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Investment Securities (Tables)

12 Months Ended

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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Held-to-Maturity Securities Credit Quality Indicators

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Tabular disclosure of allowance for credit loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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-Topic 326
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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

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