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Securities | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities The amortized cost, unrealized gross gains and losses recognized in accumulated other comprehensive income (loss), and fair value of securities available-for-sale were as follows:
Securities Available-for-Sale: |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value
September 30, 2025 |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 144,138 |  |  | $ | 37 |  |  | $ | — |  |  |  |  | $ | 144,175 |
Obligations of State and Political Subdivisions |  | 603,733 |  |  | 605 |  |  | (120,327) |  |  |  |  | 484,011 |
MBS/CMO |  | 788,902 |  |  | 4,489 |  |  | (86,414) |  |  |  |  | 706,977 |
US Gov’t Sponsored Entities & Agencies |  | 311,688 |  |  | 668 |  |  | (29,502) |  |  |  |  | 282,854 |
Total |  | $ | 1,848,461 |  |  | $ | 5,799 |  |  | $ | (236,243) |  |  |  |  | $ | 1,618,017 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 110,813 |  |  | $ | 51 |  |  | $ | — |  |  |  |  | $ | 110,864 |
Obligations of State and Political Subdivisions |  | 587,963 |  |  | 21 |  |  | (124,815) |  |  |  |  | 463,169 |
MBS/CMO |  | 817,553 |  |  | 341 |  |  | (115,715) |  |  |  |  | 702,179 |
US Gov’t Sponsored Entities & Agencies |  | 279,711 |  |  | — |  |  | (38,636) |  |  |  |  | 241,075 |
Total |  | $ | 1,796,040 |  |  | $ | 413 |  |  | $ | (279,166) |  |  |  |  | $ | 1,517,287 |
All mortgage-backed securities in the above table (identified above and throughout this Note 5 as “MBS/CMO”) are residential and multi-family mortgage-backed securities and guaranteed by government sponsored entities. The US Gov’t Sponsored Entities & Agencies in the above table include securities that have underlying collateral of equipment, machinery and commercial real estate. The amortized cost and fair value of securities available-for-sale at September 30, 2025 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because some issuers have the right to call or prepay certain obligations with or without call or prepayment penalties. Mortgage-backed securities are not due at a single maturity date and are shown separately.
Securities Available-for-Sale: |  | Amortized Cost |  | Fair Value
Due in one year or less |  | $ | 146,460 |  |  | $ | 146,502 |
Due after one year through five years |  | 9,816 |  |  | 9,744 |
Due after five years through ten years |  | 61,121 |  |  | 55,249 |
Due after ten years |  | 530,474 |  |  | 416,691 |
MBS/CMO |  | 788,902 |  |  | 706,977 |
US Gov’t Sponsored Entities & Agencies |  | 311,688 |  |  | 282,854 |
Total |  | $ | 1,848,461 |  |  | $ | 1,618,017 |
During the first quarter of 2025, the Company sold approximately $204.9 million in securities that were acquired as part of the February 1, 2025 Heartland acquisition. As the Company had recorded the securities at fair value at the time of closing, no gain or loss was incurred on such sale. During June and July 2024, the Company undertook a partial restructuring of its securities portfolio by selling available-for-sale securities totaling approximately $375.3 million in book value, at a pre-tax loss of approximately $34.9 million. The tax-equivalent yield on the bonds sold was approximately 3.12% with a duration of approximately 7 years. The proceeds from the securities sold were reinvested in the securities portfolio by the end of the third quarter of 2024. Proceeds from the sales of securities are summarized below:
|  | Three Months Ended |  | Three Months Ended
|  | September 30, 2025 |  | September 30, 2024
Proceeds from Sales |  | $ | 500 |  |  | $ | 175,738 |
Gross Gains on Sales |  | — |  |  | 70 |
Gross Losses on Sales |  | — |  |  | — |
Income Taxes on Net Gains (Losses) |  | — |  |  | 15 |
|  | Nine Months Ended |  | Nine Months Ended
|  | September 30, 2025 |  | September 30, 2024
Proceeds from Sales |  | $ | 205,876 |  |  | $ | 402,105 |
Gross Gains on Sales |  | — |  |  | 614 |
Gross Losses on Sales |  | — |  |  | 35,402 |
Income Taxes on Net Gains (Losses) |  | — |  |  | (7,305) |
The carrying value of securities pledged to secure repurchase agreements, public and trust deposits, and for other purposes as required by law was $998,737 and $1,065,880 as of September 30, 2025 and December 31, 2024, respectively. Below is a summary of securities with unrealized losses as of September 30, 2025 and December 31, 2024, presented by length of time the securities have been in a continuous unrealized loss position:
|  | Less than 12 Months |  | 12 Months or More |  | Total
September 30, 2025 |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Obligations of State and Political Subdivisions |  | $ | 4,894 |  |  | $ | (107) |  |  | $ | 447,248 |  |  | $ | (120,220) |  |  | $ | 452,142 |  |  | $ | (120,327) |
MBS/CMO |  | 3,745 |  |  | (42) |  |  | 484,310 |  |  | (86,372) |  |  | 488,055 |  |  | (86,414) |
US Gov’t Sponsored Entities & Agencies |  | 23,067 |  |  | (177) |  |  | 161,749 |  |  | (29,325) |  |  | 184,816 |  |  | (29,502) |
Total |  | $ | 31,706 |  |  | $ | (326) |  |  | $ | 1,093,307 |  |  | $ | (235,917) |  |  | $ | 1,125,013 |  |  | $ | (236,243) |
|  | Less than 12 Months |  | 12 Months or More |  | Total
December 31, 2024 |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Obligations of State and Political Subdivisions |  | $ | 13,249 |  |  | $ | (231) |  |  | $ | 445,264 |  |  | $ | (124,584) |  |  | $ | 458,513 |  |  | $ | (124,815) |
MBS/CMO |  | 176,333 |  |  | (2,461) |  |  | 480,235 |  |  | (113,254) |  |  | 656,568 |  |  | (115,715) |
US Gov’t Sponsored Entities & Agencies |  | 96,132 |  |  | (2,989) |  |  | 144,943 |  |  | (35,647) |  |  | 241,075 |  |  | (38,636) |
Total |  | $ | 285,714 |  |  | $ | (5,681) |  |  | $ | 1,070,442 |  |  | $ | (273,485) |  |  | $ | 1,356,156 |  |  | $ | (279,166) |
Available-for-sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses at least quarterly. For available-for-sale debt securities in an unrealized loss position, the Company assesses whether we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is reduced to fair value through income. For available-for sale debt securities that do not meet the criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security and the issuer, among other factors. If this assessment indicates that a credit loss exists, we compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses “ACL” is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of applicable taxes. Unrealized losses at September 30, 2025 and December 31, 2024 are considered temporary and the result of fair value adjustments caused by market interest rate fluctuations. There was no allowance for credit losses for available-for-sale debt securities at September 30, 2025 or December 31, 2024. Although management has the ability to sell these securities if the need arises, their designation as available-for-sale should not necessarily be interpreted as an indication that management anticipates such sales. Accrued interest receivable on available-for-sale debt securities totaled $8,015 at September 30, 2025 and $8,110 at December 31, 2024. Accrued interest receivable is excluded from the estimate of credit losses. The Company’s equity securities are listed as Other Investments on the Consolidated Balance Sheets and consist of one non-controlling investment in a single banking organization at September 30, 2025 and December 31, 2024. The original investment totaled $1,350 and other-than-temporary impairment was previously recorded totaling $997. The Company’s equity securities are considered not to have readily determinable fair value and are carried at cost and evaluated for impairment. At September 30, 2025, there was no additional impairment recognized through earnings.

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