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Securities (Tables)
6 Months Ended
Jun. 30, 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 June 30, 2025 and December 31, 2024 are summarized as follows (in thousands):
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
June 30, 2025:    
Securities available-for-sale:    
U.S. Treasury securities$1,565,393 $$30,244 $1,535,156 
U.S. Government agency securities221,038 14 16,867 204,185 
Mortgage-backed securities2,781,164 7,056 89,513 2,698,707 
State and municipal securities1,765,551 1,236 141,528 1,625,259 
Asset-backed securities208 — 209 
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
June 30, 2025:    
Corporate notes and other325,883 1,756 12,467 315,172 
 $6,659,237 $10,070 $290,619 $6,378,688 
Securities held-to-maturity:    
U.S. Treasury securities$19,888 $— $614 $19,274 
U.S. Government agency securities280,540 — 8,267 272,273 
Mortgage-backed securities357,806 332 25,044 333,094 
State and municipal securities1,838,985 137 243,642 1,595,480 
Asset-backed securities122,483 25 3,706 118,802 
Corporate notes and other69,968 — 5,012 64,956 
 $2,689,670 $494 $286,285 $2,403,879 
Allowance for credit losses - securities held-to-maturity(1,707)
Securities held-to-maturity, net of allowance for credit losses$2,687,963 
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 June 30, 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
June 30, 2025:Amortized
Cost
Fair
Value
Amortized
 Cost
Fair
Value
Due in one year or less$214,734 $214,740 $25,030 $24,866 
Due in one year to five years166,792 160,915 317,246 305,977 
Due in five years to ten years342,395 327,468 65,473 61,153 
Due after ten years3,153,944 2,976,649 1,801,632 1,559,987 
Mortgage-backed securities2,781,164 2,698,707 357,806 333,094 
Asset-backed securities208 209 122,483 118,802 
 $6,659,237 $6,378,688 $2,689,670 $2,403,879 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
At June 30, 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 June 30, 2025      
U.S. Treasury securities$1,140,093 $25,543 $181,729 $4,701 $1,321,822 $30,244 
U.S. Government agency securities2,268 198,678 16,865 200,946 16,867 
Mortgage-backed securities889,446 6,282 761,324 83,231 1,650,770 89,513 
State and municipal securities550,783 17,562 971,718 123,966 1,522,501 141,528 
Asset-backed securities— — — — — — 
Corporate notes17,574 37 174,939 12,430 192,513 12,467 
Total temporarily-impaired securities$2,600,164 $49,426 $2,288,388 $241,193 $4,888,552 $290,619 
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