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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Fair Values of 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 securities			313,681						1,123						(14,434)						300,370
Collateralized mortgage obligations			798,157						4,629						(13,901)						788,885
Residential mortgage-backed securities			1,029,846						30						(40,001)						989,875
Commercial mortgage-backed securities			617,605						—						(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 securities			857,713						—						(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 securities			1,038						—						(28)						1,010
State and municipal securities			1,200,571						1,089						(129,647)						1,072,013
Corporate debt securities			480,714						473						(40,636)						440,551
Collateralized mortgage obligations			122,824						—						(11,390)						111,434
Residential mortgage-backed securities			223,273						7						(26,485)						196,795
Commercial mortgage-backed securities			627,364						—						(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 securities			860,847						—						(143,910)						716,937
Total			$	1,267,922					$	—					$	(195,715)					$	1,072,207

Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities

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 Sale												Held 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 years			106,119						102,912						—						—
Due from five years to ten years			309,940						294,656						—						—
Due after ten years			842,177						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.

Summary of Gains and Losses on the Sales of Securities

The following table presents information related to gross gains and losses on the sales of securities for the years presented:

			Gross Realized Gains						Gross Realized Losses						Net Gains (Losses)
			(dollars in thousands)
2024			$	179					$	(20,462)					$	(20,283)
2023			283						(1,016)						(733)
2022			1,587						(1,614)						(27)

Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position

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 months																		12 Months or Longer																		Total
			Number of Securities						Estimated Fair Value						Unrealized Losses						Number of Securities						Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses
2024									(dollars in thousands)
Available for Sale
State and municipal securities			22						$	53,026					$	(1,692)					272						$	755,310					$	(143,754)					$	808,336					$	(145,446)
Corporate debt securities			1						4,844						(13)						47						264,099						(14,421)						268,943						(14,434)
Collateralized mortgage obligations			12						288,871						(3,463)						77						85,485						(10,438)						374,356						(13,901)
Residential mortgage-backed securities			42						777,695						(9,178)						69						174,284						(30,823)						951,979						(40,001)
Commercial mortgage-backed securities			1						19,291						(875)						135						497,591						(99,848)						516,882						(100,723)
Total available for sale			78						$	1,143,727					$	(15,221)					600						$	1,776,769					$	(299,284)					$	2,920,496					$	(314,505)
Held to Maturity
Residential mortgage-backed securities			7						$	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 maturity			7						$	155,726					$	(1,754)					180						$	1,008,973					$	(210,368)					$	1,164,699					$	(212,122)

			Less than 12 months																		12 Months or Longer																		Total
			Number of Securities						Estimated Fair Value						Unrealized Losses						Number of Securities						Estimated 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 securities			40						76,155						(858)						314						917,274						(128,789)						993,429						(129,647)
Corporate debt securities			8						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 securities			6						409						(3)						69						195,453						(26,482)						195,862						(26,485)
Commercial mortgage-backed securities			2						26,907						(1,053)						133						507,481						(91,923)						534,388						(92,976)
Total available for sale			56						$	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)

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