Investment Securities (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Investments [Abstract] |
|
| Amortized Cost and Fair Value of Investment Securities |
The amortized cost and fair value of investment securities, by security type, are summarized below (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury bills |
|
$ |
19,984 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
19,984 |
|
Mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed securities |
|
|
426,000 |
|
|
|
2,359 |
|
|
|
21,252 |
|
|
|
407,107 |
|
Commercial mortgage-backed securities |
|
|
5,077 |
|
|
|
41 |
|
|
|
— |
|
|
|
5,118 |
|
Residential collateralized mortgage obligations |
|
|
134,158 |
|
|
|
231 |
|
|
|
3,441 |
|
|
|
130,948 |
|
Commercial collateralized mortgage obligations |
|
|
316,285 |
|
|
|
— |
|
|
|
27,349 |
|
|
|
288,936 |
|
Total mortgage-backed securities |
|
|
881,520 |
|
|
|
2,631 |
|
|
|
52,042 |
|
|
|
832,109 |
|
Other debt securities |
|
|
58,127 |
|
|
|
670 |
|
|
|
424 |
|
|
|
58,373 |
|
Total available for sale securities |
|
$ |
959,631 |
|
|
$ |
3,301 |
|
|
$ |
52,466 |
|
|
$ |
910,466 |
|
Securities held to maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agencies and government sponsored enterprises |
|
$ |
6,888 |
|
|
$ |
— |
|
|
$ |
220 |
|
|
$ |
6,668 |
|
State and political subdivisions |
|
|
30,308 |
|
|
|
2 |
|
|
|
4,099 |
|
|
|
26,211 |
|
Mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed securities |
|
|
21,444 |
|
|
|
— |
|
|
|
2,390 |
|
|
|
19,054 |
|
Commercial mortgage-backed securities |
|
|
4,952 |
|
|
|
— |
|
|
|
697 |
|
|
|
4,255 |
|
Residential collateralized mortgage obligations |
|
|
15,152 |
|
|
|
— |
|
|
|
985 |
|
|
|
14,167 |
|
Commercial collateralized mortgage obligations |
|
|
556 |
|
|
|
— |
|
|
|
12 |
|
|
|
544 |
|
Total mortgage-backed securities |
|
|
42,104 |
|
|
|
— |
|
|
|
4,084 |
|
|
|
38,020 |
|
Total held to maturity securities |
|
|
79,300 |
|
|
$ |
2 |
|
|
$ |
8,403 |
|
|
$ |
70,899 |
|
Allowance for credit losses–securities |
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
Total held to maturity securities, net |
|
$ |
79,298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed securities |
|
$ |
472,898 |
|
|
$ |
8,445 |
|
|
$ |
20,775 |
|
|
$ |
460,568 |
|
Commercial mortgage-backed securities |
|
|
5,089 |
|
|
|
62 |
|
|
|
— |
|
|
|
5,151 |
|
Residential collateralized mortgage obligations |
|
|
117,118 |
|
|
|
1,409 |
|
|
|
3,095 |
|
|
|
115,432 |
|
Commercial collateralized mortgage obligations |
|
|
318,429 |
|
|
|
225 |
|
|
|
22,174 |
|
|
|
296,480 |
|
Total mortgage-backed securities |
|
|
913,534 |
|
|
|
10,141 |
|
|
|
46,044 |
|
|
|
877,631 |
|
Other debt securities |
|
|
44,608 |
|
|
|
470 |
|
|
|
237 |
|
|
|
44,841 |
|
Total available for sale securities |
|
$ |
958,142 |
|
|
$ |
10,611 |
|
|
$ |
46,281 |
|
|
$ |
922,472 |
|
Securities held to maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agencies and government sponsored enterprises |
|
$ |
6,813 |
|
|
$ |
— |
|
|
$ |
124 |
|
|
$ |
6,689 |
|
State and political subdivisions |
|
|
32,829 |
|
|
|
28 |
|
|
|
4,577 |
|
|
|
28,280 |
|
Mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed securities |
|
|
22,319 |
|
|
|
— |
|
|
|
2,191 |
|
|
|
20,128 |
|
Commercial mortgage-backed securities |
|
|
4,965 |
|
|
|
— |
|
|
|
693 |
|
|
|
4,272 |
|
Residential collateralized mortgage obligations |
|
|
17,172 |
|
|
|
— |
|
|
|
887 |
|
|
|
16,285 |
|
Commercial collateralized mortgage obligations |
|
|
612 |
|
|
|
— |
|
|
|
10 |
|
|
|
602 |
|
Total mortgage-backed securities |
|
|
45,068 |
|
|
|
— |
|
|
|
3,781 |
|
|
|
41,287 |
|
Total held to maturity securities |
|
|
84,710 |
|
|
$ |
28 |
|
|
$ |
8,482 |
|
|
$ |
76,256 |
|
Allowance for credit losses–securities |
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
Total held to maturity securities, net |
|
$ |
84,708 |
|
|
|
|
|
|
|
|
|
|
|
| Interest and Dividends on Securities |
Interest and dividends on investment securities for the three and six months ended June 30, 2026 and 2025 are summarized as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30, |
|
|
Six months ended
June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Taxable interest and dividends |
|
$ |
11,827 |
|
|
$ |
11,360 |
|
|
$ |
23,454 |
|
|
$ |
22,627 |
|
Tax-exempt interest and dividends |
|
|
148 |
|
|
|
211 |
|
|
|
306 |
|
|
|
431 |
|
Total interest and dividends on investment securities |
|
$ |
11,975 |
|
|
$ |
11,571 |
|
|
$ |
23,760 |
|
|
$ |
23,058 |
|
|
| Scheduled Maturities of Securities Available for Sale and Securities Held to Maturity |
The scheduled maturities of securities available for sale and securities held to maturity at June 30, 2026 are shown below (in thousands). Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.
|
|
|
|
|
|
|
|
|
|
|
Amortized |
|
|
Fair |
|
|
|
Cost |
|
|
Value |
|
Debt securities available for sale: |
|
|
|
|
|
|
Due in one year or less |
|
$ |
19,984 |
|
|
$ |
19,984 |
|
Due after one to five years |
|
|
3,130 |
|
|
|
3,084 |
|
Due after five years through ten years |
|
|
55,029 |
|
|
|
55,321 |
|
Due after ten years |
|
|
881,488 |
|
|
|
832,077 |
|
Total available for sale securities |
|
$ |
959,631 |
|
|
$ |
910,466 |
|
Debt securities held to maturity: |
|
|
|
|
|
|
Due in one year or less |
|
$ |
3,601 |
|
|
$ |
3,594 |
|
Due after one to five years |
|
|
14,361 |
|
|
|
13,698 |
|
Due after five years through ten years |
|
|
16,821 |
|
|
|
14,844 |
|
Due after ten years |
|
|
44,517 |
|
|
|
38,763 |
|
Total held to maturity securities |
|
$ |
79,300 |
|
|
$ |
70,899 |
|
|
| Investments Gross Unrealized Losses and Fair Value |
Unrealized losses on investment securities for which an allowance for credit losses has not been recorded and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than 12 months |
|
|
12 months or longer |
|
|
Total |
|
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury bills |
|
$ |
19,984 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
19,984 |
|
|
$ |
— |
|
Mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed securities |
|
|
47,244 |
|
|
|
341 |
|
|
|
88,114 |
|
|
|
20,911 |
|
|
|
135,358 |
|
|
|
21,252 |
|
Commercial mortgage-backed securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Residential collateralized mortgage obligations |
|
|
75,787 |
|
|
|
328 |
|
|
|
10,086 |
|
|
|
3,113 |
|
|
|
85,873 |
|
|
|
3,441 |
|
Commercial collateralized mortgage obligations |
|
|
115,072 |
|
|
|
2,153 |
|
|
|
173,864 |
|
|
|
25,196 |
|
|
|
288,936 |
|
|
|
27,349 |
|
Total mortgage-backed securities |
|
|
238,103 |
|
|
|
2,822 |
|
|
|
272,064 |
|
|
|
49,220 |
|
|
|
510,167 |
|
|
|
52,042 |
|
Other debt securities |
|
|
34,515 |
|
|
|
424 |
|
|
|
— |
|
|
|
— |
|
|
|
34,515 |
|
|
|
424 |
|
Total AFS debt securities with unrealized losses |
|
$ |
292,602 |
|
|
$ |
3,246 |
|
|
$ |
272,064 |
|
|
$ |
49,220 |
|
|
$ |
564,666 |
|
|
$ |
52,466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage-backed securities |
|
$ |
9,525 |
|
|
$ |
40 |
|
|
$ |
93,253 |
|
|
$ |
20,735 |
|
|
$ |
102,778 |
|
|
$ |
20,775 |
|
Commercial mortgage-backed securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Residential collateralized mortgage obligations |
|
|
9,831 |
|
|
|
1 |
|
|
|
10,797 |
|
|
|
3,094 |
|
|
|
20,628 |
|
|
|
3,095 |
|
Commercial collateralized mortgage obligations |
|
|
117,443 |
|
|
|
2,257 |
|
|
|
114,938 |
|
|
|
19,917 |
|
|
|
232,381 |
|
|
|
22,174 |
|
Total mortgage-backed securities |
|
|
136,799 |
|
|
|
2,298 |
|
|
|
218,988 |
|
|
|
43,746 |
|
|
|
355,787 |
|
|
|
46,044 |
|
Other debt securities |
|
|
19,124 |
|
|
|
237 |
|
|
|
— |
|
|
|
— |
|
|
|
19,124 |
|
|
|
237 |
|
Total AFS debt securities with unrealized losses |
|
$ |
155,923 |
|
|
$ |
2,535 |
|
|
$ |
218,988 |
|
|
$ |
43,746 |
|
|
$ |
374,911 |
|
|
$ |
46,281 |
|
|
| Sales of Securities Available for Sale |
The proceeds and related gain or loss on sales of AFS securities for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30, |
|
|
Six months ended
June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Proceeds from sales |
|
$ |
— |
|
|
$ |
64,955 |
|
|
$ |
18,379 |
|
|
$ |
64,955 |
|
Gross realized gains |
|
|
— |
|
|
|
608 |
|
|
|
328 |
|
|
|
608 |
|
Gross realized losses |
|
|
— |
|
|
|
(605 |
) |
|
|
— |
|
|
|
(605 |
) |
|