v3.26.1
DEBT SECURITIES (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities, Available-for-Sale
The following table presents the amortized cost and fair value of the debt securities portfolio as of the dates indicated:
June 30, 2026
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Securities available-for-sale
Obligations of states and political subdivisions$453,017 $11,503 $(1,800)$462,720 
Mortgage-backed securities - residential3,016,269 19,221 (34,295)3,001,195 
Mortgage-backed securities - commercial364,721 776 (12,893)352,604 
Collateralized loan obligations230,500 104 (22)230,582 
Corporate bonds45,243 1,522 (1,382)45,383 
U.S. Treasury securities20,674 — (250)20,424 
Agency debentures6,433 — (126)6,307 
Total securities available-for-sale$4,136,857 $33,126 $(50,768)$4,119,215 
(in thousands)Amortized CostGross Unrecognized GainsGross Unrecognized LossesFair Value
Securities held-to-maturity
Obligations of states and political subdivisions$13,030 $506 $(12)$13,524 
Mortgage-backed securities - residential962,717 — (134,393)828,324 
Mortgage-backed securities - commercial311,066 — (32,826)278,240 
Total securities held-to-maturity$1,286,813 $506 $(167,231)$1,120,088 
December 31, 2025
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Securities available-for-sale
Obligations of states and political subdivisions$458,290 $13,518 $(649)$471,159 
Mortgage-backed securities - residential2,871,733 36,881 (24,325)2,884,289 
Mortgage-backed securities - commercial381,934 1,622 (11,750)371,806 
Collateralized loan obligations188,500 1 (185)188,316 
Corporate bonds51,828 527 (2,440)49,915 
U.S. Treasury securities20,623 46 — 20,669 
Agency debentures7,243 9 (21)7,231 
Total securities available-for-sale$3,980,151 $52,604 $(39,370)$3,993,385 
(in thousands)Amortized CostGross Unrecognized GainsGross Unrecognized LossesFair Value
Securities held-to-maturity
Obligations of states and political subdivisions$12,902 $545 $(6)$13,441 
Mortgage-backed securities - residential1,012,716 — (134,994)877,722 
Mortgage-backed securities - commercial311,014 — (31,359)279,655 
Total securities held-to-maturity$1,336,632 $545 $(166,359)$1,170,818 
Schedule of Amortized Cost and Fair Value of Held-to-Maturity Securities
The following table presents the amortized cost and fair value of the debt securities portfolio as of the dates indicated:
June 30, 2026
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Securities available-for-sale
Obligations of states and political subdivisions$453,017 $11,503 $(1,800)$462,720 
Mortgage-backed securities - residential3,016,269 19,221 (34,295)3,001,195 
Mortgage-backed securities - commercial364,721 776 (12,893)352,604 
Collateralized loan obligations230,500 104 (22)230,582 
Corporate bonds45,243 1,522 (1,382)45,383 
U.S. Treasury securities20,674 — (250)20,424 
Agency debentures6,433 — (126)6,307 
Total securities available-for-sale$4,136,857 $33,126 $(50,768)$4,119,215 
(in thousands)Amortized CostGross Unrecognized GainsGross Unrecognized LossesFair Value
Securities held-to-maturity
Obligations of states and political subdivisions$13,030 $506 $(12)$13,524 
Mortgage-backed securities - residential962,717 — (134,393)828,324 
Mortgage-backed securities - commercial311,066 — (32,826)278,240 
Total securities held-to-maturity$1,286,813 $506 $(167,231)$1,120,088 
December 31, 2025
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Securities available-for-sale
Obligations of states and political subdivisions$458,290 $13,518 $(649)$471,159 
Mortgage-backed securities - residential2,871,733 36,881 (24,325)2,884,289 
Mortgage-backed securities - commercial381,934 1,622 (11,750)371,806 
Collateralized loan obligations188,500 1 (185)188,316 
Corporate bonds51,828 527 (2,440)49,915 
U.S. Treasury securities20,623 46 — 20,669 
Agency debentures7,243 9 (21)7,231 
Total securities available-for-sale$3,980,151 $52,604 $(39,370)$3,993,385 
(in thousands)Amortized CostGross Unrecognized GainsGross Unrecognized LossesFair Value
Securities held-to-maturity
Obligations of states and political subdivisions$12,902 $545 $(6)$13,441 
Mortgage-backed securities - residential1,012,716 — (134,994)877,722 
Mortgage-backed securities - commercial311,014 — (31,359)279,655 
Total securities held-to-maturity$1,336,632 $545 $(166,359)$1,170,818 
Contractual maturities of securities as of June 30, 2026, were as follows:
June 30, 2026
(in thousands)Within One YearAfter One Through Five YearsAfter Five Through Ten YearsAfter Ten YearsTotal
Securities available-for-sale
Obligations of states and political subdivisions$3,386 $44,415 $131,205 $283,714 $462,720 
Mortgage-backed securities - residential242 10,371 21,687 2,968,895 3,001,195 
Mortgage-backed securities - commercial5,247 199,870 133,373 14,114 352,604 
Collateralized loan obligations— — — 230,582 230,582 
Corporate bonds— 12,490 32,893 — 45,383 
U.S. Treasury securities— 20,424 — — 20,424 
Agency debentures— 1,105 3,092 2,110 6,307 
Total $8,875 $288,675 $322,250 $3,499,415 $4,119,215 
June 30, 2026
Within One YearAfter One Through Five YearsAfter Five Through Ten YearsAfter Ten YearsTotal
(in thousands)Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Securities held-to-maturity
Obligations of states and political subdivisions$3,500 $3,500 $3,113 $3,135 $4,751 $5,053 $1,666 $1,836 $13,030 $13,524 
Mortgage-backed securities - residential— — 50 49 — — 962,667 828,275 962,717 828,324 
Mortgage-backed securities - commercial— — 189,144 170,753 121,922 107,487 — — 311,066 278,240 
Total$3,500 $3,500 $192,307 $173,937 $126,673 $112,540 $964,333 $830,111 $1,286,813 $1,120,088 
Schedule of Realized Gain (Loss)
The following table presents proceeds, gross realized gains and gross realized losses from sales and calls of available-for-sale investments:
Quarter Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Proceeds$456 $929,969 $1,828 $929,969 
Gross gains31 5,060 83 5,060 
Gross losses— 923 — 923 
Schedule of Unrealized Loss on Investments
The following table summarizes available-for-sale securities with unrealized losses at June 30, 2026 and December 31, 2025 aggregated by major security type and length of time in a continuous unrealized loss position:
June 30, 2026
Less than 12 months12 months or moreTotal
(dollars in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Obligations of states and political subdivisions$112,534 $1,419 $22,601 $381 $135,135 $1,800 
Mortgage-backed securities - residential890,067 8,263 358,301 26,032 1,248,368 34,295 
Mortgage-backed securities - commercial116,897 1,162 151,305 11,731 268,202 12,893 
Collateralized loan obligations53,478 22 — — 53,478 22 
Corporate bonds1,060 18 21,636 1,364 22,696 1,382 
U.S. Treasury securities20,424 250 — — 20,424 250 
Agency debentures6,307 126 — — 6,307 126 
Total $1,200,767 $11,260 $553,843 $39,508 $1,754,610 $50,768 
Number of securities with unrealized losses288219507
December 31, 2025
Less than 12 months12 months or moreTotal
(dollars in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Obligations of states and political subdivisions$27,015 $151 $30,244 $498 $57,259 $649 
Mortgage-backed securities - residential72,234 384 393,915 23,941 466,149 24,325 
Mortgage-backed securities - commercial106,225 405 156,600 11,345 262,825 11,750 
Collateralized loan obligations138,315 185 — — 138,315 185 
Corporate bonds3,543 101 27,661 2,339 31,204 2,440 
Agency debentures4,877 21 — — 4,877 21 
Total$352,209 $1,247 $608,420 $38,123 $960,629 $39,370 
Number of securities with unrealized losses83240323