XML 19 R12.htm IDEA: XBRL DOCUMENT
v3.26.1

Securities | 3 Months Ended
--- | ---
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract] |
Securities | 2. 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 March 31, 2026 and December 31, 2025. Amortized cost of securities does not include accrued interest which is reflected in the accrued interest line item on the consolidated balance sheets totaling $33.6 million at March 31, 2026 and $31.7 million at December 31, 2025, respectively.
| March 31, 2026 |  | December 31, 2025 |
|  |  | Gross |  | Gross |  |  |  |  |  | Gross |  | Gross |  |  |
Securities Available for Sale | Amortized |  | Unrealized |  | Unrealized |  | Fair |  | Amortized |  | Unrealized |  | Unrealized |  | Fair |
($ in thousands) | Cost |  | Gains |  | Losses |  | Value |  | Cost |  | Gains |  | Losses |  | Value |
U.S. Treasury and government agency securities | $ | 279,080 |  | $ | 4,562 |  | $ | 1,175 |  | $ | 282,467 |  | $ | 266,825 |  | $ | 3,705 |  | $ | 1,198 |  | $ | 269,332 |
Municipal obligations |  | 180,786 |  |  | 49 |  |  | 692 |  |  | 180,143 |  |  | 191,754 |  |  | 82 |  |  | 508 |  |  | 191,328 |
Residential mortgage-backed securities |  | 2,567,467 |  |  | 6,254 |  |  | 240,316 |  |  | 2,333,405 |  |  | 2,620,980 |  |  | 11,643 |  |  | 256,994 |  |  | 2,375,629 |
Commercial mortgage-backed securities |  | 3,218,115 |  |  | 6,457 |  |  | 84,252 |  |  | 3,140,320 |  |  | 3,217,663 |  |  | 10,530 |  |  | 144,868 |  |  | 3,083,325 |
Collateralized mortgage obligations |  | 24,998 |  |  | — |  |  | 1,184 |  |  | 23,814 |  |  | 27,100 |  |  | — |  |  | 1,154 |  |  | 25,946 |
Corporate debt securities |  | 17,000 |  |  | — |  |  | 763 |  |  | 16,237 |  |  | 17,000 |  |  | 37 |  |  | 680 |  |  | 16,357 |
Total | $ | 6,287,446 |  | $ | 17,322 |  | $ | 328,382 |  | $ | 5,976,386 |  | $ | 6,341,322 |  | $ | 25,997 |  | $ | 405,402 |  | $ | 5,961,917 |
| March 31, 2026 |  | December 31, 2025 |
|  |  | 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 | $ | 368,667 |  | $ | 271 |  | $ | 29,171 |  | $ | 339,767 |  | $ | 373,605 |  | $ | 248 |  | $ | 30,143 |  | $ | 343,710 |
Municipal obligations |  | 457,346 |  |  | 370 |  |  | 11,556 |  |  | 446,160 |  |  | 511,516 |  |  | 708 |  |  | 11,455 |  |  | 500,769 |
Residential mortgage-backed securities |  | 480,249 |  |  | — |  |  | 35,764 |  |  | 444,485 |  |  | 497,338 |  |  | — |  |  | 34,239 |  |  | 463,099 |
Commercial mortgage-backed securities |  | 728,004 |  |  | — |  |  | 48,510 |  |  | 679,494 |  |  | 731,329 |  |  | — |  |  | 46,455 |  |  | 684,874 |
Collateralized mortgage obligations |  | 17,362 |  |  | — |  |  | 539 |  |  | 16,823 |  |  | 19,094 |  |  | — |  |  | 520 |  |  | 18,574 |
Total | $ | 2,051,628 |  | $ | 641 |  | $ | 125,540 |  | $ | 1,926,729 |  | $ | 2,132,882 |  | $ | 956 |  | $ | 122,812 |  | $ | 2,011,026 |
The following tables present the amortized cost and fair value of debt securities available for sale and held to maturity at March 31, 2026 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 |  | $ | 35,304 |  |  | $ | 35,323 |
Due after one year through five years |  |  | 1,382,114 |  |  |  | 1,360,911 |
Due after five years through ten years |  |  | 2,091,263 |  |  |  | 2,020,407 |
Due after ten years |  |  | 2,778,765 |  |  |  | 2,559,745 |
Total |  | $ | 6,287,446 |  |  | $ | 5,976,386 |
Debt Securities Held to Maturity |  | Amortized |  |  | Fair |
($ in thousands) |  | Cost |  |  | Value |
Due in one year or less |  | $ | 139,208 |  |  | $ | 138,554 |
Due after one year through five years |  |  | 701,252 |  |  |  | 678,711 |
Due after five years through ten years |  |  | 419,862 |  |  |  | 397,573 |
Due after ten years |  |  | 791,306 |  |  |  | 711,891 |
Total |  | $ | 2,051,628 |  |  | $ | 1,926,729 |
The Company held no securities classified as trading at March 31, 2026 and December 31, 2025. In January 2026, the Company completed a restructuring of its available for sale investment securities portfolio, whereby lower-yielding securities with an amortized cost of $1.5 billion were sold and the proceeds were reinvested in higher-yielding securities. Certain securities that were sold were previously hedged in derivative instruments designated as fair value hedges of interest rate risk that were subsequently terminated. At the time of termination, the value of the swap was recorded as basis adjustment to the amortized cost of the underlying security. The basis adjustment is amortized as yield adjustment while the security is held, and affects the net gain or loss realized by the remaining unamortized basis adjustment when sold. The unamortized basis adjustment recognized in connection with this portfolio restructure reduced the net loss by approximately $50.4 million, resulting in a net realized loss of $98.6 million. Refer to Note 6 – Derivatives for a discussion of fair value hedges of interest rate risk. The following table presents the proceeds from, gross gains on, and gross losses on sales of securities during the three months ended March 31, 2026 and 2025. Net gains or losses are reflected in the "Securities transactions, net" line item on the Consolidated Statements of Income.
|  | Three Months Ended March 31, |
($ in thousands) |  | 2026 |  |  | 2025 |
Proceeds |  | $ | 1,414,258 |  |  | $ | — |
Gross gains |  |  | 7 |  |  |  | — |
Gross losses |  |  | 98,602 |  |  |  | — |
Net loss |  | $ | (98,595 | ) |  | $ | — |
Securities with carrying values totaling approximately $3.5 billion and $3.9 billion were pledged as collateral at March 31, 2026 and December 31, 2025, respectively, primarily to secure public deposits or securities sold under agreements to repurchase. Credit Quality The Company’s policy is to invest only in securities of investment grade quality. These investments are largely limited to U.S. agency securities and municipal securities. Management has concluded, based on the long history of no credit losses, that the expectation of nonpayment of the held to maturity securities carried at amortized cost is zero for securities that are backed by the full faith and credit of and/or guaranteed by the U.S. government. As such, no allowance for credit losses has been recorded for these securities. The municipal portfolio is analyzed separately for allowance for credit loss in accordance with the applicable guidance for each portfolio as noted below. The Company evaluates credit impairment for individual securities available for sale whose fair value was below amortized cost with a more than inconsequential risk of default and where the Company had assessed whether the decline in fair value was significant enough to suggest a credit event occurred. There were no securities with a material credit loss event and, therefore, no allowance for credit loss was recorded in any period presented. The fair value and gross unrealized losses for securities classified as available for sale with unrealized losses for the periods indicated follow.
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2026 |  | Losses < 12 months |  |  | Losses 12 months or > |  |  | Total |
($ in thousands) |  | Fair Value |  | Gross Unrealized Losses |  |  | Fair Value |  | Gross Unrealized Losses |  |  | Fair Value |  | Gross Unrealized Losses |
U.S. Treasury and government agency securities |  | $ | 11,910 |  | $ | 101 |  |  | $ | 6,708 |  | $ | 1,074 |  |  | $ | 18,618 |  | $ | 1,175 |
Municipal obligations |  |  | 47,068 |  |  | 400 |  |  |  | 95,944 |  |  | 292 |  |  |  | 143,012 |  |  | 692 |
Residential mortgage-backed securities |  |  | 395,000 |  |  | 3,778 |  |  |  | 1,283,981 |  |  | 236,538 |  |  |  | 1,678,981 |  |  | 240,316 |
Commercial mortgage-backed securities |  |  | 1,758,136 |  |  | 19,383 |  |  |  | 829,335 |  |  | 64,869 |  |  |  | 2,587,471 |  |  | 84,252 |
Collateralized mortgage obligations |  |  | — |  |  | — |  |  |  | 23,814 |  |  | 1,184 |  |  |  | 23,814 |  |  | 1,184 |
Corporate debt securities |  |  | 2,989 |  |  | 11 |  |  |  | 13,248 |  |  | 752 |  |  |  | 16,237 |  |  | 763 |
Total |  | $ | 2,215,103 |  | $ | 23,673 |  |  | $ | 2,253,030 |  | $ | 304,709 |  |  | $ | 4,468,133 |  | $ | 328,382 |
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2025 |  | 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 |  | $ | 17,468 |  | $ | 9 |  |  | $ | 14,677 |  | $ | 1,189 |  |  | $ | 32,145 |  | $ | 1,198 |
Municipal obligations |  |  | — |  |  | — |  |  |  | 124,852 |  |  | 508 |  |  |  | 124,852 |  |  | 508 |
Residential mortgage-backed securities |  |  | 54,250 |  |  | 598 |  |  |  | 1,442,746 |  |  | 256,396 |  |  |  | 1,496,996 |  |  | 256,994 |
Commercial mortgage-backed securities |  |  | 374,740 |  |  | 1,787 |  |  |  | 2,158,865 |  |  | 143,081 |  |  |  | 2,533,605 |  |  | 144,868 |
Collateralized mortgage obligations |  |  | — |  |  | — |  |  |  | 25,946 |  |  | 1,154 |  |  |  | 25,946 |  |  | 1,154 |
Corporate debt securities |  |  | 1,998 |  |  | 2 |  |  |  | 11,322 |  |  | 678 |  |  |  | 13,320 |  |  | 680 |
Total |  | $ | 448,456 |  | $ | 2,396 |  |  | $ | 3,778,408 |  | $ | 403,006 |  |  | $ | 4,226,864 |  | $ | 405,402 |
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.
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2026 |  | 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 |  | $ | 8,563 |  | $ | 24 |  |  | $ | 313,146 |  | $ | 29,147 |  |  | $ | 321,709 |  | $ | 29,171 |
Municipal obligations |  |  | 101,661 |  |  | 305 |  |  |  | 171,360 |  |  | 11,251 |  |  |  | 273,021 |  |  | 11,556 |
Residential mortgage-backed securities |  |  | — |  |  | — |  |  |  | 444,485 |  |  | 35,764 |  |  |  | 444,485 |  |  | 35,764 |
Commercial mortgage-backed securities |  |  | — |  |  | — |  |  |  | 679,494 |  |  | 48,510 |  |  |  | 679,494 |  |  | 48,510 |
Collateralized mortgage obligations |  |  | — |  |  | — |  |  |  | 16,823 |  |  | 539 |  |  |  | 16,823 |  |  | 539 |
Total |  | $ | 110,224 |  | $ | 329 |  |  | $ | 1,625,308 |  | $ | 125,211 |  |  | $ | 1,735,532 |  | $ | 125,540 |
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2025 |  | 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 |  | $ | — |  | $ | — |  |  | $ | 316,814 |  | $ | 30,143 |  |  | $ | 316,814 |  | $ | 30,143 |
Municipal obligations |  |  | 98,559 |  |  | 97 |  |  |  | 325,241 |  |  | 11,358 |  |  |  | 423,800 |  |  | 11,455 |
Residential mortgage-backed securities |  |  | — |  |  | — |  |  |  | 463,099 |  |  | 34,239 |  |  |  | 463,099 |  |  | 34,239 |
Commercial mortgage-backed securities |  |  | — |  |  | — |  |  |  | 684,874 |  |  | 46,455 |  |  |  | 684,874 |  |  | 46,455 |
Collateralized mortgage obligations |  |  | — |  |  | — |  |  |  | 18,574 |  |  | 520 |  |  |  | 18,574 |  |  | 520 |
Total |  | $ | 98,559 |  | $ | 97 |  |  | $ | 1,808,602 |  | $ | 122,715 |  |  | $ | 1,907,161 |  | $ | 122,812 |
As of March 31, 2026 and December 31, 2025, the Company had 592 and 604 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 March 31, 2026 and December 31, 2025. At March 31, 2026, 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.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration