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Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Amortized Cost and Fair Value of Securities Available-for-Sale | The following table summarizes the amortized cost and fair value of securities that are classified as available-for-sale and held-to-maturity:
| March 31, 2025
| 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 | $ | 283,960 |  |  | $ | — |  |  | $ | 283,960 |  |  | $ | 1,216 |  |  | $ | (11,520) |  |  | $ | 273,656 |
U.S. government-sponsored mortgage-backed securities | 1,467,153 |  |  | — |  |  | 1,467,153 |  |  | 931 |  |  | (169,526) |  |  | 1,298,558 |
Private mortgage-backed securities | 181,859 |  |  | — |  |  | 181,859 |  |  | 19 |  |  | (10,541) |  |  | 171,337 |
Non-government-sponsored asset backed securities | 202,999 |  |  | — |  |  | 202,999 |  |  | 204 |  |  | (2,772) |  |  | 200,431 |
State and political subdivisions | 947,565 |  |  | — |  |  | 947,565 |  |  | 350 |  |  | (87,861) |  |  | 860,054 |
Other securities | 215,709 |  |  | (2,195) |  |  | 213,514 |  |  | 1,043 |  |  | (15,273) |  |  | 199,284 |
Total | $ | 3,299,245 |  |  | $ | (2,195) |  |  | $ | 3,297,050 |  |  | $ | 3,763 |  |  | $ | (297,493) |  |  | $ | 3,003,320 |
| March 31, 2025
| 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 | $ | 43,629 |  |  | $ | — |  |  | $ | 43,629 |  |  | $ | — |  |  | $ | (2,249) |  |  | $ | 41,380 |
U.S. government-sponsored mortgage-backed securities | 122,617 |  |  | — |  |  | 122,617 |  |  | 66 |  |  | (4,509) |  |  | 118,174 |
State and political subdivisions | 1,105,655 |  |  | (2,005) |  |  | 1,103,650 |  |  | 26 |  |  | (109,968) |  |  | 993,708 |
Total | $ | 1,271,901 |  |  | $ | (2,005) |  |  | $ | 1,269,896 |  |  | $ | 92 |  |  | $ | (116,726) |  |  | $ | 1,153,262 |
| 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 |
The following table presents the Company's financial assets by level within the fair value hierarchy that were measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 (in thousands):
| March 31, 2025
|  |  | Fair Value Measurements
| Fair Value |  | Level 1 |  | Level 2 |  | Level 3
| (in thousands)
U.S. government-sponsored enterprises | $ | 273,656 |  |  | $ | — |  |  | $ | 273,656 |  |  | $ | — |
U.S. government-sponsored mortgage-backed securities | 1,298,558 |  |  | — |  |  | 1,298,558 |  |  | — |
Private mortgage-backed securities | 171,337 |  |  | — |  |  | 171,337 |  |  | — |
Non-government-sponsored asset backed securities | 200,431 |  |  | — |  |  | 200,431 |  |  | — |
State and political subdivisions | 860,054 |  |  | — |  |  | 843,390 |  |  | 16,664 |
Other securities | 199,284 |  |  | — |  |  | 194,416 |  |  | 4,868 |
Total | $ | 3,003,320 |  |  | $ | — |  |  | $ | 2,981,788 |  |  | $ | 21,532 |
| December 31, 2024
|  |  | Fair Value Measurements
| Fair Value |  | Level 1 |  | Level 2 |  | Level 3
| (in thousands)
U.S. government-sponsored enterprises | $ | 284,790 |  |  | $ | — |  |  | $ | 284,790 |  |  | $ | — |
U.S. government-sponsored mortgage-backed securities | 1,324,684 |  |  | — |  |  | 1,324,684 |  |  | — |
Private mortgage-backed securities | 171,394 |  |  | — |  |  | 171,394 |  |  | — |
Non-government-sponsored asset backed securities | 225,648 |  |  | — |  |  | 225,648 |  |  | — |
State and political subdivisions | 870,361 |  |  | — |  |  | 853,699 |  |  | 16,662 |
Other securities | 195,762 |  |  | — |  |  | 190,895 |  |  | 4,867 |
Total | $ | 3,072,639 |  |  | $ | — |  |  | $ | 3,051,110 |  |  | $ | 21,529 |
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 March 31, 2025, 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 | $ | 21,685 |  |  | $ | 21,387 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 278,373 |  |  | 264,842 |  |  | 59,616 |  |  | 57,252 |
Due after five years through ten years | 355,464 |  |  | 329,240 |  |  | 377,325 |  |  | 347,113 |
Due after ten years | 791,712 |  |  | 717,525 |  |  | 712,343 |  |  | 630,723 |
U.S. government-sponsored mortgage-backed securities | 1,467,153 |  |  | 1,298,558 |  |  | 122,617 |  |  | 118,174 |
Private mortgage-backed securities | 181,859 |  |  | 171,337 |  |  | — |  |  | — |
Non-government-sponsored asset backed securities | 202,999 |  |  | 200,431 |  |  | — |  |  | — |
Total | $ | 3,299,245 |  |  | $ | 3,003,320 |  |  | $ | 1,271,901 |  |  | $ | 1,153,262 |
Unrealized Losses and Estimated Fair Value of Investment Securities Available for Sale | The following table 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 March 31, 2025 and December 31, 2024.
| March 31, 2025
| 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 | $ | 24,208 |  |  | $ | (215) |  |  | $ | 163,377 |  |  | $ | (11,305) |  |  | $ | 187,585 |  |  | $ | (11,520) |
U.S. government-sponsored mortgage-backed securities | 33,859 |  |  | (214) |  |  | 1,186,597 |  |  | (169,312) |  |  | 1,220,456 |  |  | (169,526) |
Private mortgage-backed securities | — |  |  | — |  |  | 161,674 |  |  | (10,541) |  |  | 161,674 |  |  | (10,541) |
Non-government-sponsored asset backed securities | 105,201 |  |  | (223) |  |  | 85,633 |  |  | (2,549) |  |  | 190,834 |  |  | (2,772) |
State and political subdivisions | 40,072 |  |  | (1,332) |  |  | 757,250 |  |  | (86,529) |  |  | 797,322 |  |  | (87,861) |
Other securities | 5,883 |  |  | (264) |  |  | 179,056 |  |  | (15,009) |  |  | 184,939 |  |  | (15,273) |
Total | $ | 209,223 |  |  | $ | (2,248) |  |  | $ | 2,533,587 |  |  | $ | (295,245) |  |  | $ | 2,742,810 |  |  | $ | (297,493) |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored enterprises | $ | — |  |  | $ | — |  |  | $ | 41,380 |  |  | $ | (2,249) |  |  | $ | 41,380 |  |  | $ | (2,249) |
U.S. government-sponsored mortgage-backed securities | 50,635 |  |  | (866) |  |  | 62,274 |  |  | (3,643) |  |  | 112,909 |  |  | (4,509) |
State and political subdivisions | 19,245 |  |  | (767) |  |  | 972,529 |  |  | (109,201) |  |  | 991,774 |  |  | (109,968) |
Total | $ | 69,880 |  |  | $ | (1,633) |  |  | $ | 1,076,183 |  |  | $ | (115,093) |  |  | $ | 1,146,063 |  |  | $ | (116,726) |
| 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) |
Debt Securities, Available-for-Sale, Allowance for Credit Loss |
Available-for-Sale Investment Securities
| March 31, 2025 |  | December 31, 2024
Allowance for credit losses: | (In thousands)
Beginning balance, January 1 | $ | 2,195 |  |  | $ | 2,525 |
Provision for credit loss | — |  |  | — |
Balance, March 31 | $ | 2,195 |  |  | $ | 2,525 |
Recovery of credit loss |  |  | (330) |
Balance, December 31, 2024 |  |  | $ | 2,195 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss |
Held-to-Maturity Investment Securities
| March 31, 2025 |  | December 31, 2024
Allowance for credit losses: | (In thousands)
Beginning balance, January 1 | $ | 2,005 |  |  | $ | 2,005 |
Provision for credit loss | — |  |  | — |
Balance, March 31 | $ | 2,005 |  |  | $ | 2,005 |
Provision for credit loss |  |  | — |
Balance, December 31, 2024 |  |  | $ | 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 March 31, 2025:
| State and political subdivisions |  | U.S. government-sponsored enterprises |  | U.S. government-sponsored mortgage-backed securities |  | Total
| (In thousands)
Aaa/AAA | $ | 237,046 |  |  | $ | 43,629 |  |  | $ | — |  |  | $ | 280,675 |
Aa/AA | 838,928 |  |  | — |  |  | — |  |  | 838,928 |
A | 25,566 |  |  | — |  |  | — |  |  | 25,566 |
Not rated | 4,115 |  |  | — |  |  | — |  |  | 4,115 |
Agency Backed | — |  |  | — |  |  | 122,617 |  |  | 122,617 |
Total | $ | 1,105,655 |  |  | $ | 43,629 |  |  | $ | 122,617 |  |  | $ | 1,271,901 |
Schedule of Income Earned on Available-for Sale Securities | Income earned on securities for the three months ended March 31, 2025 and 2024, is as follows:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| (In thousands) |  |  |  |
Taxable |  |  |  |  |  |  |
Available-for-sale | $ | 20,060 |  |  | $ | 25,762 |  |  |  |  |
Held-to-maturity | 7,373 |  |  | 7,467 |  |  |  |  |
Non-taxable |  |  |  |  |  |  |
Available-for-sale | 4,580 |  |  | 4,695 |  |  |  |  |
Held-to-maturity | 3,070 |  |  | 3,108 |  |  |  |  |
Total | $ | 35,083 |  |  | $ | 41,032 |  |  |  |  |

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