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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Investment Securities

The amortized cost, gross unrealized gains and losses and fair value of the Company’s investment securities as of December 31, 2024 and 2023, were as follows:

(dollars in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
December 31, 2024
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies		$	257,036			$	221			$	(8,185	)		$	249,072
Debt Securities Issued by States and Political Subdivisions			73,208				—				(9,349	)			63,859
Debt Securities Issued by U.S. Government-Sponsored Enterprises			1,505				—				(41	)			1,464
Debt Securities Issued by Corporations			703,579				376				(32,280	)			671,675
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises			1,050,299				322				(115,401	)			935,220
Commercial - Government Agencies or Sponsored Enterprises			306,696				199				(23,421	)			283,474
Total Collateralized Mortgage Obligations			1,356,995				521				(138,822	)			1,218,694
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises			555,092				130				(70,458	)			484,764
Total Mortgage-Backed Securities			555,092				130				(70,458	)			484,764
Total		$	2,947,415			$	1,248			$	(259,135	)		$	2,689,528
Held-to-Maturity:
Debt Securities Issued by the U.S. Treasury and Government Agencies		$	131,868			$	—			$	(14,927	)		$	116,941
Debt Securities Issued by Corporations			10,490				—				(2,156	)			8,334
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises			2,185,210				3				(377,149	)			1,808,064
Commercial - Government Agencies or Sponsored Enterprises			416,389				—				(92,211	)			324,178
Total Collateralized Mortgage Obligations			2,601,599				3				(469,360	)			2,132,242
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises			1,864,591				37				(309,093	)			1,555,535
Commercial - Government Agencies or Sponsored Enterprises			9,995				—				(2,165	)			7,830
Total Mortgage-Backed Securities			1,874,586				37				(311,258	)			1,563,365
Total		$	4,618,543			$	40			$	(797,701	)		$	3,820,882
December 31, 2023
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies		$	223,308			$	361			$	(11,096	)		$	212,573
Debt Securities Issued by States and Political Subdivisions			73,417				—				(9,611	)			63,806
Debt Securities Issued by U.S. Government-Sponsored Enterprises			1,556				—				(80	)			1,476
Debt Securities Issued by Corporations			706,002				142				(48,443	)			657,701
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises			892,513				1				(118,151	)			774,363
Commercial - Government Agencies or Sponsored Enterprises			157,515				—				(22,592	)			134,923
Total Collateralized Mortgage Obligations			1,050,028				1				(140,743	)			909,286
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises			639,701				200				(75,810	)			564,091
Total Mortgage-Backed Securities			639,701				200				(75,810	)			564,091
Total		$	2,694,012			$	704			$	(285,783	)		$	2,408,933
Held-to-Maturity:
Debt Securities Issued by the U.S. Treasury and Government Agencies		$	131,742			$	—			$	(15,211	)		$	116,531
Debt Securities Issued by Corporations			11,483				—				(1,998	)			9,485
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises			2,383,375				3				(361,295	)			2,022,083
Commercial - Government Agencies or Sponsored Enterprises			425,935				—				(88,932	)			337,003
Total Collateralized Mortgage Obligations			2,809,310				3				(450,227	)			2,359,086
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises			2,034,794				26				(274,162	)			1,760,658
Commercial - Government Agencies or Sponsored Enterprises			10,006				—				(2,129	)			7,877
Total Mortgage-Backed Securities			2,044,800				26				(276,291	)			1,768,535
Total		$	4,997,335			$	29			$	(743,727	)		$	4,253,637

Analysis of the Contractual Maturities of Investment Securities

The table below presents an analysis of the contractual maturities of the Company’s investment securities as of December 31, 2024. Debt securities issued by government agencies (such as Small Business Administration securities), collateralized mortgage obligations, and mortgage-backed securities are disclosed separately, as these investment securities may prepay prior to their scheduled contractual maturity dates.

(dollars in thousands)		Amortized Cost				Fair Value
Available-for-Sale:
Due in One Year or Less		$	43,387			$	42,757
Due After One Year Through Five Years			709,471				687,128
Due After Five Years Through Ten Years			183,649				157,502
			936,507				887,387
Debt Securities Issued by Government Agencies			98,821				98,683
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises			1,050,299				935,220
Commercial - Government Agencies or Sponsored Enterprises			306,696				283,474
Total Collateralized Mortgage Obligations			1,356,995				1,218,694
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises			555,092				484,764
Total Mortgage-Backed Securities			555,092				484,764
Total		$	2,947,415			$	2,689,528
Held-to-Maturity:
Due in One Year or Less		$	7,500			$	7,272
Due After One Year Through Five Years			74,815				67,951
Due After Five Years Through Ten Years			60,043				50,052
			142,358				125,275
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises			2,185,210				1,808,064
Commercial - Government Agencies or Sponsored Enterprises			416,389				324,178
Total Collateralized Mortgage Obligations			2,601,599				2,132,242
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises			1,864,591				1,555,535
Commercial - Government Agencies or Sponsored Enterprises			9,995				7,830
Total Mortgage-Backed Securities			1,874,586				1,563,365
Total		$	4,618,543			$	3,820,882

Schedule of Gains (Losses) on Sales of Investment Securities

The table below presents the gains and losses from the sales of investment securities for the years ended December 31, 2024, 2023 and 2022.

(dollars in thousands)		2024				2023				2022
Gross Gains on Sales of Investment Securities		$	—			$	146			$	1
Gross Losses on Sales of Investment Securities			(7,507	)			(11,601	)			(6,112	)
Net Losses on Sales of Investment Securities		$	(7,507	)		$	(11,455	)		$	(6,111	)

Schedule of AFS Debt Securities in an Unrealized Loss Position

The following table summarizes the Company’s AFS debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by major security type and length of time in a continuous unrealized loss position:

		Less Than 12 Months								12 Months or Longer								Total
(dollars in thousands)		Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses
December 31, 2024
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies		$	38,854			$	(288	)		$	157,456			$	(7,897	)		$	196,310			$	(8,185	)
Debt Securities Issued by States and Political Subdivisions			—				—				63,644				(9,349	)			63,644				(9,349	)
Debt Securities Issued by U.S. Government - Sponsored Enterprises			—				—				1,464				(41	)			1,464				(41	)
Debt Securities Issued by Corporations			24,892				(108	)			546,407				(32,172	)			571,299				(32,280	)
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises			153,104				(275	)			673,141				(115,126	)			826,245				(115,401	)
Commercial - Government Agencies or Sponsored Enterprises			92,485				(5	)			128,430				(23,416	)			220,915				(23,421	)
Total Collateralized Mortgage Obligations			245,589				(280	)			801,571				(138,542	)			1,047,160				(138,822	)
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises			135				—				480,189				(70,458	)			480,324				(70,458	)
Total Mortgage-Backed Securities			135				—				480,189				(70,458	)			480,324				(70,458	)
Total		$	309,470			$	(676	)		$	2,050,731			$	(258,459	)		$	2,360,201			$	(259,135	)
December 31, 2023
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies		$	7,171			$	(16	)		$	155,341			$	(11,080	)		$	162,512			$	(11,096	)
Debt Securities Issued by States and Political Subdivisions			237				(2	)			63,509				(9,609	)			63,746				(9,611	)
Debt Securities Issued by U.S. Government - Sponsored Enterprises			—				—				1,476				(80	)			1,476				(80	)
Debt Securities Issued by Corporations			220,987				(4,013	)			411,573				(44,430	)			632,560				(48,443	)
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises			9,624				(13	)			763,476				(118,138	)			773,100				(118,151	)
Commercial - Government Agencies or Sponsored Enterprises			—				—				134,923				(22,592	)			134,923				(22,592	)
Total Collateralized Mortgage Obligations			9,624				(13	)			898,399				(140,730	)			908,023				(140,743	)
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises			4				—				559,247				(75,810	)			559,251				(75,810	)
Total Mortgage-Backed Securities			4				—				559,247				(75,810	)			559,251				(75,810	)
Total		$	238,023			$	(4,044	)		$	2,089,545			$	(281,739	)		$	2,327,568			$	(285,783	)

Schedule of Interest Income from Taxable and Non-taxable Investment Securities

Interest income from taxable and non-taxable investment securities for the years ended December 31, 2024, 2023 and 2022 were as follows:

		Year Ended December 31,
(dollars in thousands)		2024				2023				2022
Taxable		$	174,782			$	186,082			$	151,953
Non-Taxable			438				196				92
Total Interest Income from Investment Securities		$	175,220			$	186,278			$	152,045

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