347,837 
State and municipal securities1,886,459 6,079 159,027 1,733,511 
Asset-backed securities198,418 — 14,228 184,190 
Corporate notes and other86,009 — 8,414 77,595 
 $3,008,064 $6,716 $239,596 $2,775,184 
Allowance for credit losses - securities held-to-maturity(1,707)
Securities held-to-maturity, net of allowance for credit losses$3,006,357 
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
The amortized cost and fair value of debt securities as of December 31, 2024 by contractual maturity is shown below. Actual maturities may differ from contractual maturities of mortgage-backed securities since the mortgages underlying the securities may be called or prepaid with or without penalty. Therefore, these securities are not included in the maturity categories in the following summary (in thousands):
 Available-for-saleHeld-to-maturity
 Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in one year or less$104,404 $104,431 $72,584 $71,774 
Due in one year to five years260,862 241,023 297,748 280,994 
Due in five years to ten years408,495 382,963 80,411 73,611 
Due after ten years2,899,412 2,846,255 1,821,877 1,647,333 
Mortgage-backed securities2,068,950 1,962,359 366,029 331,462 
Asset-backed securities45,280 45,338 161,957 155,078 
 $5,787,403 $5,582,369 $2,800,606 $2,560,252 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
At December 31, 2024 and 2023, included in securities available-for-sale were the following investments with unrealized losses. The information below classifies these investments according to the term of the unrealized loss of less than twelve months or twelve months or longer (in thousands):
 Investments with an Unrealized Loss of
less than 12 months
Investments with an
Unrealized Loss of
12 months or longer
Total Investments
with an
Unrealized Loss
 Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized
Losses
December 31, 2024      
U.S. Treasury securities$1,123,453 $12,223 $177,930 $2,054 $1,301,383 $14,277 
U.S. Government agency securities2,347 18 210,127 24,554 212,474 24,572 
Mortgage-backed securities990,956 9,211 607,659 98,356 1,598,615 107,567 
State and municipal securities446,241 5,590 348,807 41,145 795,048 46,735 
Asset-backed securities30,369 27 — — 30,369 27 
Corporate notes and other131,073 1,215 274,601 27,221 405,674 28,436 
Total temporarily-impaired securities$2,724,439 $28,284 $1,619,124 $193,330 $4,343,563 $221,614 
December 31, 2023      
U.S. Treasury securities$693,621 $11,651 $192,500 $2,929 $886,121 $14,580 
U.S. Government agency securities14,989 11 247,648 21,866 262,637 21,877 
Mortgage-backed securities72,907 1,518 828,251 123,499 901,158 125,017 
State and municipal securities185,108 908 449,212 44,200 634,320 45,108 
Asset-backed securities42,207 254 122,469 10,026 164,676 10,280 
Corporate notes and other12,679 403,882 41,355 416,561 41,362 
Total temporarily-impaired securities$1,021,511 $14,349 $2,243,962 $243,875 $3,265,473 $258,224