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v3.25.1

Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Amortized Cost, Estimated Fair Value and Allowance for Credit Loss on Investments in Debt Securities | The amortized cost, estimated fair values and allowance for credit losses of investments in debt securities are summarized in the following tables:
| March 31, 2025
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Estimated Fair Value
Debt Securities Available for Sale |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 1,242,037 |  |  | $ | 288 |  |  | $ | (147,835) |  |  |  |  | $ | 1,094,490 |
Obligations of states and political subdivisions | 241,062 |  |  | 42 |  |  | (27,905) |  |  |  |  | 213,199 |
Corporate bonds | 6,184 |  |  | 26 |  |  | (229) |  |  |  |  | 5,981 |
Asset backed securities | 285,784 |  |  | 239 |  |  | (1,513) |  |  |  |  | 284,510 |
Non-agency collateralized mortgage obligations | 279,559 |  |  | 207 |  |  | (25,596) |  |  |  |  | 254,170 |
Total debt securities available for sale | $ | 2,054,626 |  |  | $ | 802 |  |  | $ | (203,078) |  |  |  |  | $ | 1,852,350 |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 104,146 |  |  | $ | 3 |  |  | $ | (5,775) |  |  |  |  | 98,374 |
Obligations of states and political subdivisions | 2,722 |  |  | 2 |  |  | (82) |  |  |  |  | 2,642 |
Total debt securities held to maturity | $ | 106,868 |  |  | $ | 5 |  |  | $ | (5,857) |  |  |  |  | $ | 101,016 |
| 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 subdivisions | 249,627 |  |  | 66 |  |  | (28,949) |  |  |  |  | 220,744 |
Corporate bonds | 6,182 |  |  | — |  |  | (345) |  |  |  |  | 5,837 |
Asset backed securities | 314,814 |  |  | 687 |  |  | (1,238) |  |  |  |  | 314,263 |
Non-agency collateralized mortgage obligations | 299,256 |  |  | 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 |  |  | $ | 3 |  |  | $ | (7,443) |  |  |  |  | $ | 101,715 |
Obligations of states and political subdivisions | 2,711 |  |  | 2 |  |  | (79) |  |  |  |  | 2,634 |
Total debt securities held to maturity | $ | 111,866 |  |  | $ | 5 |  |  | $ | (7,522) |  |  |  |  | $ | 104,349 |
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | As of March 31, 2025, the contractual final maturity for available for sale and held to maturity investment securities is as follows:
Debt Securities | Available for Sale |  | Held to Maturity
(in thousands) | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Due in one year | $ | 6,847 |  |  | $ | 6,749 |  |  | $ | 1,158 |  |  | $ | 1,159 |
Due after one year through five years | 51,271 |  |  | 49,281 |  |  | 2,694 |  |  | 2,628 |
Due after five years through ten years | 176,291 |  |  | 165,236 |  |  | 102,035 |  |  | 96,297 |
Due after ten years | 1,820,217 |  |  | 1,631,084 |  |  | 981 |  |  | 932 |
Totals | $ | 2,054,626 |  |  | $ | 1,852,350 |  |  | $ | 106,868 |  |  | $ | 101,016 |
Gross Unrealized Losses on Investment Securities | Gross unrealized losses on debt 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:
March 31, 2025: | Less than 12 months |  | 12 months or more |  | Total
(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 | $ | 46,095 |  |  | $ | (101) |  |  | $ | 1,008,710 |  |  | $ | (147,734) |  |  | $ | 1,054,805 |  |  | $ | (147,835) |
Obligations of states and political subdivisions | 10,493 |  |  | (415) |  |  | 199,107 |  |  | (27,490) |  |  | 209,600 |  |  | (27,905) |
Corporate bonds | — |  |  | — |  |  | 4,710 |  |  | (229) |  |  | 4,710 |  |  | (229) |
Asset backed securities | 88,756 |  |  | (176) |  |  | 76,155 |  |  | (1,337) |  |  | 164,911 |  |  | (1,513) |
Non-agency collateralized mortgage obligations | — |  |  | — |  |  | 221,288 |  |  | (25,596) |  |  | 221,288 |  |  | (25,596) |
Total debt securities available for sale | $ | 145,344 |  |  | $ | (692) |  |  | $ | 1,509,970 |  |  | $ | (202,386) |  |  | $ | 1,655,314 |  |  | $ | (203,078) |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | — |  |  | $ | — |  |  | $ | 98,213 |  |  | $ | (5,775) |  |  | $ | 98,213 |  |  | $ | (5,775) |
Obligations of states and political subdivisions | — |  |  | — |  |  | 1,482 |  |  | (82) |  |  | 1,482 |  |  | (82) |
Total debt securities held to maturity | $ | — |  |  | $ | — |  |  | $ | 99,695 |  |  | $ | (5,857) |  |  | $ | 99,695 |  |  | $ | (5,857) |
December 31, 2024: | Less than 12 months |  | 12 months or more |  | Total
(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 subdivisions | 7,457 |  |  | (140) |  |  | 208,063 |  |  | (28,809) |  |  | 215,520 |  |  | (28,949) |
Corporate bonds | 1,229 |  |  | (17) |  |  | 4,608 |  |  | (328) |  |  | 5,837 |  |  | (345) |
Asset backed securities | 44,707 |  |  | (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) |
Amortized Cost of Debt Securities Held-to-Maturity | The following table summarizes the amortized cost of debt securities held-to-maturity at the dates indicated, aggregated by credit quality indicator:
| March 31, 2025 |  | December 31, 2024
(in thousands) | AAA/AA/A |  | BBB/BB/B |  | AAA/AA/A |  | BBB/BB/B
Obligations of U.S. government agencies | $ | 104,146 |  |  | $ | — |  |  | $ | 109,155 |  |  | $ | — |
Obligations of states and political subdivisions | 2,722 |  |  | — |  |  | 2,711 |  |  | — |
Total debt securities held to maturity | $ | 106,868 |  |  | $ | — |  |  | $ | 111,866 |  |  | $ | — |

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