SECURITIES AND OTHER INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

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
2025
Credit Rating:
AAA/AA/A	$	782,453	$	—	$	1,702	$	784,155
BBB/BB/B		1,122		—		—		1,122
Not Rated – Agency (1)		—		—		64,867		64,867
Not Rated – Non-Agency (2)		9,587		2,255		22,230		34,072
Total	$	793,162	$	2,255	$	88,799	$	884,216
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

⁽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):

	2025		2024		2023
Realized gains (losses): (1)
Gross realized gains	$	36	$	33	$	1,355
Gross realized losses		(117)		(6,526)		(42,344)
Net realized losses	$	(81)	$	(6,493)	$	(40,989)
Proceeds from sales of securities	$	630,097	$	642,985	$	899,872

⁽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 as follows (dollars in thousands):

	Amortized		Gross Unrealized				Estimated
	Cost		Gains		(Losses)		Fair Value
2025
U.S. government and agency securities	$	103,335	$	681	$	(14)	$	104,002
Obligations of states and political subdivisions		589,194		178		(101,487)		487,885
Corporate and other bonds (1)		221,432		709		(4,207)		217,934
Commercial MBS
Agency		354,405		1,276		(39,806)		315,875
Non-agency		115,009		187		(1,905)		113,291
Total commercial MBS		469,414		1,463		(41,711)		429,166
Residential MBS
Agency		2,942,900		15,838		(165,524)		2,793,214
Non-agency		161,767		935		(2,558)		160,144
Total residential MBS		3,104,667		16,773		(168,082)		2,953,358
Other securities		1,956		—		—		1,956
Total AFS securities	$	4,489,998	$	19,804	$	(315,501)	$	4,194,301

⁽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 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.

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, which are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position for the following periods ended (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, 2025
U.S. government and agency securities	$	6,689	$	(6)	$	737	$	(8)	$	7,426	$	(14)
Obligations of states and political subdivisions		25		—		473,201		(101,487)		473,226		(101,487)
Corporate and other bonds (1)		37,988		(75)		98,125		(4,132)		136,113		(4,207)
Commercial MBS
Agency		44,536		(166)		161,001		(39,640)		205,537		(39,806)
Non-agency		39,171		(177)		22,429		(1,728)		61,600		(1,905)
Total commercial MBS		83,707		(343)		183,430		(41,368)		267,137		(41,711)
Residential MBS
Agency		359,095		(1,564)		886,626		(163,960)		1,245,721		(165,524)
Non-agency		48,559		(247)		24,868		(2,311)		73,427		(2,558)
Total residential MBS		407,654		(1,811)		911,494		(166,271)		1,319,148		(168,082)
Total AFS securities	$	536,063	$	(2,235)	$	1,666,987	$	(313,266)	$	2,203,050	$	(315,501)
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)

⁽¹⁾ Other bonds include asset-backed securities.

⁽²⁾ Comprised of 703 and 726 individual securities as of December 31, 2025 and December 31, 2024, 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.

	2025				2024
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
Due in one year or less	$	63,692	$	63,993	$	35,954	$	35,808
Due after one year through five years		298,683		299,727		215,517		215,513
Due after five years through ten years		492,242		475,707		286,487		271,443
Due after ten years		3,635,381		3,354,874		2,306,805		1,919,402
Total AFS securities	$	4,489,998	$	4,194,301	$	2,844,763	$	2,442,166

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.

	2025				2024
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Due in one year or less	$	507	$	503	$	3,369	$	3,358
Due after one year through five years		18,813		19,150		18,293		18,547
Due after five years through ten years		222,284		216,095		115,243		109,358
Due after ten years		642,612		621,064		666,946		628,072
Total HTM securities	$	884,216	$	856,812	$	803,851	$	759,335

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 as follows (dollars in thousands):

	Carrying		Gross Unrealized				Estimated
	Value		Gains		(Losses)		Fair Value
2025
Obligations of states and political subdivisions	$	793,162	$	4,139	$	(20,951)	$	776,350
Corporate and other bonds (1)		2,255		—		(26)		2,229
Commercial MBS
Agency		29,074		—		(5,619)		23,455
Non-agency		11,703		103		(504)		11,302
Total commercial MBS		40,777		103		(6,123)		34,757
Residential MBS
Agency		35,793		—		(4,397)		31,396
Non-agency		12,229		—		(149)		12,080
Total residential MBS		48,022		—		(4,546)		43,476
Total HTM securities	$	884,216	$	4,242	$	(31,646)	$	856,812

⁽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 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.