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Investment Securities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025 and December 31, 2024 were as follows (in thousands):

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized (Losses)				Fair Value
June 30, 2025
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	199,299			$	—			$	(15,683	)		$	183,616
Obligations of states and political subdivisions			325,609				202				(64,487	)			261,324
Mortgage-backed securities: GSE residential			685,640				1,277				(98,206	)			588,711
Other securities			45,155				—				(1,965	)			43,190
Total available-for-sale		$	1,255,703			$	1,479			$	(180,341	)		$	1,076,841
Held-to-maturity:
Other investments		$	2,287			$	—			$	—			$	2,287
Total held-to-maturity		$	2,287			$	—			$	—			$	2,287
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 and six months ended June 30, 2025 and 2024 (in thousands):

		Three months ended								Six months ended
		June 30,								June 30,
		2025				2024				2025				2024
Gross gains		$	—			$	35			$	—			$	(35	)
Gross losses			—				(191	)			(181	)			(191	)

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 June 30, 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		$	173,774			$	9,842			$	—			$	—			$	183,616
Obligations of state and political subdivisions			35,798				134,711				88,303				2,512				261,324
Mortgage-backed securities: GSE residential			28				7,914				34,567				546,202				588,711
Other securities			35,238				7,118				834				—				43,190
Total available-for-sale investments		$	244,838			$	159,585			$	123,704			$	548,714			$	1,076,841
Weighted average yield			2.02	%			2.25	%			2.28	%			2.13	%			2.14	%
Full tax-equivalent yield			2.14	%			2.77	%			2.69	%			2.14	%			2.31	%
Held to maturity:
Other investments		$	—			$	—			$	—			$	2,287			$	2,287
Total held-to-maturity		$	—			$	—			$	—			$	2,287			$	2,287
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 June 30, 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
June 30, 2025
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	1,583			$	(2	)		$	182,033			$	(15,681	)		$	183,616			$	(15,683	)
Obligations of states and political subdivisions			8,584				(323	)			242,507				(64,164	)			251,091				(64,487	)
Mortgage-backed securities: GSE residential			12,212				(155	)			495,160				(98,051	)			507,372				(98,206	)
Other securities			—				—				40,439				(1,965	)			40,439				(1,965	)
Total		$	22,379			$	(480	)		$	960,139			$	(179,861	)		$	982,518			$	(180,341	)
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	)

At June 30, 2025, there were five hundred forty-three available-for-sale securities with a fair value of $960.1 million and unrealized losses of $179.9 million in a continuous unrealized loss position for twelve months or more. At December 31, 2024, there were five hundred fifty-seven available-for-sale securities with a fair value of $1.0 billion and unrealized losses of $193.6 million in a continuous unrealized loss position for twelve months or more.

At June 30, 2025 and December 31, 2024, there were no held-to-maturity securities in a continuous unrealized loss position for twelve months or more.

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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.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
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-Topic 320
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-Name Accounting Standards Codification
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