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 and Fair Values of Securities Available-for-sale, and Held to Maturity |
The following tables summarize the amortized cost and fair values of securities available-for-sale as of the dates presented and the corresponding amounts of gross unrealized gains and losses and cumulative basis adjustments for fair value:
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June 30, 2026 |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
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|
Gross
Unrealized
Losses |
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|
Basis Adjustments(1) |
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Fair
Value |
|
Available-for-sale |
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|
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|
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|
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|
|
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U.S. Treasury Notes |
|
$ |
29,747 |
|
|
$ |
35 |
|
|
$ |
(44 |
) |
|
$ |
— |
|
|
$ |
29,738 |
|
U.S. Government agencies |
|
|
116,025 |
|
|
|
1 |
|
|
|
(9,425 |
) |
|
|
— |
|
|
|
106,601 |
|
Obligations of states, municipalities, and
political subdivisions |
|
|
37,292 |
|
|
|
59 |
|
|
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(2,338 |
) |
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|
(92 |
) |
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34,921 |
|
Residential mortgage-backed securities |
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|
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|
|
|
|
|
|
|
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Agency |
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956,867 |
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3,366 |
|
|
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(69,225 |
) |
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(424 |
) |
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|
890,584 |
|
Non-agency |
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|
149,271 |
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40 |
|
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(16,570 |
) |
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(378 |
) |
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132,363 |
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Commercial mortgage-backed securities |
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|
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|
|
|
|
|
|
|
|
|
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Agency |
|
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370,382 |
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|
365 |
|
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(29,894 |
) |
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(530 |
) |
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|
340,323 |
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Corporate securities |
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20,791 |
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|
— |
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(588 |
) |
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(21 |
) |
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20,182 |
|
Asset-backed securities |
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62,977 |
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|
— |
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(921 |
) |
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(20 |
) |
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62,036 |
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Total |
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$ |
1,743,352 |
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|
$ |
3,866 |
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|
$ |
(129,005 |
) |
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$ |
(1,465 |
) |
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$ |
1,616,748 |
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December 31, 2025 |
|
Amortized
Cost |
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|
Gross
Unrealized
Gains |
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|
Gross
Unrealized
Losses |
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|
Basis Adjustments (1) |
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Fair
Value |
|
Available-for-sale |
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|
|
|
|
|
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|
|
|
|
|
|
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U.S. Treasury Notes |
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$ |
29,655 |
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|
$ |
268 |
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|
$ |
(33 |
) |
|
$ |
— |
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|
$ |
29,890 |
|
U.S. Government agencies |
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|
118,674 |
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32 |
|
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(8,959 |
) |
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— |
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|
109,747 |
|
Obligations of states, municipalities, and
political subdivisions |
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|
56,705 |
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|
309 |
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(2,470 |
) |
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|
10 |
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54,554 |
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Residential mortgage-backed securities |
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|
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|
|
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Agency |
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881,735 |
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8,407 |
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(64,874 |
) |
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30 |
|
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825,298 |
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Non-agency |
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143,372 |
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419 |
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(16,083 |
) |
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23 |
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127,731 |
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Commercial mortgage-backed securities |
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Agency |
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243,762 |
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|
752 |
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(27,518 |
) |
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33 |
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217,029 |
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Corporate securities |
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30,318 |
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1 |
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(887 |
) |
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1 |
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29,433 |
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Asset-backed securities |
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12,155 |
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36 |
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(768 |
) |
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1 |
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11,424 |
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Total |
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$ |
1,516,376 |
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$ |
10,224 |
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$ |
(121,592 |
) |
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$ |
98 |
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$ |
1,405,106 |
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(1) Basis adjustments represent the amount of fair value hedging adjustments included in the carrying amounts of fixed-rate investment securities designated in fair value hedging arrangements. Refer to Note 16—Derivative Instruments and Hedge Activities for additional discussion.
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| Summary of Gross Unrealized Losses and Fair Values, Aggregated by Investment Category and Length of Individual Securities Continuous Unrealized Loss Position Available-for-sale and Held to Maturity |
Gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates presented, are summarized as follows:
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Less than 12 Months |
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12 Months or Longer |
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Total |
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June 30, 2026 |
|
Number of
Securities |
|
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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Available-for-sale |
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U.S. Treasury Notes |
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|
1 |
|
$ |
— |
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|
$ |
— |
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|
$ |
4,946 |
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$ |
(44 |
) |
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$ |
4,946 |
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$ |
(44 |
) |
U.S. Government agencies |
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15 |
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|
1,425 |
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(3 |
) |
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103,240 |
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(9,422 |
) |
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104,665 |
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(9,425 |
) |
Obligations of states,
municipalities and political
subdivisions |
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15 |
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6,006 |
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(91 |
) |
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19,885 |
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(2,247 |
) |
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25,891 |
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(2,338 |
) |
Residential mortgage-backed
securities |
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Agency |
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118 |
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244,278 |
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(4,106 |
) |
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414,338 |
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(65,119 |
) |
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658,616 |
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(69,225 |
) |
Non-agency |
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22 |
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30,724 |
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(724 |
) |
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82,469 |
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(15,846 |
) |
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113,193 |
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(16,570 |
) |
Commercial mortgage-backed
securities |
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|
|
|
|
|
|
|
|
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Agency |
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60 |
|
|
138,759 |
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(1,932 |
) |
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158,715 |
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(27,962 |
) |
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297,474 |
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(29,894 |
) |
Corporate securities |
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10 |
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5,445 |
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(50 |
) |
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14,487 |
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(538 |
) |
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19,932 |
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|
(588 |
) |
Asset-backed securities |
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|
11 |
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55,238 |
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(136 |
) |
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6,069 |
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(785 |
) |
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61,307 |
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(921 |
) |
Total |
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|
252 |
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$ |
481,875 |
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|
$ |
(7,042 |
) |
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$ |
804,149 |
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$ |
(121,963 |
) |
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$ |
1,286,024 |
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$ |
(129,005 |
) |
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Less than 12 Months |
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12 Months or Longer |
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Total |
|
December 31, 2025 |
|
Number of
Securities |
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
Available-for-sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
U.S. Treasury Notes |
|
|
1 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,952 |
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|
$ |
(33 |
) |
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$ |
4,952 |
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$ |
(33 |
) |
U.S. Government agencies |
|
|
14 |
|
|
— |
|
|
|
— |
|
|
|
103,722 |
|
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|
(8,959 |
) |
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|
103,722 |
|
|
|
(8,959 |
) |
Obligations of states,
municipalities and
political subdivisions |
|
|
15 |
|
|
1,032 |
|
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|
(10 |
) |
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|
31,802 |
|
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(2,460 |
) |
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|
32,834 |
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(2,470 |
) |
Residential mortgage-backed securities |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Agency |
|
|
94 |
|
|
31,077 |
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(47 |
) |
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|
459,883 |
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(64,827 |
) |
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|
490,960 |
|
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(64,874 |
) |
Non-agency |
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21 |
|
|
2,878 |
|
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|
(5 |
) |
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|
104,650 |
|
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(16,078 |
) |
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|
107,528 |
|
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(16,083 |
) |
Commercial mortgage-backed securities |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency |
|
|
44 |
|
|
1,697 |
|
|
|
(10 |
) |
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|
164,229 |
|
|
|
(27,508 |
) |
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|
165,926 |
|
|
|
(27,518 |
) |
Corporate securities |
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|
15 |
|
|
3,477 |
|
|
|
(16 |
) |
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|
25,705 |
|
|
|
(871 |
) |
|
|
29,182 |
|
|
|
(887 |
) |
Asset-backed securities |
|
|
1 |
|
|
— |
|
|
|
— |
|
|
|
6,149 |
|
|
|
(768 |
) |
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|
6,149 |
|
|
|
(768 |
) |
Total |
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|
205 |
|
$ |
40,161 |
|
|
$ |
(88 |
) |
|
$ |
901,092 |
|
|
$ |
(121,504 |
) |
|
$ |
941,253 |
|
|
$ |
(121,592 |
) |
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| Summary of Proceeds From Sales and Calls of Securities Available-for-sale and Associated Gains and Losses |
The proceeds from all sales and calls of securities available-for-sale, and the associated gains and losses were as follows for the periods presented:
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For the Three Months Ended |
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For the Six Months Ended |
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June 30, |
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June 30, |
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|
2026 |
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|
2025 |
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|
2026 |
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|
2025 |
|
Proceeds |
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$ |
19,202 |
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|
$ |
14,221 |
|
|
$ |
19,202 |
|
|
$ |
14,221 |
|
Gross gains |
|
|
106 |
|
|
|
90 |
|
|
|
106 |
|
|
|
90 |
|
Gross losses |
|
|
85 |
|
|
|
127 |
|
|
|
85 |
|
|
|
127 |
|
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| Summary of Securities are Posted and Pledged as Collateral |
Securities posted and pledged as collateral for the following purpose or beneficiary as of the following dates:
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Purpose or beneficiary |
|
June 30, 2026 |
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|
December 31, 2025 |
|
Public fund deposits |
|
$ |
488,764 |
|
|
$ |
393,845 |
|
Customer repurchase agreements |
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|
89,872 |
|
|
|
75,681 |
|
Letters of credit |
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|
31,030 |
|
|
|
33,883 |
|
Federal Reserve Bank |
|
|
— |
|
|
|
— |
|
Total pledged securities |
|
$ |
609,666 |
|
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$ |
503,409 |
|
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| Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity |
At June 30, 2026, the amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers 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.
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Amortized
Cost |
|
|
Fair
Value |
|
Available-for-sale |
|
|
|
|
|
|
Due in one year or less |
|
$ |
29,285 |
|
|
$ |
29,241 |
|
Due from one to five years |
|
|
169,103 |
|
|
|
161,836 |
|
Due from five to ten years |
|
|
43,297 |
|
|
|
40,067 |
|
Due after ten years |
|
|
25,147 |
|
|
|
22,334 |
|
Mortgage-backed securities |
|
|
1,476,520 |
|
|
|
1,363,270 |
|
Total |
|
$ |
1,743,352 |
|
|
$ |
1,616,748 |
|
The Company hedges interest rates on certain investment securities using interest rate swaps, through which the Company pays fixed amounts and receives variable amounts. Refer to Note 16—Derivative Instruments and Hedging Activities for additional discussion.
|