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Investment Securities (Tables)

9 Months Ended

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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- 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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-Topic 326
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-Name Accounting Standards Codification
-Section 55
-Paragraph 8
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