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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Available for Sale Debt Securities
The amortized cost, gross unrealized gains and losses and fair value of AFS debt securities at December 31, 2025 and 2024 were as follows: 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
 (in thousands)
December 31, 2025
U.S. Treasury securities $250,494 $226 $(22,233)$228,487 
U.S. government agency securities41,026 35 (1,117)39,944 
Obligations of states and political subdivisions:
Obligations of states and state agencies44,079 — (646)43,433 
Municipal bonds181,883 (31,937)149,947 
Total obligations of states and political subdivisions225,962 (32,583)193,380 
Residential mortgage-backed securities3,541,284 36,238 (63,444)3,514,078 
Corporate and other debt securities231,876 1,781 (7,328)226,329 
Total$4,290,642 $38,281 $(126,705)$4,202,218 
December 31, 2024
U.S. Treasury securities$319,551 $— $(28,002)$291,549 
U.S. government agency securities24,636 20 (2,113)22,543 
Obligations of states and political subdivisions:
Obligations of states and state agencies46,211 — (682)45,529 
Municipal bonds179,284 — (32,304)146,980 
Total obligations of states and political subdivisions225,495 — (32,986)192,509 
Residential mortgage-backed securities2,784,895 3,796 (107,615)2,681,076 
Corporate and other debt securities197,696 247 (15,896)182,047 
Total$3,552,273 $4,063 $(186,612)$3,369,724 
Age of Unrealized Losses and Fair Value of Related Available for Sale Debt Securities
The age of unrealized losses and fair value of related AFS debt securities at December 31, 2025 and 2024 were as follows: 
 Less than
Twelve Months
More than
Twelve Months
Total
 Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
 (in thousands)
December 31, 2025
U.S. Treasury securities$— $— $128,232 $(22,233)$128,232 $(22,233)
U.S. government agency securities
— — 20,754 (1,117)20,754 (1,117)
Obligations of states and political subdivisions:
Obligations of states and state agencies
— — 5,453 (646)5,453 (646)
Municipal bonds— — 141,083 (31,937)141,083 (31,937)
Total obligations of states and political subdivisions
— — 146,536 (32,583)146,536 (32,583)
Residential mortgage-backed securities
118,263 (234)650,985 (63,210)769,248 (63,444)
Corporate and other debt securities
12,741 (9)132,307 (7,319)145,048 (7,328)
Total$131,004 $(243)$1,078,814 $(126,462)$1,209,818 $(126,705)
December 31, 2024
U.S. Treasury securities$— $— $291,549 $(28,002)$291,549 $(28,002)
U.S. government agency securities
— — 21,281 (2,113)21,281 (2,113)
Obligations of states and political subdivisions:
Obligations of states and state agencies
— — 6,208 (682)6,208 (682)
Municipal bonds— — 139,216 (32,304)139,216 (32,304)
Total obligations of states and political subdivisions
— — 145,424 (32,986)145,424 (32,986)
Residential mortgage-backed securities
1,483,442 (22,242)501,858 (85,373)1,985,300 (107,615)
Corporate and other debt securities
— — 166,800 (15,896)166,800 (15,896)
Total$1,483,442 $(22,242)$1,126,912 $(164,370)$2,610,354 $(186,612)
Contractual Maturities of Available for Sale Debt Securities
The contractual maturities of AFS debt securities at December 31, 2025 are set forth in the following table. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Residential mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties. 
 December 31, 2025
Amortized CostFair Value
 (in thousands)
Due in one year$987 $981 
Due after one year through five years224,894 222,934 
Due after five years through ten years235,455 228,609 
Due after ten years288,022 235,616 
Residential mortgage-backed securities3,541,284 3,514,078 
Total$4,290,642 $4,202,218 
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Held to Maturity
The amortized cost, gross unrealized gains and losses and fair value of HTM debt securities at December 31, 2025 and 2024 were as follows: 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair ValueAllowance for Credit LossesNet Carrying Value
 (in thousands)
December 31, 2025
U.S. government agency securities$292,269 $19 $(39,226)$253,062 $— $292,269 
Obligations of states and political subdivisions:
Obligations of states and state agencies
60,801 504 (3,293)58,012 60,799 
Municipal bonds293,074 43 (17,295)275,822 134 292,940 
Total obligations of states and political subdivisions
353,875 547 (20,588)333,834 136 353,739 
Residential mortgage-backed securities2,732,752 11,050 (311,815)2,431,987 — 2,732,752 
Trust preferred securities36,103 — (5,414)30,689 425 35,678 
Corporate and other debt securities81,572 — (1,541)80,031 173 81,399 
Total$3,496,571 $11,616 $(378,584)$3,129,603 $734 $3,495,837 
December 31, 2024
U.S. Treasury securities$25,480 $— $(19)$25,461 $— $25,480 
U.S. government agency securities301,315 — (49,013)252,302 — 301,315 
Obligations of states and political subdivisions:
Obligations of states and state agencies
68,025 — (5,335)62,690 68,023 
Municipal bonds304,464 (20,802)283,671 48 304,416 
Total obligations of states and political subdivisions
372,489 (26,137)346,361 50 372,439 
Residential mortgage-backed securities2,710,642 2,088 (420,582)2,292,148 — 2,710,642 
Trust preferred securities36,081 — (6,936)29,145 414 35,667 
Corporate and other debt securities86,213 10 (3,356)82,867 183 86,030 
Total$3,532,220 $2,107 $(506,043)$3,028,284 $647 $3,531,573 
Age of Unrealized Losses and Fair Value of Related Debt Securities Held to Maturity
The age of unrealized losses and fair value of related HTM debt securities at December 31, 2025 and 2024 were as follows:
 Less than
Twelve Months
More than
Twelve Months
Total
 Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
 (in thousands)
December 31, 2025
U.S. government agency securities$— $— $235,027 $(39,226)$235,027 $(39,226)
Obligations of states and political subdivisions:
Obligations of states and state agencies8,974 (161)32,537 (3,132)41,511 (3,293)
Municipal bonds18,237 (1,777)176,687 (15,518)194,924 (17,295)
Total obligations of states and political subdivisions27,211 (1,938)209,224 (18,650)236,435 (20,588)
Residential mortgage-backed securities
23,866 (152)1,837,989 (311,663)1,861,855 (311,815)
Trust preferred securities— — 30,689 (5,414)30,689 (5,414)
Corporate and other debt securities10,471 (29)64,560 (1,512)75,031 (1,541)
Total$61,548 $(2,119)$2,377,489 $(376,465)$2,439,037 $(378,584)
December 31, 2024
U.S. Treasury securities$25,461 $(19)$— $— $25,461 $(19)
U.S. government agency securities22,621 (75)229,143 (48,938)251,764 (49,013)
Obligations of states and political subdivisions:
Obligations of states and state agencies20,632 (517)42,058 (4,818)62,690 (5,335)
Municipal bonds36,766 (440)210,723 (20,362)247,489 (20,802)
Total obligations of states and political subdivisions
57,398 (957)252,781 (25,180)310,179 (26,137)
Residential mortgage-backed securities
216,651 (2,687)1,917,644 (417,895)2,134,295 (420,582)
Trust preferred securities— — 29,145 (6,936)29,145 (6,936)
Corporate and other debt securities5,977 (23)63,879 (3,333)69,856 (3,356)
Total$328,108 $(3,761)$2,492,592 $(502,282)$2,820,700 $(506,043)
Contractual Maturities of Investments Debt Securities Held to Maturity
The contractual maturities of investments in HTM debt securities at December 31, 2025 are set forth in the table below. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Residential mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties. 
 December 31, 2025
 Amortized CostFair Value
 (in thousands)
Due in one year$49,575 $49,361 
Due after one year through five years33,202 33,124 
Due after five years through ten years156,014 150,240 
Due after ten years525,028 464,891 
Residential mortgage-backed securities2,732,752 2,431,987 
Total$3,496,571 $3,129,603 
Amortized Cost of Held to Maturity Debt Securities by External Credit Rating The following table summarizes the amortized cost of HTM debt securities by external credit rating at December 31, 2025 and 2024.
AAA/AA/A RatedBBB ratedNon-ratedTotal
 (in thousands)
December 31, 2025
U.S. government agency securities$292,269 $— $— $292,269 
Obligations of states and political subdivisions:
Obligations of states and state agencies47,458 — 13,343 60,801 
Municipal bonds239,905 — 53,169 293,074 
Total obligations of states and political subdivisions287,363 — 66,512 353,875 
Residential mortgage-backed securities2,732,752 — — 2,732,752 
Trust preferred securities— — 36,103 36,103 
Corporate and other debt securities— 3,000 78,572 81,572 
Total$3,312,384 $3,000 $181,187 $3,496,571 
December 31, 2024
U.S. Treasury securities$25,480 $— $— $25,480 
U.S. government agency securities301,315 — — 301,315 
Obligations of states and political subdivisions:
Obligations of states and state agencies52,770 — 15,255 68,025 
Municipal bonds277,921 — 26,543 304,464 
Total obligations of states and political subdivisions330,691 — 41,798 372,489 
Residential mortgage-backed securities2,710,642 — — 2,710,642 
Trust preferred securities— 36,081 36,081 
Corporate and other debt securities— 6,000 80,213 86,213 
Total$3,368,128 $6,000 $158,092 $3,532,220 
Debt Securities, Held-to-maturity, Allowance for Credit Loss
HTM debt securities are carried net of an allowance for credit losses. The following table details the activity in the allowance for credit losses for the years ended December 31, 2025, 2024 and 2023: 
202520242023
(in thousands)
Beginning balance$647 $1,205 $1,646 
Provision (credit) for credit losses 87 (558)(441)
Ending balance$734 $647 $1,205 
Gross Gains and Losses Realized on Sales, Maturities, and Other Securities Transactions
Gross gains and losses realized on sales, maturities and other securities transactions related to AFS securities and net gains and losses on trading debt securities included in earnings for the years ended December 31, 2025, 2024 and 2023 were as follows:
202520242023
 (in thousands)
Sales transactions:
Gross gains$— $— $869 
Total— — 869 
Maturities and other securities transactions:
Gross gains29 21 
Gross losses(12)(18)(488)
Total17 (15)(467)
Net gains on trading debt securities57 115 702 
 Gains on securities transactions, net$74 $100 $1,104