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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| Available for Sale and Held for Maturity Securities |
The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at June 30, 2026 and December 31, 2025 were as follows (in thousands):
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Amortized
Cost |
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Gross
Unrealized
Gains |
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Gross
Unrealized
(Losses) |
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Fair Value |
|
June 30, 2026 |
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Available-for-sale: |
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|
|
|
|
|
|
|
|
U.S. Treasury securities and obligations of U.S. government corporations and agencies |
|
$ |
152,514 |
|
|
$ |
— |
|
|
$ |
(10,147 |
) |
|
$ |
142,367 |
|
Obligations of states and political subdivisions |
|
|
331,621 |
|
|
|
273 |
|
|
|
(44,882 |
) |
|
|
287,012 |
|
Mortgage-backed securities (1) |
|
|
911,281 |
|
|
|
788 |
|
|
|
(89,248 |
) |
|
|
822,821 |
|
Corporate bonded debt |
|
|
28,553 |
|
|
|
11 |
|
|
|
(656 |
) |
|
|
27,908 |
|
Total available-for-sale |
|
$ |
1,423,969 |
|
|
$ |
1,072 |
|
|
$ |
(144,933 |
) |
|
$ |
1,280,108 |
|
Held-to-maturity: |
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|
|
|
|
|
|
|
|
|
|
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Other securities |
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$ |
2,265 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
2,265 |
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December 31, 2025 |
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Available-for-sale: |
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|
|
|
|
|
|
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|
|
|
U.S. Treasury securities and obligations of U.S. government corporations and agencies |
|
$ |
153,859 |
|
|
$ |
3 |
|
|
$ |
(9,782 |
) |
|
$ |
144,080 |
|
Obligations of states and political subdivisions |
|
|
327,950 |
|
|
|
341 |
|
|
|
(47,658 |
) |
|
|
280,633 |
|
Mortgage-backed securities (1) |
|
|
705,728 |
|
|
|
2,458 |
|
|
|
(83,520 |
) |
|
|
624,666 |
|
Corporate bonded debt |
|
|
28,276 |
|
|
|
— |
|
|
|
(772 |
) |
|
|
27,504 |
|
Total available-for-sale |
|
$ |
1,215,813 |
|
|
$ |
2,802 |
|
|
$ |
(141,732 |
) |
|
$ |
1,076,883 |
|
Held-to-maturity: |
|
|
|
|
|
|
|
|
|
|
|
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Other securities |
|
$ |
2,288 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,288 |
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|
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(1) Mortgage-backed securities include mortgage-backed securities (MBS) and collateralized mortgage obligation (CMO) issues from the following government sponsored enterprises: FHLMC, FNMA, GNMA and FHLB. |
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| Proceeds From Sales of Available for Sale Investment Securities, Realized Gains and Losses and Income Tax Expense |
Proceeds from sales of available-for-sale investment securities, realized gains and losses and income tax expense were as follows during the three and six months ended June 30, 2026 and 2025 (in thousands):
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Three months ended |
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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 from sales |
|
$ |
64 |
|
|
$ |
— |
|
|
$ |
167,867 |
|
|
$ |
8,291 |
|
Gross gains |
|
|
63 |
|
|
|
— |
|
|
|
83 |
|
|
|
— |
|
Gross losses |
|
|
— |
|
|
|
— |
|
|
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— |
|
|
|
(181 |
) |
Income tax benefit (expense) |
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|
(17 |
) |
|
|
— |
|
|
|
(23 |
) |
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|
50 |
|
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| Fair Value of Investments with Sustained Gross Unrealized Losses |
The following table presents the aging of gross unrealized losses and fair value by investment category as of June 30, 2026 and December 31, 2025 (in thousands):
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Less than 12 months |
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12 months or more |
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Total |
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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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|
Fair
Value |
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|
Unrealized
Losses |
|
June 30, 2026 |
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Available-for-sale: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities and obligations of U.S. government corporations and agencies |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
142,366 |
|
|
$ |
(10,147 |
) |
|
$ |
142,366 |
|
|
$ |
(10,147 |
) |
Obligations of states and political subdivisions |
|
|
24,881 |
|
|
|
(189 |
) |
|
|
231,589 |
|
|
|
(44,693 |
) |
|
|
256,470 |
|
|
|
(44,882 |
) |
Mortgage-backed securities (1) |
|
|
279,235 |
|
|
|
(4,803 |
) |
|
|
449,575 |
|
|
|
(84,445 |
) |
|
|
728,810 |
|
|
|
(89,248 |
) |
Corporate bonded debt |
|
|
3,971 |
|
|
|
(29 |
) |
|
|
16,176 |
|
|
|
(627 |
) |
|
|
20,147 |
|
|
|
(656 |
) |
Total |
|
$ |
308,087 |
|
|
$ |
(5,021 |
) |
|
$ |
839,706 |
|
|
$ |
(139,912 |
) |
|
$ |
1,147,793 |
|
|
$ |
(144,933 |
) |
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December 31, 2025 |
|
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Available-for-sale: |
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|
|
|
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|
|
|
|
|
|
|
|
|
U.S. Treasury securities and obligations of U.S. government corporations and agencies |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
142,833 |
|
|
$ |
(9,782 |
) |
|
$ |
142,833 |
|
|
$ |
(9,782 |
) |
Obligations of states and political subdivisions |
|
|
5,923 |
|
|
|
(8 |
) |
|
|
246,076 |
|
|
|
(47,650 |
) |
|
|
251,999 |
|
|
|
(47,658 |
) |
Mortgage-backed securities (1) |
|
|
11,327 |
|
|
|
(102 |
) |
|
|
480,583 |
|
|
|
(83,418 |
) |
|
|
491,910 |
|
|
|
(83,520 |
) |
Corporate bonded debt |
|
|
3,967 |
|
|
|
(33 |
) |
|
|
19,203 |
|
|
|
(739 |
) |
|
|
23,170 |
|
|
|
(772 |
) |
Total |
|
$ |
21,217 |
|
|
$ |
(143 |
) |
|
$ |
888,695 |
|
|
$ |
(141,589 |
) |
|
$ |
909,912 |
|
|
$ |
(141,732 |
) |
|
|
|
|
|
|
|
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|
|
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(1) Mortgage-backed securities include mortgage-backed securities (MBS) and collateralized mortgage obligation (CMO) issues from the following government sponsored enterprises: FHLMC, FNMA, GNMA and FHLB. |
|
|