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DEBT SECURITIES (Tables)
 9 Months Ended
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