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v3.25.1

Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 and December 31, 2024 were as follows (in thousands):
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Fair Value |
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 203,079 |  |  | $ | — |  |  | $ | (18,146 | ) |  | $ | 184,933 |
Obligations of states and political subdivisions |  |  | 324,071 |  |  |  | 181 |  |  |  | (62,147 | ) |  |  | 262,105 |
Mortgage-backed securities: GSE residential |  |  | 636,759 |  |  |  | 834 |  |  |  | (103,891 | ) |  |  | 533,702 |
Other securities |  |  | 61,137 |  |  |  | — |  |  |  | (2,150 | ) |  |  | 58,987 |
Total available-for-sale |  | $ | 1,225,046 |  |  | $ | 1,015 |  |  | $ | (186,334 | ) |  | $ | 1,039,727 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  | $ | 2,285 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,285 |
Total held-to-maturity |  | $ | 2,285 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,285 |
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 investments |  | $ | 2,279 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,279 |
Total held-to-maturity |  | $ | 2,279 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,279 |
Realized Gains and Losses From Sale of Securities | Realized gains and losses resulting from sales of securities were as follows during the three months ended March 31, 2025 and 2024 (in thousands):
|  | Three months ended |
|  | March 31, |
|  | 2025 |  |  | 2024 |
Gross gains |  | $ | — |  |  | $ | — |
Gross losses |  |  | (181 | ) |  |  | — |
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 March 31, 2025 and the weighted average yield for each range of maturities (dollars in thousands):
|  | One year or less |  |  | After 1 through 5 years |  |  | After 5 through 10 years |  |  | After ten years |  |  | Total |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 173,943 |  |  | $ | 10,990 |  |  | $ | — |  |  | $ | — |  |  | $ | 184,933 |
Obligations of state and political subdivisions |  |  | 30,126 |  |  |  | 123,008 |  |  |  | 100,221 |  |  |  | 8,750 |  |  |  | 262,105 |
Mortgage-backed securities: GSE residential |  |  | 116 |  |  |  | 8,194 |  |  |  | 31,129 |  |  |  | 494,263 |  |  |  | 533,702 |
Other securities |  |  | 45,411 |  |  |  | 12,762 |  |  |  | 814 |  |  |  | — |  |  |  | 58,987 |
Total available-for-sale investments |  | $ | 249,596 |  |  | $ | 154,954 |  |  | $ | 132,164 |  |  | $ | 503,013 |  |  | $ | 1,039,727 |
Weighted average yield |  |  | 2.06 | % |  |  | 2.33 | % |  |  | 2.26 | % |  |  | 1.80 | % |  |  | 2.00 | %
Full tax-equivalent yield |  |  | 2.17 | % |  |  | 2.82 | % |  |  | 2.69 | % |  |  | 1.83 | % |  |  | 2.17 | %
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,285 |  |  | $ | 2,285 |
Total held-to-maturity |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,285 |  |  | $ | 2,285 |
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 March 31, 2025 and December 31, 2024 (in thousands):
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 1,091 |  |  | $ | (2 | ) |  | $ | 183,392 |  |  | $ | (18,144 | ) |  | $ | 184,483 |  |  | $ | (18,146 | )
Obligations of states and political subdivisions |  |  | 17,581 |  |  |  | (1,343 | ) |  |  | 237,147 |  |  |  | (60,804 | ) |  |  | 254,728 |  |  |  | (62,147 | )
Mortgage-backed securities: GSE residential |  |  | 1,158 |  |  |  | (5 | ) |  |  | 503,901 |  |  |  | (103,886 | ) |  |  | 505,059 |  |  |  | (103,891 | )
Other securities |  |  | — |  |  |  | — |  |  |  | 53,237 |  |  |  | (2,150 | ) |  |  | 53,237 |  |  |  | (2,150 | )
Total |  | $ | 19,830 |  |  | $ | (1,350 | ) |  | $ | 977,677 |  |  | $ | (184,984 | ) |  | $ | 997,507 |  |  | $ | (186,334 | )
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 | )

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