Investment Securities (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Equity Securities without Readily Determinable Fair Value |
| | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | (dollars in thousands) | | Common and preferred stocks with readily determinable fair value | $ | 5,667 | | | $ | - | | | Federal Home Loan Bank stock | 10,586 | | | 10,634 | | | Federal Reserve Bank stock | 26,057 | | | 26,057 | | | Other - no readily determinable fair value | 11,588 | | | 11,510 | | | Total | $ | 53,898 | | | $ | 48,200 | |
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| Schedule of Unrealized Gain (Loss) on Investments |
The following tables show the carrying amount, gross unrealized holding gains, gross unrealized holding losses, and fair value of AFS and HTM securities by security type at June 30, 2026 and December 31, 2025. | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | | Amortized Cost | Gross
Unrealized
Gain | Gross
Unrealized
Loss | Fair Value | Allowance
for Credit
Losses | Net
Carrying
Amount | | (dollars in thousands) | | Available for sale: | | | | | | | | U.S. Treasury securities | $ | 1,205,933 | | $ | 1,667 | | $ | (5,684) | | $ | 1,201,916 | | $ | - | | $ | 1,201,916 | | | U.S. agency debentures | 55,665 | | 24 | | (109) | | 55,580 | | - | | 55,580 | | | U.S. agency mortgage-backed securities | 5,849,445 | | 10,713 | | (119,726) | | 5,740,432 | | - | | 5,740,432 | | | Obligations of states and political subdivisions | 14,331 | | 35 | | (55) | | 14,312 | | - | | 14,312 | | Other securities | 4,467 | | - | | (57) | | 4,410 | | - | | 4,410 | | | Total | $ | 7,129,841 | | $ | 12,439 | | $ | (125,631) | | $ | 7,016,650 | | $ | - | | $ | 7,016,650 | | | | | | | | | | Held to maturity: | | | | | | | U.S. agency RMBS | $ | 19 | | $ | 1 | | $ | - | | $ | 20 | | $ | - | | $ | 20 | | | Obligations of states and political subdivisions | 1,519 | | 3 | | - | | 1,522 | | (12) | | 1,510 | | | Total | $ | 1,538 | | $ | 4 | | $ | - | | $ | 1,542 | | $ | (12) | | $ | 1,530 | |
| | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | Amortized Cost | Gross
Unrealized
Gain | Gross
Unrealized
Loss | Fair Value | Allowance
for Credit
Losses | Net
Carrying
Amount | | (dollars in thousands) | | Available for sale: | | | | | | | | U.S. Treasury securities | $ | 918,922 | | $ | 10,561 | | $ | (1,196) | | $ | 928,287 | | $ | - | | $ | 928,287 | | | U.S. agency debentures | 132,692 | | 177 | | (413) | | 132,456 | | - | | 132,456 | | | U.S. agency mortgage-backed securities | 5,345,130 | | 46,346 | | (102,899) | | 5,288,577 | | - | | 5,288,577 | | Obligations of states and political subdivisions | 16,595 | | 87 | | (38) | | 16,644 | | - | | 16,644 | | | Other securities | 6,535 | | - | | (36) | | 6,499 | | - | | 6,499 | | | Total | $ | 6,419,874 | | $ | 57,171 | | $ | (104,582) | | $ | 6,372,463 | | $ | - | | $ | 6,372,463 | | | | | | | | | | Held to maturity: | | | | | | | | U.S. agency RMBS | $ | 21 | | $ | 1 | | $ | - | | $ | 22 | | $ | - | | $ | 22 | | Obligations of states and political subdivisions | 1,678 | | - | | - | | 1,678 | | (10) | | 1,668 | | | Total | $ | 1,699 | | $ | 1 | | $ | - | | $ | 1,700 | | $ | (10) | | $ | 1,690 | |
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| Schedule of Fair Value of Available for Sale Securities by Contractual Maturities |
The amortized cost and fair value of AFS and HTM securities at June 30, 2026, by contractual maturity, are shown below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | U.S. government
obligations and government-
sponsored enterprises | | Obligations of states
and political subdivisions | | Other securities* | | Amortized
cost | FTE
Yield | Fair value | | Amortized
cost | FTE
Yield | Fair value | | Amortized
cost | FTE
Yield | Fair value | | (dollars in thousands) | | Available for sale: | | | | | | | | | | | | | Within 1 year | $ | 129,699 | | 4.45 | % | $ | 129,902 | | | $ | 7,846 | | 4.40 | % | $ | 7,846 | | | $ | - | | - | % | $ | - | | | After 1 but within 5 years | 1,131,899 | | 4.18 | % | 1,127,593 | | | 6,088 | | 4.53 | % | 6,073 | | | - | | - | | - | | | After 5 but within 10 years | - | | - | | - | | | - | | - | | - | | | - | | - | | - | | | After 10 years | - | | - | | - | | | 397 | | 7.91 | % | 393 | | | - | | - | | - | | | Mortgage - and asset-backed securities | 5,849,445 | | 4.12 | % | 5,740,433 | | | - | | - | | - | | | 4,467 | | 4.58 | % | 4,410 | | | Total | $ | 7,111,043 | | 4.13 | % | $ | 6,997,928 | | | $ | 14,331 | | 4.55 | % | $ | 14,312 | | | $ | 4,467 | | 4.58 | % | $ | 4,410 | | | | | | | | | | | | | | | Held to maturity: | | | | | | | | | | | | | Within 1 year | $ | - | | - | % | $ | - | | | $ | 295 | | 5.04 | % | $ | 295 | | | $ | - | | - | % | $ | - | | | After 1 but within 5 years | - | | - | | - | | | 1,224 | | 2.28 | % | 1,227 | | | - | | - | | - | | | After 5 but within 10 years | - | | - | | - | | | - | | - | | - | | | - | | - | | - | | | After 10 years | - | | - | | - | | | - | | - | | - | | | - | | - | | - | | | Mortgage - and asset-backed securities | 19 | | 6.11 | % | 20 | | | - | | - | | - | | | - | | - | | - | | | Total | $ | 19 | | 6.11 | % | $ | 20 | | | $ | 1,519 | | 2.82 | % | $ | 1,522 | | | $ | - | | - | % | $ | - | | * Other securities consist primarily of corporate bonds. |
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| Schedule of Unrealized Loss on Available-for-Sale |
June 30, 2026 management has both the intent and the ability to hold these securities until recovery of any unrealized losses, which may be at maturity, and does not expect to be required to sell the securities prior to such recovery. | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | | Less than 12 months | | 12 months or more | | Total | | Fair value | Unrealized
losses | | Fair value | Unrealized
losses | | Fair value | Unrealized
losses | | (dollars in thousands) | | Available for sale: | | | | | | | | | | U.S. government obligations and government- sponsored enterprises | $ | 3,436,410 | | $ | (30,466) | | | $ | 1,080,824 | | $ | (95,053) | | | $ | 4,517,234 | | $ | (125,519) | | | Obligations of states and political subdivisions | - | | - | | | 5,725 | | (55) | | | 5,725 | | (55) | | | Other securities | - | | - | | | 3,304 | | (57) | | | 3,304 | | (57) | | | Total | $ | 3,436,410 | | $ | (30,466) | | | $ | 1,089,853 | | $ | (95,165) | | | $ | 4,526,263 | | $ | (125,631) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | Less than 12 months | | 12 months or more | | Total | | Fair value | Unrealized
Losses | | Fair value | Unrealized
losses | | Fair value | Unrealized
losses | | (dollars in thousands) | | Available for sale: | | | | | | | | | U.S. government obligations and government- sponsored enterprises | $ | 419,704 | | $ | (1,190) | | | $ | 1,469,113 | | $ | (103,318) | | | $ | 1,888,817 | | $ | (104,508) | | Obligations of states and political subdivisions | - | | - | | | 7,204 | | (38) | | | 7,204 | | (38) | | | Other securities | - | | - | | | 3,557 | | (36) | | | 3,557 | | (36) | | | Total | $ | 419,704 | | $ | (1,190) | | | $ | 1,479,874 | | $ | (103,392) | | | $ | 1,899,578 | | $ | (104,582) | |
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| Schedule of Amortized Cost Basis by Credit Rating of Held to Maturity Investment |
The following table shows the amortized cost basis by credit rating of the Company's HTM obligations of states and political subdivisions at June 30, 2026 and December 31, 2025. | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Amortized Cost Basis by Credit Rating - HTM Debt Securities | | Non-Rated | A | AA | AAA | Total | | Held to maturity securities: | (dollars in thousands) | | State and political subdivisions | $ | 246 | | $ | - | | $ | 978 | | $ | 295 | | $ | 1,519 | | | | | | | | | December 31, 2025 | | Amortized Cost Basis by Credit Rating - HTM Debt Securities | | Non-Rated | A | AA | AAA | Total | | Held to maturity securities: | (dollars in thousands) | | State and political subdivisions | $ | 251 | | $ | - | | $ | 1,132 | | $ | 295 | | $ | 1,678 | |
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