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Securities (Tables)

9 Months Ended

Sep. 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 September 30, 2025 and December 31, 2024 are reflected in the tables below (in thousands):

						September 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						$	49,650					$	12					$	—					$	—					$	49,662
State and political subdivisions						274,142						1,195						27,246						—						248,091
Corporate bonds and other						16,717						460						234						—						16,943
MBS: (1)
Residential						965,126						11,311						998						—						975,439
Commercial						2,229						67						—						—						2,296
Total						$	1,307,864					$	13,045					$	28,478					$	—					$	1,292,431

						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						$	1,042,425					$	776					$	149,376											$	893,825					$	26					$	1,042,399
Corporate bonds and other						112,668						665						2,716												110,617						29						112,639
MBS: (1)
Residential						79,349						12						5,416												73,945						—						79,349
Commercial						29,014						—						1,215												27,799						—						29,014
Total						$	1,263,456					$	1,453					$	158,723											$	1,106,186					$	55					$	1,263,401

						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 September 30, 2025 and December 31, 2024, segregated by major security type and length of time in a continuous loss position (in thousands):

			September 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:
State and political subdivisions			$	—					$	—					$	200,368					$	27,246					$	200,368					$	27,246
Corporate bonds and other			—						—						5,748						234						5,748						234
MBS:
Residential			64,783						260						10,828						738						75,611						998
Total			$	64,783					$	260					$	216,944					$	28,218					$	281,727					$	28,478
HELD TO MATURITY
Investment securities:
State and political subdivisions			$	127,853					$	5,503					$	716,470					$	143,873					$	844,323					$	149,376
Corporate bonds and other			—						—						84,432						2,716						84,432						2,716
MBS:
Residential			2,460						197						71,055						5,219						73,515						5,416
Commercial			—						—						27,799						1,215						27,799						1,215
Total			$	130,313					$	5,700					$	899,756					$	153,023					$	1,030,069					$	158,723
			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 September 30,
			2025						2024
U.S. Treasury			$	734					$	2,315
State and political subdivisions			11,424						12,994
Corporate bonds and other			1,665						1,654
MBS			14,174						11,976
Total interest income on securities			$	27,997					$	28,939

			Nine Months Ended September 30,
			2025						2024
U.S. Treasury			$	3,737					$	6,404
State and political subdivisions			34,743						41,151
Corporate bonds and other			4,875						5,182
MBS			40,737						33,179
Total interest income on securities			$	84,092					$	85,916

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 September 30, 2025, are presented below by contractual maturity (in thousands):

			September 30, 2025
			Amortized Cost						Fair Value
AVAILABLE FOR SALE
Investment securities:
Due in one year or less			$	50,084					$	50,098
Due after one year through five years			4,991						5,081
Due after five years through ten years			16,007						16,195
Due after ten years			269,427						243,322
			340,509						314,696
MBS:			967,355						977,735
Total			$	1,307,864					$	1,292,431

			September 30, 2025
			Amortized Cost						Fair Value
HELD TO MATURITY
Investment securities:
Due in one year or less			$	140					$	139
Due after one year through five years			25,238						25,351
Due after five years through ten years			125,603						123,125
Due after ten years			1,004,112						855,827
			1,155,093						1,004,442
MBS:			108,363						101,744
Total			$	1,263,456					$	1,106,186

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 September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Net gains (losses) recognized during the period on equity investments			$	51					$	191					$	146					$	112
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			$	51					$	191					$	146					$	112

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