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DEBT SECURITIES (Tables) | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Amortized Cost, Unrealized Gains and Losses, and Fair Values of Securities Classified as AFS and HTM | The tables below provides the amortized cost, unrealized and unrecognized gains and losses, and fair values of debt securities, summarized by major category (dollars in thousands):
| As of December 31, 2024
| Amortized Cost |  | Unrealized |  | Fair Value
Gross Gains |  | Gross Losses
Debt securities available for sale |  |  |  |  |  |  |
Obligations of U.S. government corporations and agencies | $ | 1,408 |  |  | $ | — |  |  | $ | (8) |  |  | $ | 1,400 |
Obligations of states and political subdivisions 1 | 156,534 |  |  | 31 |  |  | (16,736) |  |  | 139,829 |
Asset-backed securities 1 | 336,379 |  |  | 181 |  |  | (3) |  |  | 336,557 |
Commercial mortgage-backed securities | 107,305 |  |  | — |  |  | (15,131) |  |  | 92,174 |
Residential mortgage-backed securities | 1,279,090 |  |  | 19 |  |  | (191,899) |  |  | 1,087,210 |
Corporate debt securities | 159,236 |  |  | 363 |  |  | (6,548) |  |  | 153,051 |
Total debt securities available for sale | $ | 2,039,952 |  |  | $ | 594 |  |  | $ | (230,325) |  |  | $ | 1,810,221 |
| Amortized Cost |  | Unrecognized |  | Fair Value
Gross Gains |  | Gross Losses
Debt securities held to maturity |  |  |  |  |  |  |
Commercial mortgage-backed securities | $ | 415,530 |  |  | $ | — |  |  | $ | (77,242) |  |  | $ | 338,288 |
Residential mortgage-backed securities | 411,100 |  |  | — |  |  | (74,335) |  |  | 336,765 |
Total debt securities held to maturity | $ | 826,630 |  |  | $ | — |  |  | $ | (151,577) |  |  | $ | 675,053 |
___________________________________________ 1. Includes securities marked at par, with no gain or loss to report.
| As of December 31, 2023
| Amortized Cost |  | Unrealized |  | Fair Value
| Gross Gains |  | Gross Losses
Debt securities available for sale |  |  |  |  |  |  |
U.S. Treasury securities | $ | 16,031 |  |  | $ | — |  |  | $ | (85) |  |  | $ | 15,946 |
Obligations of U.S. government corporations and agencies | 5,889 |  |  | 1 |  |  | (58) |  |  | 5,832 |
Obligations of states and political subdivisions 1 | 190,819 |  |  | 52 |  |  | (18,026) |  |  | 172,845 |
Asset-backed securities | 470,046 |  |  | — |  |  | (1,823) |  |  | 468,223 |
Commercial mortgage-backed securities | 119,044 |  |  | — |  |  | (15,535) |  |  | 103,509 |
Residential mortgage-backed securities | 1,306,854 |  |  | 5 |  |  | (195,547) |  |  | 1,111,312 |
Corporate debt securities | 225,947 |  |  | 128 |  |  | (16,171) |  |  | 209,904 |
Total debt securities available for sale | $ | 2,334,630 |  |  | $ | 186 |  |  | $ | (247,245) |  |  | $ | 2,087,571 |
| Amortized Cost |  | Unrecognized |  | Fair Value
| Gross Gains |  | Gross Losses
Debt securities held to maturity |  |  |  |  |  |  |
Commercial mortgage-backed securities | $ | 428,526 |  |  | $ | — |  |  | $ | (71,000) |  |  | $ | 357,526 |
Residential mortgage-backed securities | 444,102 |  |  | — |  |  | (71,231) |  |  | 372,871 |
Total debt securities held to maturity | $ | 872,628 |  |  | $ | — |  |  | $ | (142,231) |  |  | $ | 730,397 |
___________________________________________ 1. Includes securities marked at par, with no gain or loss to report.
Schedule of Maturities Of Debt Securities | All mortgage-backed securities were issued by U.S. government corporations and agencies (dollars in thousands):
| As of December 31, 2024
| Amortized Cost |  | Fair Value
Debt securities available for sale |  |  |
Due in one year or less | $ | 91,497 |  |  | $ | 90,406 |
Due after one year through five years | 110,271 |  |  | 104,914 |
Due after five years through ten years | 518,414 |  |  | 495,024 |
Due after ten years | 1,319,770 |  |  | 1,119,877 |
Debt securities available for sale | $ | 2,039,952 |  |  | $ | 1,810,221 |
Debt securities held to maturity |  |  |
Due in one year or less | $ | 18,628 |  |  | $ | 18,327 |
Due after one year through five years | 62,119 |  |  | 58,733 |
Due after five years through ten years | 14,689 |  |  | 12,609 |
Due after ten years | 731,194 |  |  | 585,384 |
Debt securities held to maturity | $ | 826,630 |  |  | $ | 675,053 |
Schedule of Gains and Losses on Debt Securities Available for Sale | Realized gains and losses related to sales and calls of debt securities available for sale are summarized as follows (dollars in thousands):
|  |  | Years Ended December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
Realized gains and losses on debt securities |  |  |  |  |  |  |  |  |
Gross gains on debt securities |  |  |  |  | $ | 1 |  |  | $ | 20 |  |  | $ | 115 |
Gross (losses) on debt securities |  |  |  |  | (7,034) |  |  | (5,523) |  |  | (89) |
Realized net gains (losses) on debt securities 1 |  |  |  |  | $ | (7,033) |  |  | $ | (5,503) |  |  | $ | 26 |
___________________________________________ 1. Net gains (losses) on sales of securities reported on the Consolidated Statements of Income include the sale of equity securities, excluded in this table.
Schedule of Debt Securities in an Unrealized or Unrecognized Loss Position | The following information pertains to debt securities with gross unrealized or unrecognized losses, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (dollars in thousands):
| As of December 31, 2024
| Less than 12 months |  | 12 months or more |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Debt securities available for sale |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government corporations and agencies | $ | — |  |  | $ | — |  |  | $ | 1,328 |  |  | $ | (8) |  |  | $ | 1,328 |  |  | $ | (8) |
Obligations of states and political subdivisions | 11,234 |  |  | (209) |  |  | 119,723 |  |  | (16,527) |  |  | 130,957 |  |  | (16,736) |
Asset-backed securities | 14,997 |  |  | (3) |  |  | — |  |  | — |  |  | 14,997 |  |  | (3) |
Commercial mortgage-backed securities | 6,238 |  |  | (42) |  |  | 85,936 |  |  | (15,089) |  |  | 92,174 |  |  | (15,131) |
Residential mortgage-backed securities | 152,081 |  |  | (640) |  |  | 930,642 |  |  | (191,259) |  |  | 1,082,723 |  |  | (191,899) |
Corporate debt securities | 598 |  |  | (1) |  |  | 143,966 |  |  | (6,547) |  |  | 144,564 |  |  | (6,548) |
Debt securities available for sale with gross unrealized losses | $ | 185,148 |  |  | $ | (895) |  |  | $ | 1,281,595 |  |  | $ | (229,430) |  |  | $ | 1,466,743 |  |  | $ | (230,325) |
|  |  | 12 months or more |  | Total
|  |  |  |  | Fair Value |  | Unrecognized Losses |  | Fair Value |  | Unrecognized Losses
Debt securities held to maturity |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  |  |  |  | $ | 338,288 |  |  | $ | (77,242) |  |  | $ | 338,288 |  |  | $ | (77,242) |
Residential mortgage-backed securities |  |  |  |  | 336,765 |  |  | (74,335) |  |  | 336,765 |  |  | (74,335) |
Debt securities held to maturity with gross unrecognized losses |  |  |  |  | $ | 675,053 |  |  | $ | (151,577) |  |  | $ | 675,053 |  |  | $ | (151,577) |
| As of December 31, 2023
| Less than 12 months |  | 12 months or more |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Debt securities available for sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | — |  |  | $ | — |  |  | $ | 15,946 |  |  | $ | (85) |  |  | $ | 15,946 |  |  | $ | (85) |
Obligations of U.S. government corporations and agencies | — |  |  | — |  |  | 5,709 |  |  | (58) |  |  | 5,709 |  |  | (58) |
Obligations of states and political subdivisions | 11,442 |  |  | (54) |  |  | 146,797 |  |  | (17,972) |  |  | 158,239 |  |  | (18,026) |
Asset-backed securities | — |  |  | — |  |  | 468,223 |  |  | (1,823) |  |  | 468,223 |  |  | (1,823) |
Commercial mortgage-backed securities | — |  |  | — |  |  | 103,509 |  |  | (15,535) |  |  | 103,509 |  |  | (15,535) |
Residential mortgage-backed securities | 141 |  |  | (1) |  |  | 1,110,906 |  |  | (195,546) |  |  | 1,111,047 |  |  | (195,547) |
Corporate debt securities | 1,450 |  |  | (10) |  |  | 198,694 |  |  | (16,161) |  |  | 200,144 |  |  | (16,171) |
Debt securities available for sale with gross unrealized losses | $ | 13,033 |  |  | $ | (65) |  |  | $ | 2,049,784 |  |  | $ | (247,180) |  |  | $ | 2,062,817 |  |  | $ | (247,245) |
|  |  | 12 months or more |  | Total
|  |  |  |  | Fair Value |  | Unrecognized Losses |  | Fair Value |  | Unrecognized Losses
Debt securities held to maturity |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  |  |  |  | $ | 357,526 |  |  | $ | (71,000) |  |  | $ | 357,526 |  |  | $ | (71,000) |
Residential mortgage-backed securities |  |  |  |  | 372,871 |  |  | (71,231) |  |  | 372,871 |  |  | (71,231) |
Debt securities held to maturity with gross unrecognized losses |  |  |  |  | $ | 730,397 |  |  | $ | (142,231) |  |  | $ | 730,397 |  |  | $ | (142,231) |
Additional information about debt securities in an unrealized or unrecognized loss position is presented in the tables below (dollars in thousands):
| As of December 31, 2024
| Available for Sale |  | Held to Maturity |  | Total
Debt securities with gross unrealized or unrecognized losses, fair value | $ | 1,466,743 |  |  | $ | 675,053 |  |  | $ | 2,141,796 |
Gross unrealized or unrecognized losses on debt securities | 230,325 |  |  | 151,577 |  |  | 381,902 |
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses | 15.7 | % |  | 22.5 | % |  | 17.8 | %
Count of debt securities | 677 |  |  | 55 |  |  | 732 |
Count of debt securities in an unrealized or unrecognized loss position | 586 |  |  | 55 |  |  | 641 |
| As of December 31, 2023
| Available for Sale |  | Held to Maturity |  | Total
Debt securities with gross unrealized or unrecognized losses, fair value | $ | 2,062,817 |  |  | $ | 730,397 |  |  | $ | 2,793,214 |
Gross unrealized or unrecognized losses on debt securities | 247,245 |  |  | 142,231 |  |  | 389,476 |
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses | 12.0 | % |  | 19.5 | % |  | 13.9 | %
Count of debt securities | 835 |  |  | 55 |  |  | 890 |
Count of debt securities in an unrealized or unrecognized loss position | 779 |  |  | 55 |  |  | 834 |

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