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Investment Securities
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
The amortized cost, gross unrealized gains and losses, and fair value of the Company’s investment securities as of September 30, 2025 and December 31, 2024, were as follows:
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
September 30, 2025
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies$245,946 $176 $(4,281)$241,841 
Debt Securities Issued by States and Political Subdivisions72,434 — (6,393)66,041 
Debt Securities Issued by U.S. Government-Sponsored Enterprises1,004 — (13)991 
Debt Securities Issued by Corporations752,393 2,011 (21,477)732,927 
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises1,295,644 2,190 (87,243)1,210,591 
Commercial - Government Agencies or Sponsored Enterprises351,102 544 (21,461)330,185 
Commercial - Non-Agency60,644 82 (127)60,599 
Total Collateralized Mortgage Obligations1,707,390 2,816 (108,831)1,601,375 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises681,396 2,966 (47,127)637,235 
Total Mortgage-Backed Securities681,396 2,966 (47,127)637,235 
Total$3,460,563 $7,969 $(188,122)$3,280,410 
Held-to-Maturity:
Debt Securities Issued by the U.S. Treasury and Government Agencies$129,463 $— $(9,696)$119,767 
Debt Securities Issued by Corporations10,286 — (1,738)8,548 
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises2,041,489 4 (291,372)1,750,121 
Commercial - Government Agencies or Sponsored Enterprises409,775 — (80,542)329,233 
Total Collateralized Mortgage Obligations2,451,264 4 (371,914)2,079,354 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises1,739,033 328 (237,717)1,501,644 
Commercial - Government Agencies or Sponsored Enterprises9,986 — (1,726)8,260 
Total Mortgage-Backed Securities1,749,019 328 (239,443)1,509,904 
Total$4,340,032 $332 $(622,791)$3,717,573 
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair 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 Subdivisions73,208 — (9,349)63,859 
Debt Securities Issued by U.S. Government-Sponsored Enterprises1,505 — (41)1,464 
Debt Securities Issued by Corporations703,579 376 (32,280)671,675 
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises1,050,299 322 (115,401)935,220 
Commercial - Government Agencies or Sponsored Enterprises306,696 199 (23,421)283,474 
Total Collateralized Mortgage Obligations1,356,995 521 (138,822)1,218,694 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises555,092 130 (70,458)484,764 
Total Mortgage-Backed Securities555,092 130 (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 Corporations10,490 — (2,156)8,334 
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises2,185,210 3 (377,149)1,808,064 
Commercial - Government Agencies or Sponsored Enterprises416,389 — (92,211)324,178 
Total Collateralized Mortgage Obligations2,601,599 3 (469,360)2,132,242 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises1,864,591 37 (309,093)1,555,535 
Commercial - Government Agencies or Sponsored Enterprises9,995 — (2,165)7,830 
Total Mortgage-Backed Securities1,874,586 37 (311,258)1,563,365 
Total$4,618,543 $40 $(797,701)$3,820,882 
The Company elected to exclude accrued interest receivable (“AIR”) from the amortized cost basis of debt securities disclosed throughout this footnote. For AFS debt securities, AIR totaled $11.3 million and $9.0 million as of September 30, 2025 and December 31, 2024, respectively. For held-to-maturity (“HTM”) debt securities, AIR totaled $8.3 million and $8.6 million as of September 30, 2025 and December 31, 2024, respectively.

The following table presents an analysis of the contractual maturities of the Company’s investment securities as of September 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 CostFair Value
Available-for-Sale:
Due in One Year or Less$126,490 $125,203 
Due After One Year Through Five Years690,513 672,931 
Due After Five Years Through Ten Years150,762 139,926 
967,765 938,060 
Debt Securities Issued by Government Agencies104,012 103,740 
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Agencies1,295,644 1,210,591 
Commercial - Government Agencies or Sponsored Agencies351,102 330,185 
Commercial - Non-Agency60,644 60,599 
Total Collateralized Mortgage Obligations1,707,390 1,601,375 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Agencies681,396 637,235 
Total Mortgage-Backed Securities681,396 637,235 
Total$3,460,563 $3,280,410 
Held-to-Maturity:
Due in One Year or Less$5,000 $4,970 
Due After One Year Through Five Years74,857 70,682 
Due After Five Year Through Ten Years59,892 52,663 
139,749 128,315 
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Agencies2,041,489 1,750,121 
Commercial - Government Agencies or Sponsored Agencies409,775 329,233 
Total Collateralized Mortgage Obligations2,451,264 2,079,354 
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Agencies1,739,033 1,501,644 
Commercial - Government Agencies or Sponsored Agencies9,986 8,260 
Total Mortgage-Backed Securities1,749,019 1,509,904 
Total$4,340,032 $3,717,573 
Investment securities with carrying values of $7.5 billion and $7.2 billion as of September 30, 2025 and December 31, 2024, respectively, were pledged to secure deposits of governmental entities, securities sold under agreements to repurchase, support the Company's borrowing capacity with the Federal Reserve Bank, and secure derivative transactions.
During the three months ended September 30, 2025 and 2024, the Company recognized net realized losses on sales of investments of $1.9 million and $1.1 million, respectively. During the nine months ended September 30, 2025 and 2024, the Company recognized net realized losses on sales of investments of $4.7 million and $4.2 million, respectively. The losses on sales of investment securities were due to fees paid to the counterparties of the Company's prior Visa Class B share sale transactions, which are expensed as incurred.
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 Months12 Months or LongerTotal
(dollars in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
September 30, 2025
Available-for-Sale:
Debt Securities Issued by the U.S. Treasury and Government Agencies$61,949 $(248)$142,395 $(4,033)$204,344 $(4,281)
Debt Securities Issued by States and Political Subdivisions— — 65,905 (6,393)65,905 (6,393)
Debt Securities Issued by U.S. Government- Sponsored Enterprises— — 992 (13)992 (13)
Debt Securities Issued by Corporations74,824 (176)555,825 (21,301)630,649 (21,477)
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises83,117 (227)624,852 (87,016)707,969 (87,243)
Commercial - Government Agencies or Sponsored Enterprises76,777 (78)173,115 (21,383)249,892 (21,461)
Commercial - Non-Agency29,548 (127)— — 29,548 (127)
Total Collateralized Mortgage Obligations189,442 (432)797,967 (108,399)987,409 (108,831)
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises— — 444,626 (47,127)444,626 (47,127)
Total Mortgage-Backed Securities— — 444,626 (47,127)444,626 (47,127)
Total$326,215 $(856)$2,007,710 $(187,266)$2,333,925 $(188,122)
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 Corporations24,892 (108)546,407 (32,172)571,299 (32,280)
Collateralized Mortgage Obligations:
Residential - Government Agencies or Sponsored Enterprises153,104 (275)673,141 (115,126)826,245 (115,401)
Commercial - Government Agencies or Sponsored Enterprises92,485 (5)128,430 (23,416)220,915 (23,421)
Total Collateralized Mortgage Obligations245,589 (280)801,571 (138,542)1,047,160 (138,822)
Mortgage-Backed Securities:
Residential - Government Agencies or Sponsored Enterprises135 0 480,189 (70,458)480,324 (70,458)
Total Mortgage-Backed Securities135 0 480,189 (70,458)480,324 (70,458)
Total$309,470 $(676)$2,050,731 $(258,459)$2,360,201 $(259,135)
The Company does not believe the AFS debt securities that were in an unrealized loss position represent a credit loss impairment. As of September 30, 2025 and December 31, 2024, the Company's unrealized losses from AFS debt securities were generated from 355 positions and 386 positions, respectively. As of September 30, 2025 and December 31, 2024, total gross unrealized losses were attributable to changes in interest rates, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities. Mortgage-backed securities issued by U.S. government agencies or U.S. government-sponsored enterprises carry the explicit and/or implicit guarantee of the U.S.
government and have a long history of zero credit loss. Debt securities issued by corporations and non-agency commercial mortgage-backed securities are of high credit quality and the issuers continue to make timely principal and interest payments. As of September 30, 2025, the Company did not have any plans to sell the investment securities that were in an unrealized loss position and it is more likely than not that the Company will not be required to sell the investment securities before recovery of their amortized cost basis, which may be at maturity. In October 2025, the Company initiated the process of repositioning a portion of its AFS securities. As a result, the Company expects to realize a loss on the sale of certain securities during the quarter ending December 31, 2025 that is expected to range from $16 million to $17 million.
Substantially all of the Company’s HTM debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Therefore, the Company did not record an allowance for credit losses for these securities as of September 30, 2025 and December 31, 2024.
Interest income from taxable and non-taxable investment securities for the three and nine months ended September 30, 2025 and 2024 were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Taxable$48,511 $44,068 $139,175 $130,724 
Non-Taxable523 296 1,360 596 
Total Interest Income from Investment Securities$49,034 $44,364 $140,535 $131,320