Investment Securities (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Investment Securities |
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| Schedule of amortized cost and fair value of investment securities held to maturity |
| | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Fair | | (Dollars in thousands) | | Cost | | Gains | | Losses | | Value | | June 30, 2025: | | | | | | | | | | | | | | U.S. Government agencies | | $ | 132,910 | | $ | — | | $ | (19,050) | | $ | 113,860 | | Residential mortgage-backed securities issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | | 1,226,097 | | | — | | | (209,197) | | | 1,016,900 | | Residential collateralized mortgage-obligations issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | | 395,349 | | | — | | | (62,090) | | | 333,259 | | Commercial mortgage-backed securities issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | | 343,953 | | | — | | | (64,067) | | | 279,886 | | Small Business Administration loan-backed securities | | | 47,682 | | | — | | | (9,839) | | | 37,843 | | | | $ | 2,145,991 | | $ | — | | $ | (364,243) | | $ | 1,781,748 | | December 31, 2024: | | | | | | | | | | | | | | U.S. Government agencies | | $ | 147,272 | | $ | — | | $ | (23,498) | | $ | 123,774 | | Residential mortgage-backed securities issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | | 1,297,543 | | | — | | | (241,204) | | | 1,056,339 | | Residential collateralized mortgage-obligations issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | | 411,721 | | | — | | | (72,057) | | | 339,664 | | Commercial mortgage-backed securities issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | | 348,338 | | | — | | | (72,391) | | | 275,947 | | Small Business Administration loan-backed securities | | | 49,796 | | | — | | | (10,993) | | | 38,803 | | | | $ | 2,254,670 | | $ | — | | $ | (420,143) | | $ | 1,834,527 | |
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| Schedule of amortized cost and fair value of investment securities available for sale |
| | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | | Amortized | | Unrealized | | Unrealized | | Fair | | (Dollars in thousands) | | Cost | | Gains | | Losses | | Value | | June 30, 2025: | | | | | | | | | | | | | | Residential mortgage-backed securities issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | $ | 1,687,317 | | $ | 3,839 | | $ | (167,277) | | $ | 1,523,879 | | Residential collateralized mortgage-obligations issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | | 2,336,853 | | | 15,927 | | | (55,809) | | | 2,296,971 | | Commercial mortgage-backed securities issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | | 661,425 | | | 1,787 | | | (81,720) | | | 581,492 | | State and municipal obligations | | | 1,108,538 | | | 92 | | | (186,213) | | | 922,417 | | Small Business Administration loan-backed securities | | | 604,070 | | | 636 | | | (28,192) | | | 576,514 | | Corporate securities | | | 28,499 | | | — | | | (1,905) | | | 26,594 | | | | $ | 6,426,702 | | $ | 22,281 | | $ | (521,116) | | $ | 5,927,867 | | December 31, 2024: | | | | | | | | | | | | | | U.S. Treasuries | | $ | 10,654 | | $ | 2 | | $ | — | | $ | 10,656 | | U.S. Government agencies | | | 169,207 | | | — | | | (18,789) | | | 150,418 | | Residential mortgage-backed securities issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | | 1,659,851 | | | 97 | | | (282,423) | | | 1,377,525 | | Residential collateralized mortgage-obligations issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | | 557,288 | | | 19 | | | (98,212) | | | 459,095 | | Commercial mortgage-backed securities issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | | 1,234,573 | | | 562 | | | (194,580) | | | 1,040,555 | | State and municipal obligations | | | 1,117,330 | | | 2 | | | (171,609) | | | 945,723 | | Small Business Administration loan-backed securities | | | 351,814 | | | 19 | | | (41,721) | | | 310,112 | | Corporate securities | | | 28,499 | | | — | | | (1,990) | | | 26,509 | | | | $ | 5,129,216 | | $ | 701 | | $ | (809,324) | | $ | 4,320,593 | |
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| Schedule of amortized cost and carrying value of other investment securities |
| | | | | | | Carrying | | (Dollars in thousands) | | Value | | June 30, 2025: | | | | | Federal Home Loan Bank stock | | $ | 18,090 | | Federal Reserve Bank stock | | | 234,374 | | Investment in unconsolidated subsidiaries | | | 5,287 | | Other investment securities | | | 99,736 | | | | $ | 357,487 | | December 31, 2024: | | | | | Federal Home Loan Bank stock | | $ | 18,087 | | Federal Reserve Bank stock | | | 150,261 | | Investment in unconsolidated subsidiaries | | | 3,563 | | Other investment securities | | | 51,702 | | | | $ | 223,613 | |
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| Schedule of amortized cost and fair value of debt and equity securities by contractual maturity |
| | | | | | | | | | | | | | | | Securities | | Securities | | | | Held to Maturity | | Available for Sale | | | | Amortized | | Fair | | Amortized | | Fair | | (Dollars in thousands) | | Cost | | Value | | Cost | | Value | | Due in one year or less | | $ | — | | $ | — | | $ | 38,471 | | $ | 38,295 | | Due after one year through five years | | | 56,126 | | | 52,172 | | | 205,691 | | | 203,072 | | Due after five years through ten years | | | 397,667 | | | 348,885 | | | 694,006 | | | 640,680 | | Due after ten years | | | 1,692,198 | | | 1,380,691 | | | 5,488,534 | | | 5,045,820 | | | | $ | 2,145,991 | | $ | 1,781,748 | | $ | 6,426,702 | | $ | 5,927,867 | |
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| Schedule of information with respect to sales of available-for-sale securities |
| | | | | | | | | | | | | Six Months Ended June 30, | | | | 2025 | | (Dollars in thousands) | | Sales of Securities Acquired from Independent | | Investment Securities Sales | | Total | | Sale proceeds | | $ | 1,279,717 | | $ | 1,594,393 | | $ | 2,874,110 | | Gross realized gains | | | — | | | 8,892 | | | 8,892 | | Gross realized losses | | | — | | | (237,703) | | | (237,703) | | Net realized losses | | $ | — | | $ | (228,811) | | $ | (228,811) | |
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| Schedule of securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position |
| | | | | | | | | | | | | | | | Less Than | | Twelve Months | | | | Twelve Months | | or More | | | | Gross Unrealized | | Fair | | Gross Unrealized | | Fair | | (Dollars in thousands) | | Losses | | Value | | Losses | | Value | | June 30, 2025: | | | | | | | | | | | | | | Securities Held to Maturity | | | | | | | | | | | | | | U.S. Government agencies | | $ | — | | $ | — | | $ | 19,050 | | $ | 113,860 | | Residential mortgage-backed securities issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | | — | | | — | | | 209,197 | | | 1,016,900 | | Residential collateralized mortgage-obligations issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | | — | | | — | | | 62,090 | | | 333,259 | | Commercial mortgage-backed securities issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | | — | | | — | | | 64,067 | | | 279,886 | | Small Business Administration loan-backed securities | | | — | | | — | | | 9,839 | | | 37,843 | | | | $ | — | | $ | — | | $ | 364,243 | | $ | 1,781,748 | | Securities Available for Sale | | | | | | | | | | | | | | Residential mortgage-backed securities issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | $ | 1,267 | | $ | 96,348 | | $ | 166,010 | | $ | 838,193 | | Residential collateralized mortgage-obligations issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | | 1,627 | | | 398,768 | | | 54,181 | | | 308,971 | | Commercial mortgage-backed securities issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | | 135 | | | 39,092 | | | 81,585 | | | 414,247 | | State and municipal obligations | | | 315 | | | 6,672 | | | 185,899 | | | 881,624 | | Small Business Administration loan-backed securities | | | 143 | | | 121,492 | | | 28,049 | | | 218,036 | | Corporate securities | | | — | | | — | | | 1,905 | | | 26,593 | | | | $ | 3,487 | | $ | 662,372 | | $ | 517,629 | | $ | 2,687,664 | | December 31, 2024: | | | | | | | | | | | | | | Securities Held to Maturity | | | | | | | | | | | | | | U.S. Government agencies | | $ | — | | $ | — | | $ | 23,498 | | $ | 123,774 | | Residential mortgage-backed securities issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | | — | | | — | | | 241,204 | | | 1,056,339 | | Residential collateralized mortgage-obligations issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | | — | | | — | | | 72,057 | | | 339,664 | | Commercial mortgage-backed securities issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | | — | | | — | | | 72,391 | | | 275,947 | | Small Business Administration loan-backed securities | | | — | | | — | | | 10,993 | | | 38,803 | | | | $ | — | | $ | — | | $ | 420,143 | | $ | 1,834,527 | | Securities Available for Sale | | | | | | | | | | | | | | U.S. Treasuries | | $ | — | | $ | — | | $ | — | | $ | — | | U.S. Government agencies | | | — | | | — | | | 18,789 | | | 150,418 | | Residential mortgage-backed securities issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | | 294 | | | 14,341 | | | 282,129 | | | 1,350,268 | | Residential collateralized mortgage-obligations issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | | — | | | — | | | 98,212 | | | 454,908 | | Commercial mortgage-backed securities issued by U.S. government | | | | | | | | | | | | | | agencies or sponsored enterprises | | | 792 | | | 53,342 | | | 193,788 | | | 918,338 | | State and municipal obligations | | | 1,484 | | | 19,400 | | | 170,125 | | | 923,431 | | Small Business Administration loan-backed securities | | | 24 | | | 6,747 | | | 41,697 | | | 289,786 | | Corporate securities | | | — | | | — | | | 1,990 | | | 26,509 | | | | $ | 2,594 | | $ | 93,830 | | $ | 806,730 | | $ | 4,113,658 | |
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| Schedule of trading securities |
| | | | | | | | | | June 30, | | December 31, | | (Dollars in thousands) | | 2025 | | 2024 | | U.S. Government agencies | | $ | 12,908 | | $ | 15,002 | | Residential mortgage pass-through securities issued or guaranteed by U.S. | | | | | | | | government agencies or sponsored enterprises | | | 6,501 | | | 14,803 | | Commercial mortgage-backed securities issued by U.S. government | | | | | | | | agencies or sponsored enterprises | | | 6,967 | | | 14,419 | | State and municipal obligations | | | 20,228 | | | 35,896 | | Small Business Administration loan-backed securities | | | 48,702 | | | 22,571 | | Other debt securities | | | — | | | 241 | | | | $ | 95,306 | | $ | 102,932 | |
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