v3.26.1
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Fair Value of Securities Available-for-Sale The following table summarizes the amortized cost and fair value of securities that are classified as available-for-sale and held-to-maturity:
June 30, 2026
Available-for-Sale
Amortized
Cost
Allowance for Credit LossesNet Carrying Amount
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$210,738 $— $210,738 $885 $(7,237)$204,386 
U.S. government-sponsored mortgage-backed securities1,302,974 — 1,302,974 1,247 (144,283)1,159,938 
Private mortgage-backed securities176,380 — 176,380 75 (8,694)167,761 
Non-government-sponsored asset backed securities97,958 — 97,958 59 (1,136)96,881 
State and political subdivisions961,342 — 961,342 1,448 (57,457)905,333 
Other securities248,023 — 248,023 1,998 (8,104)241,917 
Total$2,997,415 $— $2,997,415 $5,712 $(226,911)$2,776,216 
June 30, 2026
Held-to-Maturity
Amortized
Cost
Allowance for Credit LossesNet Carrying Amount
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$43,984 $— $43,984 $— $(1,932)$42,052 
U.S. government-sponsored mortgage-backed securities110,969 — 110,969 37 (4,752)106,254 
State and political subdivisions1,101,854 (2,005)1,099,849 110 (99,438)1,000,521 
Total$1,256,807 $(2,005)$1,254,802 $147 $(106,122)$1,148,827 
December 31, 2025
Available-for-Sale
Amortized
Cost
Allowance for Credit LossesNet Carrying Amount
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$246,891 $— $246,891 $998 $(7,107)$240,782 
U.S. government-sponsored mortgage-backed securities1,345,469 — 1,345,469 1,478 (133,999)1,212,948 
Private mortgage-backed securities152,578 — 152,578 126 (6,984)145,720 
Non-government-sponsored asset backed securities158,446 — 158,446 325 (927)157,844 
State and political subdivisions951,822 — 951,822 1,419 (65,403)887,838 
Other securities233,614 — 233,614 2,147 (8,962)226,799 
Total$3,088,820 $— $3,088,820 $6,493 $(223,382)$2,871,931 
December 31, 2025
Held-to-Maturity
Amortized
Cost		Allowance for Credit LossesNet Carrying AmountGross
Unrealized
Gains		Gross
Unrealized
(Losses)		Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$43,841 $— $43,841 $— $(1,391)$42,450 
U.S. government-sponsored mortgage-backed securities114,813 — 114,813 400 (3,258)111,955 
State and political subdivisions1,102,613 (2,005)1,100,608 71 (94,032)1,006,647 
Total$1,261,267 $(2,005)$1,259,262 $471 $(98,681)$1,161,052 
The following table presents the Company's financial assets by level within the fair value hierarchy that were measured at fair value on a recurring basis during the periods ended June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026
Fair Value Measurements
Fair ValueLevel 1Level 2Level 3
(in thousands)
U.S. government-sponsored enterprises$204,386 $— $204,386 $— 
U.S. government-sponsored mortgage-backed securities1,159,938 — 1,159,938 — 
Private mortgage-backed securities167,761 — 167,761 — 
Non-government-sponsored asset backed securities96,881 — 96,881 — 
State and political subdivisions905,333 — 891,426 13,907 
Other securities241,917 — 221,138 20,779 
Total$2,776,216 $— $2,741,530 $34,686 
December 31, 2025
Fair Value Measurements
Fair ValueLevel 1Level 2Level 3
(in thousands)
U.S. government-sponsored enterprises$240,782 $— $240,782 $— 
U.S. government-sponsored mortgage-backed securities1,212,948 — 1,212,948 — 
Private mortgage-backed securities145,720 — 145,720 — 
Non-government-sponsored asset backed securities157,844 — 157,844 — 
State and political subdivisions887,838 — 872,522 15,316 
Other securities226,799 — 212,004 14,795 
Total$2,871,931 $— $2,841,820 $30,111 
Amortized Cost and Estimated Fair Value of Securities Contractual Maturity
The amortized cost and estimated fair value of securities classified as available-for-sale and held-to-maturity at June 30, 2026, by contractual maturity, are shown below. Expected maturities could 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 date are shown separately.
Available-for-SaleHeld-to-Maturity
Amortized
Cost
Estimated
Fair Value
Amortized
Cost
Estimated
Fair Value
(In thousands)
Due in one year or less$80,028 $79,593 $4,967 $4,933 
Due after one year through five years235,425 224,652 136,319 130,725 
Due after five years through ten years369,000 353,070 375,405 344,164 
Due after ten years735,650 694,321 629,147 562,751 
U.S. government-sponsored mortgage-backed securities1,302,974 1,159,938 110,969 106,254 
Private mortgage-backed securities176,380 167,761 — — 
Non-government-sponsored asset backed securities97,958 96,881 — — 
Total$2,997,415 $2,776,216 $1,256,807 $1,148,827 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table shows gross unrealized losses and estimated fair value of investment securities classified as available-for-sale and held-to-maturity, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of June 30, 2026 and December 31, 2025.
June 30, 2026
Less Than 12 Months 12 Months or More Total
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
(In thousands)
Available-for-sale:
U.S. government-sponsored enterprises$4,591 $(15)$140,606 $(7,222)$145,197 $(7,237)
U.S. government-sponsored mortgage-backed securities81,372 (1,263)1,018,954 (143,020)1,100,326 (144,283)
Private mortgage-backed securities29,096 (418)130,408 (8,276)159,504 (8,694)
Non-government-sponsored asset backed securities20,472 (130)26,350 (1,006)46,822 (1,136)
State and political subdivisions63,734 (1,058)707,971 (56,399)771,705 (57,457)
Other securities68,552 (825)116,424 (7,279)184,976 (8,104)
Total$267,817 $(3,709)$2,140,713 $(223,202)$2,408,530 $(226,911)
Held-to-maturity:
U.S. government-sponsored enterprises$14,835 $(165)$27,217 $(1,767)$42,052 $(1,932)
U.S. government-sponsored mortgage-backed securities42,013 (765)52,115 (3,987)94,128 (4,752)
State and political subdivisions26,124 (689)965,818 (98,749)991,942 (99,438)
Total$82,972 $(1,619)$1,045,150 $(104,503)$1,128,122 $(106,122)
December 31, 2025
Less Than 12 Months 12 Months or More Total
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
(In thousands)
Available-for-sale:
U.S. government-sponsored enterprises$7,152 $(32)$165,091 $(7,075)$172,243 $(7,107)
U.S. government-sponsored mortgage-backed securities26,462 (136)1,087,888 (133,863)1,114,350 (133,999)
Private mortgage-backed securities— — 135,255 (6,984)135,255 (6,984)
Non-government-sponsored asset backed securities22,987 (13)44,666 (914)67,653 (927)
State and political subdivisions15,301 (505)744,922 (64,898)760,223 (65,403)
Other securities5,505 (67)125,216 (8,895)130,721 (8,962)
Total$77,407 $(753)$2,303,038 $(222,629)$2,380,445 $(223,382)
Held-to-maturity:
U.S. government-sponsored enterprises$— $— $42,451 $(1,391)$42,451 $(1,391)
U.S. government-sponsored mortgage-backed securities16,763 (88)64,000 (3,170)80,763 (3,258)
State and political subdivisions19,137 (143)983,938 (93,889)1,003,075 (94,032)
Total$35,900 $(231)$1,090,389 $(98,450)$1,126,289 $(98,681)
Debt Securities, Available-for-Sale, Allowance for Credit Loss
Available-for-Sale Investment Securities
June 30, 2026December 31, 2025
Allowance for credit losses:(In thousands)
Beginning balance, January 1$— $2,195 
Recovery of credit losses— — 
Balance, June 30
$— $2,195 
Recovery of credit loss(2,195)
Balance, December 31, 2025
$— 
Debt Securities, Held-to-maturity, Allowance for Credit Loss
Held-to-Maturity Investment Securities
June 30, 2026December 31, 2025
Allowance for credit losses:(In thousands)
Beginning balance, January 1$2,005 $2,005 
Provision for credit losses
— — 
Balance, June 30
$2,005 $2,005 
Provision for credit loss— 
Balance, December 31, 2025
$2,005 
Held-to-Maturity Securities Credit Quality Indicators
The following table summarizes bond ratings for the Company’s held-to-maturity portfolio, based upon amortized cost, issued by state and political subdivisions and other securities as of June 30, 2026:
State and political subdivisionsU.S. government-sponsored enterprisesU.S. government-sponsored mortgage-backed securitiesTotal
(In thousands)
Aaa/AAA$238,532 $43,984 $— $282,516 
Aa/AA816,475 — — 816,475 
A35,002 — — 35,002 
Baa/BBB2,537 — — 2,537 
Not rated9,308 — — 9,308 
Agency backed— — 110,969 110,969 
Total$1,101,854 $43,984 $110,969 $1,256,807 
Schedule of Income Earned on Available-for Sale Securities
Income earned on securities for the three and six months ended June 30, 2026 and 2025, is as follows:
Three Months Ended
June 30,		For the Six Months Ended
June 30,
2026202520262025
(In thousands)
Taxable
Available-for-sale$18,454 $19,032 $35,775 $39,092 
Held-to-maturity7,333 7,412 14,740 14,785 
Non-taxable
Available-for-sale4,807 4,579 9,628 9,159 
Held-to-maturity3,004 3,047 6,012 6,117 
Total$33,598 $34,070 $66,155 $69,153