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Investment Securities
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
NOTE 4 - INVESTMENT SECURITIES
The following tables present the amortized cost and estimated fair values of investment securities, as of December 31:

Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
 (dollars in thousands)
2024
Available for Sale
State and municipal securities$960,227 $106 $(145,446)$814,887 
Corporate debt securities313,681 1,123 (14,434)300,370 
Collateralized mortgage obligations798,157 4,629 (13,901)788,885 
Residential mortgage-backed securities1,029,846 30 (40,001)989,875 
Commercial mortgage-backed securities617,605 — (100,723)516,882 
Total$3,719,516 $5,888 $(314,505)$3,410,899 
Held to Maturity
Residential mortgage-backed securities$537,856 $2 $(60,162)$477,696 
Commercial mortgage-backed securities857,713 — (151,960)705,753 
Total $1,395,569 $2 $(212,122)$1,183,449 
2023
Available for Sale
U.S. Government securities$42,475 $— $(314)$42,161 
U.S. Government-sponsored agency securities1,038 — (28)1,010 
State and municipal securities1,200,571 1,089 (129,647)1,072,013 
Corporate debt securities480,714 473 (40,636)440,551 
Collateralized mortgage obligations122,824 — (11,390)111,434 
Residential mortgage-backed securities223,273 7 (26,485)196,795 
Commercial mortgage-backed securities627,364 — (92,976)534,388 
   Total$2,698,259 $1,569 $(301,476)$2,398,352 
Held to Maturity
Residential mortgage-backed securities$407,075 $— $(51,805)$355,270 
Commercial mortgage-backed securities860,847 — (143,910)716,937 
Total $1,267,922 $— $(195,715)$1,072,207 

In May 2024, the Corporation sold $345.7 million of AFS securities and recorded a pre-tax loss of $20.3 million. The proceeds from the sale were reinvested into higher-yielding securities of a similar type and similar duration.

Securities carried at $0.3 billion and $0.4 billion at December 31, 2024 and 2023, respectively, were pledged as collateral to secure public and trust deposits.
The amortized cost and estimated fair values of debt securities as of December 31, 2024, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because issuers may have the right to call or borrowers may have the right to prepay with or without call or prepayment penalties.
Available for SaleHeld to Maturity
 Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
(dollars in thousands)
Due in one year or less$15,672 $15,532 $— $— 
Due from one year to five years106,119 102,912 — — 
Due from five years to ten years309,940 294,656 — — 
Due after ten years842,177 702,157 — — 
1,273,908 1,115,257 — — 
Residential mortgage-backed securities(1)
1,029,846 989,875 537,856 477,696 
Commercial mortgage-backed securities(1)
617,605 516,882 857,713 705,753 
Collateralized mortgage obligations(1)
798,157 788,885 — — 
Total$3,719,516 $3,410,899 $1,395,569 $1,183,449 
(1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the underlying loans.

The following table presents information related to gross gains and losses on the sales of securities for the years presented:
Gross Realized GainsGross Realized LossesNet Gains (Losses)
 (dollars in thousands)
2024$179 $(20,462)$(20,283)
2023283 (1,016)(733)
20221,587 (1,614)(27)
The following tables present the gross unrealized losses and estimated fair values of investments aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31:

Less than 12 months12 Months or LongerTotal
Number of SecuritiesEstimated
Fair Value		Unrealized
Losses		Number of SecuritiesEstimated
Fair Value		Unrealized
Losses		Estimated
Fair Value		Unrealized
Losses
2024(dollars in thousands)
Available for Sale
State and municipal securities22 $53,026 $(1,692)272 $755,310 $(143,754)$808,336 $(145,446)
Corporate debt securities1 4,844 (13)47 264,099 (14,421)268,943 (14,434)
Collateralized mortgage obligations12 288,871 (3,463)77 85,485 (10,438)374,356 (13,901)
Residential mortgage-backed securities42 777,695 (9,178)69 174,284 (30,823)951,979 (40,001)
Commercial mortgage-backed securities1 19,291 (875)135 497,591 (99,848)516,882 (100,723)
Total available for sale78 $1,143,727 $(15,221)600 $1,776,769 $(299,284)$2,920,496 $(314,505)
Held to Maturity
Residential mortgage-backed securities7 $155,726 $(1,754)120 $303,220 $(58,408)$458,946 $(60,162)
Commercial mortgage-backed securities— — — 60 705,753 (151,960)705,753 (151,960)
Total held to maturity7 $155,726 $(1,754)180 $1,008,973 $(210,368)$1,164,699 $(212,122)


Less than 12 months12 Months or LongerTotal
Number of SecuritiesEstimated
Fair Value		Unrealized
Losses		Number of SecuritiesEstimated
Fair Value		Unrealized
Losses		Estimated
Fair Value		Unrealized
Losses
2023(dollars in thousands)
Available for Sale
U.S. Government Securities— $— $— 1 $42,161 $(314)$42,161 $(314)
U.S. Government-sponsored agency securities— — — 1 1,010 (28)1,010 (28)
State and municipal securities40 76,155 (858)314 917,274 (128,789)993,429 (129,647)
Corporate debt securities8 42,945 (1,326)60 370,523 (39,310)413,468 (40,636)
Collateralized mortgage obligations— — — 93 111,434 (11,390)111,434 (11,390)
Residential mortgage-backed securities6 409 (3)69 195,453 (26,482)195,862 (26,485)
Commercial mortgage-backed securities2 26,907 (1,053)133 507,481 (91,923)534,388 (92,976)
Total available for sale56 $146,416 $(3,240)671 $2,145,336 $(298,236)$2,291,752 $(301,476)
Held to maturity
Residential mortgage-backed securities— $— $— 120 $355,270 $(51,805)$355,270 $(51,805)
Commercial mortgage-backed securities— — — 60 716,937 (143,910)716,937 (143,910)
Total held to maturity— $— $— 180 $1,072,207 $(195,715)$1,072,207 $(195,715)


The Corporation's collateralized mortgage obligations, residential mortgage-backed securities and commercial mortgage-backed securities have contractual terms that generally do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. The change in fair value of these securities is attributable to changes in interest rates and not credit quality. The Corporation does not have the intent to sell, and does not believe it will more likely than not be required to sell, any of these securities prior to a recovery of their fair value to amortized cost. In addition, these securities have principal payments that are guaranteed by U.S. government-sponsored agencies. Therefore, the Corporation does not have an ACL for these investments as of December 31, 2024 and 2023, respectively.

As of December 31, 2024 and 2023, no ACL was required for the Corporation's state and municipal securities. The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity. Therefore, the Corporation did not record a loss on these investments as of December 31, 2024 and December 31, 2023, respectively.

The majority of the corporate debt securities were rated at or above investment grade as of December 31, 2024 and December 31, 2023. Based on the payment status, rating and management's evaluation of these securities, no ACL was required for corporate debt securities as of December 31, 2024 and December 31, 2023. The Corporation does not have the intent to sell and does not believe it will more likely than not to be required to sell any of these securities prior to a recovery of their fair value to
amortized cost, which may be at maturity. Therefore, the Corporation did not record a loss on these investments as of December 31, 2024 and December 31, 2023.