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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Estimated Fair Values of Investments Securities
The amortized cost and estimated fair values of investment securities classified as available for sale and held to maturity are summarized in the following tables:
December 31, 2024
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Debt Securities Available for Sale
Obligations of U.S. government agencies$1,268,654 $16 $(174,485)$1,094,185 
Obligations of states and political subdivisions249,627 66 (28,949)220,744 
Corporate bonds6,182 — (345)5,837 
Asset backed securities314,814 687 (1,238)314,263 
Non-agency collateralized mortgage obligations299,256 238 (29,638)269,856 
Total debt securities available for sale$2,138,533 $1,007 $(234,655)$1,904,885 
Debt Securities Held to Maturity
Obligations of U.S. government agencies$109,155 $$(7,443)$101,715 
Obligations of states and political subdivisions2,711 (79)2,634 
Total debt securities held to maturity$111,866 $$(7,522)$104,349 
December 31, 2023
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Debt Securities Available for Sale
Obligations of U.S. government agencies$1,386,772 $$(165,037)$1,221,737 
Obligations of states and political subdivisions262,879 268 (26,772)236,375 
Corporate bonds6,173 — (571)5,602 
Asset backed securities359,214 255 (4,188)355,281 
Non-agency collateralized mortgage obligations369,287 — (35,778)333,509 
Total debt securities available for sale$2,384,325 $525 $(232,346)$2,152,504 
Debt Securities Held to Maturity
Obligations of U.S. government agencies$130,823 $— $(8,331)$122,492 
Obligations of states and political subdivisions2,671 (43)2,634 
Total debt securities held to maturity$133,494 $$(8,374)$125,126 
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity
December 31, 2024
Available for SaleHeld to Maturity
(In thousands)Amortized
Cost
Estimated
Fair Value
Amortized
Cost
Estimated
Fair Value
Due in one year$6,847 $6,690 $1,147 $1,149 
Due after one year through five years68,151 64,940 3,054 2,965 
Due after five years through ten years194,985 182,944 89,254 83,477 
Due after ten years1,868,550 1,650,311 18,411 16,758 
Totals$2,138,533 $1,904,885 $111,866 $104,349 
Gross Unrealized Losses on Investment Securities
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:
December 31, 2024
Less than 12 months12 months or moreTotal
(in thousands)Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Debt Securities Available for Sale
Obligations of U.S. government agencies$63,714 $(842)$1,021,654 $(173,643)$1,085,368 $(174,485)
Obligations of states and political subdivisions7,457 (140)208,063 (28,809)215,520 (28,949)
Corporate bonds1,229 (17)4,608 (328)5,837 (345)
Asset backed securities44,707 (30)75,734 (1,208)120,441 (1,238)
Non-agency collateralized mortgage obligations— — 236,671 (29,638)236,671 (29,638)
Total debt securities available for sale$117,107 $(1,029)$1,546,730 $(233,626)$1,663,837 $(234,655)
Debt Securities Held to Maturity
Obligations of U.S. government agencies$— $— $101,553 $(7,443)$101,553 $(7,443)
Obligations of states and political subdivisions— — 1,485 (79)1,485 (79)
Total debt securities held to maturity$— $— $103,038 $(7,522)$103,038 $(7,522)
December 31, 2023
Less than 12 months12 months or moreTotal
(in thousands)Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Debt Securities Available for Sale
Obligations of U.S. government agencies$224 $— $1,221,320 $(165,037)$1,221,544 $(165,037)
Obligations of states and political subdivisions6,229 (75)216,497 (26,697)222,726 (26,772)
Corporate bonds— — 5,602 (571)5,602 (571)
Asset backed securities15,928 (93)264,731 (4,095)280,659 (4,188)
Non-agency collateralized mortgage obligations44,276 (583)289,233 (35,195)333,509 (35,778)
Total securities available for sale$66,657 $(751)$1,997,383 $(231,595)$2,064,040 $(232,346)
Debt Securities Held to Maturity
Obligations of U.S. government agencies$— $— $122,259 $(8,331)$122,259 $(8,331)
Obligations of states and political subdivisions— — 1,012 (43)1,012 (43)
Total debt securities held to maturity$— $— $123,271 $(8,374)$123,271 $(8,374)
Amortized Cost of Debt Securities Held-to-Maturity
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:
December 31, 2024
Less than 12 months12 months or moreTotal
(in thousands)Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Debt Securities Available for Sale
Obligations of U.S. government agencies$63,714 $(842)$1,021,654 $(173,643)$1,085,368 $(174,485)
Obligations of states and political subdivisions7,457 (140)208,063 (28,809)215,520 (28,949)
Corporate bonds1,229 (17)4,608 (328)5,837 (345)
Asset backed securities44,707 (30)75,734 (1,208)120,441 (1,238)
Non-agency collateralized mortgage obligations— — 236,671 (29,638)236,671 (29,638)
Total debt securities available for sale$117,107 $(1,029)$1,546,730 $(233,626)$1,663,837 $(234,655)
Debt Securities Held to Maturity
Obligations of U.S. government agencies$— $— $101,553 $(7,443)$101,553 $(7,443)
Obligations of states and political subdivisions— — 1,485 (79)1,485 (79)
Total debt securities held to maturity$— $— $103,038 $(7,522)$103,038 $(7,522)
December 31, 2023
Less than 12 months12 months or moreTotal
(in thousands)Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Debt Securities Available for Sale
Obligations of U.S. government agencies$224 $— $1,221,320 $(165,037)$1,221,544 $(165,037)
Obligations of states and political subdivisions6,229 (75)216,497 (26,697)222,726 (26,772)
Corporate bonds— — 5,602 (571)5,602 (571)
Asset backed securities15,928 (93)264,731 (4,095)280,659 (4,188)
Non-agency collateralized mortgage obligations44,276 (583)289,233 (35,195)333,509 (35,778)
Total securities available for sale$66,657 $(751)$1,997,383 $(231,595)$2,064,040 $(232,346)
Debt Securities Held to Maturity
Obligations of U.S. government agencies$— $— $122,259 $(8,331)$122,259 $(8,331)
Obligations of states and political subdivisions— — 1,012 (43)1,012 (43)
Total debt securities held to maturity$— $— $123,271 $(8,374)$123,271 $(8,374)
The following table summarizes the amortized cost of debt securities held-to-maturity at the dates indicated, aggregated by credit quality indicator:
December 31, 2024December 31, 2023
(in thousands)
AAA/AA/ABBB/BB/BAAA/AA/ABBB/BB/B
Debt Securities Held to Maturity
Obligations of U.S. government agencies$109,155 $— $130,823 $— 
Obligations of states and political subdivisions2,711 — 2,671 — 
Total debt securities held to maturity$111,866 $— $133,494 $—