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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2025
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 June 30, 2025 and December 31, 2024, were as follows:
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
June 30, 2025 |  |  |  |
Available-for-Sale: |  |  |  |
Debt Securities Issued by the U.S. Treasury and Government Agencies | $ | 248,373 |  | $ | 462 |  | $ | (5,120) |  | $ | 243,715 |
Debt Securities Issued by States and Political Subdivisions | 72,943 |  | — |  | (6,983) |  | 65,960 |
Debt Securities Issued by U.S. Government-Sponsored Enterprises | 1,005 |  | — |  | (20) |  | 985 |
Debt Securities Issued by Corporations | 752,354 |  | 1,640 |  | (25,152) |  | 728,842 |
Collateralized Mortgage Obligations: |  |  |  |
Residential - Government Agencies or Sponsored Enterprises | 1,191,950 |  | 877 |  | (95,458) |  | 1,097,369 |
Commercial - Government Agencies or Sponsored Enterprises | 354,093 |  | 535 |  | (22,167) |  | 332,461 |
Commercial - Non-Agency | 35,968 |  | 50 |  | (11) |  | 36,007 |
Total Collateralized Mortgage Obligations | 1,582,011 |  | 1,462 |  | (117,636) |  | 1,465,837 |
Mortgage-Backed Securities: |  |  |  |
Residential - Government Agencies or Sponsored Enterprises | 657,288 |  | 912 |  | (52,035) |  | 606,165 |
Total Mortgage-Backed Securities | 657,288 |  | 912 |  | (52,035) |  | 606,165 |
Total | $ | 3,313,974 |  | $ | 4,476 |  | $ | (206,946) |  | $ | 3,111,504 |
Held-to-Maturity: |  |  |  |
Debt Securities Issued by the U.S. Treasury and Government Agencies | $ | 131,932 |  | $ | — |  | $ | (10,754) |  | $ | 121,178 |
Debt Securities Issued by Corporations | 10,354 |  | — |  | (1,827) |  | 8,527 |
Collateralized Mortgage Obligations: |  |  |  |
Residential - Government Agencies or Sponsored Enterprises | 2,092,255 |  | 3 |  | (325,650) |  | 1,766,608 |
Commercial - Government Agencies or Sponsored Enterprises | 411,848 |  | — |  | (83,013) |  | 328,835 |
Total Collateralized Mortgage Obligations | 2,504,103 |  | 3 |  | (408,663) |  | 2,095,443 |
Mortgage-Backed Securities: |  |  |  |
Residential - Government Agencies or Sponsored Enterprises | 1,784,975 |  | 69 |  | (263,552) |  | 1,521,492 |
Commercial - Government Agencies or Sponsored Enterprises | 9,989 |  | — |  | (1,835) |  | 8,154 |
Total Mortgage-Backed Securities | 1,794,964 |  | 69 |  | (265,387) |  | 1,529,646 |
Total | $ | 4,441,353 |  | $ | 72 |  | $ | (686,631) |  | $ | 3,754,794 |
Analysis of the Contractual Maturities of Investment Securities | The following table presents an analysis of the contractual maturities of the Company’s investment securities as of June 30, 2025. Debt securities issued by government agencies (such as Small Business Administration securities), collateralized mortgage obligations, and mortgage-backed securities are disclosed separately in the following table 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 | $ | 126,856 |  | $ | 124,752 |
Due After One Year Through Five Years | 629,712 |  | 615,325 |
Due After Five Years Through Ten Years | 208,634 |  | 189,655 |
| 965,202 |  | 929,732 |
Debt Securities Issued by Government Agencies | 109,473 |  | 109,770 |
Collateralized Mortgage Obligations: |  |
Residential - Government Agencies or Sponsored Agencies | 1,191,950 |  | 1,097,369 |
Commercial - Government Agencies or Sponsored Agencies | 354,093 |  | 332,461 |
Commercial - Non-Agency | 35,968 |  | 36,007 |
Total Collateralized Mortgage Obligations | 1,582,011 |  | 1,465,837 |
Mortgage-Backed Securities: |  |
Residential - Government Agencies or Sponsored Agencies | 657,288 |  | 606,165 |
Total Mortgage-Backed Securities | 657,288 |  | 606,165 |
Total | $ | 3,313,974 |  | $ | 3,111,504 |
Held-to-Maturity: |  |
Due in One Year or Less | $ | 7,500 |  | $ | 7,411 |
Due After One Year Through Five Years | 74,843 |  | 70,099 |
Due After Five Year Through Ten Years | 59,943 |  | 52,195 |
| 142,286 |  | 129,705 |
Collateralized Mortgage Obligations: |  |
Residential - Government Agencies or Sponsored Agencies | 2,092,255 |  | 1,766,608 |
Commercial - Government Agencies or Sponsored Agencies | 411,848 |  | 328,835 |
Total Collateralized Mortgage Obligations | 2,504,103 |  | 2,095,443 |
Mortgage-Backed Securities: |  |
Residential - Government Agencies or Sponsored Agencies | 1,784,975 |  | 1,521,492 |
Commercial - Government Agencies or Sponsored Agencies | 9,989 |  | 8,154 |
Total Mortgage-Backed Securities | 1,794,964 |  | 1,529,646 |
Total | $ | 4,441,353 |  | $ | 3,754,794 |
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 was not deemed necessary, 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
June 30, 2025 |  |  |  |  |  |  |  |
Available-for-Sale: |  |  |  |  |  |  |  |
Debt Securities Issued by the U.S. Treasury and Government Agencies | $ | 44,920 |  | $ | (787) |  |  | $ | 101,097 |  | $ | (4,333) |  |  | $ | 146,017 |  | $ | (5,120) |
Debt Securities Issued by States and Political Subdivisions | — |  | — |  |  | 65,560 |  | (6,983) |  |  | 65,560 |  | (6,983) |
Debt Securities Issued by U.S. Government- Sponsored Enterprises | — |  | — |  |  | 985 |  | (20) |  |  | 985 |  | (20) |
Debt Securities Issued by Corporations | 171,062 |  | (7,201) |  |  | 456,022 |  | (17,951) |  |  | 627,084 |  | (25,152) |
Collateralized Mortgage Obligations: |  |  |  |  |  |  |  |
Residential - Government Agencies or Sponsored Enterprises | 266,073 |  | (7,996) |  |  | 591,331 |  | (87,462) |  |  | 857,404 |  | (95,458) |
Commercial - Government Agencies or Sponsored Enterprises | 71,066 |  | (148) |  |  | 150,308 |  | (22,019) |  |  | 221,374 |  | (22,167) |
Commercial - Non-Agency | 4,989 |  | (11) |  |  | — |  | — |  |  | 4,989 |  | (11) |
Total Collateralized Mortgage Obligations | 342,128 |  | (8,155) |  |  | 741,639 |  | (109,481) |  |  | 1,083,767 |  | (117,636) |
Mortgage-Backed Securities: |  |  |  |  |  |  |  |
Residential - Government Agencies or Sponsored Enterprises | 218,210 |  | (25,635) |  |  | 254,994 |  | (26,400) |  |  | 473,204 |  | (52,035) |
Total Mortgage-Backed Securities | 218,210 |  | (25,635) |  |  | 254,994 |  | (26,400) |  |  | 473,204 |  | (52,035) |
Total | $ | 776,320 |  | $ | (41,778) |  |  | $ | 1,620,297 |  | $ | (165,168) |  |  | $ | 2,396,617 |  | $ | (206,946) |
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) |
Schedule of Interest Income from Taxable and Non-taxable Investment Securities | Interest income from taxable and non-taxable investment securities for the three and six months ended June 30, 2025 and 2024 were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(dollars in thousands) | 2025 | 2024 |  | 2025 | 2024
Taxable | $ | 46,385 |  | $ | 43,057 |  |  | $ | 90,664 |  | $ | 86,943 |
Non-Taxable | 457 |  | 6 |  |  | 837 |  | 13 |
Total Interest Income from Investment Securities | $ | 46,842 |  | $ | 43,063 |  |  | $ | 91,501 |  | $ | 86,956 |

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