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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| Carrying values of investment securities |
The carrying values of investment securities as of June 30, 2026 and December 31, 2025 are summarized in the following table (dollars in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Amount | | Percent | | Amount | | Percent | | Securities available for sale | | | | | | | | | U.S. Treasury | $ | 273,272 | | | 27.00 | % | | $ | 255,527 | | | 26.74 | % | | U.S. Government Agency and GSE securities | 4,321 | | | 0.43 | | | 4,658 | | | 0.49 | | | State and political subdivisions | 371,125 | | | 36.66 | | | 382,645 | | | 40.04 | | | Mortgage-backed securities and collateralized mortgage obligations | 363,514 | | | 35.91 | | | 312,754 | | | 32.73 | | | Total securities available for sale | $ | 1,012,232 | | | 100.00 | % | | $ | 955,584 | | | 100.00 | % |
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| Carrying amount of available-for-sale securities and approximate fair values and realized gains and losses |
The carrying amount of available-for-sale securities and their approximate fair values as of June 30, 2026 and December 31, 2025, were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortized Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
(Losses) | | Allowance for Credit Losses | | Estimated Fair
Value | | June 30, 2026 | | | | | | | | | | | U.S. Treasury | $ | 274,966 | | | $ | 274 | | | $ | (1,968) | | | $ | — | | | $ | 273,272 | | | U.S. Government Agency and GSE securities | 4,459 | | | — | | | (138) | | | — | | | 4,321 | | | State and political subdivisions | 377,632 | | | 2,492 | | | (8,999) | | | — | | | 371,125 | | | Mortgage-backed securities and collateralized mortgage obligations | 365,550 | | | 773 | | | (2,809) | | | — | | | 363,514 | | | Total | $ | 1,022,607 | | | $ | 3,539 | | | $ | (13,914) | | | $ | — | | | $ | 1,012,232 | | | December 31, 2025 | | | | | | | | | | | U.S. Treasury | $ | 253,925 | | | $ | 2,316 | | | $ | (714) | | | $ | — | | | $ | 255,527 | | | U.S. Government Agency and GSE securities | 4,687 | | | — | | | (29) | | | — | | | 4,658 | | | State and political subdivisions | 388,685 | | | 3,214 | | | (9,254) | | | — | | | 382,645 | | | Mortgage-backed securities and collateralized mortgage obligations | 309,998 | | | 3,258 | | | (502) | | | — | | | 312,754 | | | Total | $ | 957,295 | | | $ | 8,788 | | | $ | (10,499) | | | $ | — | | | $ | 955,584 | |
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| Available-for-sale securities classified as per contractual maturities |
The amortized cost and estimated fair value of available-for-sale securities classified according to their contractual maturities as of June 30, 2026, were as follows (in thousands) below. | | | | | | | | | | | | | Amortized
Cost | | Fair Value | | Due in one year or less | $ | 59,925 | | | $ | 59,619 | | | Due after one year through five years | 307,830 | | | 304,910 | | | Due after five years through ten years | 85,215 | | | 79,502 | | | Due over ten years | 204,087 | | | 204,687 | | | $ | 657,057 | | | $ | 648,718 | | | Mortgage-backed securities and collateralized mortgage obligations | 365,550 | | | 363,514 | | | $ | 1,022,607 | | | $ | 1,012,232 | |
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| Available-for-sale securities, continuous unrealized loss position, fair value |
The following table shows the Company's investments' gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2026 and December 31, 2025 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | Total | June 30, 2026 Description of Securities | # | | Fair Value | | Unrealized
Loss | | % | | # | | Fair Value | | Unrealized
Loss | | % | | # | | Fair Value | | Unrealized
Loss | | % | | U.S. Treasury | 45 | | | $ | 180,949 | | | $ | (1,538) | | | 0.85 | % | | 13 | | | $ | 36,953 | | | $ | (430) | | | 1.16 | % | | 58 | | | $ | 217,902 | | | $ | (1,968) | | | 0.90 | % | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Government
Agency and GSE
securities | 1 | | | 4,321 | | | (138) | | | 3.19 | | | — | | | — | | | — | | | — | | | 1 | | | 4,321 | | | (138) | | | 3.19 | | | | | | | | | | | | | | | | | | | | | | | | | | | State and political subdivisions | 224 | | | 108,146 | | | (1,038) | | | 0.96 | | | 330 | | | 92,339 | | | (7,961) | | | 8.62 | | | 554 | | | 200,485 | | | (8,999) | | | 4.49 | | | | | | | | | | | | | | | | | | | | | | | | | | Mortgage-backed
securities and
collateralized
mortgage obligations | 22 | | | 180,043 | | | (2,563) | | | 1.42 | | | 4 | | | 17,440 | | | (246) | | | 1.41 | | | 26 | | | 197,483 | | | (2,809) | | | 1.42 | | | | | | | | | | | | | | | | | | | | | | | | | | | 292 | | | $ | 473,459 | | | $ | (5,277) | | | 1.11 | % | | 347 | | | $ | 146,732 | | | $ | (8,637) | | | 5.89 | % | | 639 | | | $ | 620,191 | | | $ | (13,914) | | | 2.24 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | Total | December 31, 2025
Description of Securities | # | | Fair Value | | Unrealized
Loss | | % | | # | | Fair Value | | Unrealized
Loss | | % | | # | | Fair Value | | Unrealized
Loss | | % | | U.S. Treasury | 6 | | | $ | 29,972 | | | $ | (69) | | | 0.23 | % | | 23 | | | $ | 61,637 | | | $ | (645) | | | 1.05 | % | | 29 | | | $ | 91,609 | | | $ | (714) | | | 0.78 | % | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Government
Agency and GSE
securities | 1 | | | 4,658 | | | (29) | | | 0.62 | | | — | | | — | | | — | | | — | | | 1 | | | 4,658 | | | (29) | | | 0.62 | | | | | | | | | | | | | | | | | | | | | | | | | | | State and political subdivisions | 78 | | | 47,697 | | | (446) | | | 0.94 | | | 518 | | | 159,124 | | | (8,808) | | | 5.54 | | | 596 | | | 206,821 | | | (9,254) | | | 4.47 | | | | | | | | | | | | | | | | | | | | | | | | | | Mortgage-backed
securities and
collateralized
mortgage obligations | 7 | | | 77,518 | | | (382) | | | 0.49 | | | 4 | | | 19,920 | | | (120) | | | 0.60 | | | 11 | | | 97,438 | | | (502) | | | 0.52 | | | | | | | | | | | | | | | | | | | | | | | | | | | 92 | | | $ | 159,845 | | | $ | (926) | | | 0.58 | % | | 545 | | | $ | 240,681 | | | $ | (9,573) | | | 3.98 | % | | 637 | | | $ | 400,526 | | | $ | (10,499) | | | 2.62 | % |
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| Schedule of Sales Proceeds and Gross Realized Gains and Losses |
Sales proceeds and gross realized gains and losses on available-for-sale securities were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Sale proceeds | $ | — | | | $ | — | | | $ | 134 | | | $ | — | | | Gross realized gains | — | | | — | | | — | | | — | | | Gross realized losses | — | | | — | | | (13) | | | — | |
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