Investment Securities (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Summary of the Amortized Cost and Fair Value of Securities Available for Sale |
The following is a summary of the amortized cost and fair value of securities available for sale.
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Amortized |
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Gross Unrealized |
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Fair |
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(In thousands) |
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Cost |
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Gains |
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Losses |
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Value |
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March 31, 2026 |
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U.S. Treasuries |
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$ |
166,588 |
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$ |
1,003 |
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$ |
670 |
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$ |
166,921 |
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U.S. Government agency obligations |
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453,573 |
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2,713 |
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3,636 |
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452,650 |
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Residential mortgage-backed securities |
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143,923 |
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101 |
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7,849 |
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136,175 |
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Commercial mortgage-backed securities |
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266,269 |
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978 |
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1,586 |
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265,661 |
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Corporate investments |
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51,976 |
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439 |
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1,323 |
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51,092 |
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State and political subdivisions |
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60,126 |
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294 |
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1,070 |
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59,350 |
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Total available for sale |
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$ |
1,142,455 |
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$ |
5,528 |
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$ |
16,134 |
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$ |
1,131,849 |
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December 31, 2025 |
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U.S. Treasuries |
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$ |
176,313 |
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$ |
1,890 |
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$ |
20 |
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$ |
178,183 |
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U.S. Government agency obligations |
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409,211 |
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5,216 |
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2,720 |
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411,707 |
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Residential mortgage-backed securities |
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131,440 |
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529 |
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7,102 |
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124,867 |
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Commercial mortgage-backed securities |
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213,209 |
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1,674 |
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570 |
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214,313 |
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Corporate investments |
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50,475 |
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395 |
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1,485 |
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49,385 |
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State and political subdivisions |
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56,746 |
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474 |
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887 |
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56,333 |
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Total available for sale |
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$ |
1,037,394 |
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$ |
10,178 |
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$ |
12,784 |
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$ |
1,034,788 |
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| Summary of the Amortized Cost and Fair Value of Securities Held to Maturity |
The following is a summary of the amortized cost and fair value of securities held to maturity.
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Amortized |
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Gross Unrealized |
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Fair |
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(In thousands) |
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Cost |
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Gains |
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Losses |
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Value |
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March 31, 2026: |
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States and political subdivisions |
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$ |
22,577 |
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$ |
2 |
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$ |
1,101 |
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$ |
21,478 |
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Total held to maturity |
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$ |
22,577 |
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$ |
2 |
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$ |
1,101 |
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$ |
21,478 |
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December 31, 2025: |
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States and political subdivisions |
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$ |
23,257 |
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$ |
5 |
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$ |
45 |
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$ |
23,217 |
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Total held to maturity |
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$ |
23,257 |
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$ |
5 |
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$ |
45 |
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$ |
23,217 |
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| Summary of Investment Securities That Were in an Unrealized Loss Position |
Provided below is a summary of investment securities without an allowance for credit losses that were in an unrealized loss position and the length of time that individual securities have been in a continuous loss position.
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Less Than 12 Months |
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12 Months or More |
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Total |
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(In thousands) |
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Fair
Value |
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Unrealized
Losses |
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Fair
Value |
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Unrealized
Losses |
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Fair
Value |
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Unrealized
Losses |
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March 31, 2026: |
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Available for sale: |
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U.S. Treasuries |
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$ |
81,697 |
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$ |
670 |
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$ |
— |
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$ |
— |
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$ |
81,697 |
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$ |
670 |
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U. S. Government agency obligations |
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110,301 |
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844 |
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41,478 |
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2,792 |
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151,779 |
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3,636 |
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Residential mortgage-backed securities |
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74,469 |
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911 |
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47,181 |
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6,938 |
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121,650 |
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7,849 |
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Commercial mortgage-backed securities |
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124,539 |
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1,320 |
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2,820 |
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266 |
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127,359 |
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1,586 |
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Corporate investments |
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7,973 |
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27 |
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24,225 |
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1,296 |
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32,198 |
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1,323 |
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States and political subdivisions |
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13,644 |
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158 |
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21,590 |
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912 |
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35,234 |
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1,070 |
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$ |
412,623 |
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$ |
3,930 |
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$ |
137,294 |
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$ |
12,204 |
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$ |
549,917 |
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$ |
16,134 |
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Held to maturity: |
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States and political subdivisions |
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$ |
17,293 |
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$ |
1,060 |
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$ |
3,130 |
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$ |
41 |
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$ |
20,423 |
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$ |
1,101 |
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$ |
17,293 |
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$ |
1,060 |
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$ |
3,130 |
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$ |
41 |
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$ |
20,423 |
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$ |
1,101 |
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December 31, 2025: |
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Available for sale: |
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U.S Treasuries |
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$ |
7,550 |
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$ |
8 |
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$ |
4,810 |
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$ |
12 |
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$ |
12,360 |
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$ |
20 |
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U. S. Government agency obligations |
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9,553 |
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37 |
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50,710 |
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2,683 |
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60,263 |
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2,720 |
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Residential mortgage-backed securities |
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23,659 |
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269 |
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51,188 |
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6,833 |
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74,847 |
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7,102 |
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Commercial mortgage-backed securities |
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54,855 |
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306 |
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2,827 |
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264 |
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57,682 |
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570 |
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States and political subdivisions |
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8,316 |
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53 |
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25,214 |
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834 |
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33,530 |
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887 |
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Corporate investments |
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3,515 |
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6 |
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26,541 |
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1,479 |
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30,056 |
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1,485 |
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$ |
107,448 |
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$ |
679 |
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$ |
161,290 |
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$ |
12,105 |
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$ |
268,738 |
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$ |
12,784 |
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Held to maturity: |
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States and political subdivisions |
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$ |
— |
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$ |
— |
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$ |
3,804 |
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$ |
45 |
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$ |
3,804 |
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$ |
45 |
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$ |
— |
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$ |
— |
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$ |
3,804 |
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$ |
45 |
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$ |
3,804 |
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$ |
45 |
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| Summary of Investments Classified by Contractual Maturity Date |
The amortized cost and fair value of debt securities, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers have the right to call or prepay certain obligations with, or without, call or prepayment penalties.
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Available for Sale |
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Held to Maturity |
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(In thousands) |
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Amortized |
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Fair |
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Amortized |
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Fair |
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March 31, 2026: |
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Cost |
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Value |
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Cost |
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Value |
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One year or less |
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$ |
75,761 |
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$ |
75,886 |
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$ |
9,292 |
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$ |
9,022 |
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After one through five years |
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624,316 |
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623,259 |
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10,395 |
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9,890 |
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After five through ten years |
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291,283 |
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289,316 |
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2,545 |
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2,274 |
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After ten years |
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151,095 |
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143,388 |
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345 |
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|
292 |
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$ |
1,142,455 |
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$ |
1,131,849 |
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$ |
22,577 |
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$ |
21,478 |
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| Summary of the Amortized Cost and Fair Value for Investment Securities |
The following is a summary of the amortized cost and fair value for investment securities which were pledged to secure public deposits and for other purposes required or permitted by law.
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Available for Sale |
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Held to Maturity |
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Amortized |
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Fair |
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Amortized |
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Fair |
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(In thousands) |
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Cost |
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Value |
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Cost |
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Value |
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March 31, 2026 |
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$ |
135,470 |
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$ |
135,644 |
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$ |
— |
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$ |
— |
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December 31, 2025 |
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$ |
273,012 |
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$ |
273,591 |
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$ |
— |
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$ |
— |
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| Summary of Amortized Cost Basis of Held-to-maturity Debt Securities by Credit Rating |
The following table summarizes the amortized cost basis of held-to-maturity debt securities at March 31, 2026 by credit rating:
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(In thousands) |
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March 31, 2026 |
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State and political subdivisions held-to-maturity: |
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S&P: AA+, AA, AA- / Moody's: Aa1, Aa2, Aa3 |
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$ |
3,528 |
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S&P: A+, A, A- / Moody's: A1, A2, A3 |
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— |
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S&P: BBB+, BBB, BBB- / Moody's: Baa, Ba, B |
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499 |
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Not rated |
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18,550 |
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$ |
22,577 |
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