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Investment Securities (Tables)
6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities, Held-to-maturity
The amortized cost, fair value and allowance for credit losses of investment securities that are classified as HTM are as follows: 

(In thousands)Amortized CostAllowance
for Credit Losses
Net Carrying AmountGross Unrealized
Gains
Gross Unrealized
(Losses)
Estimated Fair
Value
Held-to-maturity   
June 30, 2025
U.S. Government agencies$457,228 $— $457,228 $— $(81,027)$376,201 
Mortgage-backed securities 1,024,313 — 1,024,313 337 (103,501)921,149 
State and political subdivisions
1,855,816 (202)1,855,614 59 (501,614)1,354,059 
Other securities257,388 (3,012)254,376 — (13,811)240,565 
Total HTM$3,594,745 $(3,214)$3,591,531 $396 $(699,953)$2,891,974 
December 31, 2024
U.S. Government agencies$455,869 $— $455,869 $— $(95,961)$359,908 
Mortgage-backed securities 1,070,032 — 1,070,032 212 (133,746)936,498 
State and political subdivisions
1,857,373 (196)1,857,177 20 (436,061)1,421,136 
Other securities256,576 (3,018)253,558 — (21,149)232,409 
Total HTM$3,639,850 $(3,214)$3,636,636 $232 $(686,917)$2,949,951 
Schedule of Debt Securities, Available-for-sale
The amortized cost, fair value and allowance for credit losses of investment securities that are classified as AFS are as follows:

(In thousands)Amortized
Cost
Allowance
for Credit Losses
Gross Unrealized
Gains
Gross Unrealized
(Losses)
Estimated Fair
Value
Available-for-sale
June 30, 2025
U.S. Treasury$400 $— $— $— $400 
U.S. Government agencies50,204 — (713)49,498 
Mortgage-backed securities1,464,212 — 195 (114,416)1,349,991 
State and political subdivisions1,042,284 — 31 (234,473)807,842 
Other securities207,536 — 101 (10,048)197,589 
Total AFS$2,764,636 $— $334 $(359,650)$2,405,320 
December 31, 2024
U.S. Treasury$999 $— $— $(3)$996 
U.S. Government agencies55,589 — (1,047)54,547 
Mortgage-backed securities1,545,539 — (152,784)1,392,759 
State and political subdivisions1,015,619 — 132 (157,569)858,182 
Other securities235,028 — 166 (12,252)222,942 
Total AFS$2,852,774 $— $307 $(323,655)$2,529,426 
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table summarizes the Company’s AFS investments in an unrealized loss position for which an allowance for credit loss has not been recorded as of June 30, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:


 Less Than 12 Months12 Months or MoreTotal
(In thousands)Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
Available-for-sale
June 30, 2025
U.S. Treasury$— $— $— $— $— $— 
U.S. Government agencies1,286 (14)45,388 (699)46,674 (713)
Mortgage-backed securities— — 1,331,598 (114,416)1,331,598 (114,416)
State and political subdivisions7,757 (148)778,668 (234,325)786,425 (234,473)
Other securities7,820 (118)135,965 (9,930)143,785 (10,048)
Total AFS$16,863 $(280)$2,291,619 $(359,370)$2,308,482 $(359,650)
 Less Than 12 Months12 Months or MoreTotal
(In thousands)Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
Estimated
Fair
Value
Gross
Unrealized
Losses
December 31, 2024
U.S. Treasury$— $— $996 $(3)$996 $(3)
U.S. Government agencies717 (7)51,186 (1,040)51,903 (1,047)
Mortgage-backed securities7,480 (189)1,384,532 (152,595)1,392,012 (152,784)
State and political subdivisions16,843 (195)829,754 (157,374)846,597 (157,569)
Other securities12,912 (20)162,803 (12,232)175,715 (12,252)
Total AFS$37,952 $(411)$2,429,271 $(323,244)$2,467,223 $(323,655)
Schedule of Debt Securities, Allowance for Credit Loss
The following table details activity in the allowance for credit losses by investment security type for the three and six months ended June 30, 2025 on the Company’s HTM securities portfolio.

(In thousands)State and Political SubdivisionsOther
Securities
Total
Three Months Ended June 30, 2025
Held-to-maturity
Beginning balance, April 1, 2025$171 $3,043 $3,214 
Provision for credit loss expense— — — 
Net increase (decrease) in allowance on previously impaired securities31 (31)— 
Ending balance, June 30, 2025$202 $3,012 $3,214 
Six Months Ended June 30, 2025
Held-to-maturity
Beginning balance, January 1, 2025$196 $3,018 $3,214 
Provision for credit loss expense— — — 
Net increase (decrease) in allowance on previously impaired securities(6)— 
Ending balance, June 30, 2025$202 $3,012 $3,214 

Activity in the allowance for credit losses by investment security type for the three and six months ended June 30, 2024 on the Company’s HTM securities portfolio was as follows:
(In thousands)State and Political SubdivisionsOther
Securities
Total
Three Months Ended June 30, 2024
Held-to-maturity
Beginning balance, April 1, 2024$2,252 $962 $3,214 
Provision for credit loss expense— — — 
Net (decrease) increase in allowance on previously impaired securities(2,061)2,061 — 
Ending balance, June 30, 2024$191 $3,023 $3,214 
Six Months Ended June 30, 2024
Held-to-maturity
Beginning balance, January 1, 2024$2,006 $1,208 $3,214 
Provision for credit loss expense— — — 
Net (decrease) increase in allowance on previously impaired securities(1,815)1,815 — 
Ending balance, June 30, 2024$191 $3,023 $3,214 
Schedule of Debt Securities, Held-to-maturity, Credit Quality Indicator
The following table summarizes bond ratings for the Company’s HTM portfolio, based upon amortized cost, issued by state and political subdivisions and other securities as of June 30, 2025:

State and Political Subdivisions
(In thousands)Not Guaranteed or Pre-RefundedOther Credit Enhancement or InsurancePre-RefundedTotalOther Securities
Aaa/AAA$182,733 $293,544 $— $476,277 $— 
Aa/AA626,037 534,785 — 1,160,822 — 
A38,175 160,776 — 198,951 103,765 
Baa/BBB— 4,391 — 4,391 153,623 
Not Rated15,375 — — 15,375 — 
Total$862,320 $993,496 $— $1,855,816 $257,388 
Schedule of Income Earned on Securities
Income earned on securities for the three and six months ended June 30, 2025 and 2024, is as follows:

Three Months Ended
June 30,
Six Months Ended
June 30,
(In thousands)2025202420252024
Taxable:  
Held-to-maturity$10,224 $10,842 $20,623 $21,845 
Available-for-sale21,009 28,441 42,194 59,636 
Non-taxable:
Held-to-maturity10,052 10,097 20,103 20,197 
Available-for-sale5,613 5,670 11,235 11,373 
Total$46,898 $55,050 $94,155 $113,051 
Schedule of Amortized Cost and Estimated Fair Value by Maturity of Securities
The amortized cost and estimated fair value by maturity of securities as of June 30, 2025 are shown in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. 

 Held-to-MaturityAvailable-for-Sale
(In thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
One year or less$472 $470 $12,674 $12,558 
After one through five years134,575 128,403 109,982 109,571 
After five through ten years380,761 336,643 155,440 144,788 
After ten years2,054,624 1,505,309 1,022,115 788,199 
Securities not due on a single maturity date1,024,313 921,149 1,464,212 1,349,991 
Other securities (no maturity)— — 213 213 
Total$3,594,745 $2,891,974 $2,764,636 $2,405,320