XML 40 R30.htm IDEA: XBRL DOCUMENT v3.25.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Available for Sale
The amortized cost, gross unrealized gains and losses and fair value of AFS debt securities at March 31, 2025 and December 31, 2024 were as follows: 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
 (in thousands)
March 31, 2025
U.S. Treasury securities$321,009 $— $(24,756)$296,253 
U.S. government agency securities23,850 22 (1,472)22,400 
Obligations of states and political subdivisions:
Obligations of states and state agencies45,848 — (840)45,008 
Municipal bonds179,928 — (37,555)142,373 
Total obligations of states and political subdivisions225,776 — (38,395)187,381 
Residential mortgage-backed securities3,034,723 16,242 (83,430)2,967,535 
Corporate and other debt securities198,802 310 (13,977)185,135 
Total $3,804,160 $16,574 $(162,030)$3,658,704 
December 31, 2024
U.S. Treasury securities$319,551 $— $(28,002)$291,549 
U.S. government agency securities24,636 20 (2,113)22,543 
Obligations of states and political subdivisions:
Obligations of states and state agencies46,211 — (682)45,529 
Municipal bonds179,284 — (32,304)146,980 
Total obligations of states and political subdivisions225,495 — (32,986)192,509 
Residential mortgage-backed securities2,784,895 3,796 (107,615)2,681,076 
Corporate and other debt securities197,696 247 (15,896)182,047 
Total$3,552,273 $4,063 $(186,612)$3,369,724 
Age of Unrealized Losses and Fair Value of Related Available for Sale Debt Securities
The age of unrealized losses and fair value of the related AFS debt securities at March 31, 2025 and December 31, 2024 were as follows: 
 Less than 12 MonthsMore than 12 MonthsTotal
 Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
 (in thousands)
March 31, 2025
U.S. Treasury securities$— $— $296,253 $(24,756)$296,253 $(24,756)
U.S. government agency securities— — 21,158 (1,472)21,158 (1,472)
Obligations of states and political subdivisions:
Obligations of states and state agencies
— — 5,938 (840)5,938 (840)
Municipal bonds— — 134,643 (37,555)134,643 (37,555)
Total obligations of states and political subdivisions
— — 140,581 (38,395)140,581 (38,395)
Residential mortgage-backed securities683,881 (8,598)499,009 (74,832)1,182,890 (83,430)
Corporate and other debt securities4,750 (250)165,075 (13,727)169,825 (13,977)
Total$688,631 $(8,848)$1,122,076 $(153,182)$1,810,707 $(162,030)
December 31, 2024
U.S. Treasury securities$— $— $291,549 $(28,002)$291,549 $(28,002)
U.S. government agency securities— — 21,281 (2,113)21,281 (2,113)
Obligations of states and political subdivisions:
Obligations of states and state agencies
— — 6,208 (682)6,208 (682)
Municipal bonds— — 139,216 (32,304)139,216 (32,304)
Total obligations of states and political subdivisions
— — 145,424 (32,986)145,424 (32,986)
Residential mortgage-backed securities1,483,442 (22,242)501,858 (85,373)1,985,300 (107,615)
Corporate and other debt securities— — 166,800 (15,896)166,800 (15,896)
Total$1,483,442 $(22,242)$1,126,912 $(164,370)$2,610,354 $(186,612)
Contractual Maturities of Debt Securities Available for Sale
The contractual maturities of AFS debt securities at March 31, 2025 are set forth in the following table. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Residential mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties.
 March 31, 2025
 Amortized
Cost		Fair
Value
 (in thousands)
Due in one year$178,207 $176,182 
Due after one year through five years124,394 120,137 
Due after five years through ten years171,134 155,918 
Due after ten years295,702 238,932 
Residential mortgage-backed securities3,034,723 2,967,535 
Total $3,804,160 $3,658,704 
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Held to Maturity
The amortized cost, gross unrealized gains and losses and fair value of HTM debt securities at March 31, 2025 and December 31, 2024 were as follows: 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueAllowance for Credit LossesNet Carrying Value
 (in thousands)
March 31, 2025
U.S. Treasury securities$25,290 $— $(21)$25,269 $— $25,290 
U.S. government agency securities300,865 — (40,993)259,872 — 300,865 
Obligations of states and political subdivisions:
Obligations of states and state agencies66,602 53 (4,799)61,856 1 66,601 
Municipal bonds291,584 11 (24,330)267,265 46 291,538 
Total obligations of states and political subdivisions358,186 64 (29,129)329,121 47 358,139 
Residential mortgage-backed securities2,742,355 4,985 (374,064)2,373,276 — 2,742,355 
Trust preferred securities36,086 — (6,606)29,480 418 35,668 
Corporate and other debt securities83,179 8 (2,571)80,616 168 83,011 
Total $3,545,961 $5,057 $(453,384)$3,097,634 $633 $3,545,328 
December 31, 2024
U.S. Treasury securities$25,480 $— $(19)$25,461 $— $25,480 
U.S. government agency securities301,315 — (49,013)252,302 — 301,315 
Obligations of states and political subdivisions:
Obligations of states and state agencies
68,025 — (5,335)62,690 2 68,023 
Municipal bonds304,464 9 (20,802)283,671 48 304,416 
Total obligations of states and political subdivisions372,489 9 (26,137)346,361 50 372,439 
Residential mortgage-backed securities2,710,642 2,088 (420,582)2,292,148 — 2,710,642 
Trust preferred securities36,081 — (6,936)29,145 414 35,667 
Corporate and other debt securities86,213 10 (3,356)82,867 183 86,030 
Total $3,532,220 $2,107 $(506,043)$3,028,284 $647 $3,531,573 
Age of Unrealized Losses and Fair Value of Related Debt Securities Held to Maturity
The age of unrealized losses and fair value of related HTM debt securities at March 31, 2025 and December 31, 2024 were as follows: 
 Less than 12 MonthsMore than 12 MonthsTotal
 Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
 (in thousands)
March 31, 2025
U.S. Treasury securities$25,269 $(21)$— $— $25,269 $(21)
U.S. government agency securities22,109 (58)237,231 (40,935)259,340 (40,993)
Obligations of states and political subdivisions:
Obligations of states and state agencies5,948 (8)43,721 (4,791)49,669 (4,799)
Municipal bonds35,687 (572)191,086 (23,758)226,773 (24,330)
Total obligations of states and political subdivisions
41,635 (580)234,807 (28,549)276,442 (29,129)
Residential mortgage-backed securities
43,444 (821)1,920,109 (373,243)1,963,553 (374,064)
Trust preferred securities— — 29,480 (6,606)29,480 (6,606)
Corporate and other debt securities12,991 (9)57,616 (2,562)70,607 (2,571)
Total$145,448 $(1,489)$2,479,243 $(451,895)$2,624,691 $(453,384)
December 31, 2024
U.S. Treasury securities$25,461 $(19)$— $— $25,461 $(19)
U.S. government agency securities22,621 (75)229,143 (48,938)251,764 (49,013)
Obligations of states and political subdivisions:
Obligations of states and state agencies20,632 (517)42,058 (4,818)62,690 (5,335)
Municipal bonds36,766 (440)210,723 (20,362)247,489 (20,802)
Total obligations of states and political subdivisions
57,398 (957)252,781 (25,180)310,179 (26,137)
Residential mortgage-backed securities
216,651 (2,687)1,917,644 (417,895)2,134,295 (420,582)
Trust preferred securities— — 29,145 (6,936)29,145 (6,936)
Corporate and other debt securities
5,977 (23)63,879 (3,333)69,856 (3,356)
Total$328,108 $(3,761)$2,492,592 $(502,282)$2,820,700 $(506,043)
Contractual Maturities of Debt Securities Held to Maturity
The contractual maturities of investments in HTM debt securities at March 31, 2025 are set forth in the table below. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Residential mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties.
 March 31, 2025
 Amortized
Cost		Fair
Value
 (in thousands)
Due in one year$64,515 $64,387 
Due after one year through five years56,432 55,699 
Due after five years through ten years167,145 157,478 
Due after ten years515,514 446,794 
Residential mortgage-backed securities2,742,355 2,373,276 
Total$3,545,961 $3,097,634 
Amortized Cost of Debt Securities Held to Maturity by External Credit Rating The following table summarizes the amortized cost of HTM debt securities by external credit rating at March 31, 2025 and December 31, 2024.
AAA/AA/A RatedBBB ratedNon-ratedTotal
 (in thousands)
March 31, 2025
U.S. Treasury securities$25,290 $— $— $25,290 
U.S. government agency securities300,865 — — 300,865 
Obligations of states and political subdivisions:
Obligations of states and state agencies51,881 — 14,721 66,602 
Municipal bonds263,230 — 28,354 291,584 
Total obligations of states and political subdivisions
315,111 — 43,075 358,186 
Residential mortgage-backed securities2,742,355 — — 2,742,355 
Trust preferred securities— — 36,086 36,086 
Corporate and other debt securities— 6,000 77,179 83,179 
Total $3,383,621 $6,000 $156,340 $3,545,961 
December 31, 2024
U.S. Treasury securities$25,480 $— $— $25,480 
U.S. government agency securities301,315 — — 301,315 
Obligations of states and political subdivisions:
Obligations of states and state agencies52,770 — 15,255 68,025 
Municipal bonds277,921 — 26,543 304,464 
Total obligations of states and political subdivisions
330,691 — 41,798 372,489 
Residential mortgage-backed securities2,710,642 — — 2,710,642 
Trust preferred securities— — 36,081 36,081 
Corporate and other debt securities— 6,000 80,213 86,213 
Total$3,368,128 $6,000 $158,092 $3,532,220 
Debt Securities, Held-to-Maturity, Allowance for Credit Loss
The following table details the activity in the allowance for credit losses for HTM securities for the three months ended March 31, 2025 and 2024: 
Three Months Ended
March 31,
20252024
(in thousands)
Beginning balance$647 $1,205 
Credit for credit losses(14)(74)
Ending balance$633 $1,131