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INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Summary of Held-To-Maturity and Available-For-Sale Investment Securities

The following is a summary of HTM and AFS investment securities as of March 31, 2025:

						Held-to-maturity																								Available-for-sale
(Dollars in thousands)						Amortized cost						Unrecognized gain						Unrecognized loss						Fair value						Amortized cost						Unrealized gain						Unrealized loss						Fair value
U.S. Treasuries						$	0					$	0					$	0					$	0					$	99					$	0					$	(7)					$	92
Securities of U.S. government agencies and corporations						0						0						0						0						72,573						0						(8,212)						64,361
Mortgage-backed securities - residential						0						0						0						0						1,189,267						3,478						(85,010)						1,107,735
Mortgage-backed securities - commercial						30,101						0						(4,017)						26,084						332,286						424						(21,346)						311,364
Collateralized mortgage obligations						6,836						0						(647)						6,189						675,620						3,212						(44,768)						634,064
Obligations of state and other political subdivisions						8,282						29						(325)						7,986						616,286						530						(112,655)						504,161
Asset-backed securities						0						0						0						0						522,534						1,050						(15,109)						508,475
Other securities						31,250						0						(2,151)						29,099						137,756						313						(7,340)						130,729
Total						$	76,469					$	29					$	(7,140)					$	69,358					$	3,546,421					$	9,007					$	(294,447)					$	3,260,981

The following is a summary of HTM and AFS investment securities as of December 31, 2024:

						Held-to-maturity																								Available-for-sale
(Dollars in thousands)						Amortized cost						Unrecognized gain						Unrecognized loss						Fair value						Amortized cost						Unrealized gain						Unrealized loss						Fair value
U.S. Treasuries						$	0					$	0					$	0					$	0					$	99					$	0					$	(9)					$	90
Securities of U.S. government agencies and corporations						0						0						0						0						83,224						0						(11,546)						71,678
Mortgage-backed securities - residential						0						0						0						0						1,102,242						508						(104,208)						998,542
Mortgage-backed securities - commercial						30,444						0						(4,454)						25,990						382,727						26						(25,381)						357,372
Collateralized mortgage obligations						7,007						0						(788)						6,219						620,315						1,449						(52,599)						569,165
Obligations of state and other political subdivisions						8,259						42						(339)						7,962						630,813						357						(109,904)						521,266
Asset-backed securities						0						0						0						0						555,484						998						(22,379)						534,103
Other securities						31,250						0						(2,432)						28,818						137,748						120						(6,308)						131,560
Total						$	76,960					$	42					$	(8,013)					$	68,989					$	3,512,652					$	3,458					$	(332,334)					$	3,183,776

Summary of Investment Securities by Estimated Maturity

The following table provides a summary of investment securities by contractual maturity as of March 31, 2025, except for residential and commercial mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, which are shown as single totals due to the unpredictability of the timing in principal repayments.

						Held-to-maturity												Available-for-sale
(Dollars in thousands)						Amortized cost						Fair value						Amortized cost						Fair value
By Contractual Maturity:
Due in one year or less						$	0					$	0					$	4,340					$	3,305
Due after one year through five years						5,716						5,720						142,509						128,958
Due after five years through ten years						32,298						30,115						199,185						169,149
Due after ten years						1,518						1,250						480,680						397,931
Mortgage-backed securities - residential						0						0						1,189,267						1,107,735
Mortgage-backed securities - commercial						30,101						26,084						332,286						311,364
Collateralized mortgage obligations						6,836						6,189						675,620						634,064
Asset-backed securities						0						0						522,534						508,475
Total						$	76,469					$	69,358					$	3,546,421					$	3,260,981

Age of Gross Unrealized Losses and Associated Fair Value by Investment Category

The following tables provide the fair value and gross unrealized losses of AFS investment securities in an unrealized loss position for which an ACL has not been recorded, aggregated by investment category and the length of time the individual securities have been in a continuous loss position:

						March 31, 2025
						Less than 12 months												12 months or more												Total
(Dollars in thousands)						Fair value						Unrealized loss						Fair value						Unrealized loss						Fair value						Unrealized loss
U.S. Treasuries						$	0					$	0					$	92					$	(7)					$	92					$	(7)
Securities of U.S. Government agencies and corporations						0						0						64,361						(8,212)						64,361						(8,212)
Mortgage-backed securities - residential						266,946						(3,441)						485,197						(81,569)						752,143						(85,010)
Mortgage-backed securities - commercial						23,709						(59)						230,179						(21,287)						253,888						(21,346)
Collateralized mortgage obligations						88,599						(589)						288,026						(44,179)						376,625						(44,768)
Obligations of state and other political subdivisions						11,197						(171)						462,642						(112,484)						473,839						(112,655)
Asset-backed securities						129,559						(407)						85,591						(14,702)						215,150						(15,109)
Other securities						0						0						114,416						(7,340)						114,416						(7,340)
Total						$	520,010					$	(4,667)					$	1,730,504					$	(289,780)					$	2,250,514					$	(294,447)

						December 31, 2024
						Less than 12 months												12 months or more												Total
(Dollars in thousands)						Fair value						Unrealized loss						Fair value						Unrealized loss						Fair value						Unrealized loss
U.S. Treasuries						$	0					$	0					$	90					$	(9)					$	90					$	(9)
Securities of U.S. Government agencies and corporations						0						0						71,678						(11,546)						71,678						(11,546)
Mortgage-backed securities - residential						417,516						(9,130)						503,321						(95,078)						920,837						(104,208)
Mortgage-backed securities - commercial						26,516						(67)						286,589						(25,314)						313,105						(25,381)
Collateralized mortgage obligations						120,670						(1,776)						296,813						(50,823)						417,483						(52,599)
Obligations of state and other political subdivisions						19,636						(351)						478,083						(109,553)						497,719						(109,904)
Asset-backed securities						26,389						(189)						159,135						(22,190)						185,524						(22,379)
Other securities						9,988						(12)						115,452						(6,296)						125,440						(6,308)
Total						$	620,715					$	(11,525)					$	1,911,161					$	(320,809)					$	2,531,876					$	(332,334)

The following tables provide the fair value and gross unrecognized losses of HTM investment securities in an unrecognized loss position for which an ACL has not been recorded, aggregated by investment category and the length of time the individual securities have been in a continuous loss position:

						March 31, 2025
						Less than 12 months												12 months or more												Total
(Dollars in thousands)						Fair value						Unrecognized loss						Fair value						Unrecognized loss						Fair value						Unrecognized loss
U.S. Treasuries						$	0					$	0					$	0					$	0					$	0					$	0
Securities of U.S. Government agencies and corporations						0						0						0						0						0						0
Mortgage-backed securities - residential						0						0						0						0						0						0
Mortgage-backed securities - commercial						0						0						26,084						(4,017)						26,084						(4,017)
Collateralized mortgage obligations						0						0						6,189						(647)						6,189						(647)
Obligations of state and other political subdivisions						3,144						(24)						2,265						(301)						5,409						(325)
Asset-backed securities						0						0						0						0						0						0
Other securities						0						0						29,099						(2,151)						29,099						(2,151)
Total						$	3,144					$	(24)					$	63,637					$	(7,116)					$	66,781					$	(7,140)

						December 31, 2024
						Less than 12 months												12 months or more												Total
(Dollars in thousands)						Fair value						Unrecognized loss						Fair value						Unrecognized loss						Fair value						Unrecognized loss
U.S. Treasuries						$	0					$	0					$	0					$	0					$	0					$	0
Securities of U.S. Government agencies and corporations						0						0						0						0						0						0
Mortgage-backed securities - residential						0						0						0						0						0						0
Mortgage-backed securities - commercial						0						0						25,990						(4,454)						25,990						(4,454)
Collateralized mortgage obligations						0						0						6,219						(788)						6,219						(788)
Obligations of state and other political subdivisions						3,111						(33)						2,288						(306)						5,399						(339)
Asset-backed securities						0						0						0						0						0						0
Other securities						0						0						28,818						(2,432)						28,818						(2,432)
Total						$	3,111					$	(33)					$	63,315					$	(7,980)					$	66,426					$	(8,013)

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- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

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- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-6

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Tabular disclosure of unrealized gains and losses on investments.

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