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v3.25.2

Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Amortized Cost, Estimated Fair Value and Allowance for Credit Loss on Investments in Debt Securities | The amortized cost, estimated fair values and allowance for credit losses of investments in debt securities are summarized in the following tables:
| June 30, 2025
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Estimated Fair Value
Debt Securities Available for Sale |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 1,221,272 |  |  | $ | 727 |  |  | $ | (135,917) |  |  |  |  | $ | 1,086,082 |
Obligations of states and political subdivisions | 240,719 |  |  | 34 |  |  | (28,182) |  |  |  |  | 212,571 |
Corporate bonds | 5,690 |  |  | 4 |  |  | (191) |  |  |  |  | 5,503 |
Asset backed securities | 265,749 |  |  | 171 |  |  | (2,241) |  |  |  |  | 263,679 |
Non-agency collateralized mortgage obligations | 271,434 |  |  | 174 |  |  | (24,067) |  |  |  |  | 247,541 |
Total debt securities available for sale | $ | 2,004,864 |  |  | $ | 1,110 |  |  | $ | (190,598) |  |  |  |  | $ | 1,815,376 |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 98,940 |  |  | $ | 3 |  |  | $ | (4,646) |  |  |  |  | 94,297 |
Obligations of states and political subdivisions | 2,732 |  |  | 1 |  |  | (57) |  |  |  |  | 2,676 |
Total debt securities held to maturity | $ | 101,672 |  |  | $ | 4 |  |  | $ | (4,703) |  |  |  |  | $ | 96,973 |
| December 31, 2024
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Estimated Fair Value
Debt Securities Available for Sale |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 1,268,654 |  |  | $ | 16 |  |  | $ | (174,485) |  |  |  |  | $ | 1,094,185 |
Obligations of states and political subdivisions | 249,627 |  |  | 66 |  |  | (28,949) |  |  |  |  | 220,744 |
Corporate bonds | 6,182 |  |  | — |  |  | (345) |  |  |  |  | 5,837 |
Asset backed securities | 314,814 |  |  | 687 |  |  | (1,238) |  |  |  |  | 314,263 |
Non-agency collateralized mortgage obligations | 299,256 |  |  | 238 |  |  | (29,638) |  |  |  |  | 269,856 |
Total debt securities available for sale | $ | 2,138,533 |  |  | $ | 1,007 |  |  | $ | (234,655) |  |  |  |  | $ | 1,904,885 |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 109,155 |  |  | $ | 3 |  |  | $ | (7,443) |  |  |  |  | $ | 101,715 |
Obligations of states and political subdivisions | 2,711 |  |  | 2 |  |  | (79) |  |  |  |  | 2,634 |
Total debt securities held to maturity | $ | 111,866 |  |  | $ | 5 |  |  | $ | (7,522) |  |  |  |  | $ | 104,349 |
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | As of June 30, 2025, the contractual final maturity for available for sale and held to maturity investment securities is as follows:
Debt Securities | Available for Sale |  | Held to Maturity
(in thousands) | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Due in one year | $ | 6,846 |  |  | $ | 6,808 |  |  | $ | 1,168 |  |  | $ | 1,169 |
Due after one year through five years | 54,833 |  |  | 53,091 |  |  | 2,334 |  |  | 2,282 |
Due after five years through ten years | 163,284 |  |  | 152,467 |  |  | 97,202 |  |  | 92,601 |
Due after ten years | 1,779,901 |  |  | 1,603,010 |  |  | 968 |  |  | 921 |
Totals | $ | 2,004,864 |  |  | $ | 1,815,376 |  |  | $ | 101,672 |  |  | $ | 96,973 |
Gross Unrealized Losses on Investment Securities | Gross unrealized losses on debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:
June 30, 2025: | Less than 12 months |  | 12 months or more |  | Total
(in thousands) | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Debt Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 12,636 |  |  | $ | (54) |  |  | $ | 992,579 |  |  | $ | (135,863) |  |  | $ | 1,005,215 |  |  | $ | (135,917) |
Obligations of states and political subdivisions | 10,508 |  |  | (401) |  |  | 198,470 |  |  | (27,781) |  |  | 208,978 |  |  | (28,182) |
Corporate bonds | — |  |  | — |  |  | 4,253 |  |  | (191) |  |  | 4,253 |  |  | (191) |
Asset backed securities | 66,780 |  |  | (340) |  |  | 72,002 |  |  | (1,901) |  |  | 138,782 |  |  | (2,241) |
Non-agency collateralized mortgage obligations | — |  |  | — |  |  | 215,877 |  |  | (24,067) |  |  | 215,877 |  |  | (24,067) |
Total debt securities available for sale | $ | 89,924 |  |  | $ | (795) |  |  | $ | 1,483,181 |  |  | $ | (189,803) |  |  | $ | 1,573,105 |  |  | $ | (190,598) |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | — |  |  | $ | — |  |  | $ | 94,137 |  |  | $ | (4,646) |  |  | $ | 94,137 |  |  | $ | (4,646) |
Obligations of states and political subdivisions | — |  |  | — |  |  | 1,507 |  |  | (57) |  |  | 1,507 |  |  | (57) |
Total debt securities held to maturity | $ | — |  |  | $ | — |  |  | $ | 95,644 |  |  | $ | (4,703) |  |  | $ | 95,644 |  |  | $ | (4,703) |
December 31, 2024: | Less than 12 months |  | 12 months or more |  | Total
(in thousands) | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Debt Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 63,714 |  |  | $ | (842) |  |  | $ | 1,021,654 |  |  | $ | (173,643) |  |  | $ | 1,085,368 |  |  | $ | (174,485) |
Obligations of states and political subdivisions | 7,457 |  |  | (140) |  |  | 208,063 |  |  | (28,809) |  |  | 215,520 |  |  | (28,949) |
Corporate bonds | 1,229 |  |  | (17) |  |  | 4,608 |  |  | (328) |  |  | 5,837 |  |  | (345) |
Asset backed securities | 44,707 |  |  | (30) |  |  | 75,734 |  |  | (1,208) |  |  | 120,441 |  |  | (1,238) |
Non-agency collateralized mortgage obligations | — |  |  | — |  |  | 236,671 |  |  | (29,638) |  |  | 236,671 |  |  | (29,638) |
Total debt securities available for sale | $ | 117,107 |  |  | $ | (1,029) |  |  | $ | 1,546,730 |  |  | $ | (233,626) |  |  | $ | 1,663,837 |  |  | $ | (234,655) |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | — |  |  | $ | — |  |  | $ | 101,553 |  |  | $ | (7,443) |  |  | $ | 101,553 |  |  | $ | (7,443) |
Obligations of states and political subdivisions | — |  |  | — |  |  | 1,485 |  |  | (79) |  |  | 1,485 |  |  | (79) |
Total debt securities held to maturity | $ | — |  |  | $ | — |  |  | $ | 103,038 |  |  | $ | (7,522) |  |  | $ | 103,038 |  |  | $ | (7,522) |
Amortized Cost of Debt Securities Held-to-Maturity | The following table summarizes the amortized cost of debt securities held-to-maturity at the dates indicated, aggregated by credit quality indicator:
| June 30, 2025 |  | December 31, 2024
(in thousands) | AAA/AA/A |  | BBB/BB/B |  | AAA/AA/A |  | BBB/BB/B
Obligations of U.S. government agencies | $ | 98,940 |  |  | $ | — |  |  | $ | 109,155 |  |  | $ | — |
Obligations of states and political subdivisions | 2,732 |  |  | — |  |  | 2,711 |  |  | — |
Total debt securities held to maturity | $ | 101,672 |  |  | $ | — |  |  | $ | 111,866 |  |  | $ | — |

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