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Securities (Tables)

6 Months Ended

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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