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Securities (Tables) | 6 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Amortized cost and estimated fair value of investment and mortgage-backed securities | The amortized cost, gross unrealized gains and losses and estimated fair value of investment and mortgage-backed AFS and HTM securities, net of allowance for credit losses, as of June 30, 2025 and December 31, 2024 are reflected in the tables below (in thousands):
|  | June 30, 2025
|  | Amortized |  | Gross Unrealized |  | Gross Unrealized |  | Less: Allowance for |  | Estimated |  |  |  |
AVAILABLE FOR SALE |  | Cost |  | Gains |  | Losses |  | Credit Losses |  | Fair Value |  |  |  |
Investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 134,385 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 134,379 |  |  |  |  |
State and political subdivisions |  | 453,026 |  |  | 27 |  |  | 64,443 |  |  | — |  |  | 388,610 |  |  |  |  |
Corporate bonds and other |  | 17,436 |  |  | 187 |  |  | 398 |  |  | — |  |  | 17,225 |  |  |  |  |
MBS: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | 907,499 |  |  | 7,999 |  |  | 3,433 |  |  | — |  |  | 912,065 |  |  |  |  |
Commercial |  | 5,204 |  |  | 59 |  |  | 418 |  |  | — |  |  | 4,845 |  |  |  |  |
Total |  | $ | 1,517,550 |  |  | $ | 8,272 |  |  | $ | 68,698 |  |  | $ | — |  |  | $ | 1,457,124 |  |  |  |  |
|  | Amortized |  | Gross Unrealized |  | Gross Unrealized |  |  |  | Estimated |  | Less: Allowance for |  | Net Carrying
HELD TO MATURITY |  | Cost |  | Gains |  | Losses |  |  |  | Fair Value |  | Credit Losses |  | Amount
Investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  | $ | 1,041,998 |  |  | $ | 185 |  |  | $ | 180,070 |  |  |  |  | $ | 862,113 |  |  | $ | 26 |  |  | $ | 1,041,972 |
Corporate bonds and other |  | 120,415 |  |  | 358 |  |  | 4,472 |  |  |  |  | 116,301 |  |  | 29 |  |  | 120,386 |
MBS: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | 81,350 |  |  | 12 |  |  | 6,192 |  |  |  |  | 75,170 |  |  | — |  |  | 81,350 |
Commercial |  | 29,198 |  |  | — |  |  | 1,405 |  |  |  |  | 27,793 |  |  | — |  |  | 29,198 |
Total |  | $ | 1,272,961 |  |  | $ | 555 |  |  | $ | 192,139 |  |  |  |  | $ | 1,081,377 |  |  | $ | 55 |  |  | $ | 1,272,906 |
|  | December 31, 2024 |  |
|  | Amortized |  | Gross Unrealized |  | Gross Unrealized |  | Less: Allowance for |  | Estimated |  |  |  |
AVAILABLE FOR SALE |  | Cost |  | Gains |  | Losses |  | Credit 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 |  |  |  |  |
|  | Amortized |  | Gross Unrealized |  | Gross Unrealized |  | Estimated |  | Less: Allowance for |  | Net Carrying |  |
HELD TO MATURITY |  | Cost |  | Gains |  | Losses |  | Fair Value |  | Credit Losses |  | Amount |  |
Investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  | $ | 1,040,912 |  |  | $ | 4,004 |  |  | $ | 152,697 |  |  | $ | 892,219 |  |  | $ | — |  |  | $ | 1,040,912 |  |  |
Corporate bonds and other |  | 124,095 |  |  | 17 |  |  | 6,553 |  |  | 117,559 |  |  | — |  |  | 124,095 |  |  |
MBS: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | 84,660 |  |  | 8 |  |  | 8,549 |  |  | 76,119 |  |  | — |  |  | 84,660 |  |  |
Commercial |  | 29,567 |  |  | — |  |  | 1,982 |  |  | 27,585 |  |  | — |  |  | 29,567 |  |  |
Total |  | $ | 1,279,234 |  |  | $ | 4,029 |  |  | $ | 169,781 |  |  | $ | 1,113,482 |  |  | $ | — |  |  | $ | 1,279,234 |  |  |
(1) All MBS are issued and/or guaranteed by U.S. government agencies or U.S. GSEs.
Investment | The following tables present the fair value and unrealized losses on AFS, if applicable, for which an allowance for credit losses has not been recorded, as well as HTM investment securities and MBS, if applicable, as of June 30, 2025 and December 31, 2024, segregated by major security type and length of time in a continuous loss position (in thousands):
| June 30, 2025
| 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: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 134,379 |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | 134,379 |  |  | $ | 6 |
State and political subdivisions | 4,458 |  |  | 152 |  |  | 373,075 |  |  | 64,291 |  |  | 377,533 |  |  | 64,443 |
Corporate bonds and other | 2,944 |  |  | 56 |  |  | 5,640 |  |  | 342 |  |  | 8,584 |  |  | 398 |
MBS: |  |  |  |  |  |  |  |  |  |  |
Residential | 170,868 |  |  | 740 |  |  | 30,203 |  |  | 2,693 |  |  | 201,071 |  |  | 3,433 |
Commercial | — |  |  | — |  |  | 2,553 |  |  | 418 |  |  | 2,553 |  |  | 418 |
Total | $ | 312,649 |  |  | $ | 954 |  |  | $ | 411,471 |  |  | $ | 67,744 |  |  | $ | 724,120 |  |  | $ | 68,698 |
HELD TO MATURITY |  |  |  |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions | $ | 169,617 |  |  | $ | 11,037 |  |  | $ | 689,160 |  |  | $ | 169,033 |  |  | $ | 858,777 |  |  | $ | 180,070 |
Corporate bonds and other | 3,872 |  |  | 71 |  |  | 100,386 |  |  | 4,401 |  |  | 104,258 |  |  | 4,472 |
MBS: |  |  |  |  |  |  |  |  |  |  |
Residential | 2,510 |  |  | 215 |  |  | 72,213 |  |  | 5,977 |  |  | 74,723 |  |  | 6,192 |
Commercial | — |  |  | — |  |  | 27,793 |  |  | 1,405 |  |  | 27,793 |  |  | 1,405 |
Total | $ | 175,999 |  |  | $ | 11,323 |  |  | $ | 889,552 |  |  | $ | 180,816 |  |  | $ | 1,065,551 |  |  | $ | 192,139 |
| 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 |
Interest income recognized on securities | The following table reflects interest income recognized on securities for the periods presented (in thousands):
| Three Months Ended June 30, |  |
| 2025 |  | 2024 |  |
U.S. Treasury | $ | 1,436 |  |  | $ | 2,066 |  |  |
State and political subdivisions | 11,659 |  |  | 13,888 |  |  |
Corporate bonds and other | 1,593 |  |  | 1,765 |  |  |
MBS | 13,040 |  |  | 11,084 |  |  |
Total interest income on securities | $ | 27,728 |  |  | $ | 28,803 |  |  |
| Six Months Ended June 30,
| 2025 |  | 2024
U.S. Treasury | $ | 3,003 |  |  | $ | 4,089 |
State and political subdivisions | 23,319 |  |  | 28,157 |
Corporate bonds and other | 3,210 |  |  | 3,528 |
MBS | 26,563 |  |  | 21,203 |
Total interest income on securities | $ | 56,095 |  |  | $ | 56,977 |
Amortized cost, carrying value and fair value of securities presented by contractual maturity | The amortized cost and estimated fair value of AFS and HTM securities at June 30, 2025, are presented below by contractual maturity (in thousands):
| June 30, 2025
| Amortized Cost |  | Fair Value
AVAILABLE FOR SALE |
Investment securities: |  |  |
Due in one year or less | $ | 134,877 |  |  | $ | 134,874 |
Due after one year through five years | 6,715 |  |  | 6,676 |
Due after five years through ten years | 27,902 |  |  | 27,480 |
Due after ten years | 435,353 |  |  | 371,184 |
| 604,847 |  |  | 540,214 |
MBS: | 912,703 |  |  | 916,910 |
Total | $ | 1,517,550 |  |  | $ | 1,457,124 |
| June 30, 2025
| Amortized Cost |  | Fair Value
HELD TO MATURITY |
Investment securities: |  |  |
Due in one year or less | $ | 135 |  |  | $ | 135 |
Due after one year through five years | 20,535 |  |  | 20,319 |
Due after five years through ten years | 127,653 |  |  | 123,038 |
Due after ten years | 1,014,090 |  |  | 834,922 |
| 1,162,413 |  |  | 978,414 |
MBS: | 110,548 |  |  | 102,963 |
Total | $ | 1,272,961 |  |  | $ | 1,081,377 |
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):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net gains (losses) recognized during the period on equity investments | $ | 16 |  |  | $ | (23) |  |  | $ | 95 |  |  | $ | (79) |
Less: Net gains recognized during the period on equity investments sold during the period | — |  |  | — |  |  | — |  |  | — |
Unrealized gains (losses) recognized during the reporting period on equity investments held at the reporting date | $ | 16 |  |  | $ | (23) |  |  | $ | 95 |  |  | $ | (79) |

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