v3.25.2
Securities (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Securities Available for Sale
The amortized cost and fair value of securities available for sale were as follows as of the dates presented in the tables below.

There was no allowance for credit losses allocated to any of the Company’s available for sale securities as of June 30, 2025 or December 31, 2024.
 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
June 30, 2025
Obligations of states and political subdivisions$268,798 $2,147 $(4,357)$266,588 
Residential mortgage backed securities:
Government agency mortgage backed securities674,915 2,682 (19,516)658,081 
Government agency collateralized mortgage obligations760,573 3,685 (66,528)697,730 
Commercial mortgage backed securities:
Government agency mortgage backed securities88,320 83 (1,136)87,267 
Government agency collateralized mortgage obligations406,971 1,700 (19,326)389,345 
Other debt securities374,085 938 (2,547)372,476 
$2,573,662 $11,235 $(113,410)$2,471,487 
 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2024
Obligations of states and political subdivisions$20,266 $57 $(2,269)$18,054 
Residential mortgage backed securities:
Government agency mortgage backed securities185,292 81 (24,468)160,905 
Government agency collateralized mortgage obligations475,311 75 (86,870)388,516 
Commercial mortgage backed securities:
Government agency mortgage backed securities11,373 — (751)10,622 
Government agency collateralized mortgage obligations146,510 41 (21,595)124,956 
Other debt securities130,175 440 (2,655)127,960 
$968,927 $694 $(138,608)$831,013 
The amortized cost and fair value of securities held to maturity were as follows as of the dates presented:
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
June 30, 2025
Obligations of states and political subdivisions$281,456 $— $(40,761)$240,695 
Residential mortgage backed securities
Government agency mortgage backed securities348,360 — (14,376)333,984 
Government agency collateralized mortgage obligations337,493 — (25,999)311,494 
Commercial mortgage backed securities:
Government agency mortgage backed securities16,949 — (2,379)14,570 
Government agency collateralized mortgage obligations42,807 — (6,371)36,436 
Other debt securities49,784 — (2,604)47,180 
$1,076,849 $— $(92,490)$984,359 
Allowance for credit losses - held to maturity securities(32)
Held to maturity securities, net of allowance for credit losses$1,076,817 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2024
Obligations of states and political subdivisions$284,542 $3 $(42,491)$242,054 
Residential mortgage backed securities
Government agency mortgage backed securities372,414 — (25,251)347,163 
Government agency collateralized mortgage obligations354,882 — (41,506)313,376 
Commercial mortgage backed securities:
Government agency mortgage backed securities16,961 — (2,958)14,003 
Government agency collateralized mortgage obligations43,662 — (7,317)36,345 
Other debt securities53,683 — (4,080)49,603 
$1,126,144 $3 $(123,603)$1,002,544 
Allowance for credit losses - held to maturity securities(32)
Held to maturity securities, net of allowance for credit losses$1,126,112 
Schedule of Realized Gain (Loss) With respect to the securities sold during the six months ended June 30, 2024, the Company intended to sell these securities as of December 31, 2023, and completed the sale in January 2024. Therefore, the Company impaired the securities and recognized the loss in net income as of December 31, 2023.
Carrying Value Immediately Prior to SaleNet ProceedsGain/(Loss)
Three months ended June 30, 2025
Obligations of other U.S. Government agencies and corporations$34,394 $34,394 $— 
Obligations of states and political subdivisions327,509 327,509 $— 
Residential mortgage backed securities:
Government agency mortgage backed securities275,910 275,910 $— 
Government agency collateralized mortgage obligations2,437 2,437 — 
Commercial mortgage backed securities:
Government agency mortgage backed securities6,541 6,541 — 
Government agency collateralized mortgage obligations6,480 6,480 — 
Other debt securities33,214 33,214 — 
$686,485 $686,485 $— 
Six months ended June 30, 2025
Obligations of other U.S. Government agencies and corporations$34,394 $34,394 $— 
Obligations of states and political subdivisions327,509 327,509 $— 
Residential mortgage backed securities:
Government agency mortgage backed securities275,910 275,910 — 
Government agency collateralized mortgage obligations2,437 2,437 — 
Commercial mortgage backed securities:
Government agency mortgage backed securities6,541 6,541 — 
Government agency collateralized mortgage obligations6,480 6,480 — 
Other debt securities33,214 33,214 — 
$686,485 $686,485 $— 
Carrying Value Immediately Prior to SaleNet ProceedsImpairment (Recognized in December 2023)
Six months ended June 30, 2024
Obligations of states and political subdivisions$12,301 $11,360 $(941)
Residential mortgage backed securities:
Government agency mortgage backed securities107,389 95,922 (11,467)
Government agency collateralized mortgage obligations48,300 43,990 (4,310)
Commercial mortgage backed securities:
Government agency collateralized mortgage obligations28,547 25,913 (2,634)
$196,537 $177,185 $(19,352)
Schedule of Amortized Cost and Fair Value of Securities by Contractual Maturity
The amortized cost and fair value of securities at June 30, 2025 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.
 
 Held to MaturityAvailable for Sale
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due within one year$420 $419 $22,007 $22,033 
Due after one year through five years5,698 5,413 74,507 74,611 
Due after five years through ten years158,817 138,535 122,446 120,894 
Due after ten years116,521 96,328 103,075 101,420 
Residential mortgage backed securities:
Government agency mortgage backed securities348,360 333,984 674,915 658,081 
Government agency collateralized mortgage obligations337,493 311,494 760,573 697,730 
Commercial mortgage backed securities:
Government agency mortgage backed securities16,949 14,570 88,320 87,267 
Government agency collateralized mortgage obligations42,807 36,436 406,971 389,345 
Other debt securities49,784 47,180 320,848 320,106 
$1,076,849 $984,359 $2,573,662 $2,471,487 
Schedule of Gross Unrealized Losses and Fair Value of Available-for-Sale Securities
The following tables present the age of gross unrealized losses and fair value by investment category for which an allowance for credit losses has not been recorded as of the dates presented:
 
 Less than 12 Months12 Months or MoreTotal
 #Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses
Available for Sale:
June 30, 2025
Obligations of states and political subdivisions107 $114,704 $(2,434)7$13,096 $(1,923)114$127,800 $(4,357)
Residential mortgage backed securities:
Government agency mortgage backed securities12 153,789 (1,269)34137,165 (18,247)46290,954 (19,516)
Government agency collateralized mortgage obligations4 107,676 (552)37311,864 (65,976)41419,540 (66,528)
Commercial mortgage backed securities:
Government agency mortgage backed securities865,008 (687)25,542 (449)1070,550 (1,136)
Government agency collateralized mortgage obligations613,658 (26)25103,541 (19,300)31117,199 (19,326)
Other debt securities11 104,255 (1,134)1018,967 (1,413)21123,222 (2,547)
Total148$559,090 $(6,102)115$590,175 $(107,308)263$1,149,265 $(113,410)
December 31, 2024
Obligations of states and political subdivisions—$— $— 7$12,841 $(2,269)7$12,841 $(2,269)
Residential mortgage backed securities:
Government agency mortgage backed securities711,051 (259)34141,321 (24,208)41152,372 (24,467)
Government agency collateralized mortgage obligations3 48,879 (482)37311,964 (86,389)40360,843 (86,871)
Commercial mortgage backed securities:
Government agency mortgage backed securities2 5,248 (122)25,375 (629)410,623 (751)
Government agency collateralized mortgage obligations2 7,681 (39)25104,326 (21,556)27112,007 (21,595)
Other debt securities222,357 (218)1730,801 (2,437)1953,158 (2,655)
Total16$95,216 $(1,120)122$606,628 $(137,488)138$701,844 $(138,608)
Schedule of Gross Unrealized Losses and Fair Value of Held-to-Maturity Securities
 Less than 12 Months12 Months or MoreTotal
 #Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses
Held to Maturity:
June 30, 2025
Obligations of states and political subdivisions7$16,490 $(1,671)119$223,984 $(39,090)126$240,474 $(40,761)
Residential mortgage backed securities:
Government agency mortgage backed securities115,604 (637)66318,380 (13,739)67333,984 (14,376)
Government agency collateralized mortgage obligations—— — 18311,494 (25,999)18311,494 (25,999)
Commercial mortgage backed securities:
Government agency mortgage backed securities—— — 114,570 (2,379)114,570 (2,379)
Government agency collateralized mortgage obligations—— — 936,436 (6,371)936,436 (6,371)
Other debt securities—— — 1047,181 (2,604)1047,181 (2,604)
Total8$32,094 $(2,308)223$952,045 $(90,182)231$984,139 $(92,490)
December 31, 2024
Obligations of states and political subdivisions—$— $— 128$240,394 $(42,491)128$240,394 $(42,491)
Residential mortgage backed securities:
Government agency mortgage backed securities—— — 69347,154 (25,251)69347,154 (25,251)
Government agency collateralized mortgage obligations—— — 18313,376 (41,506)18313,376 (41,506)
Commercial mortgage backed securities:
Government agency mortgage backed securities—— — 114,002 (2,958)114,002 (2,958)
Government agency collateralized mortgage obligations—— — 936,345 (7,317)936,345 (7,317)
Other debt securities—— — 1049,603 (4,080)1049,603 (4,080)
Total—$— $— 235$1,000,874 $(123,603)235$1,000,874 $(123,603)