Investment Securities (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Investment Securities |
|
| Schedule of amortized cost and fair value of investment securities held to maturity |
The following is the amortized cost and fair value of investment securities held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
September 30, 2026: |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agencies |
|
$ |
132,891 |
|
|
$ |
— |
|
|
$ |
(21,449 |
) |
|
$ |
111,442 |
|
|
Residential mortgage-backed securities issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
|
1,054,751 |
|
|
|
— |
|
|
|
(219,481 |
) |
|
|
835,270 |
|
|
Residential collateralized mortgage-obligations issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
|
355,715 |
|
|
|
— |
|
|
|
(69,930 |
) |
|
|
285,785 |
|
|
Commercial mortgage-backed securities issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
|
318,780 |
|
|
|
— |
|
|
|
(65,771 |
) |
|
|
253,009 |
|
|
Small Business Administration loan-backed securities |
|
|
43,162 |
|
|
|
— |
|
|
|
(9,392 |
) |
|
|
33,770 |
|
|
|
|
$ |
1,905,299 |
|
|
$ |
— |
|
|
$ |
(386,023 |
) |
|
$ |
1,519,276 |
|
|
December 31, 2025: |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agencies |
|
$ |
132,913 |
|
|
$ |
— |
|
|
$ |
(15,767 |
) |
|
$ |
117,146 |
|
|
Residential mortgage-backed securities issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
|
1,153,024 |
|
|
|
— |
|
|
|
(177,101 |
) |
|
|
975,923 |
|
|
Residential collateralized mortgage-obligations issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
|
379,107 |
|
|
|
— |
|
|
|
(55,232 |
) |
|
|
323,875 |
|
|
Commercial mortgage-backed securities issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
|
336,910 |
|
|
|
— |
|
|
|
(58,332 |
) |
|
|
278,578 |
|
|
Small Business Administration loan-backed securities |
|
|
46,076 |
|
|
|
— |
|
|
|
(8,748 |
) |
|
|
37,328 |
|
|
|
|
$ |
2,048,030 |
|
|
$ |
— |
|
|
$ |
(315,180 |
) |
|
$ |
1,732,850 |
|
|
|
| Schedule of amortized cost and fair value of investment securities available for sale |
The following is the amortized cost and fair value of investment securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
September 30, 2026: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed securities issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
$ |
2,063,433 |
|
|
$ |
37 |
|
|
$ |
(227,466 |
) |
|
$ |
1,836,004 |
|
|
Residential collateralized mortgage-obligations issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
|
2,064,461 |
|
|
|
— |
|
|
|
(105,817 |
) |
|
|
1,958,644 |
|
|
Commercial mortgage-backed securities issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
|
1,142,156 |
|
|
|
126 |
|
|
|
(113,763 |
) |
|
|
1,028,519 |
|
|
State and municipal obligations |
|
|
1,275,798 |
|
|
|
1 |
|
|
|
(240,763 |
) |
|
|
1,035,036 |
|
|
Small Business Administration loan-backed securities |
|
|
542,998 |
|
|
|
159 |
|
|
|
(30,055 |
) |
|
|
513,102 |
|
|
Corporate securities |
|
|
23,000 |
|
|
|
— |
|
|
|
(996 |
) |
|
|
22,004 |
|
|
|
|
$ |
7,111,846 |
|
|
$ |
323 |
|
|
$ |
(718,860 |
) |
|
$ |
6,393,309 |
|
|
December 31, 2025: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed securities issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
$ |
1,826,307 |
|
|
$ |
10,108 |
|
|
$ |
(138,307 |
) |
|
$ |
1,698,108 |
|
|
Residential collateralized mortgage-obligations issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
|
2,208,710 |
|
|
|
23,979 |
|
|
|
(47,105 |
) |
|
|
2,185,584 |
|
|
Commercial mortgage-backed securities issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
|
903,209 |
|
|
|
3,282 |
|
|
|
(74,042 |
) |
|
|
832,449 |
|
|
State and municipal obligations |
|
|
1,141,377 |
|
|
|
1,252 |
|
|
|
(135,217 |
) |
|
|
1,007,412 |
|
|
Small Business Administration loan-backed securities |
|
|
593,973 |
|
|
|
548 |
|
|
|
(26,088 |
) |
|
|
568,433 |
|
|
Corporate securities |
|
|
23,000 |
|
|
|
— |
|
|
|
(1,230 |
) |
|
|
21,770 |
|
|
|
|
$ |
6,696,576 |
|
|
$ |
39,169 |
|
|
$ |
(421,989 |
) |
|
$ |
6,313,756 |
|
|
|
| Schedule of amortized cost and carrying value of other investment securities |
The following is the amortized cost and carrying value of other investment securities:
|
|
|
|
|
|
(Dollars in thousands) |
|
Carrying
Value |
|
|
September 30, 2026: |
|
|
|
|
Federal Home Loan Bank stock |
|
$ |
32,336 |
|
|
Federal Reserve Bank stock |
|
|
234,374 |
|
|
Investment in unconsolidated subsidiaries |
|
|
5,287 |
|
|
Other investment securities |
|
|
135,175 |
|
|
|
|
$ |
407,172 |
|
|
December 31, 2025: |
|
|
|
|
Federal Home Loan Bank stock |
|
$ |
18,086 |
|
|
Federal Reserve Bank stock |
|
|
234,374 |
|
|
Investment in unconsolidated subsidiaries |
|
|
5,287 |
|
|
Other investment securities |
|
|
95,681 |
|
|
|
|
$ |
353,428 |
|
|
|
| Schedule of amortized cost and fair value of debt securities by contractual maturity |
The amortized cost and fair value of debt securities at September 30, 2026, by contractual maturity are detailed below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities |
|
|
Securities |
|
|
|
|
Held to Maturity |
|
|
Available for Sale |
|
|
(Dollars in thousands) |
|
Amortized
Cost |
|
|
Fair
Value |
|
|
Amortized
Cost |
|
|
Fair
Value |
|
|
Due in one year or less |
|
$ |
35,395 |
|
|
$ |
34,270 |
|
|
$ |
33,882 |
|
|
$ |
33,340 |
|
|
Due after one year through five years |
|
|
153,946 |
|
|
|
137,793 |
|
|
|
465,164 |
|
|
|
450,117 |
|
|
Due after five years through ten years |
|
|
297,776 |
|
|
|
248,151 |
|
|
|
1,277,694 |
|
|
|
1,159,011 |
|
|
Due after ten years |
|
|
1,418,182 |
|
|
|
1,099,062 |
|
|
|
5,335,106 |
|
|
|
4,750,841 |
|
|
|
|
$ |
1,905,299 |
|
|
$ |
1,519,276 |
|
|
$ |
7,111,846 |
|
|
$ |
6,393,309 |
|
|
|
| Schedule of information with respect to sales of available-for-sale securities |
The following table provides additional details of the available for sale investment securities sold during the nine months ended September 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
2025 |
|
|
(Dollars in thousands) |
|
Sales of Securities Acquired from Independent |
|
|
Investment Securities Sales |
|
|
Total |
|
|
Sale proceeds |
|
$ |
1,279,717 |
|
|
$ |
1,594,393 |
|
|
$ |
2,874,110 |
|
|
Gross realized gains |
|
|
— |
|
|
|
8,892 |
|
|
|
8,892 |
|
|
Gross realized losses |
|
|
— |
|
|
|
(237,703 |
) |
|
|
(237,703 |
) |
|
Net realized losses |
|
$ |
— |
|
|
$ |
(228,811 |
) |
|
$ |
(228,811 |
) |
|
|
| Schedule of securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position |
Information pertaining to our securities with gross unrealized losses at September 30, 2026, and December 31, 2025, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Than |
|
|
12 Months |
|
|
|
|
12 Months |
|
|
or More |
|
|
(Dollars in thousands) |
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
September 30, 2026: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Held to Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agencies |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
21,449 |
|
|
$ |
111,441 |
|
|
Residential mortgage-backed securities issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
|
— |
|
|
|
— |
|
|
|
219,481 |
|
|
|
835,270 |
|
|
Residential collateralized mortgage-obligations issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
|
— |
|
|
|
— |
|
|
|
69,930 |
|
|
|
285,786 |
|
|
Commercial mortgage-backed securities issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
|
— |
|
|
|
— |
|
|
|
65,771 |
|
|
|
253,009 |
|
|
Small Business Administration loan-backed securities |
|
|
— |
|
|
|
— |
|
|
|
9,392 |
|
|
|
33,770 |
|
|
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
386,023 |
|
|
$ |
1,519,276 |
|
|
Securities Available for Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed securities issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
$ |
48,240 |
|
|
$ |
1,149,122 |
|
|
$ |
179,226 |
|
|
$ |
685,215 |
|
|
Residential collateralized mortgage-obligations issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
|
48,097 |
|
|
|
1,720,299 |
|
|
|
57,720 |
|
|
|
238,313 |
|
|
Commercial mortgage-backed securities issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
|
24,057 |
|
|
|
584,234 |
|
|
|
89,707 |
|
|
|
379,753 |
|
|
State and municipal obligations |
|
|
21,868 |
|
|
|
264,070 |
|
|
|
218,894 |
|
|
|
765,244 |
|
|
Small Business Administration loan-backed securities |
|
|
2,684 |
|
|
|
93,861 |
|
|
|
27,371 |
|
|
|
283,268 |
|
|
Corporate securities |
|
|
101 |
|
|
|
9,899 |
|
|
|
895 |
|
|
|
12,105 |
|
|
|
|
$ |
145,047 |
|
|
$ |
3,821,485 |
|
|
$ |
573,813 |
|
|
$ |
2,363,898 |
|
|
December 31, 2025: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Held to Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agencies |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
15,767 |
|
|
$ |
117,146 |
|
|
Residential mortgage-backed securities issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
|
— |
|
|
|
— |
|
|
|
177,101 |
|
|
|
975,923 |
|
|
Residential collateralized mortgage-obligations issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
|
— |
|
|
|
— |
|
|
|
55,232 |
|
|
|
323,874 |
|
|
Commercial mortgage-backed securities issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
|
— |
|
|
|
— |
|
|
|
58,332 |
|
|
|
278,579 |
|
|
Small Business Administration loan-backed securities |
|
|
— |
|
|
|
— |
|
|
|
8,748 |
|
|
|
37,328 |
|
|
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
315,180 |
|
|
$ |
1,732,850 |
|
|
Securities Available for Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed securities issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
$ |
459 |
|
|
$ |
145,357 |
|
|
$ |
137,848 |
|
|
$ |
803,407 |
|
|
Residential collateralized mortgage-obligations issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
|
46 |
|
|
|
40,399 |
|
|
|
47,059 |
|
|
|
278,620 |
|
|
Commercial mortgage-backed securities issued by U.S. government |
|
|
|
|
|
|
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
|
228 |
|
|
|
152,299 |
|
|
|
73,814 |
|
|
|
423,165 |
|
|
State and municipal obligations |
|
|
572 |
|
|
|
43,620 |
|
|
|
134,645 |
|
|
|
903,784 |
|
|
Small Business Administration loan-backed securities |
|
|
680 |
|
|
|
284,036 |
|
|
|
25,408 |
|
|
|
202,322 |
|
|
Corporate securities |
|
|
— |
|
|
|
— |
|
|
|
1,230 |
|
|
|
21,769 |
|
|
|
|
$ |
1,985 |
|
|
$ |
665,711 |
|
|
$ |
420,004 |
|
|
$ |
2,633,067 |
|
|
|
| Schedule of trading securities |
At September 30, 2026 and December 31, 2025, trading securities, at estimated fair value, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
(Dollars in thousands) |
|
2026 |
|
|
2025 |
|
|
U.S. Government agencies |
|
$ |
11,923 |
|
|
$ |
1,872 |
|
|
Residential mortgage-backed securities issued by U.S. government |
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
|
11,266 |
|
|
|
9,799 |
|
|
Residential collateralized mortgage-obligations issued by U.S. government |
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
|
7,412 |
|
|
|
1,419 |
|
|
Commercial mortgage-backed securities issued by U.S. government |
|
|
|
|
|
|
|
agencies or sponsored enterprises |
|
|
11,988 |
|
|
|
5,966 |
|
|
State and municipal obligations |
|
|
45,985 |
|
|
|
24,816 |
|
|
Small Business Administration asset-backed securities |
|
|
50,522 |
|
|
|
66,173 |
|
|
Other debt securities |
|
|
2,438 |
|
|
|
138 |
|
|
|
|
$ |
141,534 |
|
|
$ |
110,183 |
|
|
|
| Summary of net gains (losses) on trading securities |
Net (losses) gains on trading securities for the three and nine months ended September 30, 2026, and 2025, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
|
September 30, |
|
|
September 30, |
|
|
(Dollars in thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
Net gains on sales transaction |
|
$ |
204 |
|
|
$ |
1,517 |
|
|
$ |
1,605 |
|
|
$ |
1,461 |
|
|
Net unrealized (losses) gains |
|
|
(1,572 |
) |
|
|
(1 |
) |
|
|
(2,059 |
) |
|
|
410 |
|
|
Net (losses) gains on trading securities |
|
$ |
(1,368 |
) |
|
$ |
1,516 |
|
|
$ |
(454 |
) |
|
$ |
1,871 |
|
|
|