| 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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June 30, 2026 |
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Securities available-for-sale: |
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|
Obligations of states and political subdivisions |
|
$ |
1,828,793 |
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|
$ |
18,133 |
|
|
$ |
(93,033 |
) |
|
$ |
1,753,893 |
|
Residential mortgage-backed securities |
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|
2,906,479 |
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|
2,411 |
|
|
|
(271,191 |
) |
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|
2,637,699 |
|
Commercial mortgage-backed securities |
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|
1,199,894 |
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|
1,869 |
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|
(9,372 |
) |
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|
1,192,391 |
|
Corporate bonds and other |
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|
95,169 |
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|
— |
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(3,195 |
) |
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|
91,974 |
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|
$ |
6,030,335 |
|
|
$ |
22,413 |
|
|
$ |
(376,791 |
) |
|
$ |
5,675,957 |
|
December 31, 2025 |
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Securities available-for-sale: |
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U.S. Treasury securities |
|
$ |
61,136 |
|
|
$ |
1 |
|
|
$ |
(324 |
) |
|
$ |
60,813 |
|
Obligations of states and political subdivisions |
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|
1,851,327 |
|
|
|
13,943 |
|
|
|
(113,897 |
) |
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|
1,751,373 |
|
Residential mortgage-backed securities |
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|
2,856,717 |
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|
|
7,768 |
|
|
|
(253,075 |
) |
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|
2,611,410 |
|
Commercial mortgage-backed securities |
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|
982,567 |
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|
9,801 |
|
|
|
(3,130 |
) |
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|
989,238 |
|
Corporate bonds and other |
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|
104,391 |
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|
|
23 |
|
|
|
(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 |
) |
|
$ |
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 June 30, 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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$ |
215,741 |
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$ |
214,485 |
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Due after one year through five years |
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|
2,989,929 |
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2,856,312 |
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Due after five years through ten years |
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1,741,307 |
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1,663,449 |
|
Due after ten years |
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|
1,083,358 |
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|
|
941,711 |
|
Total |
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$ |
6,030,335 |
|
|
$ |
5,675,957 |
|
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| Continuous Unrealized-Loss Position of Available-for-Sale Securities |
The following tables disclose as of June 30, 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 |
|
June 30, 2026 |
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Securities available-for-sale |
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Obligations of states and political subdivisions |
|
$ |
18,352 |
|
|
$ |
(323 |
) |
|
$ |
1,343,052 |
|
|
$ |
(92,710 |
) |
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$ |
1,361,404 |
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|
$ |
(93,033 |
) |
Residential mortgage-backed securities |
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|
575,326 |
|
|
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(8,188 |
) |
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|
1,761,550 |
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|
(263,003 |
) |
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2,336,876 |
|
|
|
(271,191 |
) |
Commercial mortgage-backed securities |
|
|
691,019 |
|
|
|
(6,819 |
) |
|
|
139,055 |
|
|
|
(2,553 |
) |
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|
830,074 |
|
|
|
(9,372 |
) |
Corporate bonds and other |
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|
14,880 |
|
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(43 |
) |
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|
53,093 |
|
|
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(3,152 |
) |
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|
67,973 |
|
|
|
(3,195 |
) |
Total |
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$ |
1,299,577 |
|
|
$ |
(15,373 |
) |
|
$ |
3,296,750 |
|
|
$ |
(361,418 |
) |
|
$ |
4,596,327 |
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|
$ |
(376,791 |
) |
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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|
$ |
59,815 |
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|
$ |
(324 |
) |
|
$ |
59,815 |
|
|
$ |
(324 |
) |
Obligations of states and political subdivisions |
|
|
6,245 |
|
|
|
(387 |
) |
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|
1,363,145 |
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|
(113,510 |
) |
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1,369,390 |
|
|
|
(113,897 |
) |
Residential mortgage-backed securities |
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63,311 |
|
|
|
(120 |
) |
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|
1,996,200 |
|
|
|
(252,955 |
) |
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|
2,059,511 |
|
|
|
(253,075 |
) |
Commercial mortgage-backed securities |
|
|
188,241 |
|
|
|
(599 |
) |
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|
152,452 |
|
|
|
(2,531 |
) |
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|
340,693 |
|
|
|
(3,130 |
) |
Corporate bonds and other |
|
|
4,987 |
|
|
|
(1 |
) |
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|
63,382 |
|
|
|
(3,134 |
) |
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|
68,369 |
|
|
|
(3,135 |
) |
Total |
|
$ |
262,784 |
|
|
$ |
(1,107 |
) |
|
$ |
3,634,994 |
|
|
$ |
(372,454 |
) |
|
$ |
3,897,778 |
|
|
$ |
(373,561 |
) |
|