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Investment Securities (Tables)

3 Months Ended

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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