Investment Securities (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investment securities at March 31, 2025 and at December 31, 2024, were as follows:


Debt securities AFS (In thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
March 31, 2025:
Obligations of states and political subdivisions	$	208,311	$	49	$	16,922	$	191,438
U.S. Government sponsored entities' asset-backed securities	573,296		95		47,213		526,178
Collateralized loan obligations	200,937		107		70		200,974
Corporate debt securities	20,774		100		1,225		19,649
Total	$	1,003,318	$	351	$	65,430	$	938,239


Debt securities AFS (In thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
December 31, 2024:
Obligations of U.S. Government sponsored entities	$	250	$	—	$	1	$	249
Obligations of states and political subdivisions	203,438		88		16,643		186,883
U.S. Government sponsored entities' asset-backed securities	580,268		2		61,694		518,576
Collateralized loan obligations	271,572		288		27		271,833
Corporate debt securities	20,753		50		1,720		19,083
Total	$	1,076,281	$	428	$	80,085	$	996,624

Schedule Of Unrealized Loss On Securities

Investment securities in an unrealized loss position at March 31, 2025, were as follows:


	Unrealized loss position for less than 12 months				Unrealized loss position for 12 months or longer				Total
(In thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Debt securities AFS:
Obligations of states and political subdivisions	$	28,048	$	655	$	153,976	$	16,267	$	182,024	$	16,922
U.S. Government sponsored entities' asset-backed securities	10,976		138		496,363		47,075		507,339		47,213
Collateralized loan obligations	131,490		69		950		1		132,440		70
Corporate debt securities	—		—		16,424		1,225		16,424		1,225
Total	$	170,514	$	862	$	667,713	$	64,568	$	838,227	$	65,430

Investment securities in an unrealized loss position at December 31, 2024, were as follows:


	Unrealized loss position for less than 12 months				Unrealized loss position for 12 months or longer				Total
(In thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Debt securities AFS:
Obligations of U.S. Government sponsored entities	$	249	$	1	$	—	$	—	$	249	$	1
Obligations of states and political subdivisions	34,256		528		137,471		16,115		171,727		16,643
U.S. Government sponsored entities' asset-backed securities	6,555		249		510,846		61,445		517,401		61,694
Collateralized loan obligations	44,935		14		36,223		13		81,158		27
Corporate debt securities	—		—		15,929		1,720		15,929		1,720
Total	$	85,995	$	792	$	700,469	$	79,293	$	786,464	$	80,085

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of investments in debt securities AFS at March 31, 2025, are shown in the following table by contractual maturity, except for asset-backed securities and collateral loan obligations, which are shown as a single total due to the unpredictability of the timing of principal repayments. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.


(In thousands)	Amortized cost		Fair value		Tax equivalent yield (1)
Debt Securities AFS
Obligations of state and political subdivisions:
Due five through ten years	$	89,873	$	85,386	3.04	%
Due over ten years	118,438		106,052		3.41	%
Total (1)	$	208,311	$	191,438	3.25	%

U.S. Government sponsored entities' asset-backed securities	$	573,296	$	526,178	1.96	%

Collateralized loan obligations	$	200,937	$	200,974	6.13	%

Corporate debt securities
Due within one year	$	982	$	988	9.67	%
Due five through ten years	19,792		18,661		4.10	%
Total	$	20,774	$	19,649	4.36	%