Securities (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Securities |
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| Summary of trading securities |
The fair value of trading securities is summarized as follows (in thousands). | | | | | | | | | | September 30, | | December 31, | | | | 2026 | | 2025 | | U.S. Treasury securities | | $ | — | | $ | 123 | | U.S. government agencies: | | | | | | | | Bonds | | | 17,583 | | | 37,222 | | Residential mortgage-backed securities | | | 45,021 | | | 152,343 | | Collateralized mortgage obligations | | | 14,572 | | | 58,611 | | Other | | | 16,842 | | | — | | Corporate debt securities | | | 47,598 | | | 41,136 | | States and political subdivisions | | | 309,206 | | | 295,615 | | Private-label securitized product | | | 14,013 | | | 9,547 | | Commercial paper | | | 100,289 | | | — | | Other | | | 31,441 | | | 22,811 | | Totals | | $ | 596,565 | | $ | 617,408 | |
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| Summary of amortized cost and fair value of available for sale securities |
The amortized cost and fair value of available for sale and held to maturity securities are summarized as follows (in thousands). | | | | | | | | | | | | | | | Available for Sale | | | Amortized | | Unrealized | | Unrealized | | | | September 30, 2026 | | Cost | | Gains | | Losses | | Fair Value | U.S. government agencies: | | | | | | | | | | | | | Bonds | | $ | 69,057 | | $ | 58 | | $ | (434) | | $ | 68,681 | Residential mortgage-backed securities | | | 381,682 | | | 103 | | | (34,852) | | | 346,933 | Commercial mortgage-backed securities | | | 275,588 | | | 2 | | | (6,916) | | | 268,674 | Collateralized mortgage obligations | | | 651,042 | | | 61 | | | (51,850) | | | 599,253 | Corporate debt securities (1) | | | 67,927 | | | — | | | (6,271) | | | 61,656 | States and political subdivisions | | | 31,726 | | | 1 | | | (4,011) | | | 27,716 | Totals | | $ | 1,477,022 | | $ | 225 | | $ | (104,334) | | $ | 1,372,913 |
| (1) | Certain corporate debt securities associated with merchant bank investments are required to be accounted for under the provisions of the Fair Value Option. As a result, unrealized losses included fair value adjustments of $4.0 million and $4.1 million that were reported as a component of other noninterest income within the consolidated statements of operations during the three and nine months ended September 30, 2026, respectively. All other unrealized gains and losses are included as a component of accumulated other comprehensive income or loss on the Company’s consolidated balance sheets. | |
| | | | | | | | | | | | | | | Available for Sale | | | Amortized | | Unrealized | | Unrealized | | | | December 31, 2025 | | Cost | | Gains | | Losses | | Fair Value | U.S. Treasury securities | | $ | 4,998 | | $ | — | | $ | (55) | | $ | 4,943 | U.S. government agencies: | | | | | | | | | | | | | Bonds | | | 81,418 | | | 138 | | | (349) | | | 81,207 | Residential mortgage-backed securities | | | 411,571 | | | 1,553 | | | (22,064) | | | 391,060 | Commercial mortgage-backed securities | | | 243,888 | | | 830 | | | (4,382) | | | 240,336 | Collateralized mortgage obligations | | | 716,201 | | | 917 | | | (36,593) | | | 680,525 | Corporate debt securities (1) | | | 62,683 | | | 613 | | | (1,304) | | | 61,992 | States and political subdivisions | | | 33,337 | | | 39 | | | (2,391) | | | 30,985 | Totals | | $ | 1,554,096 | | $ | 4,090 | | $ | (67,138) | | $ | 1,491,048 |
| (1) | Certain corporate debt securities associated with merchant bank investments are required to be accounted for under the provisions of the Fair Value Option. As a result, unrealized losses included fair value adjustments of $0.4 million that was reported as a component of other noninterest income within the consolidated statements of operations during each of the three and nine months ended September 30, 2025. All other unrealized gains and losses are included as a component of accumulated other comprehensive income or loss on the Company’s consolidated balance sheets. | |
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| Summary of amortized cost and fair value of held to maturity securities |
| | | | | | | | | | | | | | | Held to Maturity | | | Amortized | | Unrealized | | Unrealized | | | | September 30, 2026 | | Cost | | Gains | | Losses | | Fair Value | U.S. government agencies: | | | | | | | | | | | | | Residential mortgage-backed securities | | $ | 280,923 | | $ | — | | $ | (31,207) | | $ | 249,716 | Commercial mortgage-backed securities | | | 103,233 | | | — | | | (8,983) | | | 94,250 | Collateralized mortgage obligations | | | 275,493 | | | — | | | (35,856) | | | 239,637 | States and political subdivisions | | | 80,586 | | | — | | | (10,681) | | | 69,905 | Totals | | $ | 740,235 | | $ | — | | $ | (86,727) | | $ | 653,508 |
| | | | | | | | | | | | | | | Held to Maturity | | | Amortized | | Unrealized | | Unrealized | | | | December 31, 2025 | | Cost | | Gains | | Losses | | Fair Value | U.S. government agencies: | | | | | | | | | | | | | Residential mortgage-backed securities | | $ | 265,349 | | $ | 515 | | $ | (18,308) | | $ | 247,556 | Commercial mortgage-backed securities | | | 122,636 | | | 327 | | | (6,088) | | | 116,875 | Collateralized mortgage obligations | | | 262,203 | | | 223 | | | (25,577) | | | 236,849 | States and political subdivisions | | | 78,141 | | | 134 | | | (4,665) | | | 73,610 | Totals | | $ | 728,329 | | $ | 1,199 | | $ | (54,638) | | $ | 674,890 |
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| Schedule of information regarding available for sale securities that were in an unrealized loss position |
Information regarding available for sale and held to maturity securities that were in an unrealized loss position is shown in the following tables (dollars in thousands). | | | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | | Number of | | | | | Unrealized | | Number of | | | | | Unrealized | | | Securities | | Fair Value | | Losses | | Securities | | Fair Value | | Losses | Available for Sale | | | | | | | | | | | | | | | | | U.S. treasury securities: | | | | | | | | | | | | | | | | | Unrealized loss for less than twelve months | | — | | $ | — | | $ | — | | — | | $ | — | | $ | — | Unrealized loss for twelve months or longer | | — | | | — | | | — | | 1 | | | 4,943 | | | 55 | | | — | | | — | | | — | | 1 | | | 4,943 | | | 55 | U.S. government agencies: | | | | | | | | | | | | | | | | | Bonds: | | | | | | | | | | | | | | | | | Unrealized loss for less than twelve months | | 2 | | | 29,779 | | | 221 | | 2 | | | 2,811 | | | 6 | Unrealized loss for twelve months or longer | | 14 | | | 35,450 | | | 213 | | 13 | | | 41,004 | | | 343 | | | 16 | | | 65,229 | | | 434 | | 15 | | | 43,815 | | | 349 | Residential mortgage-backed securities: | | | | | | | | | | | | | | | | | Unrealized loss for less than twelve months | | 16 | | | 124,311 | | | 4,750 | | 1 | | | 11,390 | | | 46 | Unrealized loss for twelve months or longer | | 116 | | | 217,818 | | | 30,102 | | 117 | | | 251,643 | | | 22,018 | | | 132 | | | 342,129 | | | 34,852 | | 118 | | | 263,033 | | | 22,064 | Commercial mortgage-backed securities: | | | | | | | | | | | | | | | | | Unrealized loss for less than twelve months | | 10 | | | 95,365 | | | 2,571 | | 1 | | | 9,893 | | | 43 | Unrealized loss for twelve months or longer | | 18 | | | 198,545 | | | 4,345 | | 18 | | | 198,985 | | | 4,339 | | | 28 | | | 293,910 | | | 6,916 | | 19 | | | 208,878 | | | 4,382 | Collateralized mortgage obligations: | | | | | | | | | | | | | | | | | Unrealized loss for less than twelve months | | 15 | | | 106,941 | | | 4,740 | | 3 | | | 21,597 | | | 54 | Unrealized loss for twelve months or longer | | 123 | | | 484,231 | | | 47,110 | | 128 | | | 550,788 | | | 36,539 | | | 138 | | | 591,172 | | | 51,850 | | 131 | | | 572,385 | | | 36,593 | Corporate debt securities (1): | | | | | | | | | | | | | | | | | Unrealized loss for less than twelve months | | 2 | | | 45,196 | | | 5,099 | | 1 | | | 7,121 | | | 829 | Unrealized loss for twelve months or longer | | 2 | | | 16,460 | | | 1,172 | | 1 | | | 9,743 | | | 475 | | | 4 | | | 61,656 | | | 6,271 | | 2 | | | 16,864 | | | 1,304 | States and political subdivisions: | | | | | | | | | | | | | | | | | Unrealized loss for less than twelve months | | 12 | | | 5,252 | | | 97 | | — | | | — | | | — | Unrealized loss for twelve months or longer | | 37 | | | 20,649 | | | 3,914 | | 40 | | | 22,742 | | | 2,391 | | | 49 | | | 25,901 | | | 4,011 | | 40 | | | 22,742 | | | 2,391 | Total available for sale: | | | | | | | | | | | | | | | | | Unrealized loss for less than twelve months | | 57 | | | 406,844 | | | 17,478 | | 8 | | | 52,812 | | | 978 | Unrealized loss for twelve months or longer | | 310 | | | 973,153 | | | 86,856 | | 318 | | | 1,079,848 | | | 66,160 | | | 367 | | $ | 1,379,997 | | $ | 104,334 | | 326 | | $ | 1,132,660 | | $ | 67,138 |
| (1) | Certain corporate debt securities associated with merchant bank investments are required to be accounted for under the provisions of the Fair Value Option. As a result, unrealized losses included fair value adjustments of $4.0 million and $0.4 million during the three months ended September 30, 2026 and 2025, respectively, and $4.1 million and $0.4 million during the nine months ended September 30, 2026 and 2025, that were reported as a component of other noninterest income within the consolidated statements of operations. All other unrealized losses are included as a component of accumulated other comprehensive income or loss on the Company’s consolidated balance sheets. |
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| Schedule of information regarding held to maturity securities that were in an unrealized loss position |
| | | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | | Number of | | | | | Unrealized | | Number of | | | | | Unrealized | | | Securities | | Fair Value | | Losses | | Securities | | Fair Value | | Losses | Held to Maturity | | | | | | | | | | | | | | | | | U.S. government agencies: | | | | | | | | | | | | | | | | | Residential mortgage-backed securities: | | | | | | | | | | | | | | | | | Unrealized loss for less than twelve months | | 6 | | $ | 52,087 | | $ | 2,725 | | 1 | | $ | 11,337 | | $ | 2 | Unrealized loss for twelve months or longer | | 46 | | | 197,629 | | | 28,482 | | 45 | | | 214,351 | | | 18,306 | | | 52 | | | 249,716 | | | 31,207 | | 46 | | | 225,688 | | | 18,308 | Commercial mortgage-backed securities: | | | | | | | | | | | | | | | | | Unrealized loss for less than twelve months | | 3 | | | 20,087 | | | 621 | | — | | | — | | | — | Unrealized loss for twelve months or longer | | 13 | | | 74,163 | | | 8,362 | | 20 | | | 102,228 | | | 6,088 | | | 16 | | | 94,250 | | | 8,983 | | 20 | | | 102,228 | | | 6,088 | Collateralized mortgage obligations: | | | | | | | | | | | | | | | | | Unrealized loss for less than twelve months | | 6 | | | 59,880 | | | 1,684 | | — | | | — | | | — | Unrealized loss for twelve months or longer | | 50 | | | 179,757 | | | 34,172 | | 51 | | | 206,483 | | | 25,577 | | | 56 | | | 239,637 | | | 35,856 | | 51 | | | 206,483 | | | 25,577 | States and political subdivisions: | | | | | | | | | | | | | | | | | Unrealized loss for less than twelve months | | 19 | | | 15,657 | | | 1,127 | | 1 | | | 500 | | | — | Unrealized loss for twelve months or longer | | 161 | | | 54,248 | | | 9,554 | | 165 | | | 60,563 | | | 4,665 | | | 180 | | | 69,905 | | | 10,681 | | 166 | | | 61,063 | | | 4,665 | Total held to maturity: | | | | | | | | | | | | | | | | | Unrealized loss for less than twelve months | | 34 | | | 147,711 | | | 6,157 | | 2 | | | 11,837 | | | 2 | Unrealized loss for twelve months or longer | | 270 | | | 505,797 | | | 80,570 | | 281 | | | 583,625 | | | 54,636 | | | 304 | | $ | 653,508 | | $ | 86,727 | | 283 | | $ | 595,462 | | $ | 54,638 |
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| Schedule of amortized cost and fair value of securities, excluding trading and equity securities, by contractual maturity |
The amortized cost and fair value of securities, excluding trading and equity securities, at September 30, 2026 are shown by contractual maturity below (in thousands). | | | | | | | | | | | | | | | Available for Sale | | Held to Maturity | | | Amortized | | | | | Amortized | | | | | | Cost | | Fair Value | | Cost | | Fair Value | Due in one year or less | | $ | 17,274 | | $ | 17,217 | | $ | 485 | | $ | 476 | Due after one year through five years | | | 92,212 | | | 85,526 | | | 12,979 | | | 11,919 | Due after five years through ten years | | | 35,047 | | | 32,400 | | | 60,762 | | | 51,886 | Due after ten years | | | 24,177 | | | 22,910 | | | 6,360 | | | 5,624 | | | | 168,710 | | | 158,053 | | | 80,586 | | | 69,905 | | | | | | | | | | | | | | Residential mortgage-backed securities | | | 381,682 | | | 346,933 | | | 280,923 | | | 249,716 | Commercial mortgage-backed securities | | | 275,588 | | | 268,674 | | | 103,233 | | | 94,250 | Collateralized mortgage obligations | | | 651,042 | | | 599,253 | | | 275,493 | | | 239,637 | | | $ | 1,477,022 | | $ | 1,372,913 | | $ | 740,235 | | $ | 653,508 |
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