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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 Securities | The amortized cost, gross unrealized gains and losses and estimated fair value of securities at September 30, 2025 and December 31, 2024 are summarized as follows (in thousands):
| September 30, 2025
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value
Available-for-Sale: |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations | $ | 6,892 |  |  | $ | — |  |  | $ | (344) |  |  |  |  | $ | 6,548 |
Municipal bonds | 159,353 |  |  | 479 |  |  | (28,617) |  |  |  |  | 131,215 |
Corporate bonds | 123,679 |  |  | 3,446 |  |  | (3,421) |  |  |  |  | 123,704 |
Mortgage-backed or related securities | 1,868,033 |  |  | 2,313 |  |  | (248,370) |  |  |  |  | 1,621,976 |
Asset-backed securities | 134,878 |  |  | 204 |  |  | — |  |  |  |  | 135,082 |
| $ | 2,292,835 |  |  | $ | 6,442 |  |  | $ | (280,752) |  |  |  |  | $ | 2,018,525 |
| September 30, 2025
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Allowance for Credit Losses
Held-to-Maturity: |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations | $ | 279 |  |  | $ | 1 |  |  | $ | (3) |  |  | $ | 277 |  |  | $ | — |
Municipal bonds | 433,560 |  |  | 40 |  |  | (63,161) |  |  | 370,288 |  |  | (151) |
Corporate bonds | 2,573 |  |  | — |  |  | (1) |  |  | 2,425 |  |  | (147) |
Mortgage-backed or related securities | 535,489 |  |  | — |  |  | (93,045) |  |  | 442,444 |  |  | — |
| $ | 971,901 |  |  | $ | 41 |  |  | $ | (156,210) |  |  | $ | 815,434 |  |  | $ | (298) |
| December 31, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value
Available-for-Sale: |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations | $ | 8,492 |  |  | $ | — |  |  | $ | (559) |  |  |  |  | $ | 7,933 |
Municipal bonds | 153,982 |  |  | 453 |  |  | (30,453) |  |  |  |  | 123,982 |
Corporate bonds | 131,379 |  |  | 100 |  |  | (6,489) |  |  |  |  | 124,990 |
Mortgage-backed or related securities | 1,995,805 |  |  | 383 |  |  | (319,340) |  |  |  |  | 1,676,848 |
Asset-backed securities | 170,604 |  |  | 155 |  |  | (1) |  |  |  |  | 170,758 |
| $ | 2,460,262 |  |  | $ | 1,091 |  |  | $ | (356,842) |  |  |  |  | $ | 2,104,511 |
| December 31, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Allowance for Credit Losses
Held-to-Maturity: |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations | $ | 302 |  |  | $ | — |  |  | $ | (4) |  |  | $ | 298 |  |  | $ | — |
Municipal bonds | 438,196 |  |  | 36 |  |  | (62,809) |  |  | 375,280 |  |  | (143) |
Corporate bonds | 2,658 |  |  | — |  |  | (6) |  |  | 2,498 |  |  | (154) |
Mortgage-backed or related securities | 560,705 |  |  | — |  |  | (113,253) |  |  | 447,452 |  |  | — |
| $ | 1,001,861 |  |  | $ | 36 |  |  | $ | (176,072) |  |  | $ | 825,528 |  |  | $ | (297) |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | At September 30, 2025 and December 31, 2024, the gross unrealized losses and the fair value for securities available-for-sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position were as follows (in thousands):
| September 30, 2025
| Less Than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations | $ | — |  |  | $ | — |  |  | $ | 6,548 |  |  | $ | (344) |  |  | $ | 6,548 |  |  | $ | (344) |
Municipal bonds | 20,492 |  |  | (193) |  |  | 92,685 |  |  | (28,424) |  |  | 113,177 |  |  | (28,617) |
Corporate bonds | — |  |  | — |  |  | 70,439 |  |  | (3,421) |  |  | 70,439 |  |  | (3,421) |
Mortgage-backed or related securities | — |  |  | — |  |  | 1,483,151 |  |  | (248,370) |  |  | 1,483,151 |  |  | (248,370) |
| $ | 20,492 |  |  | $ | (193) |  |  | $ | 1,652,823 |  |  | $ | (280,559) |  |  | $ | 1,673,315 |  |  | $ | (280,752) |
| December 31, 2024
| Less Than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations | $ | — |  |  | $ | — |  |  | $ | 7,933 |  |  | $ | (559) |  |  | $ | 7,933 |  |  | $ | (559) |
Municipal bonds | 15,497 |  |  | (287) |  |  | 91,156 |  |  | (30,166) |  |  | 106,653 |  |  | (30,453) |
Corporate bonds | 2,541 |  |  | (59) |  |  | 96,763 |  |  | (6,430) |  |  | 99,304 |  |  | (6,489) |
Mortgage-backed or related securities | 44,749 |  |  | (524) |  |  | 1,552,613 |  |  | (318,816) |  |  | 1,597,362 |  |  | (319,340) |
Asset-backed securities | 20,000 |  |  | (1) |  |  | — |  |  | — |  |  | 20,000 |  |  | (1) |
| $ | 82,787 |  |  | $ | (871) |  |  | $ | 1,748,465 |  |  | $ | (355,971) |  |  | $ | 1,831,252 |  |  | $ | (356,842) |
Schedule of Realized Gain (Loss) | The following table presents gross gains and losses on sales and partial calls of securities available-for-sale (in thousands):
| Three months ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Available-for-Sale: |  |  |  |  |  |  |
Gross Gains | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 37 |
Gross Losses | (1,208) |  |  | — |  |  | (1,211) |  |  | (5,502) |
Balance, end of the period | $ | (1,208) |  |  | $ | — |  |  | $ | (1,211) |  |  | $ | (5,465) |
Schedule of Securities by Contractual Maturity Date | The following table presents the amortized cost and estimated fair value of securities at September 30, 2025, by contractual maturity and does not reflect any required periodic payments (in thousands). Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties.
|  |  |  |  | September 30, 2025
|  |  | Available-for-Sale |  | Held-to-Maturity
|  |  |  |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Maturing within one year |  |  |  |  | $ | 21,156 |  |  | $ | 21,014 |  |  | $ | 9,418 |  |  | $ | 9,248 |
Maturing after one year through five years |  |  |  |  | 146,075 |  |  | 136,704 |  |  | 11,494 |  |  | 11,315 |
Maturing after five years through ten years |  |  |  |  | 299,674 |  |  | 281,839 |  |  | 31,294 |  |  | 29,805 |
Maturing after ten years |  |  |  |  | 1,825,930 |  |  | 1,578,968 |  |  | 919,695 |  |  | 765,066 |
|  |  |  |  | $ | 2,292,835 |  |  | $ | 2,018,525 |  |  | $ | 971,901 |  |  | $ | 815,434 |
Schedule of Pledged Securities | The following table presents, as of September 30, 2025, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):
| September 30, 2025
| Carrying Value |  | Amortized Cost |  | Fair Value
Purpose or beneficiary: |  |  |  |  |
State and local governments public deposits | $ | 294,939 |  |  | $ | 308,382 |  |  | $ | 263,059 |
Interest rate swap counterparties | 950 |  |  | 950 |  |  | 807 |
Repurchase transaction accounts | 205,928 |  |  | 205,928 |  |  | 169,282 |
Other | 2,467 |  |  | 2,467 |  |  | 2,221 |
Total pledged securities | $ | 504,284 |  |  | $ | 517,727 |  |  | $ | 435,369 |
Debt Instrument, Credit Rating | The Company monitors the credit quality of held-to-maturity debt securities through the use of credit ratings, which are reviewed and updated quarterly. The Company’s non-rated held-to-maturity debt securities are primarily United States government sponsored enterprise debentures carrying minimal to no credit risk. The non-rated corporate bonds primarily consist of Community Reinvestment Act related bonds secured by loan instruments from low to moderate income borrowers. The remaining non-rated held-to-maturity debt securities balance is comprised of local municipal debt from within the Company’s geographic footprint and is monitored through quarterly or annual financial review. This municipal debt is predominately essential service or unlimited general obligation backed debt. The following tables summarize the amortized cost of held-to-maturity debt securities by credit rating at September 30, 2025 and December 31, 2024 (in thousands):
| September 30, 2025
| U.S. Government and agency obligations |  | Municipal bonds |  | Corporate bonds |  | Mortgage-backed or related securities |  | Total
AAA/AA/A | $ | — |  |  | $ | 424,735 |  |  | $ | 500 |  |  | $ | 16,032 |  |  | $ | 441,267 |
Not Rated | 279 |  |  | 8,825 |  |  | 2,073 |  |  | 519,457 |  |  | 530,634 |
| $ | 279 |  |  | $ | 433,560 |  |  | $ | 2,573 |  |  | $ | 535,489 |  |  | $ | 971,901 |
| December 31, 2024
| U.S. Government and agency obligations |  | Municipal bonds |  | Corporate bonds |  | Mortgage-backed or related securities |  | Total
AAA/AA/A | $ | — |  |  | $ | 430,158 |  |  | $ | 500 |  |  | $ | 16,218 |  |  | $ | 446,876 |
Not Rated | 302 |  |  | 8,038 |  |  | 2,158 |  |  | 544,487 |  |  | 554,985 |
| $ | 302 |  |  | $ | 438,196 |  |  | $ | 2,658 |  |  | $ | 560,705 |  |  | $ | 1,001,861 |

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