v3.25.2
Debt Securities (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Amortized cost, gross unrealized gains and losses and fair value of debt securities
The following tables present the amortized cost, the gross unrealized gains and losses and the fair value of the Company’s debt securities:
 June 30, 2025
(Dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available-for-sale
U.S. government and federal agency$434,011 19 (8,730)425,300 
U.S. government sponsored enterprises324,793 — (8,811)315,982 
State and local governments73,814 172 (3,282)70,704 
Corporate bonds14,771 — (138)14,633 
Residential mortgage-backed securities2,425,723 10 (237,869)2,187,864 
Commercial mortgage-backed securities1,071,083 239 (60,825)1,010,497 
Total available-for-sale$4,344,195 440 (319,655)4,024,980 
Held-to-maturity
U.S. government and federal agency862,536 — (39,150)823,386 
State and local governments1,600,848 352 (248,765)1,352,435 
Residential mortgage-backed securities742,749 — (47,050)695,699 
Total held-to-maturity3,206,133 352 (334,965)2,871,520 
Total debt securities$7,550,328 792 (654,620)6,896,500 
 December 31, 2024
(Dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available-for-sale
U.S. government and federal agency$484,082 5 (15,654)468,433 
U.S. government sponsored enterprises323,854 — (13,700)310,154 
State and local governments71,737 215 (3,272)68,680 
Corporate bonds14,818 — (315)14,503 
Residential mortgage-backed securities2,660,330 5 (304,819)2,355,516 
Commercial mortgage-backed securities1,101,489 2 (73,572)1,027,919 
Total available-for-sale$4,656,310 227 (411,332)4,245,205 
Held-to-maturity
U.S. government and federal agency859,432 — (54,496)804,936 
State and local governments1,619,850 810 (209,502)1,411,158 
Residential mortgage-backed securities815,565 — (63,089)752,476 
Total held-to-maturity3,294,847 810 (327,087)2,968,570 
Total debt securities$7,951,157 1,037 (738,419)7,213,775 
Amortized cost and fair value of securities by contractual maturity
The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity at June 30, 2025. Actual maturities may differ from expected or contractual maturities since some issuers have the right to prepay obligations with or without prepayment penalties.
 June 30, 2025
 Available-for-SaleHeld-to-Maturity
(Dollars in thousands)Amortized CostFair ValueAmortized CostFair Value
Due within one year$656,246 643,971 9,887 9,887 
Due after one year through five years135,756 130,467 963,132 922,352 
Due after five years through ten years25,180 23,868 238,847 226,960 
Due after ten years30,207 28,313 1,251,518 1,016,622 
847,389 826,619 2,463,384 2,175,821 
Mortgage-backed securities 1
3,496,806 3,198,361 742,749 695,699 
Total$4,344,195 4,024,980 3,206,133 2,871,520 
______________________________
1 Mortgage-backed securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds.
Proceeds from sales and calls of debt securities and the associated gains and losses
Proceeds from sales and calls of debt securities and the associated gains and losses that have been included in earnings in gain (loss) on sale of securities are listed below:
 Three Months endedSix Months ended
(Dollars in thousands)June 30,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Available-for-sale
Proceeds from sales and calls of debt securities$120,245 451 120,680 173,719 
Gross realized gains 1
— — — 29 
Gross realized losses 1
— — — — 
Held-to-maturity
Proceeds from calls of debt securities6,365 650 10,495 6,185 
Gross realized gains 1
— — — — 
Gross realized losses 1
— (12)— (25)
______________________________
1 The gain or loss on the sale or call of each debt security is determined by the specific identification method.
AFS debt securities in an unrealized loss position with no ACL recorded
The following tables summarize available-for-sale debt securities that were in an unrealized loss position for which an ACL has not been recorded, based on the length of time the individual securities have been in an unrealized loss position. The number of available-for-sale debt securities in an unrealized loss position is also disclosed.

 June 30, 2025
 Number
of
Securities		Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Available-for-sale
U.S. government and federal agency
43 $2,280 (26)420,119 (8,704)422,399 (8,730)
U.S. government sponsored enterprises
14 — — 315,982 (8,811)315,982 (8,811)
State and local governments52 8,186 (146)47,093 (3,136)55,279 (3,282)
Corporate bonds2 — — 13,874 (138)13,874 (138)
Residential mortgage-backed securities
397 25,065 (312)2,161,706 (237,557)2,186,771 (237,869)
Commercial mortgage-backed securities
147 36,175 (1,202)926,733 (59,623)962,908 (60,825)
Total available-for-sale
655 $71,706 (1,686)3,885,507 (317,969)3,957,213 (319,655)
 
 December 31, 2024
 Number
of
Securities		Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Available-for-sale
U.S. government and federal agency
55 $3,756 (34)463,151 (15,620)466,907 (15,654)
U.S. government sponsored enterprises
14 — — 310,154 (13,700)310,154 (13,700)
State and local governments50 3,653 (35)49,748 (3,237)53,401 (3,272)
Corporate bonds2 — — 13,707 (315)13,707 (315)
Residential mortgage-backed securities
389 13,535 (240)2,341,700 (304,579)2,355,235 (304,819)
Commercial mortgage-backed securities
152 36,466 (1,042)986,809 (72,530)1,023,275 (73,572)
Total available-for-sale
662 $57,410 (1,351)4,165,269 (409,981)4,222,679 (411,332)
Credit quality indictors for HTM debt securities The following table summarizes the amortized cost of held-to-maturity municipal bonds aggregated by NRSRO credit rating:
(Dollars in thousands)June 30,
2025		December 31,
2024
Municipal bonds held-to-maturity
S&P: AAA / Moody’s: Aaa
$404,714 414,147 
S&P: AA+, AA, AA- / Moody’s: Aa1, Aa2, Aa3
1,161,795 1,168,491 
S&P: A+, A, A- / Moody’s: A1, A2, A3
30,572 33,585 
Not rated by either entity
3,767 3,627 
Total municipal bonds held-to-maturity
$1,600,848 1,619,850