v3.26.3
Securities (Tables)
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Amortized cost and estimated fair value of investment and mortgage-backed securities
The amortized cost, gross unrealized gains and losses and estimated fair value of investment and mortgage-backed AFS and HTM securities, net of allowance for credit losses, as of September 30, 2026 and December 31, 2025 are reflected in the tables below (in thousands):
September 30, 2026
Amortized
Gross
Unrealized
Gross UnrealizedLess:
Allowance for 		Estimated
AVAILABLE FOR SALECostGainsLossesCredit LossesFair Value
Investment securities:
State and political subdivisions$190,891 $3 $32,936 $— $157,958 
Corporate bonds and other 43,347 240 364 — 43,223 
MBS: (1)
Residential1,482,525 26 60,233 — 1,422,318 
Commercial— — — — — 
Total$1,716,763 $269 $93,533 $— $1,623,499 
Amortized
Gross
Unrealized
Gross UnrealizedEstimatedLess:
Allowance for		Net Carrying
HELD TO MATURITYCostGainsLossesFair ValueCredit LossesAmount
Investment securities:
State and political subdivisions$1,044,582 $128 $236,712 $807,998 $24 $1,044,558 
Corporate bonds and other83,495 885 1,108 83,272 — 83,495 
MBS: (1)
Residential70,746 1 8,013 62,734 — 70,746 
Commercial8,696 — 1,302 7,394 — 8,696 
Total $1,207,519 $1,014 $247,135 $961,398 $24 $1,207,495 

December 31, 2025
Amortized
Gross
Unrealized
Gross UnrealizedLess:
Allowance for		Estimated
AVAILABLE FOR SALECostGainsLossesCredit LossesFair Value
Investment securities:
State and political subdivisions$192,268 $1,423 $17,055 $— $176,636 
Corporate bonds and other 17,793 327 99 — 18,021 
MBS: (1)
Residential
1,244,698 15,278 708 — 1,259,268 
Commercial
2,227 67 — — 2,294 
Total$1,456,986 $17,095 $17,862 $— $1,456,219 

Amortized
Gross
Unrealized
Gross UnrealizedEstimatedLess:
Allowance for		Net Carrying
HELD TO MATURITYCostGainsLossesFair ValueCredit LossesAmount
Investment securities:
State and political subdivisions$1,042,986 $2,290 $139,719 $905,557 $25 $1,042,961 
Corporate bonds and other98,609 694 1,487 97,816 — 98,609 
MBS: (1)
Residential77,080 10 4,898 72,192 — 77,080 
Commercial28,827 — 1,088 27,739 — 28,827 
Total$1,247,502 $2,994 $147,192 $1,103,304 $25 $1,247,477 
(1) All MBS are issued and/or guaranteed by U.S. government agencies or U.S. GSEs.
Investment
The following tables present the fair value and unrealized losses on AFS, if applicable, for which an allowance for credit losses has not been recorded, as well as HTM investment securities and MBS, if applicable, as of September 30, 2026 and December 31, 2025, segregated by major security type and length of time in a continuous loss position (in thousands):
September 30, 2026
Less Than 12 MonthsMore Than 12 MonthsTotal
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
AVAILABLE FOR SALE
Investment securities:
State and political subdivisions$43,927 $1,230 $113,272 $31,706 $157,199 $32,936 
Corporate bonds and other33,775 226 4,862 138 38,637 364 
MBS:
Residential1,410,840 59,188 8,817 1,045 1,419,657 60,233 
Total$1,488,542 $60,644 $126,951 $32,889 $1,615,493 $93,533 
HELD TO MATURITY
Investment securities:
State and political subdivisions$48,633 $6,072 $756,522 $230,640 $805,155 $236,712 
Corporate bonds and other6,032 78 43,314 1,030 49,346 1,108 
MBS:
Residential235 1 62,405 8,012 62,640 8,013 
Commercial— — 7,394 1,302 7,394 1,302 
Total$54,900 $6,151 $869,635 $240,984 $924,535 $247,135 
December 31, 2025
Less Than 12 Months
More Than 12 Months
Total
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
AVAILABLE FOR SALE
Investment securities:
State and political subdivisions$— $— $128,723 $17,055 $128,723 $17,055 
Corporate bonds and other3,708 42 4,943 57 8,651 99 
MBS:
Residential52,056 32 10,320 676 62,376 708 
Total$55,764 $74 $143,986 $17,788 $199,750 $17,862 
HELD TO MATURITY
Investment securities:
State and political subdivisions$20,224 $3,128 $770,244 $136,591 $790,468 $139,719 
Corporate bonds and other— — 64,009 1,487 64,009 1,487 
MBS:
Residential— — 71,782 4,898 71,782 4,898 
Commercial— — 27,739 1,088 27,739 1,088 
Total $20,224 $3,128 $933,774 $144,064 $953,998 $147,192 
Interest income recognized on securities
The following table reflects interest income recognized on securities for the periods presented (in thousands):
Three Months Ended
September 30,
20262025
U.S. Treasury$— $734 
State and political subdivisions9,317 11,424 
Corporate bonds and other1,729 1,665 
MBS19,698 14,174 
Total interest income on securities$30,744 $27,997 
Nine Months Ended
September 30,
20262025
U.S. Treasury$— $3,737 
State and political subdivisions27,967 34,743 
Corporate bonds and other4,713 4,875 
MBS56,068 40,737 
Total interest income on securities$88,748 $84,092 
Amortized cost, carrying value and fair value of securities presented by contractual maturity
The amortized cost and estimated fair value of AFS and HTM securities at September 30, 2026, are presented below by contractual maturity (in thousands):
September 30, 2026
Amortized CostFair Value
AVAILABLE FOR SALE
Investment securities:
Due in one year or less$260 $260 
Due after one year through five years8,622 8,746 
Due after five years through ten years30,696 30,397 
Due after ten years194,660 161,778 
234,238 201,181 
MBS:1,482,525 1,422,318 
Total$1,716,763 $1,623,499 

September 30, 2026
Amortized Cost
Fair Value
HELD TO MATURITY
Investment securities:
Due in one year or less$140 $138 
Due after one year through five years55,440 54,619 
Due after five years through ten years82,692 78,580 
Due after ten years989,805 757,933 
1,128,077 891,270 
MBS:79,442 70,128 
Total$1,207,519 $961,398 
Unrealized and realized gains (losses) recognized in net income on equity investments
The following is a summary of unrealized and realized gains and losses on equity investments recognized in other noninterest income in the consolidated statements of income during the periods presented (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Net gains (losses) recognized during the period on equity investments$(202)$51 $(258)$146 
Less: Net gains recognized during the period on equity investments sold during the period— — — — 
Unrealized gains (losses) recognized during the reporting period on equity investments held at the reporting date$(202)$51 $(258)$146