v3.26.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Fair Value of Securities Available-for-Sale The following table summarizes the amortized cost and fair value of securities that are classified as available-for-sale and held-to-maturity:
March 31, 2026
Available-for-Sale
Amortized
Cost
Allowance for Credit LossesNet Carrying Amount
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$225,306 $— $225,306 $1,054 $(7,389)$218,971 
U.S. government-sponsored mortgage-backed securities1,320,400 — 1,320,400 1,293 (143,819)1,177,874 
Private mortgage-backed securities150,637 — 150,637 — (8,110)142,527 
Non-government-sponsored asset backed securities155,852 — 155,852 111 (1,137)154,826 
State and political subdivisions949,052 — 949,052 665 (70,739)878,978 
Other securities237,141 — 237,141 1,828 (8,298)230,671 
Total$3,038,388 $— $3,038,388 $4,951 $(239,492)$2,803,847 
March 31, 2026
Held-to-Maturity
Amortized
Cost
Allowance for Credit LossesNet Carrying Amount
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$43,912 $— $43,912 $— $(1,758)$42,154 
U.S. government-sponsored mortgage-backed securities112,717 — 112,717 153 (4,144)108,726 
State and political subdivisions1,102,011 (2,005)1,100,006 32 (105,924)994,114 
Total$1,258,640 $(2,005)$1,256,635 $185 $(111,826)$1,144,994 
December 31, 2025
Available-for-Sale
Amortized
Cost
Allowance for Credit LossesNet Carrying Amount
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$246,891 $— $246,891 $998 $(7,107)$240,782 
U.S. government-sponsored mortgage-backed securities1,345,469 — 1,345,469 1,478 (133,999)1,212,948 
Private mortgage-backed securities152,578 — 152,578 126 (6,984)145,720 
Non-government-sponsored asset backed securities158,446 — 158,446 325 (927)157,844 
State and political subdivisions951,822 — 951,822 1,419 (65,403)887,838 
Other securities233,614 — 233,614 2,147 (8,962)226,799 
Total$3,088,820 $— $3,088,820 $6,493 $(223,382)$2,871,931 
December 31, 2025
Held-to-Maturity
Amortized
Cost		Allowance for Credit LossesNet Carrying AmountGross
Unrealized
Gains		Gross
Unrealized
(Losses)		Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$43,841 $— $43,841 $— $(1,391)$42,450 
U.S. government-sponsored mortgage-backed securities114,813 — 114,813 400 (3,258)111,955 
State and political subdivisions1,102,613 (2,005)1,100,608 71 (94,032)1,006,647 
Total$1,261,267 $(2,005)$1,259,262 $471 $(98,681)$1,161,052 
The following table presents the Company's financial assets by level within the fair value hierarchy that were measured at fair value on a recurring basis during the periods ended March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026
Fair Value Measurements
Fair ValueLevel 1Level 2Level 3
(in thousands)
U.S. government-sponsored enterprises$218,971 $— $218,971 $— 
U.S. government-sponsored mortgage-backed securities1,177,874 — 1,177,874 — 
Private mortgage-backed securities142,527 — 142,527 — 
Non-government-sponsored asset backed securities154,826 — 154,826 — 
State and political subdivisions878,978 — 863,661 15,317 
Other securities230,671 — 216,450 14,221 
Total$2,803,847 $— $2,774,309 $29,538 
December 31, 2025
Fair Value Measurements
Fair ValueLevel 1Level 2Level 3
(in thousands)
U.S. government-sponsored enterprises$240,782 $— $240,782 $— 
U.S. government-sponsored mortgage-backed securities1,212,948 — 1,212,948 — 
Private mortgage-backed securities145,720 — 145,720 — 
Non-government-sponsored asset backed securities157,844 — 157,844 — 
State and political subdivisions887,838 — 872,522 15,316 
Other securities226,799 — 212,004 14,795 
Total$2,871,931 $— $2,841,820 $30,111 
Amortized Cost and Estimated Fair Value of Securities Contractual Maturity
The amortized cost and estimated fair value of securities classified as available-for-sale and held-to-maturity at March 31, 2026, by contractual maturity, are shown below. Expected maturities could differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
Available-for-SaleHeld-to-Maturity
Amortized
Cost
Estimated
Fair Value
Amortized
Cost
Estimated
Fair Value
(In thousands)
Due in one year or less$56,714 $56,147 $4,953 $4,918 
Due after one year through five years233,601 223,610 120,587 116,202 
Due after five years through ten years384,518 367,430 383,180 353,219 
Due after ten years736,666 681,433 637,203 561,929 
U.S. government-sponsored mortgage-backed securities1,320,400 1,177,874 112,717 108,726 
Private mortgage-backed securities150,637 142,527 — — 
Non-government-sponsored asset backed securities155,852 154,826 — — 
Total$3,038,388 $2,803,847 $1,258,640 $1,144,994 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table shows gross unrealized losses and estimated fair value of investment securities classified as available-for-sale and held-to-maturity, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of March 31, 2026 and December 31, 2025.
March 31, 2026
Less Than 12 Months 12 Months or More Total
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
(In thousands)
Available-for-sale:
U.S. government-sponsored enterprises$2,705 $(16)$149,486 $(7,373)$152,191 $(7,389)
U.S. government-sponsored mortgage-backed securities61,250 (559)1,053,060 (143,260)1,114,310 (143,819)
Private mortgage-backed securities9,721 (18)132,805 (8,092)142,526 (8,110)
Non-government-sponsored asset backed securities36,217 (45)41,919 (1,092)78,136 (1,137)
State and political subdivisions87,822 (2,005)697,559 (68,734)785,381 (70,739)
Other securities41,197 (435)126,243 (7,863)167,440 (8,298)
Total$238,912 $(3,078)$2,201,072 $(236,414)$2,439,984 $(239,492)
Held-to-maturity:
U.S. government-sponsored enterprises$14,899 $(101)$27,255 $(1,657)$42,154 $(1,758)
U.S. government-sponsored mortgage-backed securities37,878 (455)52,853 (3,689)90,731 (4,144)
State and political subdivisions28,557 (498)963,587 (105,426)992,144 (105,924)
Total$81,334 $(1,054)$1,043,695 $(110,772)$1,125,029 $(111,826)
December 31, 2025
Less Than 12 Months 12 Months or More Total
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
(In thousands)
Available-for-sale:
U.S. government-sponsored enterprises$7,152 $(32)$165,091 $(7,075)$172,243 $(7,107)
U.S. government-sponsored mortgage-backed securities26,462 (136)1,087,888 (133,863)1,114,350 (133,999)
Private mortgage-backed securities— — 135,255 (6,984)135,255 (6,984)
Non-government-sponsored asset backed securities22,987 (13)44,666 (914)67,653 (927)
State and political subdivisions15,301 (505)744,922 (64,898)760,223 (65,403)
Other securities5,505 (67)125,216 (8,895)130,721 (8,962)
Total$77,407 $(753)$2,303,038 $(222,629)$2,380,445 $(223,382)
Held-to-maturity:
U.S. government-sponsored enterprises$— $— $42,451 $(1,391)$42,451 $(1,391)
U.S. government-sponsored mortgage-backed securities16,763 (88)64,000 (3,170)80,763 (3,258)
State and political subdivisions19,137 (143)983,938 (93,889)1,003,075 (94,032)
Total$35,900 $(231)$1,090,389 $(98,450)$1,126,289 $(98,681)
Debt Securities, Available-for-Sale, Allowance for Credit Loss
Available-for-Sale Investment Securities
March 31, 2026December 31, 2025
Allowance for credit losses:(In thousands)
Beginning balance, January 1$— $2,195 
Recovery of credit losses— — 
Balance, March 31
$— $2,195 
Recovery of credit loss(2,195)
Balance, December 31, 2025
$— 
Debt Securities, Held-to-maturity, Allowance for Credit Loss
Held-to-Maturity Investment Securities
March 31, 2026December 31, 2025
Allowance for credit losses:(In thousands)
Beginning balance, January 1$2,005 $2,005 
Provision for credit losses
— — 
Balance, March 31
$2,005 $2,005 
Provision for credit loss— 
Balance, December 31, 2025
$2,005 
Held-to-Maturity Securities Credit Quality Indicators
The following table summarizes bond ratings for the Company’s held-to-maturity portfolio, based upon amortized cost, issued by state and political subdivisions and other securities as of March 31, 2026:
State and political subdivisionsU.S. government-sponsored enterprisesU.S. government-sponsored mortgage-backed securitiesTotal
(In thousands)
Aaa/AAA$238,854 $43,912 $— $282,766 
Aa/AA823,847 — — 823,847 
A32,600 — — 32,600 
Not rated6,710 — — 6,710 
Agency backed— — 112,717 112,717 
Total$1,102,011 $43,912 $112,717 $1,258,640 
Schedule of Income Earned on Available-for Sale Securities
Income earned on securities for the three months ended March 31, 2026 and 2025, is as follows:
Three Months Ended
March 31,
20262025
(In thousands)
Taxable
Available-for-sale$17,321 $20,060 
Held-to-maturity7,407 7,373 
Non-taxable
Available-for-sale4,821 4,580 
Held-to-maturity3,008 3,070 
Total$32,557 $35,083