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Investment Securities
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
Investment securities are designated as AFS, HTM, or equity on the consolidated balance sheets. The amortized cost and fair values of AFS and HTM securities at December 31, 2025 were as follows:
(in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
AFS investment securities
Obligations of state and political subdivisions (municipal securities)$3,063 $1 $(20)$3,044 
Residential mortgage-related securities:
FNMA/FHLMC134,142 1,214 (5,493)$129,863 
GNMA5,000,015 40,067 (253)$5,039,829 
Commercial mortgage-related securities:
FNMA/FHLMC17,959 — (1,001)$16,958 
GNMA113,374 — (3,818)$109,556 
Asset backed securities:
FFELP95,977 19 (950)$95,046 
SBA283 — (14)$269 
Other debt securities3,000 — (2)$2,998 
Total AFS investment securities$5,367,813 $41,301 $(11,551)$5,397,563 
HTM investment securities
U.S. Treasury securities$996 $19 $— $1,015 
Obligations of state and political subdivisions (municipal securities)1,628,088 3,070 (123,856)$1,507,302 
Residential mortgage-related securities:
FNMA/FHLMC823,630 165 (127,333)$696,462 
GNMA39,123 82 (2,321)$36,884 
Private-label302,817 — (43,990)$258,827 
Commercial mortgage-related securities:
FNMA/FHLMC763,370 — (113,004)$650,366 
GNMA44,552 152 (4,566)$40,138 
Total HTM investment securities$3,602,576 $3,488 $(415,070)$3,190,994 
The amortized cost and fair values of AFS and HTM securities at December 31, 2024 were as follows:
(in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
AFS investment securities
Obligations of state and political subdivisions (municipal securities)$3,063 $— $(58)$3,005 
Residential mortgage-related securities:
FNMA/FHLMC120,272 190 (9,534)110,928 
GNMA4,236,199 5,379 (13,851)4,227,727 
Commercial mortgage-related securities:
FNMA/FHLMC18,332 — (1,332)17,000 
GNMA116,275 — (4,800)111,475 
Asset backed securities:
   FFELP108,319 123 (604)107,839 
   SBA495 — (24)471 
Other debt securities3,000 — (11)2,989 
Total AFS investment securities$4,605,954 $5,693 $(30,213)$4,581,434 
HTM investment securities
U.S. Treasury securities$1,000 $— $(1)$999 
Obligations of state and political subdivisions (municipal securities)1,659,722 1,122 (174,202)1,486,642 
Residential mortgage-related securities:
FNMA/FHLMC885,476 22,934 (186,464)721,946 
GNMA43,693 9 (3,774)39,927 
Private-label324,182 8,135 (65,963)266,353 
Commercial mortgage-related securities:
FNMA/FHLMC772,456 10,217 (159,078)623,595 
GNMA52,219 236 (6,424)46,032 
Total HTM investment securities$3,738,747 $42,653 $(595,906)$3,185,494 
Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The expected maturities of AFS and HTM securities at December 31, 2025, are shown below:
 AFSHTM
(in thousands)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in one year or less$1,000 $1,000 $4,214 $4,215 
Due after one year through five years4,430 4,422 99,077 99,036 
Due after five years through ten years— — 218,537 218,398 
Due after ten years633 620 1,307,256 1,186,668 
Total municipal, U.S. Treasury and other debt securities6,063 6,042 1,629,084 1,508,317 
Residential mortgage-related securities:
FNMA/FHLMC134,142 129,863 823,630 696,462 
GNMA5,000,015 5,039,829 39,123 36,884 
Private-label— — 302,817 258,827 
Commercial mortgage-related securities:
FNMA/FHLMC17,959 16,958 763,370 650,366 
GNMA113,374 109,556 44,552 40,138 
Asset backed securities:
FFELP95,977 95,046 — — 
SBA283 269 — — 
Total investment securities$5,367,813 $5,397,563 $3,602,576 $3,190,994 
Ratio of fair value to amortized cost100.6 %88.6 %
The following table summarizes gross realized gains and losses on AFS securities, the gain or loss on sale and fair value adjustment of equity securities, and proceeds from the sale of AFS investment securities for each of the three years ended December 31 shown below:
(in thousands)202520242023
Gross realized gains on AFS securities$— $— $83 
Gross realized losses on AFS securities— (148,380)(65,022)
Gain on sale of equity securities— 4,054 76 
Fair value adjustment of equity securities49 179 5,960 
Investment securities (losses) gains, net$49 $(144,147)$(58,903)
Proceeds from sales of AFS investment securities$— $1,141,231 $715,066 
During the fourth quarter of 2024, the Corporation sold lower yielding AFS securities with a carrying value of $1.1 billion at a net loss of $148.2 million and reinvested the proceeds into higher yielding and lower risk-weighted GNMA securities. Additionally, during the first quarter of 2024, the Corporation sold its remaining Visa Class B restricted shares at a gain of $4.1 million.
During the fourth quarter of 2023, the Corporation sold lower yielding AFS securities with a carrying value of $715.1 million at a net loss of $64.9 million and reinvested the proceeds into higher yielding and lower risk-weighted GNMA securities. Additionally, during the fourth quarter of 2023, the Corporation sold 1,000 shares of its Visa Class B restricted shares and wrote up its remaining shares based on that market price, resulting in a gain of $5.9 million.
Investment securities with a carrying value of $1.2 billion at December 31, 2025 and $1.5 billion at December 31, 2024 were pledged as required to secure certain deposits or for other purposes.
Accrued interest receivable on HTM securities totaled $17.7 million and $18.1 million at December 31, 2025 and December 31, 2024, respectively. Accrued interest receivable on AFS securities totaled $23.0 million and $21.4 million at December 31, 2025 and December 31, 2024, respectively. Accrued interest receivable on both HTM and AFS securities is included in interest receivable on the consolidated balance sheets.
The Corporation holds U.S. Treasury, municipal, and mortgage-related securities issued by the U.S. government or a GSE which are backed by the full faith and credit of the U.S. government. The Corporation also holds private-label residential mortgage-related securities that have credit enhancement which, as of December 31, 2025, covers the first 16% of losses. As a result, no allowance for credit losses has been recorded related to these securities.
The allowance for credit losses on HTM securities was $0.1 million and $0.1 million at December 31, 2025 and December 31, 2024, attributable entirely to the Corporation's municipal securities, included in HTM investment securities, net, at amortized cost on the consolidated balance sheets.
The following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at December 31, 2025:
 Less than 12 months12 months or moreTotal
(in thousands)Number
of
Securities		Unrealized
Losses		Fair
Value		Number
of
Securities		Unrealized
Losses		Fair
Value		Unrealized LossesFair
Value
AFS investment securities
Obligations of state and political subdivisions (municipal securities)— $— $— 2 $(20)$863 $(20)$863 
Residential mortgage-related securities:
FNMA/FHLMC12 (95)14,155 12 (5,398)56,215 (5,493)70,370 
GNMA16 (232)143,734 3 (21)2,674 (253)146,408 
Commercial mortgage-related securities:
FNMA/FHLMC— — — 1 (1,001)16,958 (1,001)16,958 
GNMA— — — 15 (3,818)109,556 (3,818)109,556 
Asset backed securities:
FFELP2 (152)33,239 12 (798)55,565 (950)88,804 
SBA— — — 2 (14)231 (14)231 
Other debt securities2 (2)1,998 — — — (2)1,998 
Total32 $(481)$193,126 47 $(11,070)$242,062 $(11,551)$435,188 
HTM investment securities
U.S. Treasury securities— $— $— — $— $— $— $— 
Obligations of state and political subdivisions (municipal securities)81 (2,978)89,826 543 (120,878)842,485 (123,856)932,311 
Residential mortgage-related securities:
FNMA/FHLMC1 — 30 102 (127,333)676,915 (127,333)676,945 
GNMA — — — 80 (2,321)30,237 (2,321)30,237 
Private-label— — — 18 (43,990)258,827 (43,990)258,827 
Commercial mortgage-related securities:
FNMA/FHLMC2 (470)26,287 43 (112,534)624,079 (113,004)650,366 
GNMA— — — 13 (4,566)40,138 (4,566)40,138 
Total84 $(3,448)$116,143 799 $(411,622)$2,472,681 $(415,070)$2,588,824 
For comparative purposes, the following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2024:
 Less than 12 months12 months or moreTotal
(in thousands)Number
of
Securities		Unrealized
Losses		Fair
Value		Number
of
Securities		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value
AFS investment securities
Obligations of state and political subdivisions (municipal securities)1 $(3)$542 2 $(55)$828 $(58)$1,370 
Residential mortgage-related securities:
FNMA/FHLMC23 (607)31,983 14 (8,927)61,596 (9,534)93,579 
GNMA116 (13,706)1,660,642 4 (145)3,945 (13,851)1,664,587 
Commercial mortgage-related securities:
FNMA/FHLMC— — — 1 (1,332)17,000 (1,332)17,000 
GNMA— — — 16 (4,800)111,475 (4,800)111,475 
Asset backed securities:
FFELP— — — 12 (604)62,830 (604)62,830 
SBA— — — 4 (24)464 (24)464 
Other debt securities1 (7)993 1 (3)997 (11)1,989 
Total141 $(14,323)$1,694,159 54 $(15,890)$259,134 $(30,213)$1,953,294 
HTM investment securities
U.S. Treasury securities— $— $— 1 $(1)$999 $(1)$999 
Obligations of state and political subdivisions (municipal securities)370 (11,860)483,073 641 (162,343)866,949 (174,202)1,350,022 
Residential mortgage-related securities:
FNMA/FHLMC12 (280)11,617 106(186,184)710,114 (186,464)721,732 
GNMA7 (183)8,856 79 (3,591)31,071 (3,774)39,927 
Private-label— — — 18(65,963)266,353 (65,963)266,353 
Commercial mortgage-related securities:
FNMA/FHLMC2 (1,343)25,518 43 (157,735)598,077 (159,078)623,595 
GNMA— — — 13 (6,424)46,032 (6,424)46,032 
Total391 $(13,665)$529,064 901 $(582,241)$2,519,595 $(595,906)$3,048,660 
On a quarterly basis, the Corporation refreshes the credit quality of each HTM security. The Company monitors the credit quality of HTM securities through credit ratings provided by S&P and Moody’s. Investment grade securities are rated BBB- or higher by S&P, or Baa3 or higher by Moody’s, and are generally considered by the rating agencies and market participants to be of low credit risk. As of December 31, 2025 and December 31, 2024, the Corporation's HTM portfolio contained all investment grade securities except for securities that were not rated which were individually reviewed noting no credit quality issues.
Based on the Corporation’s evaluation, management does not believe any unrealized losses at December 31, 2025 represent credit deterioration as these unrealized losses are primarily attributable to changes in interest rates and the current market conditions. As of December 31, 2025, the Corporation does not intend to sell, nor does it believe that it will be required to sell, the securities in an unrealized loss position before recovery of their amortized cost basis.
Regulatory stocks
The Corporation had FHLB stock of $154.4 million and $91.5 million at December 31, 2025 and December 31, 2024, respectively. The Corporation had Federal Reserve Bank stock of $98.1 million and $88.1 million at December 31, 2025 and December 31, 2024, respectively.
Accrued interest receivable on FHLB stock totaled $2.8 million and $1.8 million at December 31, 2025 and December 31, 2024. There was no accrued interest receivable on Federal Reserve Bank stock at both December 31, 2025 and December 31, 2024. Accrued interest receivable on both FHLB stock and Federal Reserve Bank stock is included in interest receivable on the consolidated balance sheets.
Equity Securities
Equity securities with readily determinable fair values: The Corporation's portfolio of equity securities with readily determinable fair values is primarily comprised of mutual funds. The Corporation had equity securities with readily determinable fair values of $11.1 million at December 31, 2025 and $10.7 million at December 31, 2024.
Equity securities without readily determinable fair values: The Corporation's portfolio of equity securities without readily determinable fair values consists of an investment in a private loan fund. The Corporation had equity securities without readily determinable fair values carried at $15.0 million at December 31, 2025 and $12.6 million at December 31, 2024. During the first quarter of 2024, the Corporation sold all of its remaining Visa Class B restricted shares.