Securities (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Cash and Cash Equivalents [Abstract] |
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| Summary of Available-for-Sale Securities |
The amortized cost, related gross unrealized gains and losses and the fair value of available-for-sale securities are as follows:
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Gross |
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Gross |
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Amortized |
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Unrealized |
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Unrealized |
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Estimated |
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(Dollars in thousands) |
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Cost Basis |
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Holding Gains |
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Holding Losses |
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Fair Value |
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March 31, 2026 |
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Securities available-for-sale: |
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U.S. Treasury securities |
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$ |
20,023 |
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$ |
— |
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$ |
(61 |
) |
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$ |
19,962 |
|
Obligations of states and political subdivisions |
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1,837,887 |
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11,433 |
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(119,598 |
) |
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1,729,722 |
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Residential mortgage-backed securities |
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2,938,998 |
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4,108 |
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(259,486 |
) |
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2,683,620 |
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Commercial mortgage-backed securities |
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1,139,122 |
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5,599 |
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(6,203 |
) |
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1,138,518 |
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Corporate bonds and other |
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100,278 |
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1 |
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(3,309 |
) |
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96,970 |
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$ |
6,036,308 |
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$ |
21,141 |
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$ |
(388,657 |
) |
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$ |
5,668,792 |
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December 31, 2025 |
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Securities available-for-sale: |
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U.S. Treasury securities |
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$ |
61,136 |
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$ |
1 |
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$ |
(324 |
) |
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$ |
60,813 |
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Obligations of states and political subdivisions |
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1,851,327 |
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13,943 |
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(113,897 |
) |
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1,751,373 |
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Residential mortgage-backed securities |
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2,856,717 |
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7,768 |
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(253,075 |
) |
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2,611,410 |
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Commercial mortgage-backed securities |
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982,567 |
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9,801 |
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(3,130 |
) |
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989,238 |
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Corporate bonds and other |
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104,391 |
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23 |
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(3,135 |
) |
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101,279 |
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$ |
5,856,138 |
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$ |
31,536 |
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$ |
(373,561 |
) |
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$ |
5,514,113 |
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| Carrying Value and Estimated Fair Value of Available-for-Sale Securities |
The carrying value and estimated fair value of available-for-sale securities at March 31, 2026, by contractual and expected maturity, are shown below (dollars in thousands):
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Carrying |
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Estimated |
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Value |
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Fair Value |
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Due within one year |
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$ |
199,196 |
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$ |
197,892 |
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Due after one year through five years |
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2,653,068 |
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2,543,836 |
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Due after five years through ten years |
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2,174,328 |
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2,040,558 |
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Due after ten years |
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1,009,716 |
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|
886,506 |
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Total |
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$ |
6,036,308 |
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$ |
5,668,792 |
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| Continuous Unrealized-Loss Position of Available-for-Sale Securities |
The following tables disclose as of March 31, 2026, and December 31, 2025, the Company’s investment securities that have been in a continuous unrealized-loss position for less than 12 months and for 12 or more months (dollars in thousands):
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Less than 12 Months |
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12 Months or Longer |
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Total |
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(Dollars in thousands) |
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Fair Value |
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Unrealized
Loss |
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Fair Value |
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Unrealized
Loss |
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Fair Value |
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Unrealized
Loss |
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March 31, 2026 |
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Securities available-for-sale |
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U.S. Treasury securities |
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$ |
— |
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$ |
— |
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$ |
19,962 |
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$ |
(61 |
) |
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$ |
19,962 |
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$ |
(61 |
) |
Obligations of states and political subdivisions |
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28,550 |
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(779 |
) |
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1,324,981 |
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(118,819 |
) |
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1,353,531 |
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(119,598 |
) |
Residential mortgage-backed securities |
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469,023 |
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(4,398 |
) |
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1,830,608 |
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(255,088 |
) |
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2,299,631 |
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(259,486 |
) |
Commercial mortgage-backed securities |
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408,317 |
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(3,539 |
) |
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146,429 |
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(2,664 |
) |
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554,746 |
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(6,203 |
) |
Corporate bonds and other |
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14,897 |
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(41 |
) |
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53,111 |
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(3,268 |
) |
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68,008 |
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(3,309 |
) |
Total |
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$ |
920,787 |
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$ |
(8,757 |
) |
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$ |
3,375,091 |
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$ |
(379,900 |
) |
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$ |
4,295,878 |
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$ |
(388,657 |
) |
December 31, 2025 |
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Securities available-for-sale |
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U.S. Treasury securities |
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$ |
— |
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$ |
— |
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$ |
59,815 |
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$ |
(324 |
) |
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$ |
59,815 |
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$ |
(324 |
) |
Obligations of states and political subdivisions |
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6,245 |
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(387 |
) |
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1,363,145 |
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(113,510 |
) |
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1,369,390 |
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(113,897 |
) |
Residential mortgage-backed securities |
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63,311 |
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(120 |
) |
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1,996,200 |
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(252,955 |
) |
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2,059,511 |
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(253,075 |
) |
Commercial mortgage-backed securities |
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188,241 |
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(599 |
) |
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152,452 |
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(2,531 |
) |
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340,693 |
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(3,130 |
) |
Corporate bonds and other |
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4,987 |
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(1 |
) |
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63,382 |
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(3,134 |
) |
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68,369 |
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(3,135 |
) |
Total |
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$ |
262,784 |
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$ |
(1,107 |
) |
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$ |
3,634,994 |
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$ |
(372,454 |
) |
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$ |
3,897,778 |
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$ |
(373,561 |
) |
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