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Securities (Tables) | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Fair Value of Securities | The fair value of available-for-sale securities is as follows.
| September 30, 2025
| Amortized Cost |  | Allowance for Credit Losses |  | Net Carrying Amount |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury, federal agencies, and government sponsored agencies | $ | 31,836 |  |  | — |  |  | $ | 31,836 |  |  | $ | 58 |  |  | $ | (58) |  |  | $ | 31,836 |
State and municipal | 354,290 |  |  | — |  |  | 354,290 |  |  | 1,753 |  |  | (40,715) |  |  | 315,328 |
U.S. government agency mortgage-backed securities | 491,207 |  |  | — |  |  | 491,207 |  |  | 3,175 |  |  | (480) |  |  | 493,902 |
Corporate notes | 48,750 |  |  | (150) |  |  | 48,600 |  |  | — |  |  | (6,424) |  |  | 42,176 |
Total available for sale investment securities | $ | 926,083 |  |  | $ | (150) |  |  | $ | 925,933 |  |  | $ | 4,986 |  |  | $ | (47,677) |  |  | $ | 883,242 |
| September 30, 2025
| Amortized Cost |  | Allowance for Credit Losses |  | Net Carrying Amount |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Held to maturity |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury, federal agencies, and government sponsored agencies | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
State and municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
U.S. government agency mortgage-backed securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Private labeled mortgage–backed pools | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate notes | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total held to maturity investment securities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
In August 2025, the Company reclassified its held-to-maturity investment portfolio, with a carrying value of $1.8 billion and unrealized loss of $282.6 million, to the available-for-sale portfolio as part of the Company's balance sheet repositioning. Following the reclassification, the Company sold securities with a fair value of $1.4 billion, recognizing a pre-tax loss of $299.5 million upon sale. The fair value of trading securities is as follows:
| September 30, 2025 |  | December 31, 2024
Held for Trading |  |  |
U.S. Treasury, federal agencies, and government sponsored agencies | $ | 598 |  |  | $ | — |
State and municipal | — |  |  | — |
U.S. government agency mortgage-backed securities | — |  |  | — |
Corporate notes | — |  |  | — |
Total trading securities | $ | 598 |  |  | $ | — |
For the three and nine-months ending September 30, 2025, the net gains (losses) on trading securities were determined to be immaterial to the consolidated financial statements.
| December 31, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
Available for sale |  |  |  |  |  |  |  |  |
U.S. Treasury, federal agencies, and government sponsored agencies | $ | 2,258 |  |  | $ | — |  |  | $ | (457) |  |  | $ | — |  |  | $ | 1,801 |
State and municipal | 243,521 |  |  | — |  |  | (41,687) |  |  | — |  |  | 201,834 |
U.S. government agency mortgage-backed securities | 17,984 |  |  | — |  |  | (3,441) |  |  | — |  |  | 14,543 |
Corporate notes | 18,259 |  |  | — |  |  | (2,760) |  |  | — |  |  | 15,499 |
Total available for sale investment securities | $ | 282,022 |  |  | $ | — |  |  | $ | (48,345) |  |  | $ | — |  |  | $ | 233,677 |
| December 31, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Held to maturity |  |  |  |  |  |  |
U.S. Treasury, federal agencies, and government sponsored agencies | $ | 278,383 |  |  | $ | — |  |  | $ | (39,253) |  |  | $ | 239,130 |
State and municipal | 1,048,862 |  |  | 958 |  |  | (183,114) |  |  | 866,706 |
U.S. government agency mortgage-backed securities | 349,726 |  |  | — |  |  | (54,904) |  |  | 294,822 |
Private labeled mortgage–backed pools | 29,278 |  |  | — |  |  | (3,958) |  |  | 25,320 |
Corporate notes | 161,599 |  |  | — |  |  | (21,309) |  |  | 140,290 |
Total held to maturity investment securities | $ | 1,867,848 |  |  | $ | 958 |  |  | $ | (302,538) |  |  | $ | 1,566,268 |
Less: Allowance for credit losses | (158) |  |  |  |  |  |  |
Held to maturity securities, net of allowance for credit losses | $ | 1,867,690 |  |  |  |  |  |  |
Schedule of Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity | The amortized cost and fair value of securities available for sale and held to maturity at September 30, 2025 and December 31, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
| September 30, 2025 |  | December 31, 2024
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Available for sale |  |  |  |  |  |  |
Within one year | $ | 31,763 |  |  | $ | 31,797 |  |  | $ | — |  |  | $ | — |
One to five years | 49,247 |  |  | 48,529 |  |  | — |  |  | — |
Five to ten years | 76,478 |  |  | 68,141 |  |  | 173,533 |  |  | 141,915 |
After ten years | 277,388 |  |  | 240,873 |  |  | 90,505 |  |  | 77,219 |
| 434,876 |  |  | 389,340 |  |  | 264,038 |  |  | 219,134 |
U.S. government agency mortgage-backed securities | 491,207 |  |  | 493,902 |  |  | 17,984 |  |  | 14,543 |
Total available for sale investment securities | $ | 926,083 |  |  | $ | 883,242 |  |  | $ | 282,022 |  |  | $ | 233,677 |
Held to maturity |  |  |  |  |  |  |
Within one year | $ | — |  |  | $ | — |  |  | $ | 59,129 |  |  | $ | 58,304 |
One to five years | — |  |  | — |  |  | 298,362 |  |  | 278,007 |
Five to ten years | — |  |  | — |  |  | 366,493 |  |  | 312,748 |
After ten years | — |  |  | — |  |  | 764,860 |  |  | 597,067 |
| — |  |  | — |  |  | 1,488,844 |  |  | 1,246,126 |
U.S. government agency mortgage-backed securities | — |  |  | — |  |  | 349,726 |  |  | 294,822 |
Private labeled mortgage-backed pools | — |  |  | — |  |  | 29,278 |  |  | 25,320 |
Total held to maturity investment securities | $ | — |  |  | $ | — |  |  | $ | 1,867,848 |  |  | $ | 1,566,268 |
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | The following tables show the gross unrealized losses and the fair value of the Company’s available for sale investments in which an allowance for credit losses were not recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
| September 30, 2025
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Available for Sale Investment Securities |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury, federal agencies, and government sponsored agencies | $ | — |  |  | $ | — |  |  | $ | 15,694 |  |  | $ | (58) |  |  | $ | 15,694 |  |  | $ | (58) |
State and municipal | 16,292 |  |  | (255) |  |  | 202,221 |  |  | (40,460) |  |  | 218,513 |  |  | (40,715) |
U.S. government agency mortgage-backed securities | 39,550 |  |  | (466) |  |  | (142) |  |  | (14) |  |  | 39,408 |  |  | (480) |
Corporate notes | — |  |  | — |  |  | 39,388 |  |  | (4,361) |  |  | 39,388 |  |  | (4,361) |
Total available for sale investment securities | $ | 55,842 |  |  | $ | (721) |  |  | $ | 257,161 |  |  | $ | (44,893) |  |  | $ | 313,003 |  |  | $ | (45,614) |
| December 31, 2024
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Available for Sale Investment Securities |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury, federal agencies, and government sponsored agencies | $ | — |  |  | $ | — |  |  | $ | 1,801 |  |  | $ | (457) |  |  | $ | 1,801 |  |  | $ | (457) |
State and municipal | — |  |  | — |  |  | 201,834 |  |  | (41,687) |  |  | 201,834 |  |  | (41,687) |
U.S. government agency mortgage-backed securities | — |  |  | — |  |  | 14,543 |  |  | (3,441) |  |  | 14,543 |  |  | (3,441) |
Corporate notes | — |  |  | — |  |  | 15,499 |  |  | (2,760) |  |  | 15,499 |  |  | (2,760) |
Total available for sale investment securities | $ | — |  |  | $ | — |  |  | $ | 233,677 |  |  | $ | (48,345) |  |  | $ | 233,677 |  |  | $ | (48,345) |
Schedule of Allowance for Credit Loss on Available-for-Sale Debt Securities | The following table details activity in the allowance for credit losses on available for sale debt securities during the three and nine months ended September 30, 2025 and 2024.
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30, |  | September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Beginning balance | $ | 150 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Credit loss expense (benefit) | — |  |  | — |  |  | 150 |  |  | — |
Ending balance | $ | 150 |  |  | $ | — |  |  | $ | 150 |  |  | $ | — |
Schedule of Credit Quality Indicators of Held-To-Maturity Securities at Amortized Cost | The following table summarizes credit ratings of our held-to-maturity securities at amortized cost for the periods indicated:
September 30, 2025 | AAA |  | AA |  | A |  | BBB |  | BB |  | Not Rated |  | Total
U.S. Treasury, federal agencies, and government sponsored agencies | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
State and municipal | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
U.S. government agency mortgage-backed securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Private labeled mortgage-backed pools | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate notes | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
December 31, 2024 | AAA |  | AA |  | A |  | BBB |  | BB |  | Not Rated |  | Total
U.S. Treasury, federal agencies, and government sponsored agencies | $ | — |  |  | $ | 278,383 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 278,383 |
State and municipal | 273,629 |  |  | 698,428 |  |  | 66,079 |  |  | 10,726 |  |  | — |  |  | — |  |  | 1,048,862 |
U.S. government agency mortgage-backed securities | 349,726 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 349,726 |
Private labeled mortgage-backed pools | 29,278 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 29,278 |
Corporate notes | — |  |  | 6,176 |  |  | 11,549 |  |  | 75,603 |  |  | 4,543 |  |  | 63,728 |  |  | 161,599 |
Total | $ | 652,633 |  |  | $ | 982,987 |  |  | $ | 77,628 |  |  | $ | 86,329 |  |  | $ | 4,543 |  |  | $ | 63,728 |  |  | $ | 1,867,848 |
Schedule of Allowance for Credit Losses on Held-To-Maturity Securities | The following table details activity in the allowance for credit losses on held-to-maturity securities during the three and nine months ended September 30, 2025 and 2024.
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30, |  | September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Beginning balance | $ | 142 |  |  | $ | 158 |  |  | $ | 158 |  |  | $ | 157 |
Credit loss expense (benefit) | (142) |  |  | — |  |  | (158) |  |  | 1 |
Ending balance | $ | — |  |  | $ | 158 |  |  | $ | — |  |  | $ | 158 |
Schedule of Sales of Securities Available for Sale | Information regarding securities proceeds, gross gains, and gross losses are presented below:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30, |  | September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Sales of available for sale securities |  |  |  |  |  |  |
Proceeds | $ | 1,405,738 |  |  | $ | — |  |  | $ | 1,409,870 |  |  | $ | — |
Gross gains | — |  |  | — |  |  | — |  |  | — |
Gross losses | (299,132) |  |  | — |  |  | (299,538) |  |  | — |
Fair Value And Amortized Costs Of Pledged Securities | The following table represents the fair value and amortized costs of pledged securities, excluding overnight repurchase agreements.
| September 30, 2025 |  | December 31, 2024
| Fair Value |  | Amortized Cost |  | Fair Value |  | Amortized Cost
Pledged securities for borrowing availability at the Federal Reserve | $ | — |  |  | $ | — |  |  | $ | 851,384 |  |  | $ | 1,032,916 |
Pledge securities for FHLB borrowings | — |  |  | — |  |  | 279,136 |  |  | 333,613 |
Pledged securities for derivative instruments | 27,660 |  |  | 27,391 |  |  | 0 |  |  | 0 |

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