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Investment Securities (Tables) | 9 Months Ended
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Sep. 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 September 30, 2025 and December 31, 2024 were as follows (in thousands):
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Fair Value |
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 163,905 |  |  | $ | 1 |  |  | $ | (11,147 | ) |  | $ | 152,759 |
Obligations of states and political subdivisions |  |  | 326,020 |  |  |  | 308 |  |  |  | (53,820 | ) |  |  | 272,508 |
Mortgage-backed securities: GSE residential |  |  | 714,690 |  |  |  | 2,515 |  |  |  | (87,399 | ) |  |  | 629,806 |
Other securities |  |  | 36,341 |  |  |  | 3 |  |  |  | (1,182 | ) |  |  | 35,162 |
Total available-for-sale |  | $ | 1,240,956 |  |  | $ | 2,827 |  |  | $ | (153,548 | ) |  | $ | 1,090,235 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  | $ | 2,290 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,290 |
Total held-to-maturity |  | $ | 2,290 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,290 |
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 nine months ended September 30, 2025 and 2024 (in thousands):
|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Gross gains |  | $ | — |  |  | $ | 11 |  |  | $ | — |  |  | $ | 46 |
Gross losses |  |  | (1,930 | ) |  |  | (288 | ) |  |  | (2,111 | ) |  |  | (479 | )
Proceeds from sales |  |  | 33,803 |  |  |  | 16,462 |  |  |  | 42,094 |  |  |  | 32,338 |
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 September 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 |  | $ | 142,826 |  |  | $ | 9,933 |  |  | $ | — |  |  | $ | — |  |  | $ | 152,759 |
Obligations of state and political subdivisions |  |  | 43,473 |  |  |  | 143,535 |  |  |  | 82,913 |  |  |  | 2,587 |  |  |  | 272,508 |
Mortgage-backed securities: GSE residential |  |  | 3,291 |  |  |  | 3,656 |  |  |  | 39,860 |  |  |  | 582,999 |  |  |  | 629,806 |
Other securities |  |  | 29,454 |  |  |  | 4,862 |  |  |  | 846 |  |  |  | — |  |  |  | 35,162 |
Total available-for-sale investments |  | $ | 219,044 |  |  | $ | 161,986 |  |  | $ | 123,619 |  |  | $ | 585,586 |  |  | $ | 1,090,235 |
Weighted average yield |  |  | 2.10 | % |  |  | 2.25 | % |  |  | 2.25 | % |  |  | 2.33 | % |  |  | 2.27 | %
Full tax-equivalent yield |  |  | 2.25 | % |  |  | 2.79 | % |  |  | 2.63 | % |  |  | 2.34 | % |  |  | 2.43 | %
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,290 |  |  | $ | 2,290 |
Total held-to-maturity |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,290 |  |  | $ | 2,290 |
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 September 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 |
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 790 |  |  | $ | — |  |  | $ | 151,518 |  |  | $ | (11,147 | ) |  | $ | 152,308 |  |  | $ | (11,147 | )
Obligations of states and political subdivisions |  |  | 2,361 |  |  |  | (15 | ) |  |  | 243,565 |  |  |  | (53,805 | ) |  |  | 245,926 |  |  |  | (53,820 | )
Mortgage-backed securities: GSE residential |  |  | 2,816 |  |  |  | (18 | ) |  |  | 490,374 |  |  |  | (87,381 | ) |  |  | 493,190 |  |  |  | (87,399 | )
Other securities |  |  | — |  |  |  | — |  |  |  | 29,411 |  |  |  | (1,182 | ) |  |  | 29,411 |  |  |  | (1,182 | )
Total |  | $ | 5,967 |  |  | $ | (33 | ) |  | $ | 914,868 |  |  | $ | (153,515 | ) |  | $ | 920,835 |  |  | $ | (153,548 | )
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 September 30, 2025, there were five hundred two available-for-sale securities with a fair value of $914.9 million and unrealized losses of $153.5 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 September 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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