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v3.25.3

Securities (Tables) | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Securities | The following table presents the fair value and amortized cost of available-for-sale and held-to-maturity debt securities:
|  | September 30, 2025 |  |  | December 31, 2024 |
(unaudited, in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 195,716 |  |  | $ | 200 |  |  | $ | — |  |  | $ | 195,916 |  |  | $ | 146,113 |  |  | $ | 63 |  |  | $ | (63 | ) |  | $ | 146,113 |
U.S. Government sponsored entities and agencies |  |  | 241,932 |  |  |  | 338 |  |  |  | (21,980 | ) |  |  | 220,290 |  |  |  | 224,944 |  |  |  | — |  |  |  | (30,702 | ) |  |  | 194,242 |
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 2,677,573 |  |  |  | 12,144 |  |  |  | (188,892 | ) |  |  | 2,500,825 |  |  |  | 1,850,284 |  |  |  | 245 |  |  |  | (257,088 | ) |  |  | 1,593,441 |
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 145,807 |  |  |  | 212 |  |  |  | (3,182 | ) |  |  | 142,837 |  |  |  | 235,873 |  |  |  | 51 |  |  |  | (4,142 | ) |  |  | 231,782 |
Asset backed securities |  |  | 70,799 |  |  |  | 104 |  |  |  | (143 | ) |  |  | 70,760 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Obligations of states and political subdivisions |  |  | 79,147 |  |  |  | 289 |  |  |  | (2,208 | ) |  |  | 77,228 |  |  |  | 71,919 |  |  |  | 25 |  |  |  | (3,324 | ) |  |  | 68,620 |
Corporate debt securities |  |  | 59,363 |  |  |  | 840 |  |  |  | (43 | ) |  |  | 60,160 |  |  |  | 11,974 |  |  |  | — |  |  |  | (100 | ) |  |  | 11,874 |
Total available-for-sale debt securities |  | $ | 3,470,337 |  |  | $ | 14,127 |  |  | $ | (216,448 | ) |  | $ | 3,268,016 |  |  | $ | 2,541,107 |  |  | $ | 384 |  |  | $ | (295,419 | ) |  | $ | 2,246,072 |
Held-to-maturity debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities and agencies |  | $ | 2,559 |  |  | $ | — |  |  | $ | (157 | ) |  | $ | 2,402 |  |  | $ | 2,988 |  |  | $ | — |  |  | $ | (260 | ) |  | $ | 2,728 |
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 28,369 |  |  |  | 1 |  |  |  | (1,713 | ) |  |  | 26,657 |  |  |  | 32,803 |  |  |  | — |  |  |  | (2,754 | ) |  |  | 30,049 |
Obligations of states and political subdivisions |  |  | 1,109,543 |  |  |  | 1,378 |  |  |  | (107,587 | ) |  |  | 1,003,334 |  |  |  | 1,098,957 |  |  |  | 164 |  |  |  | (143,130 | ) |  |  | 955,991 |
Corporate debt securities |  |  | 10,049 |  |  |  | 63 |  |  |  | (2 | ) |  |  | 10,110 |  |  |  | 18,158 |  |  |  | — |  |  |  | (109 | ) |  |  | 18,049 |
Total held-to-maturity debt securities (1) |  | $ | 1,150,520 |  |  | $ | 1,442 |  |  | $ | (109,459 | ) |  | $ | 1,042,503 |  |  | $ | 1,152,906 |  |  | $ | 164 |  |  | $ | (146,253 | ) |  | $ | 1,006,817 |
Total debt securities |  | $ | 4,620,857 |  |  | $ | 15,569 |  |  | $ | (325,907 | ) |  | $ | 4,310,519 |  |  | $ | 3,694,013 |  |  | $ | 548 |  |  | $ | (441,672 | ) |  | $ | 3,252,889 |
(1) Total held-to-maturity debt securities are presented on the balance sheet net of their allowance for credit losses totaling $0.2 million and $0.1 million at September 30, 2025 and December 31, 2024, respectively.
Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Securities by Contractual Maturity | The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity date at September 30, 2025. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay debt obligations with or without prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are classified in the table below based on their contractual maturity date; however, regular principal payments and prepayments of principal are received on a monthly basis.
(unaudited, in thousands) |  | Amortized Cost |  |  | Fair Value |
Available-for-sale debt securities |  |  |  |  |  |
Within one year |  | $ | 205,481 |  |  | $ | 205,633 |
After 1 year through 5 years |  |  | 324,674 |  |  |  | 317,261 |
After 5 years through 10 years |  |  | 357,585 |  |  |  | 331,930 |
After 10 years |  |  | 2,582,597 |  |  |  | 2,413,192 |
Total available-for-sale debt securities |  | $ | 3,470,337 |  |  | $ | 3,268,016 |
Held-to-maturity debt securities |  |  |  |  |  |
Within one year |  | $ | 28,720 |  |  | $ | 28,726 |
After 1 year through 5 years |  |  | 230,302 |  |  |  | 226,475 |
After 5 years through 10 years |  |  | 552,366 |  |  |  | 500,885 |
After 10 years |  |  | 339,132 |  |  |  | 286,417 |
Total held-to-maturity debt securities |  | $ | 1,150,520 |  |  | $ | 1,042,503 |
Total debt securities |  | $ | 4,620,857 |  |  | $ | 4,310,519 |
Schedule of Gross Realized Gains and Losses on the Sales and Calls of Securities | The following table presents the gross realized gains and losses on sales and calls of available-for-sale and held-to-maturity debt securities, as well as gains and losses on equity securities from both sales and market adjustments, for the three and nine months ended September 30, 2025 and 2024, respectively. All gains and losses presented in the table below are included in the net securities gains (losses) line item of the consolidated income statement. For those equity securities relating to the key officer and director deferred compensation plan, the corresponding change in the obligation to the participant is recognized in employee benefits expense.
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
(unaudited, in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Gross realized gains |  | $ | 66 |  |  | $ | — |  |  | $ | 284 |  |  | $ | — |
Gross realized losses |  |  | (11 | ) |  |  | (13 | ) |  |  | (180 | ) |  |  | (25 | )
Net gains (losses) on debt securities |  |  | 55 |  |  |  | (13 | ) |  |  | 104 |  |  |  | (25 | )
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains recognized on securities still held |  |  | 1,155 |  |  |  | 688 |  |  |  | 2,198 |  |  |  | 1,372 |
Net securities gains |  | $ | 1,210 |  |  | $ | 675 |  |  | $ | 2,302 |  |  | $ | 1,347 |
Schedule of Allowance for Credit Losses on Held-to-maturity Securities | The following table provides a roll-forward of the allowance for credit losses on held-to-maturity securities for the nine months ended September 30, 2025 and 2024:
| Allowance for Credit Losses By Category |
| For the Nine Months Ended September 30, 2025 and 2024 |
| Obligations of |  |  |  |  |
| states and |  | Corporate |  |  |
| political |  | debt |  |  |
(unaudited, in thousands) | subdivisions |  | Securities |  | Total |
Balance at December 31, 2024 | $ | 124 |  | $ | 22 |  | $ | 146 |
Current period provision (1) |  | 34 |  |  | 1 |  |  | 35 |
Write-offs |  | — |  |  | — |  |  | — |
Recoveries |  | — |  |  | — |  |  | — |
Balance at September 30, 2025 | $ | 158 |  | $ | 23 |  | $ | 181 |
. |  |  |  |  |  |
Balance at December 31, 2023 | $ | 160 |  | $ | 32 |  | $ | 192 |
Current period provision (1) |  | (34 | ) |  | (10 | ) |  | (44 | )
Write-offs |  | — |  |  | — |  |  | — |
Recoveries |  | — |  |  | — |  |  | — |
Balance at September 30, 2024 | $ | 126 |  | $ | 22 |  | $ | 148 |
(1) The total provision for credit losses on held-to-maturity securities is reported in the consolidated statements of income in the provision for credit losses line item, which also includes the provision for credit losses - loans and loan commitments. For more information on the provision relating to loans and loan commitments, please see Note 5, "Loans and the Allowance for Credit Losses."
Schedule of Unrealized Losses on Investment Securities | The following tables provide information on unrealized losses on available-for-sale debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more, for which an allowance for credit losses has not been recorded, as of September 30, 2025 and December 31, 2024, respectively:
|  | September 30, 2025 |
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
(unaudited, dollars in thousands) |  | Fair Value |  |  | Unrealized Losses |  |  | # of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | # of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | # of Securities |
U.S. Treasury |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | — |
U.S. Government sponsored entities and agencies |  |  | 5,837 |  |  |  | (68 | ) |  |  | 1 |  |  |  | 191,084 |  |  |  | (21,912 | ) |  |  | 42 |  |  |  | 196,921 |  |  |  | (21,980 | ) |  |  | 43 |
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 168,195 |  |  |  | (1,086 | ) |  |  | 39 |  |  |  | 1,351,860 |  |  |  | (187,806 | ) |  |  | 441 |  |  |  | 1,520,055 |  |  |  | (188,892 | ) |  |  | 480 |
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 6,725 |  |  |  | (7 | ) |  |  | 3 |  |  |  | 115,946 |  |  |  | (3,175 | ) |  |  | 36 |  |  |  | 122,671 |  |  |  | (3,182 | ) |  |  | 39 |
Asset backed securities |  |  | 35,661 |  |  |  | (143 | ) |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 35,661 |  |  |  | (143 | ) |  |  | 9 |
Obligations of states and political subdivisions |  |  | 2,657 |  |  |  | (121 | ) |  |  | 4 |  |  |  | 31,803 |  |  |  | (2,087 | ) |  |  | 45 |  |  |  | 34,460 |  |  |  | (2,208 | ) |  |  | 49 |
Corporate debt securities |  |  | 12,550 |  |  |  | (33 | ) |  |  | 9 |  |  |  | 5,473 |  |  |  | (10 | ) |  |  | 2 |  |  |  | 18,023 |  |  |  | (43 | ) |  |  | 11 |
Total |  | $ | 231,625 |  |  | $ | (1,458 | ) |  |  | 65 |  |  | $ | 1,696,166 |  |  | $ | (214,990 | ) |  |  | 566 |  |  | $ | 1,927,791 |  |  | $ | (216,448 | ) |  |  | 631 |
|  | December 31, 2024 |
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
(dollars in thousands) |  | Fair Value |  |  | Unrealized Losses |  |  | # of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | # of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | # of Securities |
U.S. Treasury |  | $ | 48,846 |  |  | $ | (63 | ) |  |  | 2 |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | 48,846 |  |  | $ | (63 | ) |  |  | 2 |
U.S. Government sponsored entities and agencies |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 194,242 |  |  |  | (30,702 | ) |  |  | 43 |  |  |  | 194,242 |  |  |  | (30,702 | ) |  |  | 43 |
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 149,466 |  |  |  | (1,742 | ) |  |  | 32 |  |  |  | 1,408,115 |  |  |  | (255,346 | ) |  |  | 447 |  |  |  | 1,557,581 |  |  |  | (257,088 | ) |  |  | 479 |
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 9,919 |  |  |  | (7 | ) |  |  | 1 |  |  |  | 193,085 |  |  |  | (4,135 | ) |  |  | 50 |  |  |  | 203,004 |  |  |  | (4,142 | ) |  |  | 51 |
Obligations of states and political subdivisions |  |  | 10,728 |  |  |  | (133 | ) |  |  | 8 |  |  |  | 48,038 |  |  |  | (3,191 | ) |  |  | 84 |  |  |  | 58,766 |  |  |  | (3,324 | ) |  |  | 92 |
Corporate debt securities |  |  | 4,479 |  |  |  | (21 | ) |  |  | 4 |  |  |  | 7,395 |  |  |  | (79 | ) |  |  | 2 |  |  |  | 11,874 |  |  |  | (100 | ) |  |  | 6 |
Total |  | $ | 223,438 |  |  | $ | (1,966 | ) |  |  | 47 |  |  | $ | 1,850,875 |  |  | $ | (293,453 | ) |  |  | 626 |  |  | $ | 2,074,313 |  |  | $ | (295,419 | ) |  |  | 673 |

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