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Investment Securities (Tables)

3 Months Ended

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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- Definition

Tabular disclosure of available-for-sale and held-for-maturity securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures.

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-6

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-Topic 326
-SubTopic 30
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-Section 50
-Paragraph 4
-Publisher FASB
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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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Tabular disclosure of realized gains and losses on investments reported in the statement of income.

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