Investment Securities (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Investment securities at September 30, 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
September 30, 2025:
Obligations of states and political subdivisions	$	220,700	$	362	$	15,274	$	205,788
U.S. Government sponsored entities' asset-backed securities	536,113		460		38,411		498,162
Collateralized loan obligations	94,569		81		14		94,636
Corporate debt securities	20,065		101		1,039		19,127
Total	$	871,447	$	1,004	$	54,738	$	817,713


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

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of investments in debt securities AFS at September 30, 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	$	100,371	$	94,927	2.84	%
Due over ten years	120,329		110,861		3.87	%
Total (1)	$	220,700	$	205,788	3.40	%

U.S. Government sponsored entities' asset-backed securities	$	536,113	$	498,162	2.05	%

Collateralized loan obligations	$	94,569	$	94,636	5.94	%

Corporate debt securities
Due one through five years	$	2,000	$	1,984	4.00	%
Due five through ten years	18,065		17,143		4.17	%
Total	$	20,065	$	19,127	4.15	%

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

Investment securities in an unrealized loss position at September 30, 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	$	39,905	$	870	$	138,936	$	14,404	$	178,841	$	15,274
U.S. Government sponsored entities' asset-backed securities	12,696		164		449,051		38,247		461,747		38,411
Collateralized loan obligations	17,402		13		202		1		17,604		14
Corporate debt securities	—		—		16,611		1,039		16,611		1,039
Total	$	70,003	$	1,047	$	604,800	$	53,691	$	674,803	$	54,738

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