INVESTMENT SECURITIES (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Summary of Amortized Cost, Gross Unrealized Gains and Losses and Approximate Fair Value of Investment Securities |
The following tables summarize the amortized cost, gross unrealized gains and losses and approximate fair value of investment securities available for sale as of June 30, 2026 and December 31, 2025.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortized
Cost | | Gross Unrealized
Gains | | Gross Unrealized
Losses | | Fair
Value | | | | | | Available for sale at June 30, 2026 | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Government-sponsored agency securities | $ | 83,118 | | | $ | — | | | $ | (11,379) | | | $ | 71,739 | | | | | | | State and municipal | 988,306 | | | 133 | | | (95,307) | | | 893,132 | | | | | | | U.S. Government-sponsored mortgage-backed securities | 474,786 | | | 984 | | | (65,551) | | | 410,219 | | | | | | | Foreign investment | 1,500 | | | — | | | — | | | 1,500 | | | | | | | Corporate obligations | 7,989 | | | — | | | (187) | | | 7,802 | | | | | | | | | | | | | | | | | | | Total available for sale | $ | 1,555,699 | | | $ | 1,117 | | | $ | (172,424) | | | $ | 1,384,392 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Amortized
Cost | | Gross Unrealized
Gains | | Gross Unrealized
Losses | | Fair
Value | | Available for sale at December 31, 2025 | | | | | | | | | | | | | | | | | U.S. Government-sponsored agency securities | $ | 87,936 | | | $ | — | | | $ | (11,837) | | | $ | 76,099 | | | State and municipal | 993,911 | | | 225 | | | (91,842) | | | 902,294 | | | U.S. Government-sponsored mortgage-backed securities | 482,702 | | | 1,600 | | | (64,792) | | | 419,510 | | | Foreign investment | 1,500 | | | — | | | — | | | 1,500 | | | Corporate obligations | 7,974 | | | 1 | | | (276) | | | 7,699 | | | | | | | | | | | Total available for sale | $ | 1,574,023 | | | $ | 1,826 | | | $ | (168,747) | | | $ | 1,407,102 | |
The following tables summarize the amortized cost, gross unrealized gains and losses, approximate fair value and allowance for credit losses on investment securities held to maturity as of June 30, 2026 and December 31, 2025.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortized
Cost | | Allowance for Credit Losses | | Net Carrying Amount | | Gross Unrealized
Gains | | Gross Unrealized
Losses | | Fair
Value | | Held to maturity at June 30, 2026 | | | | | | | | | | | | | U.S. Government-sponsored agency securities | $ | 313,105 | | | $ | — | | | $ | 313,105 | | | $ | — | | | $ | (43,984) | | | $ | 269,121 | | | State and municipal | 1,058,396 | | | (245) | | | 1,058,151 | | | 489 | | | (138,678) | | | 920,207 | | | U.S. Government-sponsored mortgage-backed securities | 536,428 | | | — | | | 536,428 | | | — | | | (71,813) | | | 464,615 | | | | | | | | | | | | | | | Total held to maturity | $ | 1,907,929 | | | $ | (245) | | | $ | 1,907,684 | | | $ | 489 | | | $ | (254,475) | | | $ | 1,653,943 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortized
Cost | | Allowance for Credit Losses | | Net Carrying Amount | | Gross Unrealized
Gains | | Gross Unrealized
Losses | | Fair
Value | | Held to maturity at December 31, 2025 | | | | | | | | | | | | | U.S. Government-sponsored agency securities | $ | 324,643 | | | $ | — | | | $ | 324,643 | | | $ | — | | | $ | (46,693) | | | $ | 277,950 | | | State and municipal | 1,069,653 | | | (245) | | | 1,069,408 | | | 868 | | | (137,706) | | | 932,815 | | | U.S. Government-sponsored mortgage-backed securities | 577,488 | | | — | | | 577,488 | | | — | | | (69,966) | | | 507,522 | | | | | | | | | | | | | | | Total held to maturity | $ | 1,971,784 | | | $ | (245) | | | $ | 1,971,539 | | | $ | 868 | | | $ | (254,365) | | | $ | 1,718,287 | |
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| Summary of Amortized Cost of Investment Securities Held to Maturity Aggregated by Credit Quality Indicator |
On a quarterly basis, the Corporation monitors the credit quality of investment securities held to maturity through the use of credit ratings. The following tables summarize the amortized cost of investment securities held to maturity at June 30, 2026 and December 31, 2025, aggregated by credit quality indicator.
| | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | U.S. Government-sponsored agency securities (1) | | State and municipal | | U.S. Government-sponsored mortgage-backed securities (1) | | | | Total | | Credit Rating: | | | | | | | | | | | Aaa | $ | 313,105 | | | $ | 73,616 | | | $ | 536,428 | | | | | $ | 923,149 | | | Aa1 | — | | | 206,330 | | | — | | | | | 206,330 | | | Aa2 | — | | | 161,487 | | | — | | | | | 161,487 | | | Aa3 | — | | | 195,134 | | | — | | | | | 195,134 | | | A1 | — | | | 59,625 | | | — | | | | | 59,625 | | | A2 | — | | | 10,190 | | | — | | | | | 10,190 | | | A3 | — | | | 10,153 | | | — | | | | | 10,153 | | | | | | | | | | | | | Non-rated | — | | | 341,861 | | | — | | | | | 341,861 | | | Total | $ | 313,105 | | | $ | 1,058,396 | | | $ | 536,428 | | | | | $ | 1,907,929 | |
(1) U.S. Government-sponsored agency securities and U.S. Government-sponsored mortgage-backed securities are included within the Aaa credit rating category due to their explicit or implicit government guarantees, which provide a high level of assurance regarding the timely collection of principal and interest payments. | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | U.S. Government-sponsored agency securities (1) | | State and municipal | | U.S. Government-sponsored mortgage-backed securities (1) | | | | Total | | Credit Rating: | | | | | | | | | | | Aaa | $ | 324,643 | | | $ | 75,598 | | | $ | 577,488 | | | | | $ | 977,729 | | | Aa1 | — | | | 200,189 | | | — | | | | | 200,189 | | | Aa2 | — | | | 172,127 | | | — | | | | | 172,127 | | | Aa3 | — | | | 192,682 | | | — | | | | | 192,682 | | | A1 | — | | | 59,631 | | | — | | | | | 59,631 | | | A2 | — | | | 13,664 | | | — | | | | | 13,664 | | | A3 | — | | | 6,670 | | | — | | | | | 6,670 | | | | | | | | | | | | | Non-rated | — | | | 349,092 | | | — | | | | | 349,092 | | | Total | $ | 324,643 | | | $ | 1,069,653 | | | $ | 577,488 | | | | | $ | 1,971,784 | |
(1) U.S. Government-sponsored agency securities and U.S. Government-sponsored mortgage-backed securities are included within the Aaa credit rating category due to their explicit or implicit government guarantees, which provide a high level of assurance regarding the timely collection of principal and interest payments.
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| Summary of Investment Securities in a Continuous Unrealized Loss Position |
The following tables summarize, as of June 30, 2026 and December 31, 2025, investment securities available for sale in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security type and length of time in a continuous unrealized loss position.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or Longer | | Total | | Fair
Value | | Gross
Unrealized
Losses | | Fair
Value | | Gross
Unrealized
Losses | | Fair
Value | | Gross
Unrealized
Losses | | Investment securities available for sale at June 30, 2026 | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Government-sponsored agency securities | $ | 31 | | | $ | (1) | | | $ | 71,708 | | | $ | (11,378) | | | $ | 71,739 | | | $ | (11,379) | | | State and municipal | 88,596 | | | (1,334) | | | 782,596 | | | (93,973) | | | 871,192 | | | (95,307) | | | U.S. Government-sponsored mortgage-backed securities | 45,699 | | | (339) | | | 297,367 | | | (65,212) | | | 343,066 | | | (65,551) | | | Corporate obligations | 985 | | | (15) | | | 6,786 | | | (172) | | | 7,771 | | | (187) | | | Total investment securities available for sale | $ | 135,311 | | | $ | (1,689) | | | $ | 1,158,457 | | | $ | (170,735) | | | $ | 1,293,768 | | | $ | (172,424) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or Longer | | Total | | Fair
Value | | Gross
Unrealized
Losses | | Fair
Value | | Gross
Unrealized
Losses | | Fair
Value | | Gross
Unrealized
Losses | | Investment securities available for sale at December 31, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Government-sponsored agency securities | $ | — | | | $ | — | | | $ | 76,099 | | | $ | (11,837) | | | $ | 76,099 | | | $ | (11,837) | | | State and municipal | 5,468 | | | (11) | | | 861,410 | | | (91,830) | | | 866,878 | | | (91,841) | | | U.S. Government-sponsored mortgage-backed securities | 4,885 | | | (10) | | | 313,353 | | | (64,783) | | | 318,238 | | | (64,793) | | | Corporate obligations | — | | | — | | | 6,676 | | | (276) | | | 6,676 | | | (276) | | | Total investment securities available for sale | $ | 10,353 | | | $ | (21) | | | $ | 1,257,538 | | | $ | (168,726) | | | $ | 1,267,891 | | | $ | (168,747) | |
The following tables summarize investment securities available for sale in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by security type and the number of securities in the portfolio as of the dates indicated.
| | | | | | | | | | | | | Gross
Unrealized
Losses | | Number of Securities | | Investment securities available for sale at June 30, 2026 | | | | | | | | | U.S. Government-sponsored agency securities | $ | (11,379) | | | 13 | | State and municipal | (95,307) | | | 594 | | U.S. Government-sponsored mortgage-backed securities | (65,551) | | | 103 | | Corporate obligations | (187) | | | 6 | | Total investment securities available for sale | $ | (172,424) | | | 716 | |
| | | | | | | | | | | | | Gross
Unrealized
Losses | | Number of Securities | | Investment securities available for sale at December 31, 2025 | | | | | | | | | U.S. Government-sponsored agency securities | $ | (11,837) | | | 12 | | State and municipal | (91,841) | | | 587 | | U.S. Government-sponsored mortgage-backed securities | (64,793) | | | 89 | | Corporate obligations | (276) | | | 5 | | Total investment securities available for sale | $ | (168,747) | | | 693 | |
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| Summary of Investments in Debt and Equity Securities Reported in the Financial Statements at an Amount Less Than Their Historical Cost |
Certain investment securities available for sale are reported in the financial statements at an amount less than their historical cost as indicated in the table below. | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Investment securities available for sale reported at less than historical cost: | | | | | Historical cost | $ | 1,466,192 | | | $ | 1,436,638 | | | Fair value | 1,293,768 | | | 1,267,891 | | | Gross unrealized losses | $ | (172,424) | | | $ | (168,747) | | | Percentage of the Corporation's investment securities available for sale in an unrealized loss position | 93.5 | % | | 90.1 | % |
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| Summary of Amortized Cost and Fair Value of Available for Sale Securities and Held to Maturity Securities by Contractual Maturity |
The amortized cost and fair value of investment securities available for sale and held to maturity at June 30, 2026 and December 31, 2025, 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. Securities not due at a single maturity are shown separately.
| | | | | | | | | | | | | | | | | | | | | | | | | Available for Sale | | Held to Maturity | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | Maturity Distribution at June 30, 2026 | | | | | | | | | Due in one year or less | $ | 751 | | | $ | 747 | | | $ | 20,113 | | | $ | 19,993 | | | Due after one through five years | 21,701 | | | 21,387 | | | 109,135 | | | 106,569 | | | Due after five through ten years | 293,438 | | | 272,988 | | | 241,143 | | | 219,493 | | | Due after ten years | 765,023 | | | 679,051 | | | 1,001,110 | | | 843,273 | | | 1,080,913 | | | 974,173 | | | 1,371,501 | | | 1,189,328 | | | U.S. Government-sponsored mortgage-backed securities | 474,786 | | | 410,219 | | | 536,428 | | | 464,615 | | | | | | | | | | | Total investment securities | $ | 1,555,699 | | | $ | 1,384,392 | | | $ | 1,907,929 | | | $ | 1,653,943 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Available for Sale | | Held to Maturity | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | Maturity Distribution at December 31, 2025 | | | | | | | | | Due in one year or less | $ | — | | | $ | — | | | $ | 7,014 | | | $ | 7,024 | | | Due after one through five years | 16,877 | | | 16,577 | | | 118,912 | | | 115,973 | | | Due after five through ten years | 241,803 | | | 227,493 | | | 228,224 | | | 210,125 | | | Due after ten years | 832,641 | | | 743,522 | | | 1,040,146 | | | 877,643 | | | 1,091,321 | | | 987,592 | | | 1,394,296 | | | 1,210,765 | | | U.S. Government-sponsored mortgage-backed securities | 482,702 | | | 419,510 | | | 577,488 | | | 507,522 | | | | | | | | | | | Total investment securities | $ | 1,574,023 | | | $ | 1,407,102 | | | $ | 1,971,784 | | | $ | 1,718,287 | |
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| Summary of Gross Gains and Losses on Sales and Redemptions of Available for Sale Securities |
Gross gains and losses on the sales of investment securities available for sale for the three and six months ended June 30, 2026 and 2025 are shown below.
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Sales of investment securities available for sale: | | | | | | | | | Gross gains | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Gross losses | — | | | (1) | | | — | | | (8) | | | | | | | | | | | Net losses on sales of investment securities available for sale | $ | — | | | $ | (1) | | | $ | — | | | $ | (8) | |
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