v3.26.1
Securities (Tables)
 6 Months Ended
Jun. 30, 2026
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 June 30, 2026 and December 31, 2025 are reflected in the tables below (in thousands):
 June 30, 2026
Amortized
Gross
Unrealized
Gross UnrealizedLess:
Allowance for 		Estimated
AVAILABLE FOR SALECostGainsLossesCredit LossesFair Value
Investment securities:
State and political subdivisions$191,199 $1,815 $14,826 $— $178,188 
Corporate bonds and other 23,829 355 163 — 24,021 
MBS: (1)
   
Residential1,362,365 8,747 5,741 — 1,365,371 
Commercial2,214 42 — — 2,256 
Total$1,579,607 $10,959 $20,730 $— $1,569,836 
Amortized
Gross
Unrealized
Gross UnrealizedEstimatedLess:
Allowance for		Net Carrying
HELD TO MATURITYCostGainsLossesFair ValueCredit LossesAmount
Investment securities:
State and political subdivisions$1,044,132 $4,751 $134,454 $914,429 $24 $1,044,108 
Corporate bonds and other86,280 888 1,179 85,989 1 86,279 
MBS: (1)
Residential72,770 6 5,464 67,312 — 72,770 
Commercial8,743 — 936 7,807 — 8,743 
Total $1,211,925 $5,645 $142,033 $1,075,537 $25 $1,211,900 

 December 31, 2025
Amortized
Gross
Unrealized
Gross UnrealizedLess:
Allowance for		Estimated
AVAILABLE FOR SALECostGainsLossesCredit LossesFair Value
Investment securities: 
State and political subdivisions$192,268 $1,423 $17,055 $— $176,636 
Corporate bonds and other 17,793 327 99 — 18,021 
MBS: (1)
 
Residential
1,244,698 15,278 708 — 1,259,268 
Commercial
2,227 67 — — 2,294 
Total$1,456,986 $17,095 $17,862 $— $1,456,219 

Amortized
Gross
Unrealized
Gross UnrealizedEstimatedLess:
Allowance for		Net Carrying
HELD TO MATURITYCostGainsLossesFair ValueCredit LossesAmount
Investment securities:
State and political subdivisions$1,042,986 $2,290 $139,719 $905,557 $25 $1,042,961 
Corporate bonds and other98,609 694 1,487 97,816 — 98,609 
MBS: (1)
Residential77,080 10 4,898 72,192 — 77,080 
Commercial28,827 — 1,088 27,739 — 28,827 
Total$1,247,502 $2,994 $147,192 $1,103,304 $25 $1,247,477 
(1) All MBS are issued and/or guaranteed by U.S. government agencies or U.S. GSEs.
Investment
The following tables present the fair value and unrealized losses on AFS, if applicable, for which an allowance for credit losses has not been recorded, as well as HTM investment securities and MBS, if applicable, as of June 30, 2026 and December 31, 2025, segregated by major security type and length of time in a continuous loss position (in thousands):
June 30, 2026
 Less Than 12 MonthsMore Than 12 MonthsTotal
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
AVAILABLE FOR SALE      
Investment securities:
State and political subdivisions$— $— $130,420 $14,826 $130,420 $14,826 
Corporate bonds and other714 36 4,873 127 5,587 163 
MBS:
Residential600,731 5,006 9,532 735 610,263 5,741 
Total$601,445 $5,042 $144,825 $15,688 $746,270 $20,730 
HELD TO MATURITY
Investment securities:
State and political subdivisions$504 $12 $779,872 $134,442 $780,376 $134,454 
Corporate bonds and other— — 57,539 1,179 57,539 1,179 
MBS:
Residential— — 66,945 5,464 66,945 5,464 
Commercial— — 7,807 936 7,807 936 
Total$504 $12 $912,163 $142,021 $912,667 $142,033 
December 31, 2025
Less Than 12 Months
More Than 12 Months
Total
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
AVAILABLE FOR SALE      
Investment securities:
State and political subdivisions$— $— $128,723 $17,055 $128,723 $17,055 
Corporate bonds and other3,708 42 4,943 57 8,651 99 
MBS:
Residential52,056 32 10,320 676 62,376 708 
Total$55,764 $74 $143,986 $17,788 $199,750 $17,862 
HELD TO MATURITY      
Investment securities:
State and political subdivisions$20,224 $3,128 $770,244 $136,591 $790,468 $139,719 
Corporate bonds and other— — 64,009 1,487 64,009 1,487 
MBS:
Residential— — 71,782 4,898 71,782 4,898 
Commercial— — 27,739 1,088 27,739 1,088 
Total $20,224 $3,128 $933,774 $144,064 $953,998 $147,192 
Interest income recognized on securities
The following table reflects interest income recognized on securities for the periods presented (in thousands):
 Three Months Ended
June 30,
 20262025
U.S. Treasury$— $1,436 
State and political subdivisions9,317 11,659 
Corporate bonds and other1,512 1,593 
MBS18,462 13,040 
Total interest income on securities$29,291 $27,728 
 Six Months Ended
June 30,
 20262025
U.S. Treasury$— $3,003 
State and political subdivisions18,650 23,319 
Corporate bonds and other2,984 3,210 
MBS36,370 26,563 
Total interest income on securities$58,004 $56,095 
Amortized cost, carrying value and fair value of securities presented by contractual maturity
The amortized cost and estimated fair value of AFS and HTM securities at June 30, 2026, are presented below by contractual maturity (in thousands):
 June 30, 2026
 Amortized CostFair Value
AVAILABLE FOR SALE
Investment securities:  
Due in one year or less$— $— 
Due after one year through five years8,874 9,118 
Due after five years through ten years16,193 16,165 
Due after ten years189,961 176,926 
 215,028 202,209 
MBS:1,364,579 1,367,627 
Total$1,579,607 $1,569,836 

 June 30, 2026
 Amortized Cost
Fair Value
HELD TO MATURITY
Investment securities:  
Due in one year or less$140 $140 
Due after one year through five years45,075 44,548 
Due after five years through ten years83,685 83,531 
Due after ten years1,001,512 872,199 
 1,130,412 1,000,418 
MBS:81,513 75,119 
Total$1,211,925 $1,075,537 
Unrealized and realized gains (losses) recognized in net income on equity investments
The following is a summary of unrealized and realized gains and losses on equity investments recognized in other noninterest income in the consolidated statements of income during the periods presented (in thousands):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2026202520262025
Net gains (losses) recognized during the period on equity investments$(22)$16 $(56)$95 
Less: Net gains recognized during the period on equity investments sold during the period— — — — 
Unrealized gains (losses) recognized during the reporting period on equity investments held at the reporting date$(22)$16 $(56)$95