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DEBT SECURITIES (Tables) | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Debt Securities, Available-for-Sale | The following table presents the amortized cost and fair value of the debt securities portfolio as of the dates indicated:
| September 30, 2025
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities available-for-sale |  |  |  |  |  |  |
Obligations of states and political subdivisions | $459,834 |  | $8,954 |  | $(918) |  | $467,870
Mortgage-backed securities - residential | 2,373,146 |  | 28,273 |  | (27,264) |  | 2,374,155
Mortgage-backed securities - commercial | 389,469 |  | 1,402 |  | (12,693) |  | 378,178
Collateralized loan obligations | 188,500 |  | 189 |  | — |  | 188,689
Corporate bonds | 56,558 |  | 417 |  | (3,491) |  | 53,484
U.S. Treasury securities | 20,597 |  | — |  | (18) |  | 20,579
Agency debentures | 7,545 |  | 1 |  | (23) |  | 7,523
Total securities available-for-sale | $3,495,649 |  | $39,236 |  | $(44,407) |  | $3,490,478
Securities held-to-maturity |  |  |  |  |  |  |
Obligations of states and political subdivisions | $15,082 |  | $503 |  | $(9) |  | $15,576
Mortgage-backed securities - residential | 1,037,566 |  | — |  | (144,497) |  | 893,069
Mortgage-backed securities - commercial | 310,988 |  | — |  | (33,373) |  | 277,615
Total securities held-to-maturity | $1,363,636 |  | $503 |  | $(177,879) |  | $1,186,260
| December 31, 2024
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities available-for-sale |  |  |  |  |  |  |
Obligations of states and political subdivisions | $91,799 |  | $699 |  | $(1,199) |  | $91,299
Mortgage-backed securities - residential | 2,694,745 |  | 2,107 |  | (53,164) |  | 2,643,688
Mortgage-backed securities - commercial | 259,793 |  | 22 |  | (18,953) |  | 240,862
Collateralized loan obligations | 50,000 |  | — |  | — |  | 50,000
Corporate bonds | 43,968 |  | — |  | (4,566) |  | 39,402
Total securities available-for-sale | $3,140,305 |  | $2,828 |  | $(77,882) |  | $3,065,251
Securities held-to-maturity |  |  |  |  |  |  |
Obligations of states and political subdivisions | $14,193 |  | $509 |  | $(30) |  | $14,672
Mortgage-backed securities - residential | 1,115,389 |  | — |  | (196,949) |  | 918,440
Mortgage-backed securities - commercial | 310,912 |  | — |  | (48,024) |  | 262,888
Total securities held-to-maturity | $1,440,494 |  | $509 |  | $(245,003) |  | $1,196,000
Schedule of Amortized Cost and Fair Value of Held-to-Maturity Securities | The following table presents the amortized cost and fair value of the debt securities portfolio as of the dates indicated:
| September 30, 2025
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities available-for-sale |  |  |  |  |  |  |
Obligations of states and political subdivisions | $459,834 |  | $8,954 |  | $(918) |  | $467,870
Mortgage-backed securities - residential | 2,373,146 |  | 28,273 |  | (27,264) |  | 2,374,155
Mortgage-backed securities - commercial | 389,469 |  | 1,402 |  | (12,693) |  | 378,178
Collateralized loan obligations | 188,500 |  | 189 |  | — |  | 188,689
Corporate bonds | 56,558 |  | 417 |  | (3,491) |  | 53,484
U.S. Treasury securities | 20,597 |  | — |  | (18) |  | 20,579
Agency debentures | 7,545 |  | 1 |  | (23) |  | 7,523
Total securities available-for-sale | $3,495,649 |  | $39,236 |  | $(44,407) |  | $3,490,478
Securities held-to-maturity |  |  |  |  |  |  |
Obligations of states and political subdivisions | $15,082 |  | $503 |  | $(9) |  | $15,576
Mortgage-backed securities - residential | 1,037,566 |  | — |  | (144,497) |  | 893,069
Mortgage-backed securities - commercial | 310,988 |  | — |  | (33,373) |  | 277,615
Total securities held-to-maturity | $1,363,636 |  | $503 |  | $(177,879) |  | $1,186,260
| December 31, 2024
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities available-for-sale |  |  |  |  |  |  |
Obligations of states and political subdivisions | $91,799 |  | $699 |  | $(1,199) |  | $91,299
Mortgage-backed securities - residential | 2,694,745 |  | 2,107 |  | (53,164) |  | 2,643,688
Mortgage-backed securities - commercial | 259,793 |  | 22 |  | (18,953) |  | 240,862
Collateralized loan obligations | 50,000 |  | — |  | — |  | 50,000
Corporate bonds | 43,968 |  | — |  | (4,566) |  | 39,402
Total securities available-for-sale | $3,140,305 |  | $2,828 |  | $(77,882) |  | $3,065,251
Securities held-to-maturity |  |  |  |  |  |  |
Obligations of states and political subdivisions | $14,193 |  | $509 |  | $(30) |  | $14,672
Mortgage-backed securities - residential | 1,115,389 |  | — |  | (196,949) |  | 918,440
Mortgage-backed securities - commercial | 310,912 |  | — |  | (48,024) |  | 262,888
Total securities held-to-maturity | $1,440,494 |  | $509 |  | $(245,003) |  | $1,196,000
Contractual maturities of securities as of September 30, 2025 were as follows:
| September 30, 2025
(in thousands) | Within One Year |  | After One Through Five Years |  | After Five Through Ten Years |  | After Ten Years |  | Total
Securities available-for-sale |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | $345 |  | $45,276 |  | $90,330 |  | $331,919 |  | $467,870
Mortgage-backed securities - residential | 446 |  | 16,887 |  | 26,601 |  | 2,330,221 |  | 2,374,155
Mortgage-backed securities - commercial | 2,460 |  | 190,384 |  | 158,333 |  | 27,001 |  | 378,178
Collateralized loan obligations | — |  | — |  | — |  | 188,689 |  | 188,689
Corporate bonds | — |  | 3,388 |  | 50,096 |  | — |  | 53,484
U.S. Treasury securities | — |  | 20,579 |  | — |  | — |  | 20,579
Agency debentures | — |  | 1,384 |  | 3,942 |  | 2,197 |  | 7,523
Total | $3,251 |  | $277,898 |  | $329,302 |  | $2,880,027 |  | $3,490,478
| September 30, 2025
(in thousands) | Within One Year |  | After One Through Five Years |  | After Five Through Ten Years |  | After Ten Years |  | Total
Securities held-to- maturity | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Obligations of states and political subdivisions | $5,244 |  | $5,243 |  | $3,592 |  | $3,635 |  | $4,621 |  | $4,966 |  | $1,625 |  | $1,732 |  | $15,082 |  | $15,576
Mortgage-backed securities - residential | — |  | — |  | 58 |  | 57 |  | — |  | — |  | 1,037,508 |  | 893,012 |  | 1,037,566 |  | 893,069
Mortgage-backed securities - commercial | — |  | — |  | 139,756 |  | 126,430 |  | 171,232 |  | 151,185 |  | — |  | — |  | 310,988 |  | 277,615
Total | $5,244 |  | $5,243 |  | $143,406 |  | $130,122 |  | $175,853 |  | $156,151 |  | $1,039,133 |  | $894,744 |  | $1,363,636 |  | $1,186,260
Schedule of Realized Gain (Loss) | The following table presents proceeds, gross realized gains and gross realized losses from sales and calls of available-for- sale investments:
| Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Proceeds | $1,801 |  | $— |  | $931,770 |  | $1,629,114
Gross gains | 155 |  | — |  | 5,215 |  | —
Gross losses | — |  | — |  | 923 |  | 207,203
Schedule of Unrealized Gain (Loss) on Investments | The following table summarizes available-for-sale securities with unrealized and unrecognized losses at September 30, 2025 and December 31, 2024 aggregated by major security type and length of time in a continuous unrealized and unrecognized loss position:
| September 30, 2025
| Less than 12 months |  | 12 months or more |  | Total
(dollars in thousands) | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Obligations of states and political subdivisions | $60,303 |  | $222 |  | $31,326 |  | $696 |  | $91,629 |  | $918
Mortgage-backed securities - residential | 196,863 |  | 517 |  | 438,518 |  | 26,747 |  | 635,381 |  | 27,264
Mortgage-backed securities - commercial | 46,281 |  | 69 |  | 158,651 |  | 12,624 |  | 204,932 |  | 12,693
Corporate bonds | 3,387 |  | 121 |  | 26,629 |  | 3,370 |  | 30,016 |  | 3,491
U.S. Treasury securities | 20,579 |  | 18 |  | — |  | — |  | 20,579 |  | 18
Agency debentures | 6,511 |  | 23 |  | — |  | — |  | 6,511 |  | 23
Total | $333,924 |  | $970 |  | $655,124 |  | $43,437 |  | $989,048 |  | $44,407
Number of securities with unrealized losses |  |  | 142 |  |  |  | 252 |  |  |  | 394
| December 31, 2024
| Less than 12 months |  | 12 months or more |  | Total
(dollars in thousands) | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Obligations of states and political subdivisions | $19,273 |  | $162 |  | $28,394 |  | $1,037 |  | $47,667 |  | $1,199
Mortgage-backed securities - residential | 1,381,125 |  | 15,337 |  | 311,751 |  | 37,827 |  | 1,692,876 |  | 53,164
Mortgage-backed securities - commercial | 98,071 |  | 422 |  | 107,118 |  | 18,531 |  | 205,189 |  | 18,953
Corporate bonds | — |  | — |  | 39,402 |  | 4,566 |  | 39,402 |  | 4,566
Total | $1,498,469 |  | $15,921 |  | $486,665 |  | $61,961 |  | $1,985,134 |  | $77,882
Number of securities with unrealized losses |  |  | 60 |  |  |  | 280 |  |  |  | 340

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