SECURITIES AND OTHER INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Amortized Cost of HTM Securities by Security Type and Credit Rating

The following table presents the amortized cost of HTM securities as of December 31, by security type and credit rating (dollars in thousands):

	Obligations of states and political		Corporate and other		Mortgage-backed		Total HTM
	subdivisions		bonds		securities		securities
2024
Credit Rating:
AAA/AA/A	$	686,923	$	—	$	5,748	$	692,671
BBB/BB/B		1,144		—		—		1,144
Not Rated – Agency (1)		—		—		64,595		64,595
Not Rated – Non-Agency (2)		9,616		3,322		32,503		45,441
Total	$	697,683	$	3,322	$	102,846	$	803,851
2023
Credit Rating:
AAA/AA/A	$	688,499	$	—	$	9,720	$	698,219
BBB/BB/B		1,166		—		—		1,166
Not Rated – Agency (1)		—		—		68,039		68,039
Not Rated – Non-Agency (2)		9,524		4,349		56,081		69,954
Total	$	699,189	$	4,349	$	133,840	$	837,378

⁽¹⁾ Generally considered not to have credit risk given the government guarantees associated with these agencies.

⁽²⁾ Non-agency mortgage-backed and asset-backed securities have limited credit risk, supported by most receiving a 20% simplified supervisory formula approach rating.

Gross Realized Gain and Losses on the Sale of Securities

The following table presents the gross realized gains and losses on and the proceeds from the sale of securities during the years ended December 31, (dollars in thousands):

	2024		2023		2022
Realized gains (losses): (1)
Gross realized gains	$	33	$	1,355	$	—
Gross realized losses		(6,526)		(42,344)		(3)
Net realized losses	$	(6,493)	$	(40,989)	$	(3)
Proceeds from sales of securities	$	642,985	$	899,872	$	40,686

⁽¹⁾ Includes gains (losses) on sales and calls of securities

Available-for-sale Securities

Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities

The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of December 31, are summarized as follows (dollars in thousands):

	Amortized		Gross Unrealized				Estimated
	Cost		Gains		(Losses)		Fair Value
2024
U.S. government and agency securities	$	65,650	$	390	$	(27)	$	66,013
Obligations of states and political subdivisions		597,956		84		(129,703)		468,337
Corporate and other bonds (1)		253,526		505		(9,319)		244,712
Commercial MBS
Agency		285,949		348		(44,678)		241,619
Non-agency		61,552		4		(2,110)		59,446
Total commercial MBS		347,501		352		(46,788)		301,065
Residential MBS
Agency		1,478,648		1,375		(216,754)		1,263,269
Non-agency		99,622		672		(3,384)		96,910
Total residential MBS		1,578,270		2,047		(220,138)		1,360,179
Other securities		1,860		—		—		1,860
Total AFS securities	$	2,844,763	$	3,378	$	(405,975)	$	2,442,166

⁽¹⁾ Other bonds include asset-backed securities.

The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of December 31, are summarized as follows (dollars in thousands):

	Amortized		Gross Unrealized				Estimated
	Cost		Gains		(Losses)		Fair Value
2023
U.S. government and agency securities	$	62,367	$	1,023	$	(34)	$	63,356
Obligations of states and political subdivisions		586,865		33		(111,451)		475,447
Corporate and other bonds (1)		261,656		7		(19,774)		241,889
Commercial MBS
Agency		233,775		274		(41,181)		192,868
Non-agency		66,743		—		(1,965)		64,778
Total commercial MBS		300,518		274		(43,146)		257,646
Residential MBS
Agency		1,312,538		114		(205,635)		1,107,017
Non-agency		89,840		141		(5,827)		84,154
Total residential MBS		1,402,378		255		(211,462)		1,191,171
Other securities		1,752		—		—		1,752
Total AFS securities	$	2,615,536	$	1,592	$	(385,867)	$	2,231,261

⁽¹⁾ Other bonds include asset-backed securities.

Schedule of Gross Unrealized Losses and Fair Value of Investments

The following table shows the gross unrealized losses and fair value of the Company’s AFS securities with unrealized losses. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position (dollars in thousands).

	Less than 12 months				More than 12 months				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value(2)		Losses		Value		Losses
December 31, 2024
U.S. government and agency securities	$	1,935	$	(2)	$	1,286	$	(25)	$	3,221	$	(27)
Obligations of states and political subdivisions		6,560		(322)		444,056		(129,381)		450,616		(129,703)
Corporate and other bonds (1)		8,620		(27)		145,655		(9,292)		154,275		(9,319)
Commercial MBS
Agency		31,291		(359)		160,880		(44,319)		192,171		(44,678)
Non-agency		24,864		(1,188)		21,110		(922)		45,974		(2,110)
Total commercial MBS		56,155		(1,547)		181,990		(45,241)		238,145		(46,788)
Residential MBS
Agency		104,477		(546)		895,714		(216,208)		1,000,191		(216,754)
Non-agency		6,067		(98)		27,851		(3,286)		33,918		(3,384)
Total residential MBS		110,544		(644)		923,565		(219,494)		1,034,109		(220,138)
Total AFS securities	$	183,814	$	(2,542)	$	1,696,552	$	(403,433)	$	1,880,366	$	(405,975)
December 31, 2023
U.S. government and agency securities	$	—	$	—	$	1,980	$	(34)	$	1,980	$	(34)
Obligations of states and political subdivisions		11,758		(2,090)		455,931		(109,361)		467,689		(111,451)
Corporate and other bonds (1)		89,450		(531)		144,155		(19,243)		233,605		(19,774)
Commercial MBS
Agency		35,665		(547)		143,657		(40,634)		179,322		(41,181)
Non-agency		—		—		64,778		(1,965)		64,778		(1,965)
Total commercial MBS		35,665		(547)		208,435		(42,599)		244,100		(43,146)
Residential MBS
Agency		59,707		(491)		1,011,809		(205,144)		1,071,516		(205,635)
Non-agency		9,022		(41)		40,085		(5,786)		49,107		(5,827)
Total residential MBS		68,729		(532)		1,051,894		(210,930)		1,120,623		(211,462)
Total AFS securities	$	205,602	$	(3,700)	$	1,862,395	$	(382,167)	$	2,067,997	$	(385,867)

⁽¹⁾ Other bonds include asset-backed securities.

⁽²⁾ Comprised of 726 and 757 individual securities as of December 31, 2024 and December 31, 2023, respectively.

Schedule of Amortized Cost and Estimated Fair Value of Securities

The following table presents the amortized cost and estimated fair value of AFS securities as of December 31, by contractual maturity (dollars in thousands). 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.

	2024				2023
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
Due in one year or less	$	35,954	$	35,808	$	52,427	$	51,936
Due after one year through five years		215,517		215,513		150,271		149,545
Due after five years through ten years		286,487		271,443		282,309		261,720
Due after ten years		2,306,805		1,919,402		2,130,529		1,768,060
Total AFS securities	$	2,844,763	$	2,442,166	$	2,615,536	$	2,231,261

Held-to-maturity Securities

Schedule of Amortized Cost and Estimated Fair Value of Securities

The following table presents the amortized cost and estimated fair value of HTM securities as of December 31, by contractual maturity (dollars in thousands). 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.

	2024				2023
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Due in one year or less	$	3,369	$	3,358	$	3,065	$	3,058
Due after one year through five years		18,293		18,547		34,093		34,613
Due after five years through ten years		115,243		109,358		45,919		45,263
Due after ten years		666,946		628,072		754,301		725,140
Total HTM securities	$	803,851	$	759,335	$	837,378	$	808,074

Schedule of Carrying Values, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities

The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of December 31, are summarized as follows (dollars in thousands):

	Carrying		Gross Unrealized				Estimated
	Value		Gains		(Losses)		Fair Value
2024
Obligations of states and political subdivisions	$	697,683	$	715	$	(31,763)	$	666,635
Corporate and other bonds (1)		3,322		—		(82)		3,240
Commercial MBS
Agency		26,787		—		(6,185)		20,602
Non-agency		17,922		28		(659)		17,291
Total commercial MBS		44,709		28		(6,844)		37,893
Residential MBS
Agency		37,808		—		(6,288)		31,520
Non-agency		20,329		—		(282)		20,047
Total residential MBS		58,137		—		(6,570)		51,567
Total HTM securities	$	803,851	$	743	$	(45,259)	$	759,335

⁽¹⁾ Other bonds include asset-backed securities.

The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of December 31, are summarized as follows (dollars in thousands):

	Carrying		Gross Unrealized				Estimated
	Value		Gains		(Losses)		Fair Value
2023
Obligations of states and political subdivisions	$	699,189	$	6,175	$	(23,464)	$	681,900
Corporate and other bonds (1)		4,349		—		(100)		4,249
Commercial MBS
Agency		27,477		—		(5,570)		21,907
Non-agency		24,503		37		(449)		24,091
Total commercial MBS		51,980		37		(6,019)		45,998
Residential MBS
Agency		40,562		—		(5,713)		34,849
Non-agency		41,298		122		(342)		41,078
Total residential MBS		81,860		122		(6,055)		75,927
Total HTM securities	$	837,378	$	6,334	$	(35,638)	$	808,074

⁽¹⁾ Other bonds include asset-backed securities.