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Investment Securities (Tables)

12 Months Ended

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