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Investment Securities
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] 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 June 30, 2026 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)$7,342 $4 $(106)$7,240 
Residential mortgage-related securities:
FNMA/FHLMC142,709 815 (6,236)137,288 
GNMA5,518,890 2,481 (29,723)5,491,648 
Commercial mortgage-related securities:
FNMA/FHLMC414,880 — (4,659)410,221 
GNMA111,910 — (5,066)106,844 
Asset backed securities:
FFELP89,197 1 (986)88,212 
SBA120,221 387 (538)120,070 
Other debt securities(a)
6,750 — (1,687)5,063 
Total AFS investment securities$6,411,899 $3,688 $(49,001)$6,366,586 
HTM investment securities
U.S. Treasury securities$997 $5 $— $1,002 
Obligations of state and political subdivisions (municipal securities)1,591,681 1,797 (124,874)1,468,604 
Residential mortgage-related securities:
FNMA/FHLMC790,729 39 (130,031)660,737 
GNMA37,215 18 (2,607)34,626 
Private-label292,007 — (45,547)246,460 
Commercial mortgage-related securities:
FNMA/FHLMC757,723 — (113,423)644,300 
GNMA40,423 — (4,334)36,089 
Total HTM investment securities$3,510,775 $1,859 $(420,816)$3,091,818 
(a)Unrealized losses includes allowance for credit losses
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 
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 June 30, 2026, are shown below:
AFSHTM
(in thousands)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in one year or less$3,750 $2,063 $820,235 $818,331 
Due after one year through five years7,739 7,655 825 779 
Due after five years through ten years— — 8,078 7,932 
Due after ten years2,603 2,585 763,540 642,564 
Total municipal, U.S. Treasury and other debt securities14,092 12,303 1,592,678 1,469,606 
Residential mortgage-related securities:
FNMA/FHLMC142,709 137,288 790,729 660,737 
GNMA5,518,890 5,491,648 37,215 34,626 
Private-label— — 292,007 246,460 
Commercial mortgage-related securities:
FNMA/FHLMC414,880 410,221 757,723 644,300 
GNMA111,910 106,844 40,423 36,089 
Asset backed securities:
FFELP 89,197 88,212 — — 
SBA120,221 120,070 — — 
Total investment securities$6,411,899 $6,366,586 $3,510,775 $3,091,818 
Ratio of fair value to amortized cost99.3 %88.1 %
The following table summarizes gross realized gains and losses on AFS securities, the gain or loss on sale and fair value adjustment of equity securities, and proceeds from the sale of AFS investment securities:
Three Months Ended Jun 30,Six Months Ended Jun 30,
(in thousands)2026202520262025
Gross losses on HTM securities$— $— $(4)$— 
Fair value adjustment of equity securities35 7 10 11 
Investment securities (losses) gains, net$35 $7 $6 $11 
Investment securities with a carrying value of $1.0 billion at June 30, 2026 and $1.2 billion December 31, 2025, respectively, were pledged as required to secure certain deposits or for other purposes.
Accrued interest receivable on HTM securities totaled $17.2 million and $17.7 million at June 30, 2026 and December 31, 2025, respectively. Accrued interest receivable on AFS securities totaled $25.1 million and $23.0 million at June 30, 2026 and December 31, 2025, 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 and private-label residential mortgage-related securities that have credit enhancement which covers the first 16% of losses and, as a result, no allowance for credit losses has been recorded related to these securities.
There was a nominal allowance for credit losses on HTM securities at June 30, 2026 and $0.1 million at December 31, 2025, attributable entirely to the Corporation's municipal securities, included in HTM investment securities, net, at amortized cost on the consolidated balance sheets. The allowance for credit losses on AFS securities was $1.7 million at June 30, 2026 and zero at December 31, 2025, attributable to a corporate bond acquired through the recent acquisition of American National, included in other debt securities and AFS investment securities, net, at fair value 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 June 30, 2026:
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)4 $(99)$4,176 1 $(7)$243 $(106)$4,419 
Residential mortgage-related securities:
FNMA/FHLMC34 (604)47,975 5 (5,632)44,189 (6,236)92,164 
GNMA236 (29,685)4,396,013 2 (38)1,901 (29,723)4,397,914 
Commercial mortgage-related securities:
FNMA/FHLMC11 (3,780)393,331 1 (879)16,889 (4,659)410,220 
GNMA— — — 15 (5,066)106,844 (5,066)106,844 
Asset backed securities:
FFELP2 (75)30,893 12 (911)51,501 (986)82,394 
SBA6 (526)89,501 2 (12)183 (538)89,684 
Other debt securities(a)
3 (1,687)4,062 — — — (1,687)4,062 
Total296 $(36,456)$4,965,951 38 $(12,545)$221,750 $(49,001)$5,187,701 
HTM investment securities
Obligations of state and political subdivisions (municipal securities)327 $(6,876)$500,662 407 $(117,998)$615,514 $(124,874)$1,116,176 
Residential mortgage-related securities:
FNMA/FHLMC15 (127)15,968 100 (129,904)637,637 (130,031)653,605 
GNMA4 (60)5,330 79 (2,547)26,571 (2,607)31,901 
Private-label— — — 18 (45,547)246,460 (45,547)246,460 
 Commercial mortgage-related securities:
FNMA/FHLMC2 (536)26,155 43 (112,887)618,145 (113,423)644,300 
GNMA— — — 13 (4,334)36,088 (4,334)36,088 
Total348 $(7,599)$548,115 660 $(413,217)$2,180,415 $(420,816)$2,728,530 
(a)Unrealized losses includes allowance for credit losses
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, 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
Losses		Fair
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
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 
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 June 30, 2026 and December 31, 2025, 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 June 30, 2026 represent credit deterioration as these unrealized losses are primarily attributable to changes in interest rates and the current market conditions, except as disclosed above. As of June 30, 2026, 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 $215.0 million and $154.4 million at June 30, 2026 and December 31, 2025, respectively. The Corporation had Federal Reserve Bank stock of $114.4 million and $98.1 million at June 30, 2026 and December 31, 2025, respectively.
Accrued interest receivable on FHLB stock totaled $4.1 million at June 30, 2026 and $2.8 million at December 31, 2025. There was no accrued interest receivable on Federal Reserve Bank Stock at both June 30, 2026 and December 31, 2025. 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 $15.0 million and $11.1 million at June 30, 2026 and December 31, 2025, respectively.
Equity securities without readily determinable fair values: The Corporation's portfolio of equity securities without readily determinable fair values primarily 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 both June 30, 2026 and December 31, 2025