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INVESTMENT SECURITIES (Tables)
 12 Months Ended
Dec. 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.
December 31, 2024
(Dollars in thousands)
Amortized
Cost
Gross
Unrealized
Gain
Gross
Unrealized
Loss
Allowance for
Credit Losses
Fair
Value
Available-for-Sale Debt Securities
Collateralized mortgage obligations (CMO)$526,796 $113 $95,967 $— $430,942 
Fannie Mae (FNMA) mortgage-backed securities (MBS)3,305,418 172 550,011 — 2,755,579 
Freddie Mac (FHLMC) MBS118,605 — 13,091 — 105,514 
Ginnie Mae (GNMA) MBS44,578 — 3,902 — 40,676 
Government-sponsored enterprises (GSE) agency notes222,869 — 44,932 — 177,937 
$4,218,266 $285 $707,903 $— $3,510,648 
Held-to-Maturity Debt Securities(1)
FNMA MBS$831,325 $— $116,600 $— $714,725 
State and political subdivisions183,843 247 3,297 7 180,786 
$1,015,168 $247 $119,897 $7 $895,511 
(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at amortized cost basis at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized losses of $100.5 million at December 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
Cost
Gross
Unrealized
Gain
Gross
Unrealized
Loss
Allowance for
Credit Losses
Fair
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 amortized cost basis 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.
December 31, 2024
(Dollars in thousands)
Amortized
Cost
Gross
Unrealized
Gain
Gross
Unrealized
Loss
Allowance for
Credit Losses
Fair
Value
Available-for-Sale Debt Securities
Collateralized mortgage obligations (CMO)$526,796 $113 $95,967 $— $430,942 
Fannie Mae (FNMA) mortgage-backed securities (MBS)3,305,418 172 550,011 — 2,755,579 
Freddie Mac (FHLMC) MBS118,605 — 13,091 — 105,514 
Ginnie Mae (GNMA) MBS44,578 — 3,902 — 40,676 
Government-sponsored enterprises (GSE) agency notes222,869 — 44,932 — 177,937 
$4,218,266 $285 $707,903 $— $3,510,648 
Held-to-Maturity Debt Securities(1)
FNMA MBS$831,325 $— $116,600 $— $714,725 
State and political subdivisions183,843 247 3,297 7 180,786 
$1,015,168 $247 $119,897 $7 $895,511 
(1)Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at amortized cost basis at the time of transfer. The amortized cost of transferred held-to-maturity securities included net unrealized losses of $100.5 million at December 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
Cost
Gross
Unrealized
Gain
Gross
Unrealized
Loss
Allowance for
Credit Losses
Fair
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 amortized cost basis 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 twelve months ended December 31, 2024, 2023, and 2022:
Twelve months ended December 31,
(Dollars in thousands)202420232022
Allowance for credit losses:
Beginning balance$8 $10 $4 
Provision for credit losses(1)(2)6 
Ending balance$7 $8 $10 
Schedule of Maturities of Investment Securities Available-for-Sale and Held-to-Maturity
The scheduled maturities of available-for-sale debt securities at December 31, 2024 and December 31, 2023 are presented in the table below:
  
Available-for-Sale
(Dollars in thousands)Amortized CostFair Value
December 31, 2024 (1)
Within one year$16,833 $16,698 
After one year but within five years147,157 138,870 
After five years but within ten years487,921 409,908 
After ten years3,566,355 2,945,172 
$4,218,266 $3,510,648 
December 31, 2023 (1)
Within one year$— $— 
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 December 31, 2024 and December 31, 2023 are presented in the table below:
  
Held-to-Maturity
(Dollars in thousands)Amortized CostFair Value
December 31, 2024 (1)
Within one year$— $— 
After one year but within five years16,727 16,444 
After five years but within ten years51,671 50,451 
After ten years946,770 828,616 
$1,015,168 $895,511 
December 31, 2023 (1)
Within one year$— $— 
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 $985,931 
(1)Actual maturities could differ from contractual maturities.
Schedule of Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category
For debt securities in an unrealized loss position, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at December 31, 2024.
 Duration of Unrealized Loss Position  
Less than 12 months12 months or longerTotal
(Dollars in thousands)
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Available-for-sale debt securities:
CMO$— $— $420,663 $95,967 $420,663 $95,967 
FNMA MBS46,971 525 2,691,778 549,486 2,738,749 550,011 
FHLMC MBS6 — 105,508 13,091 105,514 13,091 
GNMA MBS4,404 143 35,054 3,759 39,458 3,902 
GSE agency notes— — 177,937 44,932 177,937 44,932 
$51,381 $668 $3,430,940 $707,235 $3,482,321 $707,903 
For debt securities in an unrealized loss position, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at December 31, 2023.
Duration of Unrealized Loss Position
 Less than 12 months12 months or longerTotal
FairUnrealizedFairUnrealizedFairUnrealized
(Dollars in thousands)ValueLossValueLossValueLoss
Available-for-sale debt securities:
CMO$— $— $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 $657,973 
Summary of Held-to-maturity Credit Quality Indicators
The following table summarizes the amortized cost of debt securities held-to-maturity as of December 31, 2024, aggregated by credit quality indicator:
(Dollars in thousands)FNMA MBSState and political subdivisions
A+ rated or higher$— $183,843 
Not rated831,325 — 
Ending balance$831,325 $183,843 
The following table summarizes the amortized cost of debt securities held-to-maturity as of December 31, 2023, aggregated by credit quality indicator:
(Dollars in thousands)FNMA MBSState and political subdivisions
A+ rated or higher$— $185,912 
Not rated872,653 — 
Ending balance$872,653 $185,912