Investment Securities (Tables)
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6 Months Ended |
Jun. 30, 2026 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Summary of Amortized Cost and Estimated Fair Values of Available for Sale Securities |
Securities held for indefinite periods of time are classified as available for sale and carried at estimated fair value. The amortized cost and estimated fair values of securities available for sale are summarized as follows.
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Allowance
For Credit
Losses |
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U.S. Treasury securities and obligations of U.S. Government corporations and agencies |
|
$ |
281,141 |
|
|
$ |
48 |
|
|
$ |
1,398 |
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|
$ |
0 |
|
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$ |
279,791 |
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State and political subdivisions |
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|
564,691 |
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|
431 |
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55,882 |
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0 |
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509,240 |
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Residential mortgage-backed securities |
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Agency |
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1,915,333 |
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2,223 |
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127,368 |
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0 |
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1,790,188 |
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41,938 |
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|
470 |
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4,060 |
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0 |
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38,348 |
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Commercial mortgage-backed securities |
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Agency |
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327,174 |
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3,308 |
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17,722 |
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0 |
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312,760 |
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Asset-backed securities |
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175,611 |
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37 |
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2,121 |
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0 |
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173,527 |
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Single issue trust preferred securities |
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13,330 |
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0 |
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|
372 |
|
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0 |
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12,958 |
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Other corporate securities |
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212,504 |
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0 |
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9,566 |
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0 |
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202,938 |
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Total |
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$ |
3,531,722 |
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$ |
6,517 |
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$ |
218,489 |
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$ |
0 |
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$ |
3,319,750 |
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Allowance
For Credit
Losses |
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U.S. Treasury securities and obligations of U.S. Government corporations and agencies |
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$ |
283,058 |
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$ |
75 |
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$ |
1,476 |
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$ |
0 |
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$ |
281,657 |
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State and political subdivisions |
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572,217 |
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|
343 |
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55,634 |
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0 |
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516,926 |
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Residential mortgage-backed securities |
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Agency |
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1,467,436 |
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5,517 |
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114,317 |
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0 |
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1,358,636 |
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42,792 |
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|
330 |
|
|
|
4,237 |
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0 |
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38,885 |
|
Commercial mortgage-backed securities |
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Agency |
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416,177 |
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4,948 |
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26,052 |
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0 |
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395,073 |
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Asset-backed securities |
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225,617 |
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18 |
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2,381 |
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0 |
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223,254 |
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Single issue trust preferred securities |
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13,319 |
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0 |
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|
661 |
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0 |
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12,658 |
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Other corporate securities |
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244,244 |
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0 |
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11,881 |
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0 |
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232,363 |
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Total |
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$ |
3,264,860 |
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$ |
11,231 |
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$ |
216,639 |
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$ |
0 |
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$ |
3,059,452 |
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| Summary of Securities Available for Sale in an Unrealized Loss Position |
The following is a summary of securities available for sale which were in an unrealized loss position at June 30, 2026 and December 31, 2025.
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U.S. Treasury securities and obligations of U.S. Government corporations and agencies |
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$ |
396 |
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|
$ |
1 |
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$ |
30,034 |
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$ |
1,397 |
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$ |
30,430 |
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$ |
1,398 |
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State and political subdivisions |
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|
10,055 |
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|
930 |
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474,897 |
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54,952 |
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|
484,952 |
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|
55,882 |
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Residential mortgage-backed securities |
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Agency |
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732,079 |
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10,361 |
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728,665 |
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117,007 |
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1,460,744 |
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127,368 |
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0 |
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0 |
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21,302 |
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|
4,060 |
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|
21,302 |
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|
4,060 |
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Commercial mortgage-backed securities |
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Agency |
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4,327 |
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|
38 |
|
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217,727 |
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17,684 |
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222,054 |
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|
17,722 |
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Asset-backed securities |
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|
28,506 |
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|
40 |
|
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|
130,309 |
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|
|
2,081 |
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|
|
158,815 |
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|
|
2,121 |
|
Single issue trust preferred securities |
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|
0 |
|
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0 |
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|
12,958 |
|
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|
372 |
|
|
|
12,958 |
|
|
|
372 |
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Other corporate securities |
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5,967 |
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|
29 |
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192,456 |
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9,537 |
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198,423 |
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9,566 |
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Total |
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$ |
781,330 |
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$ |
11,399 |
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$ |
1,808,348 |
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$ |
207,090 |
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$ |
2,589,678 |
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$ |
218,489 |
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U.S. Treasury securities and obligations of U.S. Government corporations and agencies |
|
$ |
133 |
|
|
$ |
1 |
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$ |
31,485 |
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$ |
1,475 |
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$ |
31,618 |
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$ |
1,476 |
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State and political subdivisions |
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|
6,177 |
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|
543 |
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483,564 |
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55,091 |
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|
489,741 |
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|
55,634 |
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Residential mortgage-backed securities |
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|
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Agency |
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109,848 |
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|
270 |
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|
795,183 |
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|
114,047 |
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|
905,031 |
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|
114,317 |
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0 |
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0 |
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21,189 |
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|
4,237 |
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|
21,189 |
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|
4,237 |
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Commercial mortgage-backed securities |
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Agency |
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6,287 |
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4 |
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293,038 |
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26,048 |
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|
299,325 |
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|
26,052 |
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Asset-backed securities |
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|
50,181 |
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|
154 |
|
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|
136,940 |
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|
2,227 |
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|
187,121 |
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|
|
2,381 |
|
Single issue trust preferred securities |
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|
0 |
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|
0 |
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|
12,658 |
|
|
|
661 |
|
|
|
12,658 |
|
|
|
661 |
|
Other corporate securities |
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|
0 |
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0 |
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|
224,942 |
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|
11,881 |
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|
224,942 |
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|
11,881 |
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Total |
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$ |
172,626 |
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|
$ |
972 |
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$ |
1,998,999 |
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$ |
215,667 |
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$ |
2,171,625 |
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$ |
216,639 |
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| Summary of Gains or Losses on Proceeds from Maturities, Sales and Calls of Available for Sale Securities by Specific Identification Method |
The following table shows the proceeds from maturities, sales and calls of available for sale securities and the gross realized gains and losses on sales and calls of those securities that have been included in earnings as a result of any sales and calls. Gains or losses on sales and calls of available for sale securities were recognized by the specific identification method.
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Proceeds from sales, calls and maturities |
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$ |
447,168 |
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$ |
331,825 |
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$ |
797,573 |
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$ |
918,062 |
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Gross realized gains |
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|
0 |
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|
0 |
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|
0 |
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|
|
0 |
|
Gross realized losses |
|
|
9,728 |
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|
0 |
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|
9,728 |
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|
0 |
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| Summary of Maturities of Debt Securities Held to Maturity by Amortized Cost and Estimated Fair Value |
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| |
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Due in one year or less |
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$ |
321,854 |
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$ |
321,258 |
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$ |
298,573 |
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$ |
298,193 |
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Due after one year through five years |
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|
453,898 |
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|
423,859 |
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|
527,383 |
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|
|
494,204 |
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Due after five years through ten years |
|
|
512,196 |
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|
|
477,054 |
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|
559,647 |
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|
521,011 |
|
Due after ten years |
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|
2,243,774 |
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|
2,097,579 |
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|
1,879,257 |
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|
1,746,044 |
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|
|
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|
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Total |
|
$ |
3,531,722 |
|
|
$ |
3,319,750 |
|
|
$ |
3,264,860 |
|
|
$ |
3,059,452 |
|
|
|
|
|
|
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| Summary of Equity Securities |
|
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| |
|
Three Months Ended
June 30 |
|
|
Six Months Ended
June 30 |
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| |
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Net gains recognized during the period on equity securities sold |
|
$ |
1,815 |
|
|
$ |
0 |
|
|
$ |
4,111 |
|
|
$ |
0 |
|
Unrealized gains recognized during the period on equity securities still held at period end |
|
|
4,865 |
|
|
|
425 |
|
|
|
4,867 |
|
|
|
979 |
|
Unrealized losses recognized during the period on equity securities still held at period end |
|
|
(23 |
) |
|
|
0 |
|
|
|
(56 |
) |
|
|
(33 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Net gains recognized during the period |
|
$ |
6,657 |
|
|
$ |
425 |
|
|
$ |
8,922 |
|
|
$ |
946 |
|
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