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Investment Securities (Tables)

6 Months Ended

Jun. 30, 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:

			June 30, 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			$	273,953					$	—					$	273,953					$	1,325					$	(10,314)					$	264,964
U.S. government-sponsored mortgage-backed securities			1,409,549						—						1,409,549						1,246						(171,466)						1,239,329
Private mortgage-backed securities			166,271						—						166,271						—						(10,689)						155,582
Non-government-sponsored asset backed securities			185,024						—						185,024						257						(1,738)						183,543
State and political subdivisions			948,086						—						948,086						246						(103,071)						845,261
Other securities			227,606						(2,195)						225,411						936						(15,058)						211,289
Total			$	3,210,489					$	(2,195)					$	3,208,294					$	4,010					$	(312,336)					$	2,899,968

			June 30, 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			$	43,699					$	—					$	43,699					$	—					$	(2,091)					$	41,608
U.S. government-sponsored mortgage-backed securities			120,541						—						120,541						6						(5,303)						115,244
State and political subdivisions			1,103,057						(2,005)						1,101,052						23						(130,927)						970,148
Total			$	1,267,297					$	(2,005)					$	1,265,292					$	29					$	(138,321)					$	1,127,000

			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 during the periods ended June 30, 2025 and December 31, 2024 (in thousands):

			June 30, 2025
									Fair Value Measurements
			Fair Value						Level 1						Level 2						Level 3
			(in thousands)
U.S. government-sponsored enterprises			$	264,964					$	—					$	264,964					$	—
U.S. government-sponsored mortgage-backed securities			1,239,329						—						1,239,329						—
Private mortgage-backed securities			155,582						—						155,582						—
Non-government-sponsored asset backed securities			183,543						—						183,543						—
State and political subdivisions			845,261						—						829,947						15,314
Other securities			211,289						—						206,419						4,870
Total			$	2,899,968					$	—					$	2,879,784					$	20,184

			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 June 30, 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			$	32,120					$	31,736					$	—					$	—
Due after one year through five years			269,487						257,215						61,485						59,214
Due after five years through ten years			365,430						337,362						383,335						349,945
Due after ten years			782,608						695,201						701,936						602,597
U.S. government-sponsored mortgage-backed securities			1,409,549						1,239,329						120,541						115,244
Private mortgage-backed securities			166,271						155,582						—						—
Non-government-sponsored asset backed securities			185,024						183,543						—						—
Total			$	3,210,489					$	2,899,968					$	1,267,297					$	1,127,000

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

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 June 30, 2025 and December 31, 2024.

			June 30, 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			$	13,552					$	(134)					$	163,744					$	(10,180)					$	177,296					$	(10,314)
U.S. government-sponsored mortgage-backed securities			47,193						(371)						1,131,637						(171,095)						1,178,830						(171,466)
Private mortgage-backed securities			9,656						(11)						145,926						(10,678)						155,582						(10,689)
Non-government-sponsored asset backed securities			13,916						(9)						69,888						(1,729)						83,804						(1,738)
State and political subdivisions			57,154						(2,364)						728,273						(100,707)						785,427						(103,071)
Other securities			3,510						(58)						181,636						(15,000)						185,146						(15,058)
Total			$	144,981					$	(2,947)					$	2,421,104					$	(309,389)					$	2,566,085					$	(312,336)
Held-to-maturity:
U.S. government-sponsored enterprises			$	—					$	—					$	41,608					$	(2,091)					$	41,608					$	(2,091)
U.S. government-sponsored mortgage-backed securities			47,304						(1,172)						60,994						(4,131)						108,298						(5,303)
State and political subdivisions			25,317						(1,223)						942,581						(129,704)						967,898						(130,927)
Total			$	72,621					$	(2,395)					$	1,045,183					$	(135,926)					$	1,117,804					$	(138,321)

			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
			June 30, 2025						December 31, 2024
Allowance for credit losses:			(In thousands)
Beginning balance, January 1			$	2,195					$	2,525
Provision for credit loss			—						—
Balance, June 30			$	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
			June 30, 2025						December 31, 2024
Allowance for credit losses:			(In thousands)
Beginning balance, January 1			$	2,005					$	2,005
Provision for credit loss			—						—
Balance, June 30			$	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 June 30, 2025:

			State and political subdivisions						U.S. government-sponsored enterprises						U.S. government-sponsored mortgage-backed securities						Total
			(In thousands)
Aaa/AAA			$	233,665					$	43,699					$	—					$	277,364
Aa/AA			831,248						—						—						831,248
A			32,583						—						—						32,583
Not rated			5,561						—						—						5,561
Agency Backed			—						—						120,541						120,541
Total			$	1,103,057					$	43,699					$	120,541					$	1,267,297

Schedule of Income Earned on Available-for Sale Securities

Income earned on securities for the three months ended June 30, 2025 and 2024, is as follows:

			Three Months Ended June 30,												For the Six Months Ended June 30,
			2025						2024						2025						2024
			(In thousands)
Taxable
Available-for-sale			$	19,032					$	25,127					$	39,092					$	50,889
Held-to-maturity			7,412						7,460						14,785						14,927
Non-taxable
Available-for-sale			4,579						4,664						9,159						9,359
Held-to-maturity			3,047						3,105						6,117						6,213
Total			$	34,070					$	40,356					$	69,153					$	81,388

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