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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Amortized Cost and Estimated Fair Value of Investment Securities Classified as Available-for-Sale | The amortized cost and estimated fair value of investment securities that are classified as available-for-sale and held-to-maturity are as follows:
| December 31, 2024
| Available-for-Sale
| Amortized Cost |  | Allowance for Credit Losses |  | Net Carrying Amount |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Estimated Fair Value
| (In thousands)
U.S. government-sponsored enterprises | $ | 297,698 |  |  | $ | — |  |  | $ | 297,698 |  |  | $ | 1,164 |  |  | $ | (14,072) |  |  | $ | 284,790 |
U.S. government-sponsored mortgage-backed securities | 1,527,463 |  |  | — |  |  | 1,527,463 |  |  | 760 |  |  | (203,539) |  |  | 1,324,684 |
Private mortgage-backed securities | 184,643 |  |  | — |  |  | 184,643 |  |  | — |  |  | (13,249) |  |  | 171,394 |
Non-government-sponsored asset backed securities | 228,751 |  |  | — |  |  | 228,751 |  |  | 331 |  |  | (3,434) |  |  | 225,648 |
State and political subdivisions | 956,055 |  |  | — |  |  | 956,055 |  |  | 335 |  |  | (86,029) |  |  | 870,361 |
Other securities | 215,662 |  |  | (2,195) |  |  | 213,467 |  |  | 576 |  |  | (18,281) |  |  | 195,762 |
Total | $ | 3,410,272 |  |  | $ | (2,195) |  |  | $ | 3,408,077 |  |  | $ | 3,166 |  |  | $ | (338,604) |  |  | $ | 3,072,639 |
| December 31, 2024
| Held-to-Maturity
| Amortized Cost |  | Allowance for Credit Losses |  | Net Carrying Amount |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Estimated Fair Value
| (In thousands)
U.S. government-sponsored enterprises | $ | 43,560 |  |  | $ | — |  |  | $ | 43,560 |  |  | $ | — |  |  | $ | (3,021) |  |  | $ | 40,539 |
U.S. government-sponsored mortgage-backed securities | 124,169 |  |  | — |  |  | 124,169 |  |  | — |  |  | (6,695) |  |  | 117,474 |
State and political subdivisions | 1,109,480 |  |  | (2,005) |  |  | 1,107,475 |  |  | 39 |  |  | (122,587) |  |  | 984,927 |
Total | $ | 1,277,209 |  |  | $ | (2,005) |  |  | $ | 1,275,204 |  |  | $ | 39 |  |  | $ | (132,303) |  |  | $ | 1,142,940 |
| December 31, 2023
| Available-for-Sale
| Amortized Cost |  | Allowance for Credit Losses |  | Net Carrying Amount |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Estimated Fair Value
| (In thousands)
U.S. government-sponsored enterprises | $ | 361,494 |  |  | $ | — |  |  | $ | 361,494 |  |  | $ | 2,247 |  |  | $ | (17,093) |  |  | $ | 346,648 |
U.S. government-sponsored mortgage-backed securities | 1,711,668 |  |  | — |  |  | 1,711,668 |  |  | 310 |  |  | (191,557) |  |  | 1,520,421 |
Private mortgage-backed securities | 191,522 |  |  | — |  |  | 191,522 |  |  | — |  |  | (16,117) |  |  | 175,405 |
Non-government-sponsored asset backed securities | 370,203 |  |  | — |  |  | 370,203 |  |  | 821 |  |  | (7,551) |  |  | 363,473 |
State and political subdivisions | 990,318 |  |  | — |  |  | 990,318 |  |  | 1,938 |  |  | (75,931) |  |  | 916,325 |
Other securities | 215,722 |  |  | (2,525) |  |  | 213,197 |  |  | 402 |  |  | (28,030) |  |  | 185,569 |
Total | $ | 3,840,927 |  |  | $ | (2,525) |  |  | $ | 3,838,402 |  |  | $ | 5,718 |  |  | $ | (336,279) |  |  | $ | 3,507,841 |
| December 31, 2023
| Held-to-Maturity
| Amortized Cost |  | Allowance for Credit Losses |  | Net Carrying Amount |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Estimated Fair Value
| (In thousands)
U.S. government-sponsored enterprises | $ | 43,285 |  |  | $ | — |  |  | $ | 43,285 |  |  | $ | — |  |  | $ | (2,607) |  |  | $ | 40,678 |
U.S. government-sponsored mortgage-backed securities | 130,278 |  |  | — |  |  | 130,278 |  |  | 106 |  |  | (4,362) |  |  | 126,022 |
State and political subdivisions | 1,110,424 |  |  | (2,005) |  |  | 1,108,419 |  |  | 456 |  |  | (105,094) |  |  | 1,003,781 |
Total | $ | 1,283,987 |  |  | $ | (2,005) |  |  | $ | 1,281,982 |  |  | $ | 562 |  |  | $ | (112,063) |  |  | $ | 1,170,481 |
Amortized Cost and Estimated Fair Value of Securities Contractual Maturity | The amortized cost and estimated fair value of securities classified as available-for-sale and held-to-maturity at December 31, 2024, by contractual maturity, are shown below. Expected maturities could differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
| Available-for-Sale |  | Held-to-Maturity
| Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
| (In thousands)
Due in one year or less | $ | 17,732 |  |  | $ | 17,486 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 274,948 |  |  | 259,238 |  |  | 55,827 |  |  | 52,805 |
Due after five years through ten years | 364,443 |  |  | 332,408 |  |  | 366,053 |  |  | 328,829 |
Due after ten years | 812,292 |  |  | 741,781 |  |  | 731,160 |  |  | 643,832 |
U.S. government-sponsored mortgage-backed securities | 1,527,463 |  |  | 1,324,684 |  |  | 124,169 |  |  | 117,474 |
Private mortgage-backed securities | 184,643 |  |  | 171,394 |  |  | — |  |  | — |
Non-government-sponsored asset backed securities | 228,751 |  |  | 225,648 |  |  | — |  |  | — |
Total | $ | 3,410,272 |  |  | $ | 3,072,639 |  |  | $ | 1,277,209 |  |  | $ | 1,142,940 |
Unrealized Losses and Estimated Fair Value of Investment Securities Available for Sale | The following shows gross unrealized losses and estimated fair value of investment securities classified as available-for-sale and held-to-maturity, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of December 31, 2024 and 2023:
| December 31, 2024
| Less Than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
| (In thousands)
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored enterprises | $ | 25,946 |  |  | $ | (326) |  |  | $ | 161,759 |  |  | $ | (13,746) |  |  | $ | 187,705 |  |  | $ | (14,072) |
U.S. government-sponsored mortgage-backed securities | 34,597 |  |  | (1,088) |  |  | 1,215,317 |  |  | (202,451) |  |  | 1,249,914 |  |  | (203,539) |
Private mortgage-backed securities | 9,491 |  |  | (129) |  |  | 161,903 |  |  | (13,120) |  |  | 171,394 |  |  | (13,249) |
Non-government-sponsored asset backed securities | 10,849 |  |  | (60) |  |  | 92,857 |  |  | (3,374) |  |  | 103,706 |  |  | (3,434) |
State and political subdivisions | 46,591 |  |  | (1,230) |  |  | 761,289 |  |  | (84,799) |  |  | 807,880 |  |  | (86,029) |
Other securities | 7,157 |  |  | (911) |  |  | 173,204 |  |  | (17,370) |  |  | 180,361 |  |  | (18,281) |
Total | $ | 134,631 |  |  | $ | (3,744) |  |  | $ | 2,566,329 |  |  | $ | (334,860) |  |  | $ | 2,700,960 |  |  | $ | (338,604) |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored enterprises | $ | — |  |  | $ | — |  |  | $ | 40,539 |  |  | $ | (3,021) |  |  | $ | 40,539 |  |  | $ | (3,021) |
U.S. government-sponsored mortgage-backed securities | 48,254 |  |  | (1,979) |  |  | 69,220 |  |  | (4,716) |  |  | 117,474 |  |  | (6,695) |
State and political subdivisions | 29,612 |  |  | (1,037) |  |  | 954,335 |  |  | (121,550) |  |  | 983,947 |  |  | (122,587) |
Total | $ | 77,866 |  |  | $ | (3,016) |  |  | $ | 1,064,094 |  |  | $ | (129,287) |  |  | $ | 1,141,960 |  |  | $ | (132,303) |
| December 31, 2023
| Less Than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
| (In thousands)
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored enterprises | $ | 2,742 |  |  | $ | (2) |  |  | $ | 180,569 |  |  | $ | (17,091) |  |  | $ | 183,311 |  |  | $ | (17,093) |
U.S. government-sponsored mortgage-backed securities | 102,831 |  |  | (2,166) |  |  | 1,392,318 |  |  | (189,391) |  |  | 1,495,149 |  |  | (191,557) |
Private mortgage-backed securities | 9,298 |  |  | (226) |  |  | 166,107 |  |  | (15,891) |  |  | 175,405 |  |  | (16,117) |
Non-government-sponsored asset backed securities | — |  |  | — |  |  | 213,838 |  |  | (7,551) |  |  | 213,838 |  |  | (7,551) |
State and political subdivisions | 28,596 |  |  | (400) |  |  | 769,860 |  |  | (75,531) |  |  | 798,456 |  |  | (75,931) |
Other securities | — |  |  | — |  |  | 164,430 |  |  | (28,030) |  |  | 164,430 |  |  | (28,030) |
Total | $ | 143,467 |  |  | $ | (2,794) |  |  | $ | 2,887,122 |  |  | $ | (333,485) |  |  | $ | 3,030,589 |  |  | $ | (336,279) |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored enterprises | $ | — |  |  | $ | — |  |  | $ | 40,677 |  |  | $ | (2,607) |  |  | $ | 40,677 |  |  | $ | (2,607) |
U.S. government-sponsored mortgage-backed securities | 48,498 |  |  | (861) |  |  | 65,573 |  |  | (3,501) |  |  | 114,071 |  |  | (4,362) |
State and political subdivisions | 21,493 |  |  | (297) |  |  | 956,578 |  |  | (104,797) |  |  | 978,071 |  |  | (105,094) |
Total | $ | 69,991 |  |  | $ | (1,158) |  |  | $ | 1,062,828 |  |  | $ | (110,905) |  |  | $ | 1,132,819 |  |  | $ | (112,063) |
Schedule of Allowance for Credit Losses on Investment Securities |
Available-for-Sale Investment Securities
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In thousands) |  |
Allowance for credit losses: |  |  |  |  |
Beginning balance | $ | 2,525 |  |  | $ | 842 |  |  | $ | 842 |
Provision for credit loss | (330) |  |  | 1,683 |  |  | — |
Ending balance, December 31, | $ | 2,195 |  |  | $ | 2,525 |  |  | $ | 842 |
Held-to-Maturity Investment Securities
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Allowance for credit losses: | (In thousands)
Beginning balance | $ | 2,005 |  |  | $ | 2,005 |  |  | $ | — |
Provision for credit loss - acquired securities | — |  |  | — |  |  | 2,005 |
Securities charged-off | — |  |  | — |  |  | — |
Recoveries | — |  |  | — |  |  | — |
Ending balance, December 31, | $ | 2,005 |  |  | $ | 2,005 |  |  | $ | 2,005 |
Held-to-Maturity Securities Credit Quality Indicators | The following table summarizes bond ratings for the Company's held-to-maturity portfolio, based upon amortized cost, issued by state and political subdivisions and other securities as of December 31, 2024 and 2023:
| December 31, 2024
| State and Political Subdivisions |  | U.S. government-sponsored enterprises |  | U.S. government-sponsored mortgage-backed securities |  | Total
| (In thousands)
Aaa/AAA | $ | 235,504 |  |  | $ | 43,560 |  |  | $ | — |  |  | $ | 279,064 |
Aa/AA | 845,876 |  |  | — |  |  | — |  |  | 845,876 |
A | 23,208 |  |  | — |  |  | — |  |  | 23,208 |
Not rated | 4,892 |  |  | — |  |  | — |  |  | 4,892 |
Agency Backed | — |  |  | — |  |  | 124,169 |  |  | 124,169 |
Total | $ | 1,109,480 |  |  | $ | 43,560 |  |  | $ | 124,169 |  |  | $ | 1,277,209 |
| December 31, 2023
| State and Political Subdivisions |  | U.S. government-sponsored enterprises |  | U.S. government-sponsored mortgage-backed securities |  | Total
| (In thousands)
Aaa/AAA | $ | 235,557 |  |  | $ | 43,285 |  |  | $ | — |  |  | $ | 278,842 |
Aa/AA | 845,418 |  |  | — |  |  | — |  |  | 845,418 |
A | 27,667 |  |  | — |  |  | — |  |  | 27,667 |
Not rated | 1,782 |  |  | — |  |  | — |  |  | 1,782 |
Agency Backed | — |  |  | — |  |  | 130,278 |  |  | 130,278 |
Total | $ | 1,110,424 |  |  | $ | 43,285 |  |  | $ | 130,278 |  |  | $ | 1,283,987 |
Schedule of Income Earned on Securities | Income earned on securities for the years ended is as follows:
| December 31,
| 2024 |  | 2023 |  | 2022
| (In thousands)
Taxable: |  |  |  |  |
Available-for-sale | $ | 95,940 |  |  | $ | 108,650 |  |  | $ | 71,352 |
Held-to-maturity | 29,825 |  |  | 29,925 |  |  | 20,581 |
Tax-exempt: |  |  |  |  |
Available-for-sale | 18,586 |  |  | 19,104 |  |  | 19,168 |
Held-to-maturity | 12,394 |  |  | 12,514 |  |  | 9,188 |
Total | $ | 156,745 |  |  | $ | 170,193 |  |  | $ | 120,289 |

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