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INVESTMENT SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities, Available-for-sale
The following tables detail the amortized cost, allowance for credit losses and the estimated fair value of the Company's investments in available-for-sale and held-to-maturity debt securities. None of the Company's investments in debt securities are classified as trading.
March 31, 2024
(Dollars in thousands)Amortized CostGross
Unrealized
 Gain		Gross
Unrealized
 Loss		Allowance for Credit LossesFair
Value
Available-for-Sale Debt Securities
Collateralized mortgage obligation (CMO)$551,883 $— $99,992 $— $451,891 
Fannie Mae (FNMA) mortgage-backed securities (MBS)3,495,526 118 548,295 — 2,947,349 
Freddie Mac (FHLMC) MBS124,992 — 13,241 — 111,751 
Ginnie Mae (GNMA) MBS47,478 1 3,539 — 43,940 
Government-sponsored enterprises (GSE) agency notes224,797 — 45,499 — 179,298 
$4,444,676 $119 $710,566 $— $3,734,229 
Held-to-Maturity Debt Securities(1)
FNMA MBS$864,584 $— $99,912 $— $764,672 
State and political subdivisions185,231 1,368 1,536 8 185,055 
$1,049,815 $1,368 $101,448 $8 $949,727 
(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value basis at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized losses of $115.6 million at March 31, 2024, which are offset in Accumulated other comprehensive loss. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.
December 31, 2023
(Dollars in thousands)Amortized CostGross
Unrealized
 Gain		Gross
Unrealized
 Loss		Allowance for Credit LossesFair
Value
Available-for-Sale Debt Securities
CMO$560,952 $— $96,333 $— $464,619 
FNMA MBS3,544,762 162 502,574 — 3,042,350 
FHLMC MBS126,856 — 11,324 — 115,532 
GNMA MBS46,333 6 2,999 — 43,340 
GSE agency notes225,439 — 44,743 — 180,696 
$4,504,342 $168 $657,973 $— $3,846,537 
Held-to-Maturity Debt Securities(1)
FNMA MBS$872,653 $— $74,332 $— $798,321 
State and political subdivisions185,912 2,665 959 8 187,610 
$1,058,565 $2,665 $75,291 $8 $985,931 
(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized losses of $120.4 million at December 31, 2023, which are offset in Accumulated other comprehensive loss. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.
Schedule of Debt Securities, Held-to-maturity
The following tables detail the amortized cost, allowance for credit losses and the estimated fair value of the Company's investments in available-for-sale and held-to-maturity debt securities. None of the Company's investments in debt securities are classified as trading.
March 31, 2024
(Dollars in thousands)Amortized CostGross
Unrealized
 Gain		Gross
Unrealized
 Loss		Allowance for Credit LossesFair
Value
Available-for-Sale Debt Securities
Collateralized mortgage obligation (CMO)$551,883 $— $99,992 $— $451,891 
Fannie Mae (FNMA) mortgage-backed securities (MBS)3,495,526 118 548,295 — 2,947,349 
Freddie Mac (FHLMC) MBS124,992 — 13,241 — 111,751 
Ginnie Mae (GNMA) MBS47,478 1 3,539 — 43,940 
Government-sponsored enterprises (GSE) agency notes224,797 — 45,499 — 179,298 
$4,444,676 $119 $710,566 $— $3,734,229 
Held-to-Maturity Debt Securities(1)
FNMA MBS$864,584 $— $99,912 $— $764,672 
State and political subdivisions185,231 1,368 1,536 8 185,055 
$1,049,815 $1,368 $101,448 $8 $949,727 
(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value basis at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized losses of $115.6 million at March 31, 2024, which are offset in Accumulated other comprehensive loss. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.
December 31, 2023
(Dollars in thousands)Amortized CostGross
Unrealized
 Gain		Gross
Unrealized
 Loss		Allowance for Credit LossesFair
Value
Available-for-Sale Debt Securities
CMO$560,952 $— $96,333 $— $464,619 
FNMA MBS3,544,762 162 502,574 — 3,042,350 
FHLMC MBS126,856 — 11,324 — 115,532 
GNMA MBS46,333 6 2,999 — 43,340 
GSE agency notes225,439 — 44,743 — 180,696 
$4,504,342 $168 $657,973 $— $3,846,537 
Held-to-Maturity Debt Securities(1)
FNMA MBS$872,653 $— $74,332 $— $798,321 
State and political subdivisions185,912 2,665 959 8 187,610 
$1,058,565 $2,665 $75,291 $8 $985,931 
(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized losses of $120.4 million at December 31, 2023, which are offset in Accumulated other comprehensive loss. At the time of transfer, there was no allowance for credit loss on the available-for-sale securities. Subsequent to transfer, the securities were evaluated for credit loss.
The following table presents the activity in the allowance for credit losses for state and political subdivisions debt securities for the three months ended March 31, 2024 and 2023:
Three months ended March 31,
(Dollars in thousands)20242023
Allowance for credit losses:
Beginning balance$8 $10 
Provision for (recovery of) credit losses— (1)
Ending balance$8 $9 
Schedule of Maturities of Investment Securities Available-for-Sale and Held-to-Maturity
The scheduled maturities of available-for-sale debt securities at March 31, 2024 and December 31, 2023 are presented in the table below:
 Available-for-Sale
 AmortizedFair
(Dollars in thousands)CostValue
March 31, 2024 (1)
Within one year$2,480 $2,415 
After one year but within five years97,525 92,024 
After five years but within ten years549,047 462,583 
After ten years3,795,624 3,177,207 
$4,444,676 $3,734,229 
December 31, 2023 (1)
Within one year$— $— 
After one year but within five years86,224 82,387 
After five years but within ten years569,956 485,593 
After ten years3,848,162 3,278,557 
$4,504,342 $3,846,537 
(1)Actual maturities could differ from contractual maturities.
The scheduled maturities of held-to-maturity debt securities at March 31, 2024 and December 31, 2023 are presented in the table below:
 Held-to-Maturity
 AmortizedFair
(Dollars in thousands)CostValue
March 31, 2024 (1)
Within one year$— $— 
After one year but within five years11,930 11,741 
After five years but within ten years47,195 46,747 
After ten years990,690 891,239 
$1,049,815 $949,727 
December 31, 2023 (1)
Within one year$— $— 
After one year but within five years10,932 10,856 
After five years but within ten years46,489 46,246 
After ten years1,001,144 928,829 
$1,058,565 $985,931 
(1)Actual maturities could differ from contractual maturities.
Schedule of Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category
For debt securities in an unrealized loss position, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at March 31, 2024.
 Duration of Unrealized Loss Position  
 Less than 12 months12 months or longerTotal
 FairUnrealizedFairUnrealizedFairUnrealized
(Dollars in thousands)ValueLossValueLossValueLoss
Available-for-sale debt securities:
CMO$— $— $451,891 $99,992 $451,891 $99,992 
FNMA MBS18,744 275 2,916,614 548,020 2,935,358 548,295 
FHLMC MBS— — 111,745 13,241 111,745 13,241 
GNMA MBS7,785 227 35,109 3,312 42,894 3,539 
GSE agency notes— — 179,298 45,499 179,298 45,499 
$26,529 $502 $3,694,657 $710,064 $3,721,186 $710,566 
For debt securities in an unrealized loss position, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at December 31, 2023.
 Duration of Unrealized Loss Position  
 Less than 12 months12 months or longerTotal
 FairUnrealizedFairUnrealizedFairUnrealized
(Dollars in thousands)ValueLossValueLossValueLoss
Available-for-sale debt securities:
CMO$— $— $464,619 $96,333 $464,619 $96,333 
FNMA MBS9,068 125 3,026,520 502,449 3,035,588 502,574 
FHLMC MBS— — 115,525 11,324 115,525 11,324 
GNMA MBS10,543 217 31,681 2,782 42,224 2,999 
GSE agency notes— — 180,696 44,743 180,696 44,743 
$19,611 $342 $3,819,041 $657,631 $3,838,652 $657,973 
Schedule of Held-to-Maturity Credit Quality Indicators The following table summarizes the amortized cost of debt securities held-to-maturity as of March 31, 2024, aggregated by credit quality indicator:
(Dollars in thousands)FNMA MBSState and political subdivisions
A+ rated or higher$— $185,231 
Not rated864,584 — 
Ending balance$864,584 $185,231 
The following table summarizes the amortized cost of debt securities held-to-maturity as of December 31, 2023, aggregated by credit quality indicator:
(Dollars in thousands)FNMA MBSState and political subdivisions
A+ rated or higher$— $185,912 
Not rated872,653 — 
Ending balance$872,653 $185,912