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Securities (Tables)
3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024 are summarized as follows (in thousands):
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
March 31, 2025:    
Securities available-for-sale:    
U.S. Treasury securities$1,460,687 $$8,394 $1,452,300 
U.S. Government agency securities223,183 10 18,586 204,607 
Mortgage-backed securities2,498,506 7,318 93,099 2,412,725 
State and municipal securities1,634,080 2,534 88,712 1,547,902 
Asset-backed securities220 — 222 
Corporate notes and other344,924 1,167 13,670 332,421 
 $6,161,600 $11,038 $222,461 $5,950,177 
Securities held-to-maturity:    
U.S. Treasury securities$19,864 $— $746 $19,118 
U.S. Government agency securities305,413 — 10,037 295,376 
Mortgage-backed securities362,343 249 28,459 334,133 
State and municipal securities1,847,378 584 215,613 1,632,349 
Asset-backed securities155,241 29 5,487 149,783 
Corporate notes and other80,085 — 5,931 74,154 
 $2,770,324 $862 $266,273 $2,504,913 
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
March 31, 2025:    
Allowance for credit losses - securities held-to-maturity(1,707)
Securities held-to-maturity, net of allowance for credit losses$2,768,617 
Amortized
Cost
Gross
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 notes82,551 — 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 Cost and Fair Value of Debt Securities by Contractual Maturity
The amortized cost and fair value of debt securities as of March 31, 2025 by contractual maturity is shown below. Actual maturities may differ from contractual maturities of mortgage- and asset-backed securities since the mortgages and assets 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
March 31, 2025:Amortized
Cost
Fair
Value
Amortized
 Cost
Fair
Value
Due in one year or less$103,606 $103,613 $60,635 $60,198 
Due in one year to five years146,988 139,827 297,494 284,548 
Due in five years to ten years380,758 363,820 80,126 74,737 
Due after ten years3,031,522 2,929,970 1,814,485 1,601,514 
Mortgage-backed securities2,498,506 2,412,725 362,343 334,133 
Asset-backed securities220 222 155,241 149,783 
 $6,161,600 $5,950,177 $2,770,324 $2,504,913 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
At March 31, 2025 and December 31, 2024, the following available-for-sale securities had unrealized losses. The table below classifies these investments according to the term of the unrealized losses 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
At March 31, 2025      
U.S. Treasury securities$957,969 $3,061 $390,891 $5,333 $1,348,860 $8,394 
U.S. Government agency securities2,268 199,013 18,582 201,281 18,586 
Mortgage-backed securities805,246 6,802 599,399 86,297 1,404,645 93,099 
State and municipal securities328,147 3,502 991,044 85,210 1,319,191 88,712 
Asset-backed securities— — — — — — 
Corporate notes59,229 1,357 149,033 12,313 208,262 13,670 
Total temporarily-impaired securities$2,152,859 $14,726 $2,329,380 $207,735 $4,482,239 $222,461 
At 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 notes131,073 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