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Investment Securities (Tables)
9 Months Ended
Sep. 30, 2025
Investment Securities  
Schedule of amortized cost and fair value of securities

September 30, 2025

December 31, 2024

Amortized

Unrealized

Unrealized

Fair

Amortized

Unrealized

Unrealized

Fair

(dollars in thousands)

  

Cost

  

Gains

  

Losses

  

Value

  

Cost

  

Gains

  

Losses

  

Value

Government agency debt securities

$

$

$

$

$

8,170

$

$

(23)

$

8,147

Mortgage-backed securities:

Residential - Government agency

32,641

279

(1,086)

31,834

37,473

(1,614)

35,859

Residential - Government-sponsored enterprises

840,130

1,564

(66,253)

775,441

840,836

(102,723)

738,113

Commercial - Government agency

239,479

(48,312)

191,167

249,348

(53,223)

196,125

Commercial - Government-sponsored enterprises

43,761

(1,548)

42,213

48,015

(3,107)

44,908

Commercial - Non-agency

120,793

641

(24)

121,410

22,000

83

22,083

Collateralized mortgage obligations:

Government agency

475,946

800

(40,455)

436,291

452,038

(54,914)

397,124

Government-sponsored enterprises

327,554

541

(37,675)

290,420

359,416

(48,734)

310,682

Collateralized loan obligations

97,788

153

97,941

173,152

323

173,475

Total available-for-sale securities

$

2,178,092

$

3,978

$

(195,353)

$

1,986,717

$

2,190,448

$

406

$

(264,338)

$

1,926,516

Government agency debt securities

$

47,514

$

$

(3,557)

$

43,957

$

49,267

$

$

(5,398)

$

43,869

Mortgage-backed securities:

Residential - Government agency

37,979

(4,802)

33,177

40,888

(6,579)

34,309

Residential - Government-sponsored enterprises

88,255

(11,393)

76,862

92,573

(14,854)

77,719

Commercial - Government agency

30,817

(7,910)

22,907

31,009

(8,666)

22,343

Commercial - Government-sponsored enterprises

1,094,959

225

(110,402)

984,782

1,114,549

201

(149,244)

965,506

Collateralized mortgage obligations:

Government agency

842,658

(92,792)

749,866

907,565

(126,020)

781,545

Government-sponsored enterprises

1,397,112

(149,497)

1,247,615

1,500,212

(210,721)

1,289,491

Debt securities issued by states and political subdivisions

54,894

(4,177)

50,717

54,587

(6,860)

47,727

Total held-to-maturity securities

$

3,594,188

$

225

$

(384,530)

$

3,209,883

$

3,790,650

$

201

$

(528,342)

$

3,262,509

Schedule of amortized cost and fair value of debt securities by contractual maturity

September 30, 2025

Amortized

Fair

(dollars in thousands)

  

Cost

  

Value

Available-for-sale securities

Due in one year or less

$

$

Due after one year through five years

78,662

79,248

Due after five years through ten years

93,938

94,091

Due after ten years

45,981

46,012

218,581

219,351

Mortgage-backed securities:

Residential - Government agency

32,641

31,834

Residential - Government-sponsored enterprises

840,130

775,441

Commercial - Government agency

239,479

191,167

Commercial - Government-sponsored enterprises

43,761

42,213

Total mortgage-backed securities

1,156,011

1,040,655

Collateralized mortgage obligations:

Government agency

475,946

436,291

Government-sponsored enterprises

327,554

290,420

Total collateralized mortgage obligations

803,500

726,711

Total available-for-sale securities

$

2,178,092

$

1,986,717

Held-to-maturity securities

Due in one year or less

$

$

Due after one year through five years

Due after five years through ten years

51,958

48,993

Due after ten years

50,450

45,681

102,408

94,674

Mortgage-backed securities:

Residential - Government agency

37,979

33,177

Residential - Government-sponsored enterprises

88,255

76,862

Commercial - Government agency

30,817

22,907

Commercial - Government-sponsored enterprises

1,094,959

984,782

Total mortgage-backed securities

1,252,010

1,117,728

Collateralized mortgage obligations:

Government agency

842,658

749,866

Government-sponsored enterprises

1,397,112

1,247,615

Total collateralized mortgage obligations

2,239,770

1,997,481

Total held-to-maturity securities

$

3,594,188

$

3,209,883

Schedule of gross unrealized losses and fair values of securities in a continuous loss position

Time in Continuous Loss as of September 30, 2025

Less Than 12 Months

12 Months or More

Total

Unrealized

Unrealized

Unrealized

(dollars in thousands)

  

Losses

  

Fair Value

  

Losses

  

Fair Value

  

Losses

  

Fair Value

Mortgage-backed securities:

Residential - Government agency

$

$

$

(1,086)

$

8,395

$

(1,086)

$

8,395

Residential - Government-sponsored enterprises

(233)

51,145

(66,020)

572,041

(66,253)

623,186

Commercial - Government agency

(48,312)

191,167

(48,312)

191,167

Commercial - Government-sponsored enterprises

(1,548)

42,213

(1,548)

42,213

Commercial - Non-agency

(24)

7,020

(24)

7,020

Collateralized mortgage obligations:

Government agency

(18)

16,203

(40,437)

292,492

(40,455)

308,695

Government-sponsored enterprises

(37,675)

236,744

(37,675)

236,744

Total available-for-sale securities with unrealized losses

$

(275)

$

74,368

$

(195,078)

$

1,343,052

$

(195,353)

$

1,417,420

Time in Continuous Loss as of December 31, 2024

Less Than 12 Months

12 Months or More

Total

Unrealized

Unrealized

Unrealized

(dollars in thousands)

  

Losses

  

Fair Value

  

Losses

  

Fair Value

  

Losses

  

Fair Value

Government agency debt securities

$

$

$

(23)

$

8,147

$

(23)

$

8,147

Mortgage-backed securities:

Residential - Government agency

(154)

27,127

(1,460)

8,732

(1,614)

35,859

Residential - Government-sponsored enterprises

(2,997)

116,084

(99,726)

622,029

(102,723)

738,113

Commercial - Government agency

(53,223)

196,125

(53,223)

196,125

Commercial - Government-sponsored enterprises

(3,107)

44,908

(3,107)

44,908

Collateralized mortgage obligations:

Government agency

(712)

76,968

(54,202)

310,171

(54,914)

387,139

Government-sponsored enterprises

(912)

57,509

(47,822)

253,173

(48,734)

310,682

Total available-for-sale securities with unrealized losses

$

(4,775)

$

277,688

$

(259,563)

$

1,443,285

$

(264,338)

$

1,720,973