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Securities | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities (In Thousands, Except Number of Securities) The amortized cost and fair value of securities available for sale were as follows as of the dates presented:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2024 |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 20,266 |  |  | $ | 57 |  |  | $ | (2,269) |  |  | $ | 18,054 |
Residential mortgage-backed securities: |  |  |  |  |  |  |
Government agency mortgage-backed securities | 185,292 |  |  | 81 |  |  | (24,468) |  |  | 160,905 |
Government agency collateralized mortgage obligations | 475,311 |  |  | 75 |  |  | (86,870) |  |  | 388,516 |
Commercial mortgage-backed securities: |  |  |  |  |  |  |
Government agency mortgage-backed securities | 11,373 |  |  | — |  |  | (751) |  |  | 10,622 |
Government agency collateralized mortgage obligations | 146,510 |  |  | 41 |  |  | (21,595) |  |  | 124,956 |
Other debt securities | 130,175 |  |  | 440 |  |  | (2,655) |  |  | 127,960 |
| $ | 968,927 |  |  | $ | 694 |  |  | $ | (138,608) |  |  | $ | 831,013 |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2023 |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 36,374 |  |  | $ | 119 |  |  | $ | (1,883) |  |  | $ | 34,610 |
Residential mortgage-backed securities: |  |  |  |  |  |  |
Government agency mortgage-backed securities | 301,400 |  |  | 172 |  |  | (24,968) |  |  | 276,604 |
Government agency collateralized mortgage obligations | 485,164 |  |  | — |  |  | (85,883) |  |  | 399,281 |
Commercial mortgage-backed securities: |  |  |  |  |  |  |
Government agency mortgage-backed securities | 6,029 |  |  | — |  |  | (637) |  |  | 5,392 |
Government agency collateralized mortgage obligations | 161,299 |  |  | 24 |  |  | (21,965) |  |  | 139,358 |
Other debt securities | 72,383 |  |  | 109 |  |  | (4,458) |  |  | 68,034 |
| $ | 1,062,649 |  |  | $ | 424 |  |  | $ | (139,794) |  |  | $ | 923,279 |
The amortized cost and fair value of securities held to maturity were as follows as of the dates presented:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2024 |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 284,542 |  |  | $ | 3 |  |  | $ | (42,491) |  |  | $ | 242,054 |
Residential mortgage-backed securities |  |  |  |  |  |  |
Government agency mortgage-backed securities | 372,414 |  |  | — |  |  | (25,251) |  |  | 347,163 |
Government agency collateralized mortgage obligations | 354,882 |  |  | — |  |  | (41,506) |  |  | 313,376 |
Commercial mortgage-backed securities |  |  |  |  |  |  |
Government agency mortgage-backed securities | 16,961 |  |  | — |  |  | (2,958) |  |  | 14,003 |
Government agency collateralized mortgage obligations | 43,662 |  |  | — |  |  | (7,317) |  |  | 36,345 |
Other debt securities | 53,683 |  |  | — |  |  | (4,080) |  |  | 49,603 |
| $ | 1,126,144 |  |  | $ | 3 |  |  | $ | (123,603) |  |  | $ | 1,002,544 |
Allowance for credit losses - held to maturity securities | (32) |  |  |  |  |  |  |
Held-to-maturity securities, net of allowance for credit losses | $ | 1,126,112 |  |  |  |  |  |  |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2023 |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 288,154 |  |  | $ | 74 |  |  | $ | (33,688) |  |  | $ | 254,540 |
Residential mortgage-backed securities |  |  |  |  |  |  |
Government agency mortgage-backed securities | 426,264 |  |  | — |  |  | (20,314) |  |  | 405,950 |
Government agency collateralized mortgage obligations | 387,208 |  |  | — |  |  | (31,670) |  |  | 355,538 |
Commercial mortgage-backed securities |  |  |  |  |  |  |
Government agency mortgage-backed securities | 16,983 |  |  | — |  |  | (2,972) |  |  | 14,011 |
Government agency collateralized mortgage obligations | 44,514 |  |  | — |  |  | (6,977) |  |  | 37,537 |
Other debt securities | 58,373 |  |  | — |  |  | (4,119) |  |  | 54,254 |
| $ | 1,221,496 |  |  | $ | 74 |  |  | $ | (99,740) |  |  | $ | 1,121,830 |
Allowance for credit losses - held to maturity securities | (32) |  |  |  |  |  |  |
Held-to-maturity securities, net of allowance for credit losses | $ | 1,221,464 |  |  |  |  |  |  |
Available for sale securities sold were as follows for the years ended December 31, 2024 and 2023. There were no available for sale securities sold during the year ended December 31, 2022. For the securities sold for the year ended December 31, 2024, the Company intended to sell these as of December 31, 2023, and thereafter completed the sale in January 2024. Therefore, the Company impaired the securities identified to be sold as of December 31, 2023 and did not recognize a gain or loss during 2024.
| Carrying Value Prior to Impairment |  | Net Proceeds |  | Impairment Recognized in December 2023
Twelve months ended December 31, 2024 |  |  |  |  |
Obligations of states and political subdivisions | $ | 12,301 |  |  | $ | 11,360 |  |  | $ | (941) |
Residential mortgage-backed securities: |  |  |  |  |
Government agency mortgage-backed securities | 107,389 |  |  | 95,922 |  |  | (11,467) |
Government agency collateralized mortgage obligations | 48,300 |  |  | 43,990 |  |  | (4,310) |
Commercial mortgage-backed securities: |  |  |  |  |
Government agency collateralized mortgage obligations | 28,547 |  |  | 25,913 |  |  | (2,634) |
| $ | 196,537 |  |  | $ | 177,185 |  |  | $ | (19,352) |
| Carrying Value |  | Net Proceeds |  | Gain/(Loss)
Twelve months ended December 31, 2023 |  |  |  |  |
Obligations of other U.S. Government agencies and corporations | $ | 170,000 |  |  | $ | 164,915 |  |  | $ | (5,085) |
Obligations of states and political subdivisions | 104,950 |  |  | 99,439 |  |  | (5,511) |
Residential mortgage backed securities: |  |  |  |  |
Government agency mortgage backed securities | 137,196 |  |  | 130,602 |  |  | (6,594) |
Government agency collateralized mortgage obligations | 54,028 |  |  | 51,101 |  |  | (2,927) |
Commercial mortgage backed securities: |  |  |  |  |
Government agency mortgage backed securities | 5,048 |  |  | 4,825 |  |  | (223) |
Government agency collateralized mortgage obligations | 40,197 |  |  | 38,099 |  |  | (2,098) |
| $ | 511,419 |  |  | $ | 488,981 |  |  | $ | (22,438) |
Gross realized gains and gross realized losses on sales of securities available for sale were as follows for the periods presented:
| Year Ended December 31,
| 2024(1) |  | 2023 |  | 2022
Gross gains on sales of securities available for sale | $ | 5 |  |  | $ | 126 |  |  | $ | — |
Gross losses on sales of securities available for sale | (19,357) |  |  | (22,564) |  |  | — |
Losses on sales of securities available for sale, net | $ | (19,352) |  |  | $ | (22,438) |  |  | $ | — |
(1) Impairment recognized in December 2023. |  |  |  |  |
At December 31, 2024 and 2023, securities with a carrying value of approximately $818,344 and $880,715, respectively, were pledged to secure government, public, trust, and other deposits. Securities with a carrying value of $25,526 and $14,329 were pledged as collateral for short-term borrowings and derivative instruments at December 31, 2024 and 2023, respectively. The amortized cost and fair value of securities at December 31, 2024 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.
| Held to Maturity |  | Available for Sale
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due within one year | $ | 1,494 |  |  | $ | 1,484 |  |  | $ | 1,997 |  |  | $ | 2,043 |
Due after one year through five years | 6,017 |  |  | 5,634 |  |  | 41,859 |  |  | 41,823 |
Due after five years through ten years | 127,004 |  |  | 109,571 |  |  | 34,774 |  |  | 31,648 |
Due after ten years | 150,027 |  |  | 125,365 |  |  | 4,077 |  |  | 3,461 |
Residential mortgage-backed securities: |  |  |  |  |  |  |
Government agency mortgage-backed securities | 372,414 |  |  | 347,163 |  |  | 185,292 |  |  | 160,905 |
Government agency collateralized mortgage obligations | 354,882 |  |  | 313,376 |  |  | 475,311 |  |  | 388,516 |
Commercial mortgage-backed securities: |  |  |  |  |  |  |
Government agency mortgage-backed securities | 16,961 |  |  | 14,003 |  |  | 11,373 |  |  | 10,622 |
Government agency collateralized mortgage obligations | 43,662 |  |  | 36,345 |  |  | 146,510 |  |  | 124,956 |
Other debt securities | 53,683 |  |  | 49,603 |  |  | 67,734 |  |  | 67,039 |
| $ | 1,126,144 |  |  | $ | 1,002,544 |  |  | $ | 968,927 |  |  | $ | 831,013 |
The following tables present the gross unrealized losses and fair value of investment securities, aggregated by investment category and the length of time the investments have been in a continuous unrealized loss position, as of the dates presented:
| Less than 12 Months |  | 12 Months or More |  | Total
| # |  | Fair Value |  | Unrealized Losses |  | # |  | Fair Value |  | Unrealized Losses |  | # |  | Fair Value |  | Unrealized Losses
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | — |  | $ | — |  |  | $ | — |  |  | 7 |  | $ | 12,841 |  |  | $ | (2,269) |  |  | 7 |  | $ | 12,841 |  |  | $ | (2,269) |
Residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage-backed securities | 7 |  | 11,051 |  |  | (259) |  |  | 34 |  | 141,321 |  |  | (24,208) |  |  | 41 |  | 152,372 |  |  | (24,467) |
Government agency collateralized mortgage obligations | 3 |  | 48,879 |  |  | (482) |  |  | 37 |  | 311,964 |  |  | (86,389) |  |  | 40 |  | 360,843 |  |  | (86,871) |
Commercial mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage-backed securities | 2 |  | 5,248 |  |  | (122) |  |  | 2 |  | 5,375 |  |  | (629) |  |  | 4 |  | 10,623 |  |  | (751) |
Government agency collateralized mortgage obligations | 2 |  | 7,681 |  |  | (39) |  |  | 25 |  | 104,326 |  |  | (21,556) |  |  | 27 |  | 112,007 |  |  | (21,595) |
Other debt securities | 2 |  | 22,357 |  |  | (218) |  |  | 17 |  | 30,801 |  |  | (2,437) |  |  | 19 |  | 53,158 |  |  | (2,655) |
Total | 16 |  | $ | 95,216 |  |  | $ | (1,120) |  |  | 122 |  | $ | 606,628 |  |  | $ | (137,488) |  |  | 138 |  | $ | 701,844 |  |  | $ | (138,608) |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | 3 |  | $ | 2,914 |  |  | $ | (2) |  |  | 9 |  | $ | 15,198 |  |  | $ | (1,881) |  |  | 12 |  | $ | 18,112 |  |  | $ | (1,883) |
Residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage-backed securities | 1 |  | 806 |  |  | (25) |  |  | 35 |  | 166,963 |  |  | (24,943) |  |  | 36 |  | 167,769 |  |  | (24,968) |
Government agency collateralized mortgage obligations | — |  | — |  |  | — |  |  | 37 |  | 354,574 |  |  | (85,883) |  |  | 37 |  | 354,574 |  |  | (85,883) |
Commercial mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage-backed securities | — |  | — |  |  | — |  |  | 2 |  | 5,392 |  |  | (637) |  |  | 2 |  | 5,392 |  |  | (637) |
Government agency collateralized mortgage obligations | — |  | — |  |  | — |  |  | 25 |  | 108,575 |  |  | (21,965) |  |  | 25 |  | 108,575 |  |  | (21,965) |
Other debt securities | 2 |  | 3,099 |  |  | (195) |  |  | 19 |  | 35,072 |  |  | (4,263) |  |  | 21 |  | 38,171 |  |  | (4,458) |
Total | 6 |  | $ | 6,819 |  |  | $ | (222) |  |  | 127 |  | $ | 685,774 |  |  | $ | (139,572) |  |  | 133 |  | $ | 692,593 |  |  | $ | (139,794) |
|  | Less than 12 months |  | 12 months or more |  | Total
Held to Maturity: |  | # |  | Fair Value |  | Unrealized Losses |  | # |  | Fair Value |  | Unrealized Losses |  | # |  | Fair Value |  | Unrealized Losses
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | — |  | $ | — |  |  | $ | — |  |  | 128 |  | $ | 240,394 |  |  | $ | (42,491) |  |  | 128 |  | $ | 240,394 |  |  | $ | (42,491) |
Residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage-backed securities |  | — |  | — |  |  | — |  |  | 69 |  | 347,154 |  |  | (25,251) |  |  | 69 |  | 347,154 |  |  | (25,251) |
Government agency collateralized mortgage obligations |  | — |  | — |  |  | — |  |  | 18 |  | 313,376 |  |  | (41,506) |  |  | 18 |  | 313,376 |  |  | (41,506) |
Commercial mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage-backed securities |  | — |  | — |  |  | — |  |  | 1 |  | 14,002 |  |  | (2,958) |  |  | 1 |  | 14,002 |  |  | (2,958) |
Government agency collateralized mortgage obligations |  | — |  | — |  |  | — |  |  | 9 |  | 36,345 |  |  | (7,317) |  |  | 9 |  | 36,345 |  |  | (7,317) |
Other debt securities |  | — |  | — |  |  | — |  |  | 10 |  | 49,603 |  |  | (4,080) |  |  | 10 |  | 49,603 |  |  | (4,080) |
Total |  | — |  | $ | — |  |  | $ | — |  |  | 235 |  | $ | 1,000,874 |  |  | $ | (123,603) |  |  | 235 |  | $ | 1,000,874 |  |  | $ | (123,603) |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | 2 |  | $ | 2,807 |  |  | $ | (25) |  |  | 126 |  | $ | 249,995 |  |  | $ | (33,663) |  |  | 128 |  | $ | 252,802 |  |  | $ | (33,688) |
Residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage-backed securities |  | — |  | — |  |  | — |  |  | 70 |  | 405,950 |  |  | (20,314) |  |  | 70 |  | 405,950 |  |  | (20,314) |
Government agency collateralized mortgage obligations |  | — |  | — |  |  | — |  |  | 18 |  | 355,538 |  |  | (31,670) |  |  | 18 |  | 355,538 |  |  | (31,670) |
Commercial mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage-backed securities |  | — |  | — |  |  | — |  |  | 1 |  | 14,011 |  |  | (2,972) |  |  | 1 |  | 14,011 |  |  | (2,972) |
Government agency collateralized mortgage obligations |  | — |  | — |  |  | — |  |  | 9 |  | 37,537 |  |  | (6,977) |  |  | 9 |  | 37,537 |  |  | (6,977) |
Other debt securities |  | — |  | — |  |  | — |  |  | 10 |  | 54,254 |  |  | (4,119) |  |  | 10 |  | 54,254 |  |  | (4,119) |
Total |  | 2 |  | $ | 2,807 |  |  | $ | (25) |  |  | 234 |  | $ | 1,117,285 |  |  | $ | (99,715) |  |  | 236 |  | $ | 1,120,092 |  |  | $ | (99,740) |
The Company does not intend to sell any of the securities in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be maturity. Furthermore, more than 90% of available for sale securities have the explicit or implicit backing of the United States government. Performance of these securities has been in line with broader market price performance indicating that increases in market-based, risk free rates, and not credit-related factors, are driving losses. For municipal and corporate securities, the Company considers historical experience with credit sensitive securities, current market conditions, the financial health of the issuer, current credit ratings, ratings changes and outlook, explicit and implicit guarantees, or insurance programs when determining the fair value of the contractual cash flows. Based on its review of these factors as of December 31, 2024, the Company determined that all such losses resulted from factors not deemed credit related. As a result, no credit-related impairment was recognized in current earnings, and all unrealized losses for available for sale securities were recorded in Accumulated other Comprehensive Income. At each of December 31, 2024 and 2023, the allowance for credit losses on held to maturity securities was $32. The Company monitors the credit quality of debt securities held to maturity using bond investment grades assigned by third party ratings agencies. Updated investment grades are obtained as they become available from the agencies. On December 31, 2024, all debt securities held to maturity were rated A or higher by the ratings agencies. As such, no additional credit loss was recorded for held to maturity securities.

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