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Investment Securities (Tables)

6 Months Ended

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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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
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