XML 56 R37.htm IDEA: XBRL DOCUMENT
v3.25.0.1

SECURITIES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Amortized cost, gross unrealized gains and losses and estimated fair value of investments and MBS AFS and HTM | The amortized cost, gross unrealized gains and losses and estimated fair value of investment and mortgage-backed AFS and HTM securities as of December 31, 2024 and 2023 are reflected in the tables below (in thousands):
|  | December 31, 2024
|  | Amortized |  | Gross Unrealized |  | Gross Unrealized |  | Estimated
AVAILABLE FOR SALE |  | Cost |  | Gains |  | Losses |  | Fair Value
Investment securities: |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 173,880 |  |  | $ | 76 |  |  | $ | — |  |  | $ | 173,956 |
State and political subdivisions |  | 458,013 |  |  | 36 |  |  | 43,717 |  |  | 414,332 |
Corporate bonds and other |  | 14,646 |  |  | 263 |  |  | 401 |  |  | 14,508 |
MBS: (1) |  |  |  |  |  |  |  |
Residential |  | 935,639 |  |  | 835 |  |  | 10,088 |  |  | 926,386 |
Commercial |  | 5,238 |  |  | — |  |  | 526 |  |  | 4,712 |
Total |  | $ | 1,587,416 |  |  | $ | 1,210 |  |  | $ | 54,732 |  |  | $ | 1,533,894 |
HELD TO MATURITY |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |
State and political subdivisions |  | $ | 1,040,912 |  |  | $ | 4,004 |  |  | $ | 152,697 |  |  | $ | 892,219 |
Corporate bonds and other |  | 124,095 |  |  | 17 |  |  | 6,553 |  |  | 117,559 |
MBS: (1) |  |  |  |  |  |  |  |
Residential |  | 84,660 |  |  | 8 |  |  | 8,549 |  |  | 76,119 |
Commercial |  | 29,567 |  |  | — |  |  | 1,982 |  |  | 27,585 |
Total |  | $ | 1,279,234 |  |  | $ | 4,029 |  |  | $ | 169,781 |  |  | $ | 1,113,482 |
|  | December 31, 2023
|  | Amortized |  | Gross Unrealized |  | Gross Unrealized |  | Estimated
AVAILABLE FOR SALE |  | Cost |  | Gains |  | Losses |  | Fair Value
Investment securities: |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 139,706 |  |  | $ | 19 |  |  | $ | — |  |  | $ | 139,725 |
State and political subdivisions |  | 603,913 |  |  | 362 |  |  | 35,530 |  |  | 568,745 |
Corporate bonds and other |  | 14,569 |  |  | 31 |  |  | 507 |  |  | 14,093 |
MBS: (1) |  |  |  |  |  |  |  |
Residential |  | 569,039 |  |  | 3,202 |  |  | 3,258 |  |  | 568,983 |
Commercial |  | 5,240 |  |  | 44 |  |  | 536 |  |  | 4,748 |
Total |  | $ | 1,332,467 |  |  | $ | 3,658 |  |  | $ | 39,831 |  |  | $ | 1,296,294 |
HELD TO MATURITY |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |
State and political subdivisions |  | $ | 1,039,440 |  |  | $ | 10,070 |  |  | $ | 126,233 |  |  | $ | 923,277 |
Corporate bonds and other |  | 146,712 |  |  | 488 |  |  | 15,738 |  |  | 131,462 |
MBS: (1) |  |  |  |  |  |  |  |
Residential |  | 90,619 |  |  | 13 |  |  | 7,263 |  |  | 83,369 |
Commercial |  | 30,282 |  |  | — |  |  | 2,228 |  |  | 28,054 |
Total |  | $ | 1,307,053 |  |  | $ | 10,571 |  |  | $ | 151,462 |  |  | $ | 1,166,162 |
(1) All MBS issued and/or guaranteed by U.S. government agencies or U.S. GSEs.
Unrealized loss on securities | The following tables present the fair value and unrealized losses on AFS and HTM investment securities and MBS, if applicable, for which an allowance for credit losses has not been recorded as of December 31, 2024 or 2023, segregated by major security type and length of time in a continuous loss position (in thousands):
| December 31, 2024
| Less Than 12 Months |  | More Than 12 Months |  | Total
| Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
AVAILABLE FOR SALE |  |  |  |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions | $ | 12,089 |  |  | $ | 64 |  |  | $ | 398,304 |  |  | $ | 43,653 |  |  | $ | 410,393 |  |  | $ | 43,717 |
Corporate bonds and other | 2,967 |  |  | 33 |  |  | 5,612 |  |  | 368 |  |  | 8,579 |  |  | 401 |
MBS: |  |  |  |  |  |  |  |  |  |  |
Residential | 723,855 |  |  | 6,517 |  |  | 31,527 |  |  | 3,571 |  |  | 755,382 |  |  | 10,088 |
Commercial | 2,223 |  |  | 12 |  |  | 2,489 |  |  | 514 |  |  | 4,712 |  |  | 526 |
Total | $ | 741,134 |  |  | $ | 6,626 |  |  | $ | 437,932 |  |  | $ | 48,106 |  |  | $ | 1,179,066 |  |  | $ | 54,732 |
HELD TO MATURITY |  |  |  |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions | $ | 73,272 |  |  | $ | 1,779 |  |  | $ | 704,563 |  |  | $ | 150,918 |  |  | $ | 777,835 |  |  | $ | 152,697 |
Corporate bonds and other | 2,212 |  |  | 149 |  |  | 111,392 |  |  | 6,404 |  |  | 113,604 |  |  | 6,553 |
MBS: |  |  |  |  |  |  |  |  |  |  |
Residential | 2,548 |  |  | 292 |  |  | 73,064 |  |  | 8,257 |  |  | 75,612 |  |  | 8,549 |
Commercial | — |  |  | — |  |  | 27,585 |  |  | 1,982 |  |  | 27,585 |  |  | 1,982 |
Total | $ | 78,032 |  |  | $ | 2,220 |  |  | $ | 916,604 |  |  | $ | 167,561 |  |  | $ | 994,636 |  |  | $ | 169,781 |
| December 31, 2023
| Less Than 12 Months |  | More Than 12 Months |  | Total
| Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
AVAILABLE FOR SALE |  |  |  |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions | $ | 26,371 |  |  | $ | 297 |  |  | $ | 516,520 |  |  | $ | 35,233 |  |  | $ | 542,891 |  |  | $ | 35,530 |
Corporate bonds and other | 8,103 |  |  | 319 |  |  | 5,071 |  |  | 188 |  |  | 13,174 |  |  | 507 |
MBS: |  |  |  |  |  |  |  |  |  |  |
Residential | 150,865 |  |  | 549 |  |  | 36,864 |  |  | 2,709 |  |  | 187,729 |  |  | 3,258 |
Commercial | — |  |  | — |  |  | 2,484 |  |  | 536 |  |  | 2,484 |  |  | 536 |
Total | $ | 185,339 |  |  | $ | 1,165 |  |  | $ | 560,939 |  |  | $ | 38,666 |  |  | $ | 746,278 |  |  | $ | 39,831 |
HELD TO MATURITY |  |  |  |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions | $ | 16,549 |  |  | $ | 123 |  |  | $ | 713,499 |  |  | $ | 126,110 |  |  | $ | 730,048 |  |  | $ | 126,233 |
Corporate bonds and other | 9,956 |  |  | 1,135 |  |  | 114,787 |  |  | 14,603 |  |  | 124,743 |  |  | 15,738 |
MBS: |  |  |  |  |  |  |  |  |  |  |
Residential | — |  |  | — |  |  | 82,747 |  |  | 7,263 |  |  | 82,747 |  |  | 7,263 |
Commercial | — |  |  | — |  |  | 28,054 |  |  | 2,228 |  |  | 28,054 |  |  | 2,228 |
Total | $ | 26,505 |  |  | $ | 1,258 |  |  | $ | 939,087 |  |  | $ | 150,204 |  |  | $ | 965,592 |  |  | $ | 151,462 |
Interest income recognized on securities | The following table reflects interest income recognized on securities for the periods presented (in thousands):
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
U.S. Treasury | $ | 8,538 |  |  | $ | 11,331 |  |  | $ | 271 |
State and political subdivisions | 53,186 |  |  | 67,355 |  |  | 57,663 |
Corporate bonds and other | 6,820 |  |  | 7,129 |  |  | 6,007 |
MBS | 45,222 |  |  | 19,450 |  |  | 16,639 |
Total interest income on securities | $ | 113,766 |  |  | $ | 105,265 |  |  | $ | 80,580 |
Amortized cost and fair value of securities presented by contractual maturity | The amortized cost and estimated fair value of AFS and HTM securities at December 31, 2024, are presented below by contractual maturity (in thousands):
| December 31, 2024
| Amortized Cost |  | Fair Value
AVAILABLE FOR SALE |
Investment securities: |  |  |
Due in one year or less | $ | 176,153 |  |  | $ | 176,226 |
Due after one year through five years | 2,299 |  |  | 2,296 |
Due after five years through ten years | 25,117 |  |  | 24,718 |
Due after ten years | 442,970 |  |  | 399,556 |
| 646,539 |  |  | 602,796 |
MBS: | 940,877 |  |  | 931,098 |
Total | $ | 1,587,416 |  |  | $ | 1,533,894 |
| December 31, 2024
| Amortized Cost |  | Fair Value
HELD TO MATURITY |
Investment securities: |  |  |
Due in one year or less | $ | 4,125 |  |  | $ | 4,111 |
Due after one year through five years | 16,387 |  |  | 16,157 |
Due after five years through ten years | 128,894 |  |  | 121,652 |
Due after ten years | 1,015,601 |  |  | 867,858 |
| 1,165,007 |  |  | 1,009,778 |
MBS: | 114,227 |  |  | 103,704 |
Total | $ | 1,279,234 |  |  | $ | 1,113,482 |
Unrealized and realized gains (losses) recognized in net income on equity investments | The following is a summary of unrealized and realized gains and losses on equity investments recognized in other noninterest income in the consolidated statements of income during the periods presented (in thousands):
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Net gains (losses) recognized during the period on equity investments |  | $ | (51) |  |  | $ | 5,131 |  |  | $ | (685) |
Less: Net gains recognized during the period on equity investments sold during the period |  | — |  |  | 5,058 |  |  | — |
Unrealized gains (losses) recognized during the reporting period on equity investments still held at the reporting date |  | $ | (51) |  |  | $ | 73 |  |  | $ | (685) |

X
- Definition Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(8)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1 + Details
Name: | us-gaap_InvestmentIncomeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of realized gains and losses on investments reported in the statement of income. + References No definition available. + Details
Name: | us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-6 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of unrealized gains and losses on investments. + References No definition available. + Details
Name: | us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration