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v3.25.3

Investment Securities (Tables) | 9 Months Ended
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Sep. 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:
| September 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 | $ | 1,183,001 |  |  | $ | 1,323 |  |  | $ | (122,177) |  |  |  |  | $ | 1,062,147 |
Obligations of states and political subdivisions | 240,306 |  |  | 64 |  |  | (22,771) |  |  |  |  | 217,599 |
Corporate bonds | 4,944 |  |  | 2 |  |  | (66) |  |  |  |  | 4,880 |
Asset backed securities | 280,761 |  |  | 321 |  |  | (1,718) |  |  |  |  | 279,364 |
Non-agency collateralized mortgage obligations | 197,949 |  |  | 240 |  |  | (21,423) |  |  |  |  | 176,766 |
Total debt securities available for sale | $ | 1,906,961 |  |  | $ | 1,950 |  |  | $ | (168,155) |  |  |  |  | $ | 1,740,756 |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | 93,882 |  |  | $ | 3 |  |  | $ | (4,138) |  |  |  |  | 89,747 |
Obligations of states and political subdivisions | 1,564 |  |  | — |  |  | (12) |  |  |  |  | 1,552 |
Total debt securities held to maturity | $ | 95,446 |  |  | $ | 3 |  |  | $ | (4,150) |  |  |  |  | $ | 91,299 |
| 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 September 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 | $ | 117 |  |  | $ | 117 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 62,087 |  |  | 60,420 |  |  | 2,511 |  |  | 2,475 |
Due after five years through ten years | 158,524 |  |  | 148,757 |  |  | 91,981 |  |  | 87,905 |
Due after ten years | 1,686,233 |  |  | 1,531,462 |  |  | 954 |  |  | 919 |
Totals | $ | 1,906,961 |  |  | $ | 1,740,756 |  |  | $ | 95,446 |  |  | $ | 91,299 |
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:
September 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 | $ | 24,696 |  |  | $ | (292) |  |  | $ | 938,888 |  |  | $ | (121,885) |  |  | $ | 963,584 |  |  | $ | (122,177) |
Obligations of states and political subdivisions | 4,090 |  |  | (123) |  |  | 206,521 |  |  | (22,648) |  |  | 210,611 |  |  | (22,771) |
Corporate bonds | 497 |  |  | (1) |  |  | 2,650 |  |  | (65) |  |  | 3,147 |  |  | (66) |
Asset backed securities | 24,169 |  |  | (128) |  |  | 71,006 |  |  | (1,590) |  |  | 95,175 |  |  | (1,718) |
Non-agency collateralized mortgage obligations | 10,683 |  |  | (4) |  |  | 134,864 |  |  | (21,419) |  |  | 145,547 |  |  | (21,423) |
Total debt securities available for sale | $ | 64,135 |  |  | $ | (548) |  |  | $ | 1,353,929 |  |  | $ | (167,607) |  |  | $ | 1,418,064 |  |  | $ | (168,155) |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies | $ | — |  |  | $ | — |  |  | $ | 89,587 |  |  | $ | (4,138) |  |  | $ | 89,587 |  |  | $ | (4,138) |
Obligations of states and political subdivisions | — |  |  | — |  |  | 1,552 |  |  | (12) |  |  | 1,552 |  |  | (12) |
Total debt securities held to maturity | $ | — |  |  | $ | — |  |  | $ | 91,139 |  |  | $ | (4,150) |  |  | $ | 91,139 |  |  | $ | (4,150) |
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:
| September 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 | $ | 93,882 |  |  | $ | — |  |  | $ | 109,155 |  |  | $ | — |
Obligations of states and political subdivisions | 1,564 |  |  | — |  |  | 2,711 |  |  | — |
Total debt securities held to maturity | $ | 95,446 |  |  | $ | — |  |  | $ | 111,866 |  |  | $ | — |

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