XML 34 R28.htm IDEA: XBRL DOCUMENT v3.25.3
Securities (Tables)
 9 Months Ended
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