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v3.25.3

Securities | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Securities | 3. Securities The following tables set forth the amortized cost, gross unrealized gains and losses, and estimated fair value of debt securities classified as available for sale and held to maturity at September 30, 2025 and December 31, 2024. Amortized cost of securities does not include accrued interest which is reflected in the accrued interest line item on the consolidated balance sheets totaling $31.8 million at September 30, 2025 and $29.8 million at December 31, 2024.
| September 30, 2025 |  | December 31, 2024 |
|  |  | Gross |  | Gross |  |  |  |  |  | Gross |  | Gross |  |  |
Securities Available for Sale | Amortized |  | Unrealized |  | Unrealized |  | Fair |  | Amortized |  | Unrealized |  | Unrealized |  | Fair |
($ in thousands) | Cost |  | Gains |  | Losses |  | Value |  | Cost |  | Gains |  | Losses |  | Value |
U.S. Treasury and government agency securities | $ | 290,196 |  | $ | 3,391 |  | $ | 1,594 |  | $ | 291,993 |  | $ | 185,827 |  | $ | 349 |  | $ | 3,894 |  | $ | 182,282 |
Municipal obligations |  | 193,771 |  |  | 90 |  |  | 728 |  |  | 193,133 |  |  | 200,272 |  |  | — |  |  | 3,942 |  |  | 196,330 |
Residential mortgage-backed securities |  | 2,578,927 |  |  | 9,188 |  |  | 272,605 |  |  | 2,315,510 |  |  | 2,482,109 |  |  | 496 |  |  | 353,554 |  |  | 2,129,051 |
Commercial mortgage-backed securities |  | 3,093,658 |  |  | 13,912 |  |  | 159,154 |  |  | 2,948,416 |  |  | 2,849,372 |  |  | 2,185 |  |  | 250,592 |  |  | 2,600,965 |
Collateralized mortgage obligations |  | 29,402 |  |  | — |  |  | 1,374 |  |  | 28,028 |  |  | 37,553 |  |  | — |  |  | 2,306 |  |  | 35,247 |
Corporate debt securities |  | 17,500 |  |  | — |  |  | 910 |  |  | 16,590 |  |  | 19,000 |  |  | — |  |  | 1,384 |  |  | 17,616 |
Total | $ | 6,203,454 |  | $ | 26,581 |  | $ | 436,365 |  | $ | 5,793,670 |  | $ | 5,774,133 |  | $ | 3,030 |  | $ | 615,672 |  | $ | 5,161,491 |
| September 30, 2025 |  | December 31, 2024 |
|  |  | Gross |  | Gross |  |  |  |  |  | Gross |  | Gross |  |  |
Securities Held to Maturity | Amortized |  | Unrealized |  | Unrealized |  | Fair |  | Amortized |  | Unrealized |  | Unrealized |  | Fair |
($ in thousands) | Cost |  | Gains |  | Losses |  | Value |  | Cost |  | Gains |  | Losses |  | Value |
U.S. Treasury and government agency securities | $ | 379,390 |  | $ | 230 |  | $ | 32,414 |  | $ | 347,206 |  | $ | 394,689 |  | $ | — |  | $ | 45,876 |  | $ | 348,813 |
Municipal obligations |  | 545,276 |  |  | 619 |  |  | 12,206 |  |  | 533,689 |  |  | 623,907 |  |  | 169 |  |  | 20,867 |  |  | 603,209 |
Residential mortgage-backed securities |  | 516,257 |  |  | — |  |  | 38,581 |  |  | 477,676 |  |  | 573,057 |  |  | — |  |  | 61,525 |  |  | 511,532 |
Commercial mortgage-backed securities |  | 735,969 |  |  | — |  |  | 50,025 |  |  | 685,944 |  |  | 818,604 |  |  | — |  |  | 72,854 |  |  | 745,750 |
Collateralized mortgage obligations |  | 20,719 |  |  | — |  |  | 643 |  |  | 20,076 |  |  | 25,406 |  |  | — |  |  | 1,184 |  |  | 24,222 |
Total | $ | 2,197,611 |  | $ | 849 |  | $ | 133,869 |  | $ | 2,064,591 |  | $ | 2,435,663 |  | $ | 169 |  | $ | 202,306 |  | $ | 2,233,526 |
The following tables present the amortized cost and fair value of debt securities available for sale and held to maturity at September 30, 2025 by contractual maturity. Actual maturities will differ from contractual maturities because of rights to call or repay obligations with or without penalties and scheduled and unscheduled principal payments on mortgage-backed securities and collateral mortgage obligations.
Debt Securities Available for Sale |  | Amortized |  |  | Fair |
($ in thousands) |  | Cost |  |  | Value |
Due in one year or less |  | $ | 30,778 |  |  | $ | 30,776 |
Due after one year through five years |  |  | 1,612,998 |  |  |  | 1,576,482 |
Due after five years through ten years |  |  | 1,904,156 |  |  |  | 1,787,534 |
Due after ten years |  |  | 2,655,522 |  |  |  | 2,398,878 |
Total debt securities available for sale |  | $ | 6,203,454 |  |  | $ | 5,793,670 |
Debt Securities Held to Maturity |  | Amortized |  |  | Fair |
($ in thousands) |  | Cost |  |  | Value |
Due in one year or less |  | $ | 134,954 |  |  | $ | 133,941 |
Due after one year through five years |  |  | 680,676 |  |  |  | 660,373 |
Due after five years through ten years |  |  | 507,188 |  |  |  | 482,174 |
Due after ten years |  |  | 874,793 |  |  |  | 788,103 |
Total debt securities held to maturity |  | $ | 2,197,611 |  |  | $ | 2,064,591 |
The Company held no securities classified as trading at September 30, 2025 and December 31, 2024. There were no gross gains or gross losses on sales of securities during the three or nine months ended September 30, 2025 and 2024. Net gains or losses, when applicable, are reflected in the "Securities transactions, net" line item on the Consolidated Statements of Income. Securities with carrying values totaling approxim ately $3.2 billion an d $3.9 billion were pledged as collateral at September 30, 2025 and December 31, 2024, respectively, primarily to secure public deposits or securities sold under agreements to repurchase. Credit Quality The Company’s policy is to invest only in securities of investment grade quality. These investments are largely limited to U.S. agency securities and municipal securities. Management has concluded, based on the long history of no credit losses, that the expectation of nonpayment of the held to maturity securities carried at amortized cost is zero for securities that are backed by the full faith and credit of and/or guaranteed by the U.S. government. As such, no allowance for credit losses has been recorded for these securities. The municipal portfolio is analyzed separately for allowance for credit loss in accordance with the applicable guidance for each portfolio as noted below. The Company evaluates credit impairment for individual securities available for sale whose fair value was below amortized cost with a more than inconsequential risk of default and where the Company had assessed whether the decline in fair value was significant enough to suggest a credit event occurred. There were no securities with a material credit loss event and, therefore, no allowance for credit loss was recorded in any period presented. The fair value and gross unrealized losses for securities classified as available for sale with unrealized losses for the periods indicated follow.
|  | September 30, 2025 |
Available for Sale |  | Losses < 12 months |  |  | Losses 12 months or > |  |  | Total |
($ in thousands) |  | Fair Value |  | Gross Unrealized Losses |  |  | Fair Value |  | Gross Unrealized Losses |  |  | Fair Value |  | Gross Unrealized Losses |
U.S. Treasury and government agency securities |  | $ | 32,243 |  | $ | 109 |  |  | $ | 14,382 |  | $ | 1,485 |  |  | $ | 46,625 |  | $ | 1,594 |
Municipal obligations |  |  | — |  |  | — |  |  |  | 133,878 |  |  | 728 |  |  |  | 133,878 |  |  | 728 |
Residential mortgage-backed securities |  |  | 37 |  |  | — |  |  |  | 1,515,716 |  |  | 272,605 |  |  |  | 1,515,753 |  |  | 272,605 |
Commercial mortgage-backed securities |  |  | 1,023 |  |  | 6 |  |  |  | 2,265,794 |  |  | 159,148 |  |  |  | 2,266,817 |  |  | 159,154 |
Collateralized mortgage obligations |  |  | — |  |  | — |  |  |  | 28,029 |  |  | 1,374 |  |  |  | 28,029 |  |  | 1,374 |
Corporate debt securities |  |  | 2,000 |  |  | — |  |  |  | 14,590 |  |  | 910 |  |  |  | 16,590 |  |  | 910 |
Total |  | $ | 35,303 |  | $ | 115 |  |  | $ | 3,972,389 |  | $ | 436,250 |  |  | $ | 4,007,692 |  | $ | 436,365 |
|  | December 31, 2024 |
Available for Sale |  | Losses < 12 Months |  |  | Losses 12 Months or > |  |  | Total |
($ in thousands) |  | Fair Value |  | Gross Unrealized Losses |  |  | Fair Value |  | Gross Unrealized Losses |  |  | Fair Value |  | Gross Unrealized Losses |
U.S. Treasury and government agency securities |  | $ | 130,453 |  | $ | 2,243 |  |  | $ | 7,247 |  | $ | 1,651 |  |  | $ | 137,700 |  | $ | 3,894 |
Municipal obligations |  |  | 24,149 |  |  | 247 |  |  |  | 170,110 |  |  | 3,695 |  |  |  | 194,259 |  |  | 3,942 |
Residential mortgage-backed securities |  |  | 347,772 |  |  | 2,935 |  |  |  | 1,554,001 |  |  | 350,619 |  |  |  | 1,901,773 |  |  | 353,554 |
Commercial mortgage-backed securities |  |  | 184,534 |  |  | 2,738 |  |  |  | 2,139,191 |  |  | 247,854 |  |  |  | 2,323,725 |  |  | 250,592 |
Collateralized mortgage obligations |  |  | — |  |  | — |  |  |  | 35,247 |  |  | 2,306 |  |  |  | 35,247 |  |  | 2,306 |
Corporate debt securities |  |  | — |  |  | — |  |  |  | 15,616 |  |  | 1,384 |  |  |  | 15,616 |  |  | 1,384 |
Total |  | $ | 686,908 |  | $ | 8,163 |  |  | $ | 3,921,412 |  | $ | 607,509 |  |  | $ | 4,608,320 |  | $ | 615,672 |
At each reporting period, the Company evaluated its held to maturity municipal obligation portfolio for credit loss using probability of default and loss given default models. The models were run using a long-term average probability of default migration and with a probability weighting of Moody’s economic forecasts. The resulting credit losses, if any, were negligible and no allowance for credit loss was recorded. The fair value and gross unrealized losses for securities classified as held to maturity with unrealized losses for the periods indicated follow.
|  | September 30, 2025 |
Held to Maturity |  | Losses < 12 Months |  |  | Losses 12 Months or > |  |  | Total |
($ in thousands) |  | Fair Value |  | Gross Unrealized Losses |  |  | Fair Value |  | Gross Unrealized Losses |  |  | Fair Value |  | Gross Unrealized Losses |
U.S. Treasury and government agency securities |  | $ | — |  | $ | — |  |  | $ | 328,482 |  | $ | 32,414 |  |  | $ | 328,482 |  | $ | 32,414 |
Municipal obligations |  |  | 50,829 |  |  | 30 |  |  |  | 360,613 |  |  | 12,176 |  |  |  | 411,442 |  |  | 12,206 |
Residential mortgage-backed securities |  |  | — |  |  | — |  |  |  | 477,676 |  |  | 38,581 |  |  |  | 477,676 |  |  | 38,581 |
Commercial mortgage-backed securities |  |  | — |  |  | — |  |  |  | 685,944 |  |  | 50,025 |  |  |  | 685,944 |  |  | 50,025 |
Collateralized mortgage obligations |  |  | — |  |  | — |  |  |  | 20,076 |  |  | 643 |  |  |  | 20,076 |  |  | 643 |
Total |  | $ | 50,829 |  | $ | 30 |  |  | $ | 1,872,791 |  | $ | 133,839 |  |  | $ | 1,923,620 |  | $ | 133,869 |
|  | December 31, 2024 |
Held to Maturity |  | Losses < 12 Months |  |  | Losses 12 Months or > |  |  | Total |
($ in thousands) |  | Fair Value |  | Gross Unrealized Losses |  |  | Fair Value |  | Gross Unrealized Losses |  |  | Fair Value |  | Gross Unrealized Losses |
U.S. Treasury and government agency securities |  | $ | 27,660 |  | $ | 840 |  |  | $ | 321,154 |  | $ | 45,036 |  |  | $ | 348,814 |  | $ | 45,876 |
Municipal obligations |  |  | 82,028 |  |  | 451 |  |  |  | 497,999 |  |  | 20,416 |  |  |  | 580,027 |  |  | 20,867 |
Residential mortgage-backed securities |  |  | — |  |  | — |  |  |  | 511,531 |  |  | 61,525 |  |  |  | 511,531 |  |  | 61,525 |
Commercial mortgage-backed securities |  |  | — |  |  | — |  |  |  | 745,750 |  |  | 72,854 |  |  |  | 745,750 |  |  | 72,854 |
Collateralized mortgage obligations |  |  | — |  |  | — |  |  |  | 24,222 |  |  | 1,184 |  |  |  | 24,222 |  |  | 1,184 |
Total |  | $ | 109,688 |  | $ | 1,291 |  |  | $ | 2,100,656 |  | $ | 201,015 |  |  | $ | 2,210,344 |  | $ | 202,306 |
As of September 30, 2025 and December 31, 2024, the Company had 611 and 729 securities, respectively, with market values below their cost basis. There were no material unrealized losses related to the marketability of the securities or the issuer’s ability to meet contractual obligations. In all cases, the indicated impairment on these debt securities would be recovered no later than the security’s maturity date or possibly earlier if the market price for the security increases with a reduction in the yield required by the market. The unrealized losses were deemed to be non-credit related at September 30, 2025 and D ecember 31, 2024. At September 30, 2025, the Company had adequate liquidity and, therefore, neither planned nor expected to be required to liquidate these securities before recovery of the amortized cost basis.

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