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INVESTMENT SECURITIES (Tables)
 6 Months Ended
Jun. 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.
June 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)$550,076 $193 $100,871 $— $449,398 
Fannie Mae (FNMA) mortgage-backed securities (MBS)3,430,171 136 558,186 — 2,872,121 
Freddie Mac (FHLMC) MBS122,622 — 13,410 — 109,212 
Ginnie Mae (GNMA) MBS47,310 1 4,062 — 43,249 
Government-sponsored enterprises (GSE) agency notes224,154 — 46,221 — 177,933 
$4,374,333 $330 $722,750 $— $3,651,913 
Held-to-Maturity Debt Securities(1)
FNMA MBS$853,910 $— $106,377 $— $747,533 
State and political subdivisions184,951 527 3,336 7 182,135 
$1,038,861 $527 $109,713 $7 $929,668 
(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 $110.6 million at June 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.
June 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)$550,076 $193 $100,871 $— $449,398 
Fannie Mae (FNMA) mortgage-backed securities (MBS)3,430,171 136 558,186 — 2,872,121 
Freddie Mac (FHLMC) MBS122,622 — 13,410 — 109,212 
Ginnie Mae (GNMA) MBS47,310 1 4,062 — 43,249 
Government-sponsored enterprises (GSE) agency notes224,154 — 46,221 — 177,933 
$4,374,333 $330 $722,750 $— $3,651,913 
Held-to-Maturity Debt Securities(1)
FNMA MBS$853,910 $— $106,377 $— $747,533 
State and political subdivisions184,951 527 3,336 7 182,135 
$1,038,861 $527 $109,713 $7 $929,668 
(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 $110.6 million at June 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 six months ended June 30, 2024 and 2023:
Three months ended June 30,Six months ended June 30,
(Dollars in thousands)2024202320242023
Allowance for credit losses:
Beginning balance$8 $9 $8 $10 
Recovery of credit losses(1)(1)(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 June 30, 2024 and December 31, 2023 are presented in the table below:
 Available-for-Sale
 AmortizedFair
(Dollars in thousands)CostValue
June 30, 2024 (1)
Within one year$17,032 $16,616 
After one year but within five years118,845 111,923 
After five years but within ten years520,143 435,930 
After ten years3,718,313 3,087,444 
$4,374,333 $3,651,913 
December 31, 2023 (1)
Within one year$— $— 
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 $3,846,537 
(1)Actual maturities could differ from contractual maturities.
The scheduled maturities of held-to-maturity debt securities at June 30, 2024 and December 31, 2023 are presented in the table below:
 Held-to-Maturity
 AmortizedFair
(Dollars in thousands)CostValue
June 30, 2024 (1)
Within one year$— $— 
After one year but within five years13,255 12,876 
After five years but within ten years47,748 46,336 
After ten years977,858 870,456 
$1,038,861 $929,668 
December 31, 2023 (1)
Within one year$— $— 
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 $985,931 
(1)Actual maturities could differ from contractual maturities.
Schedule of Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category
For debt securities in an unrealized loss position, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at June 30, 2024.
 Duration of Unrealized Loss Position  
 Less than 12 months12 months or longerTotal
 FairUnrealizedFairUnrealizedFairUnrealized
(Dollars in thousands)ValueLossValueLossValueLoss
Available-for-sale debt securities:
CMO$— $— $439,041 $100,871 $439,041 $100,871 
FNMA MBS23,249 237 2,836,351 557,949 2,859,600 558,186 
FHLMC MBS6 — 109,206 13,410 109,212 13,410 
GNMA MBS2,938 96 39,086 3,966 42,024 4,062 
GSE agency notes— — 177,933 46,221 177,933 46,221 
$26,193 $333 $3,601,617 $722,417 $3,627,810 $722,750 
For debt securities in an unrealized loss position, the table below shows the gross unrealized losses and fair value by investment category and length of time that individual debt securities were in a continuous unrealized loss position at December 31, 2023.
 Duration of Unrealized Loss Position  
 Less than 12 months12 months or longerTotal
 FairUnrealizedFairUnrealizedFairUnrealized
(Dollars in thousands)ValueLossValueLossValueLoss
Available-for-sale debt securities:
CMO$— $— $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 $657,973 
Schedule of Held-to-Maturity Credit Quality Indicators The following table summarizes the amortized cost of debt securities held-to-maturity as of June 30, 2024, aggregated by credit quality indicator:
(Dollars in thousands)FNMA MBSState and political subdivisions
A+ rated or higher$— $184,951 
Not rated853,910 — 
Ending balance$853,910 $184,951 
The following table summarizes the amortized cost of debt securities held-to-maturity as of December 31, 2023, aggregated by credit quality indicator:
(Dollars in thousands)FNMA MBSState and political subdivisions
A+ rated or higher$— $185,912 
Not rated872,653 — 
Ending balance$872,653 $185,912