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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Available for Sale and Held for Maturity Securities | The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at December 31, 2024 and 2023 were as follows (in thousands):
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |
|  | Cost |  |  | Gains |  |  | (Losses) |  |  | Fair Value |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 212,513 |  |  | $ | 3 |  |  | $ | (21,158 | ) |  | $ | 191,358 |
Obligations of states and political subdivisions |  |  | 324,046 |  |  |  | 135 |  |  |  | (56,441 | ) |  |  | 267,740 |
Mortgage-backed securities: GSE residential |  |  | 653,760 |  |  |  | 552 |  |  |  | (114,570 | ) |  |  | 539,742 |
Other securities |  |  | 67,117 |  |  |  | — |  |  |  | (2,665 | ) |  |  | 64,452 |
Total available-for-sale |  | $ | 1,257,436 |  |  | $ | 690 |  |  | $ | (194,834 | ) |  | $ | 1,063,292 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Other securities |  | $ | 2,279 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,279 |
Total held-to-maturity |  | $ | 2,279 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,279 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 237,875 |  |  | $ | — |  |  | $ | (26,219 | ) |  | $ | 211,656 |
Obligations of states and political subdivisions |  |  | 337,835 |  |  |  | 152 |  |  |  | (49,371 | ) |  |  | 288,616 |
Mortgage-backed securities: GSE residential |  |  | 714,216 |  |  |  | 1,158 |  |  |  | (113,074 | ) |  |  | 602,300 |
Other securities |  |  | 73,795 |  |  |  | — |  |  |  | (4,795 | ) |  |  | 69,000 |
Total available-for-sale |  | $ | 1,363,721 |  |  | $ | 1,310 |  |  | $ | (193,459 | ) |  | $ | 1,171,572 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Other securities |  | $ | 2,286 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,286 |
Total held-to-maturity |  | $ | 2,286 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,286 |
Proceeds From Sales of Available for Sale Investment Securities, Realized Gains and Losses and Income Tax Expense | Proceeds from sales of available-for-sale investment securities, realized gains and losses and income tax expense were as follows during the years ended December 31, 2024, 2023, and 2022 (in thousands):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Proceeds from sales |  | $ | 32,338 |  |  | $ | 343,610 |  |  | $ | 36,257 |
Gross gains |  |  | 46 |  |  |  | 4,381 |  |  |  | 202 |
Gross losses |  |  | (479 | ) |  |  | (998 | ) |  |  | (169 | )
Income tax expense |  |  | 119 |  |  |  | (981 | ) |  |  | (10 | )
Investments Classified by Contractual Maturity Date | The following table indicates the expected maturities of investment securities classified as available-for-sale presented at fair value, and held-to-maturity presented at amortized cost at December 31, 2024 and the weighted average yield for each range of maturities (dollars in thousands):
|  | One |  |  | After 1 |  |  | After 5 |  |  |  |  |  |  |
|  | year or |  |  | through |  |  | through |  |  | After |  |  |  |
|  | less |  |  | 5 years |  |  | 10 years |  |  | ten years |  |  | Total |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 178,548 |  |  | $ | 12,810 |  |  | $ | — |  |  | $ | — |  |  | $ | 191,358 |
Obligations of state and political subdivisions |  |  | 26,780 |  |  |  | 114,045 |  |  |  | 117,825 |  |  |  | 9,090 |  |  |  | 267,740 |
Mortgage-backed securities: GSE residential |  |  | 3,065 |  |  |  | 5,299 |  |  |  | 33,506 |  |  |  | 497,872 |  |  |  | 539,742 |
Other securities |  |  | 51,001 |  |  |  | 12,641 |  |  |  | 810 |  |  |  | — |  |  |  | 64,452 |
Total available-for-sale |  | $ | 259,394 |  |  | $ | 144,795 |  |  | $ | 152,141 |  |  | $ | 506,962 |  |  | $ | 1,063,292 |
Weighted average yield |  |  | 2.08 | % |  |  | 2.38 | % |  |  | 2.26 | % |  |  | 1.81 | % |  |  | 2.01 | %
Full tax equivalent yield |  |  | 2.24 | % |  |  | 2.88 | % |  |  | 2.70 | % |  |  | 1.83 | % |  |  | 2.19 | %
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,279 |  |  | $ | 2,279 |
Total held-to-maturity |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,279 |  |  | $ | 2,279 |
Weighted average yield |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | %
Full tax equivalent yield |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | %
Fair Value of Investments with Sustained Gross Unrealized Losses | The following table presents the aging of gross unrealized losses and fair value by investment category as of December 31, 2024 and 2023 (in thousands):
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 1,340 |  |  | $ | — |  |  | $ | 189,327 |  |  | $ | (21,158 | ) |  | $ | 190,667 |  |  | $ | (21,158 | )
Obligations of states and political subdivisions |  |  | 20,349 |  |  |  | (1,248 | ) |  |  | 241,502 |  |  |  | (55,193 | ) |  |  | 261,851 |  |  |  | (56,441 | )
Mortgage-backed securities: GSE residential |  |  | 1,135 |  |  |  | (18 | ) |  |  | 511,746 |  |  |  | (114,552 | ) |  |  | 512,881 |  |  |  | (114,570 | )
Other securities |  |  | — |  |  |  | — |  |  |  | 58,702 |  |  |  | (2,665 | ) |  |  | 58,702 |  |  |  | (2,665 | )
Total |  | $ | 22,824 |  |  | $ | (1,266 | ) |  | $ | 1,001,277 |  |  | $ | (193,568 | ) |  | $ | 1,024,101 |  |  | $ | (194,834 | )
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 1,288 |  |  | $ | (4 | ) |  | $ | 210,069 |  |  | $ | (26,215 | ) |  | $ | 211,357 |  |  | $ | (26,219 | )
Obligations of states and political subdivisions |  |  | 22,281 |  |  |  | (333 | ) |  |  | 241,630 |  |  |  | (49,038 | ) |  |  | 263,911 |  |  |  | (49,371 | )
Mortgage-backed securities: GSE residential |  |  | 5,818 |  |  |  | (67 | ) |  |  | 566,197 |  |  |  | (113,007 | ) |  |  | 572,015 |  |  |  | (113,074 | )
Other securities |  |  | 5,311 |  |  |  | (439 | ) |  |  | 57,939 |  |  |  | (4,356 | ) |  |  | 63,250 |  |  |  | (4,795 | )
Total |  | $ | 34,698 |  |  | $ | (843 | ) |  | $ | 1,075,835 |  |  | $ | (192,616 | ) |  | $ | 1,110,533 |  |  | $ | (193,459 | )
Maturities of Investment Securities | Maturities of investment securities were as follows at December 31, 2024 (in thousands):
|  | Amortized |  |  | Estimated |
|  | Cost |  |  | Fair Value |
Available-for-sale: |  |  |  |  |  |
Due in one year or less |  | $ | 279,995 |  |  | $ | 256,329 |
Due after one-five years |  |  | 165,880 |  |  |  | 139,496 |
Due after five-ten years |  |  | 146,600 |  |  |  | 118,635 |
Due after ten years |  |  | 11,201 |  |  |  | 9,090 |
|  |  | 603,676 |  |  |  | 523,550 |
Mortgage-backed securities: GSE residential |  |  | 653,760 |  |  |  | 539,742 |
Total available-for-sale |  | $ | 1,257,436 |  |  | $ | 1,063,292 |
Held-to-maturity: |  |  |  |  |  |
Due after ten years |  |  | 2,279 |  |  |  | 2,279 |
Total held-to-maturity |  | $ | 2,279 |  |  | $ | 2,279 |

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