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INVESTMENT SECURITIES (Tables)
 9 Months Ended
Sep. 30, 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.
September 30, 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)$537,666 $566 $82,749 $— $455,483 
Fannie Mae (FNMA) mortgage-backed securities (MBS)3,362,926 793 423,832 — 2,939,887 
Freddie Mac (FHLMC) MBS120,570 — 8,763 — 111,807 
Ginnie Mae (GNMA) MBS46,150 41 2,368 — 43,823 
Government-sponsored enterprises (GSE) agency notes223,511 — 37,392 — 186,119 
$4,290,823 $1,400 $555,104 $— $3,737,119 
Held-to-Maturity Debt Securities(1)
FNMA MBS$841,697 $— $68,348 $— $773,349 
State and political subdivisions184,615 1,795 783 7 185,620 
$1,026,312 $1,795 $69,131 $7 $958,969 
(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 $105.4 million at September 30, 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.
September 30, 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)$537,666 $566 $82,749 $— $455,483 
Fannie Mae (FNMA) mortgage-backed securities (MBS)3,362,926 793 423,832 — 2,939,887 
Freddie Mac (FHLMC) MBS120,570 — 8,763 — 111,807 
Ginnie Mae (GNMA) MBS46,150 41 2,368 — 43,823 
Government-sponsored enterprises (GSE) agency notes223,511 — 37,392 — 186,119 
$4,290,823 $1,400 $555,104 $— $3,737,119 
Held-to-Maturity Debt Securities(1)
FNMA MBS$841,697 $— $68,348 $— $773,349 
State and political subdivisions184,615 1,795 783 7 185,620 
$1,026,312 $1,795 $69,131 $7 $958,969 
(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 $105.4 million at September 30, 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 and nine months ended September 30, 2024 and 2023:
Three months ended September 30,Nine months ended September 30,
(Dollars in thousands)2024202320242023
Allowance for credit losses:
Beginning balance$7 $8 $8 $10 
Release of credit losses— — (1)(2)
Ending balance$7 $8 $7 $8 
Schedule of Maturities of Investment Securities Available-for-Sale and Held-to-Maturity
The scheduled maturities of available-for-sale debt securities at September 30, 2024 and December 31, 2023 are presented in the table below:
 Available-for-Sale
 AmortizedFair
(Dollars in thousands)CostValue
September 30, 2024 (1)
Within one year$16,929 $16,709 
After one year but within five years128,143 123,447 
After five years but within ten years503,009 438,564 
After ten years3,642,742 3,158,399 
$4,290,823 $3,737,119 
December 31, 2023 (1)
Within one year$— $— 
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 $3,846,537 
(1)Actual maturities could differ from contractual maturities.
The scheduled maturities of held-to-maturity debt securities at September 30, 2024 and December 31, 2023 are presented in the table below:
 Held-to-Maturity
 AmortizedFair
(Dollars in thousands)CostValue
September 30, 2024 (1)
Within one year$— $— 
After one year but within five years14,343 14,317 
After five years but within ten years53,396 53,382 
After ten years958,573 891,270 
$1,026,312 $958,969 
December 31, 2023 (1)
Within one year$— $— 
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 $985,931 
(1)Actual maturities could differ from contractual maturities.
Schedule of Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category
For debt securities in an unrealized loss position, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at September 30, 2024.
 Duration of Unrealized Loss Position  
 Less than 12 months12 months or longerTotal
 FairUnrealizedFairUnrealizedFairUnrealized
(Dollars in thousands)ValueLossValueLossValueLoss
Available-for-sale debt securities:
CMO$— $— $444,751 $82,749 $444,751 $82,749 
FNMA MBS3,126 7 2,889,219 423,825 2,892,345 423,832 
FHLMC MBS— — 111,801 8,763 111,801 8,763 
GNMA MBS1,896 3 37,791 2,365 39,687 2,368 
GSE agency notes— — 186,119 37,392 186,119 37,392 
$5,022 $10 $3,669,681 $555,094 $3,674,703 $555,104 
For debt securities in an unrealized loss position, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at December 31, 2023.
 Duration of Unrealized Loss Position  
 Less than 12 months12 months or longerTotal
 FairUnrealizedFairUnrealizedFairUnrealized
(Dollars in thousands)ValueLossValueLossValueLoss
Available-for-sale debt securities:
CMO$— $— $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 $657,973 
Schedule of Held-to-Maturity Credit Quality Indicators The following table summarizes the amortized cost of debt securities held-to-maturity as of September 30, 2024, aggregated by credit quality indicator:
(Dollars in thousands)FNMA MBSState and political subdivisions
A+ rated or higher$— $184,615 
Not rated841,697 — 
Ending balance$841,697 $184,615 
The following table summarizes the amortized cost of debt securities held-to-maturity as of December 31, 2023, aggregated by credit quality indicator:
(Dollars in thousands)FNMA MBSState and political subdivisions
A+ rated or higher$— $185,912 
Not rated872,653 — 
Ending balance$872,653 $185,912