XML 24 R12.htm IDEA: XBRL DOCUMENT
v3.26.1

Investments | 6 Months Ended
--- | ---
Jun. 30, 2026
Investments [Abstract] |
Investments | Investments The aggregate carrying and approximate fair values of investment securities follow (in thousands). Fair values are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable financial instruments.
| June 30, 2026 | December 31, 2025
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value
Securities available-for-sale: |  |  |  |  |  |  |  |
Obligations of states and |  |  |  |  |  |  |  |
political subdivisions | $ | 185,915 |  | $ | 905 |  | $ | 9,486 |  | $ | 177,334 |  | $ | 189,276 |  | $ | 538 |  | $ | 10,090 |  | $ | 179,724 |
Mortgage-backed securities: |  |  |  |  |  |  |  |
U.S. government agencies | 1,371,095 |  | 2,395 |  | 99,894 |  | 1,273,596 |  | 1,387,057 |  | 7,836 |  | 97,104 |  | 1,297,789 |
Private label | 5,055 |  | — |  | 72 |  | 4,983 |  | 5,068 |  | — |  | 36 |  | 5,032 |
Trust preferred securities | 4,616 |  | — |  | 78 |  | 4,538 |  | 4,612 |  | — |  | 188 |  | 4,424 |
Corporate securities | 16,630 |  | 203 |  | 559 |  | 16,274 |  | 16,708 |  | 172 |  | 491 |  | 16,389 |
Total Securities Available-for-Sale | $ | 1,583,311 |  | $ | 3,503 |  | $ | 110,089 |  | $ | 1,476,725 |  | $ | 1,602,721 |  | $ | 8,546 |  | $ | 107,909 |  | $ | 1,503,358 |
The Company's other investment securities include marketable equity securities and non-marketable equity securities held for investment. At June 30, 2026 and December 31, 2025, the Company held $5.6 million in marketable equity securities. Changes in the fair value of the marketable equity securities are recorded in "unrealized losses recognized on equity securities still held, net" in the Consolidated Statements of Income. The Co mpany's non-marketable securities consist of securities with limited marketability, such as stock in the Federal Reserve Bank ("FRB") or the Federal Home Loan Bank ("FHLB"). At June 30, 2026 and December 31, 2025, the Company held $24.2 million and $23.9 million, respectively, in non-marketable equity securities. These securities are carried at cost due to the restrictions placed on their transferability. The majority of the Company's investment securities are mortgage-backed. These securities are collateralized by both residential and commercial properties. The mortgage-backed securities in which the Company has invested are predominantly issued by government-sponsored agencies such as Fannie Mae, Freddie Mac, and Ginnie Mae. At June 30, 2026 and December 31, 2025, there were no securities of any non-governmental issuer whose aggregate carrying value or estimated fair value exceeded 10% of shareholders' equity. Certain investment securities owned by the Company were in an unrealized loss position (i.e., amortized cost basis exceeded the estimated fair value of the securities) as of June 30, 2026 and December 31, 2025. The following table shows the gross unrealized losses and fair value of the Company’s investments aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):
| June 30, 2026
Less Than Twelve Months | Twelve Months or Greater | Total
Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss
Securities available-for-sale: |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 5,612 |  | $ | 57 |  | $ | 122,499 |  | $ | 9,429 |  | $ | 128,111 |  | $ | 9,486 |
Mortgage-backed securities: |  |  |  |  |  |
U.S. Government agencies | 267,591 |  | 1,870 |  | 759,466 |  | 98,024 |  | 1,027,057 |  | 99,894 |
Private label | — |  | — |  | 4,983 |  | 72 |  | 4,983 |  | 72 |
Trust preferred securities | — |  | — |  | 4,538 |  | 78 |  | 4,538 |  | 78 |
Corporate securities | — |  | — |  | 14,391 |  | 559 |  | 14,391 |  | 559 |
Total available-for-sale | $ | 273,203 |  | $ | 1,927 |  | $ | 905,877 |  | $ | 108,162 |  | $ | 1,179,080 |  | $ | 110,089 |
| December 31, 2025
Less Than Twelve Months | Twelve Months or Greater | Total
Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss
Securities available-for-sale: |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 4,746 |  | $ | 29 |  | $ | 129,347 |  | $ | 10,061 |  | $ | 134,093 |  | $ | 10,090 |
Mortgage-backed securities: |  |  |  |  |  |
U.S. Government agencies | 48,555 |  | 140 |  | 803,686 |  | 96,964 |  | 852,241 |  | 97,104 |
Private label | — |  | — |  | 5,032 |  | 36 |  | 5,032 |  | 36 |
Trust preferred securities | 4,424 |  | 188 |  | — |  | — |  | 4,424 |  | 188 |
Corporate securities | — |  | — |  | 14,559 |  | 491 |  | 14,559 |  | 491 |
Total available-for-sale | $ | 57,725 |  | $ | 357 |  | $ | 952,624 |  | $ | 107,552 |  | $ | 1,010,349 |  | $ | 107,909 |
As of June 30, 2026, management does not intend to sell any impaired security, and it is not more likely than not that it will be required to sell any impaired security before the recovery of its amortized cost basis. The unrealized losses on debt securities are primarily the result of interest rate changes, credit spread fluctuations on agency-issued mortgage-related securities, general financial market uncertainty and market volatility. These conditions should not prohibit the Company from receiving its contractual principal and interest payments on its debt securities. The fair value is expected to recover as the securities a pproach their maturity date or repricing date. Due to the previously mentioned factors, as of June 30, 2026, management believes the unrealized losses detailed in the table above are temporary and therefore no allowance for credit losses has been recognized on the Company’s securities. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss will be recognized in net income in the period the other-than-temporary impairment is identified, while any noncredit loss will be recognized in other comprehensive income. The amortized cost and estimated fair value of debt securities at June 30, 2026, by contractual maturity, is shown in the following table (in thousands). Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Mortgage-backed securities have been allocated to their respective maturity groupings based on their contractual maturity.
| Amortized Cost | Estimated Fair Value
Available-for-Sale Debt Securities |  |
Due in one year or less | $ | 11,206 |  | $ | 11,152 |
Due after one year through five years | 136,577 |  | 131,964 |
Due after five years through ten years | 274,754 |  | 260,776 |
Due after ten years | 1,160,774 |  | 1,072,833 |
Total | $ | 1,583,311 |  | $ | 1,476,725 |
Proceeds from sales, gross gains and gross losses recognized by the Company from investment security transactions are summarized in the table below (in thousands):
| Three months ended June 30, |  | Six months ended June 30,
| 2026 | 2025 |  | 2026 | 2025
Proceeds on sales of available for sale securities | $ | — |  | $ | 14,882 |  |  | $ | — |  | $ | 14,882 |
Gross realized gains on available for sale securities sold | $ | — |  | $ | 237 |  |  | $ | — |  | $ | 237 |
Gross realized losses on available for sale securities sold | — |  | (87) |  |  | — |  | (87) |
Net realized available for sale securities gains (losses) | $ | — |  | $ | 150 |  |  | $ | — |  | $ | 150 |
Gross unrealized gains recognized on equity securities still held | $ | 109 |  | $ | 26 |  |  | $ | 99 |  | $ | 62 |
Gross unrealized losses recognized on equity securities still held | (51) |  | (289) |  |  | (34) |  | (330) |
Net unrealized (losses) gains recognized on equity securities still held | $ | 58 |  | $ | (263) |  |  | $ | 65 |  | $ | (268) |
The carrying value of securities pledged to secure public deposits and for other purposes as required or permitted by law approximated $713 million and $716 million at June 30, 2026 and December 31, 2025, respectively.

X
- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
Name: | us-gaap_InvestmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration