Securities (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Schedule of Amortized Cost and Fair Value of AFS and HTM Debt Securities |
The following table presents the fair value and amortized cost of AFS and HTM debt securities: Table 2: Debt Securities Summary
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September 30, 2026 |
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|
December 31, 2025 |
|
(unaudited, in thousands) |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
Available-for-sale debt securities |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury |
|
$ |
197,154 |
|
|
$ |
— |
|
|
$ |
(444 |
) |
|
$ |
196,710 |
|
|
$ |
196,586 |
|
|
$ |
271 |
|
|
$ |
— |
|
|
$ |
196,857 |
|
U.S. Government sponsored entities and agencies |
|
|
225,388 |
|
|
|
— |
|
|
|
(27,660 |
) |
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|
197,728 |
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|
|
243,408 |
|
|
|
212 |
|
|
|
(20,623 |
) |
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|
222,997 |
|
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |
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|
3,006,963 |
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|
2,180 |
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(279,896 |
) |
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2,729,247 |
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2,771,608 |
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15,149 |
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(176,309 |
) |
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|
2,610,448 |
|
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |
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|
56,268 |
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|
|
— |
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(3,618 |
) |
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52,650 |
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66,043 |
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233 |
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(2,661 |
) |
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63,615 |
|
Asset backed securities |
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63,743 |
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41 |
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(183 |
) |
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63,601 |
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69,095 |
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45 |
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(205 |
) |
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|
68,935 |
|
Obligations of states and political subdivisions |
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|
80,322 |
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3 |
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(6,248 |
) |
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|
74,077 |
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74,738 |
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412 |
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(1,962 |
) |
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|
73,188 |
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Corporate debt securities |
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|
39,582 |
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|
509 |
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(412 |
) |
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39,679 |
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51,334 |
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1,015 |
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(57 |
) |
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52,292 |
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Total available-for-sale debt securities |
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$ |
3,669,420 |
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$ |
2,733 |
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$ |
(318,461 |
) |
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$ |
3,353,692 |
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$ |
3,472,812 |
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$ |
17,337 |
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$ |
(201,817 |
) |
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$ |
3,288,332 |
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Held-to-maturity debt securities |
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U.S. Government sponsored entities and agencies |
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$ |
2,026 |
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$ |
— |
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$ |
(176 |
) |
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$ |
1,850 |
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$ |
2,341 |
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$ |
— |
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$ |
(134 |
) |
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$ |
2,207 |
|
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |
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|
23,108 |
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1 |
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(2,255 |
) |
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20,854 |
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27,014 |
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2 |
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(1,547 |
) |
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|
25,469 |
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Obligations of states and political subdivisions |
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|
1,067,030 |
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20 |
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(167,517 |
) |
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899,533 |
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1,100,788 |
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2,137 |
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(96,687 |
) |
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|
1,006,238 |
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Corporate debt securities |
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1,975 |
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— |
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(9 |
) |
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1,966 |
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1,971 |
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72 |
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|
— |
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|
2,043 |
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Total held-to-maturity debt securities (1) |
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$ |
1,094,139 |
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$ |
21 |
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$ |
(169,957 |
) |
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$ |
924,203 |
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$ |
1,132,114 |
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$ |
2,211 |
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$ |
(98,368 |
) |
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$ |
1,035,957 |
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Total debt securities |
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$ |
4,763,559 |
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$ |
2,754 |
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$ |
(488,418 |
) |
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$ |
4,277,895 |
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$ |
4,604,926 |
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$ |
19,548 |
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$ |
(300,185 |
) |
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$ |
4,324,289 |
|
(1) Total HTM debt securities are presented on the Consolidated Balance Sheet net of their ACL totaling $0.2 million at September 30, 2026 and December 31, 2025.
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| Schedule of Amortized Cost and Fair Value of AFS and HTM Securities by Contractual Maturity |
The following table presents the amortized cost and fair value of AFS and HTM debt securities by contractual maturity date at September 30, 2026. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay debt obligations with or without prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are classified in the table below based on their contractual maturity date; however, regular principal payments and prepayments of principal are received on a monthly basis. Table 3: Debt Securities by Contractual Maturity Date
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(unaudited, in thousands) |
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Within One Year |
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After 1 Year
through 5 Years |
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After 5 Years
through 10 Years |
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After 10 Years |
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Total |
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Available-for-sale debt securities: |
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|
U.S. Treasury |
|
$ |
197,154 |
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|
$ |
— |
|
|
$ |
— |
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|
$ |
— |
|
|
$ |
197,154 |
|
U.S. Government sponsored entities and agencies |
|
|
2,001 |
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|
87,307 |
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|
43,129 |
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|
92,951 |
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|
|
225,388 |
|
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |
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|
35 |
|
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|
26,153 |
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|
287,312 |
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2,693,463 |
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|
3,006,963 |
|
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |
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|
2,029 |
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|
29,958 |
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|
|
3,889 |
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|
20,392 |
|
|
|
56,268 |
|
Asset backed securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
63,743 |
|
|
|
63,743 |
|
Obligations of states and political subdivisions |
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|
2,046 |
|
|
|
37,938 |
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|
16,924 |
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|
23,414 |
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|
|
80,322 |
|
Corporate debt securities |
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|
9,495 |
|
|
|
26,340 |
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|
|
3,747 |
|
|
|
— |
|
|
|
39,582 |
|
Total available-for-sale debt securities at amortized cost |
|
$ |
212,760 |
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|
$ |
207,696 |
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|
$ |
355,001 |
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|
$ |
2,893,963 |
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|
$ |
3,669,420 |
|
Fair value |
|
$ |
212,239 |
|
|
$ |
195,863 |
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|
$ |
316,522 |
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|
$ |
2,629,068 |
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$ |
3,353,692 |
|
Weighted-average yield (1) |
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|
3.87 |
% |
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|
3.41 |
% |
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|
2.60 |
% |
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|
3.59 |
% |
|
|
3.50 |
% |
Held-to-maturity debt securities: |
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U.S. Government sponsored entities and agencies |
|
$ |
— |
|
|
$ |
1,001 |
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|
$ |
1,025 |
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|
$ |
— |
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|
$ |
2,026 |
|
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |
|
|
— |
|
|
|
1,865 |
|
|
|
4,731 |
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|
16,512 |
|
|
|
23,108 |
|
Obligations of states and political subdivisions |
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|
15,236 |
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|
298,819 |
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|
|
548,776 |
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|
204,199 |
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|
|
1,067,030 |
|
Corporate debt securities |
|
|
— |
|
|
|
1,975 |
|
|
|
— |
|
|
|
— |
|
|
|
1,975 |
|
Total held-to-maturity debt securities at amortized cost |
|
$ |
15,236 |
|
|
$ |
303,660 |
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|
$ |
554,532 |
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$ |
220,711 |
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|
$ |
1,094,139 |
|
Fair value |
|
$ |
15,127 |
|
|
$ |
282,984 |
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|
$ |
454,488 |
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|
$ |
171,604 |
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|
$ |
924,203 |
|
Weighted-average yield (1) |
|
|
3.86 |
% |
|
|
3.52 |
% |
|
|
2.79 |
% |
|
|
3.06 |
% |
|
|
3.06 |
% |
(1) Weighted-average yields are based on the amortized cost with effective yields weighted for the contractual maturity of each security. Weighted-average yields on tax exempt securities have been calculated on a taxable equivalent basis using the federal statutory tax rate of 21%.
|
| Schedule of Gross Realized Gains and Losses on the Sales and Calls of Securities |
The following table presents the gross realized gains and losses on sales and calls of AFS and HTM debt securities, as well as gains and losses on equity securities from both sales and market adjustments, for the three and nine months ended September 30, 2026 and 2025, respectively. Table 4: Net Gains/(Losses) on Debt and Equity Securities (1)
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For the Three Months
Ended September 30, |
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For the Nine Months
Ended September 30, |
|
(unaudited, in thousands) |
|
2026 |
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|
2025 |
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|
2026 |
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|
2025 |
|
Debt securities: |
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|
|
|
|
|
|
|
|
|
|
|
Gross realized gains |
|
$ |
63 |
|
|
$ |
66 |
|
|
$ |
619 |
|
|
$ |
284 |
|
Gross realized losses |
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|
(7 |
) |
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|
(11 |
) |
|
|
(425 |
) |
|
|
(180 |
) |
Net gains on debt securities |
|
|
56 |
|
|
|
55 |
|
|
|
194 |
|
|
|
104 |
|
Equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized (losses) gains recognized on securities still held (2) |
|
|
(207 |
) |
|
|
1,155 |
|
|
|
1,286 |
|
|
|
2,198 |
|
Net securities (losses) gains |
|
$ |
(151 |
) |
|
$ |
1,210 |
|
|
$ |
1,480 |
|
|
$ |
2,302 |
|
(1) All gains and losses presented are included in the Net securities (losses) gains line item of the Consolidated Income Statement. (2) For equity securities related to the key officer and director deferred compensation plan, the corresponding change in the obligation to the participant is recognized in employee benefits expense.
|
| Schedule of ACL on HTM Securities |
The following table provides a roll-forward of the ACL on HTM securities for the nine months ended September 30, 2026 and 2025: Table 5: ACL on HTM Securities
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For the Nine Months Ended September 30, 2026 and 2025 |
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Obligations of |
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|
states and |
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Corporate |
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|
political |
|
debt |
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|
(unaudited, in thousands) |
subdivisions |
|
Securities |
|
Total |
|
Balance at December 31, 2025 |
$ |
155 |
|
$ |
13 |
|
$ |
168 |
|
Current period provision (1) |
|
1 |
|
|
— |
|
|
1 |
|
Balance at September 30, 2026 |
$ |
156 |
|
$ |
13 |
|
$ |
169 |
|
|
|
|
|
|
|
|
Balance at December 31, 2024 |
$ |
124 |
|
$ |
22 |
|
$ |
146 |
|
Current period provision (1) |
|
34 |
|
|
1 |
|
|
35 |
|
Balance at September 30, 2025 |
$ |
158 |
|
$ |
23 |
|
$ |
181 |
|
(1) Total provision for credit losses on HTM securities is reported in the Consolidated Statement of Income in the provision for credit losses line item, which also includes the provision for credit losses - loans and loan commitments. For more information on the provision relating to loans and loan commitments, please see Note 4, "Loans and the Allowance for Credit Losses."
|
| Schedule of Unrealized Losses on Investment Securities |
The following tables provide information on unrealized losses on AFS debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more, for which an ACL has not been recorded, as of September 30, 2026 and December 31, 2025, respectively: Table 6: Unrealized Loss and Fair Value of AFS Securities Without an ACL
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|
|
|
|
|
|
September 30, 2026 |
|
|
|
Less than 12 months |
|
|
12 months or more |
|
|
Total |
|
(unaudited, dollars in thousands) |
|
Fair
Value |
|
|
Unrealized
Losses (1) |
|
|
# of
Securities |
|
|
Fair
Value |
|
|
Unrealized
Losses (1) |
|
|
# of
Securities |
|
|
Fair
Value |
|
|
Unrealized
Losses (1) |
|
|
# of
Securities |
|
U.S. Treasury |
|
$ |
196,711 |
|
|
$ |
(444 |
) |
|
|
4 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
196,711 |
|
|
$ |
(444 |
) |
|
|
4 |
|
U.S. Government sponsored entities and agencies |
|
|
29,183 |
|
|
|
(1,590 |
) |
|
|
6 |
|
|
|
168,546 |
|
|
|
(26,070 |
) |
|
|
38 |
|
|
|
197,729 |
|
|
|
(27,660 |
) |
|
|
44 |
|
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |
|
|
1,473,938 |
|
|
|
(64,171 |
) |
|
|
332 |
|
|
|
1,148,750 |
|
|
|
(215,725 |
) |
|
|
355 |
|
|
|
2,622,688 |
|
|
|
(279,896 |
) |
|
|
687 |
|
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |
|
|
14,508 |
|
|
|
(564 |
) |
|
|
4 |
|
|
|
38,142 |
|
|
|
(3,054 |
) |
|
|
16 |
|
|
|
52,650 |
|
|
|
(3,618 |
) |
|
|
20 |
|
Asset backed securities |
|
|
40,916 |
|
|
|
(151 |
) |
|
|
8 |
|
|
|
7,689 |
|
|
|
(32 |
) |
|
|
2 |
|
|
|
48,605 |
|
|
|
(183 |
) |
|
|
10 |
|
Obligations of states and political subdivisions |
|
|
49,921 |
|
|
|
(2,981 |
) |
|
|
84 |
|
|
|
19,183 |
|
|
|
(3,267 |
) |
|
|
25 |
|
|
|
69,104 |
|
|
|
(6,248 |
) |
|
|
109 |
|
Corporate debt securities |
|
|
18,907 |
|
|
|
(386 |
) |
|
|
11 |
|
|
|
7,470 |
|
|
|
(26 |
) |
|
|
2 |
|
|
|
26,377 |
|
|
|
(412 |
) |
|
|
13 |
|
Total temporarily impaired securities |
|
$ |
1,824,084 |
|
|
$ |
(70,287 |
) |
|
|
449 |
|
|
$ |
1,389,780 |
|
|
$ |
(248,174 |
) |
|
|
438 |
|
|
$ |
3,213,864 |
|
|
$ |
(318,461 |
) |
|
|
887 |
|
(1) Represents temporary fluctuations resulting from changes in market rates in relation to fixed yields that are accounted for as an adjustment, net of taxes, to other comprehensive income in shareholders’ equity.
|
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|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Less than 12 months |
|
|
12 months or more |
|
|
Total |
|
(dollars in thousands) |
|
Fair
Value |
|
|
Unrealized
Losses (1) |
|
|
# of
Securities |
|
|
Fair
Value |
|
|
Unrealized
Losses (1) |
|
|
# of
Securities |
|
|
Fair
Value |
|
|
Unrealized
Losses (1) |
|
|
# of
Securities |
|
U.S. Treasury |
|
$ |
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
— |
|
U.S. Government sponsored entities and agencies |
|
|
8,252 |
|
|
|
(109 |
) |
|
|
3 |
|
|
|
189,841 |
|
|
|
(20,514 |
) |
|
|
42 |
|
|
|
198,093 |
|
|
|
(20,623 |
) |
|
|
45 |
|
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |
|
|
245,766 |
|
|
|
(1,340 |
) |
|
|
59 |
|
|
|
1,307,219 |
|
|
|
(174,969 |
) |
|
|
430 |
|
|
|
1,552,985 |
|
|
|
(176,309 |
) |
|
|
489 |
|
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
48,325 |
|
|
|
(2,661 |
) |
|
|
18 |
|
|
|
48,325 |
|
|
|
(2,661 |
) |
|
|
18 |
|
Asset backed securities |
|
|
58,042 |
|
|
|
(205 |
) |
|
|
11 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
58,042 |
|
|
|
(205 |
) |
|
|
11 |
|
Obligations of states and political subdivisions |
|
|
4,168 |
|
|
|
(124 |
) |
|
|
8 |
|
|
|
23,806 |
|
|
|
(1,838 |
) |
|
|
33 |
|
|
|
27,974 |
|
|
|
(1,962 |
) |
|
|
41 |
|
Corporate debt securities |
|
|
11,050 |
|
|
|
(55 |
) |
|
|
8 |
|
|
|
5,484 |
|
|
|
(2 |
) |
|
|
2 |
|
|
|
16,534 |
|
|
|
(57 |
) |
|
|
10 |
|
Total temporarily impaired securities |
|
$ |
327,278 |
|
|
$ |
(1,833 |
) |
|
|
89 |
|
|
$ |
1,574,675 |
|
|
$ |
(199,984 |
) |
|
|
525 |
|
|
$ |
1,901,953 |
|
|
$ |
(201,817 |
) |
|
|
614 |
|
(1) Represents temporary fluctuations resulting from changes in market rates in relation to fixed yields that are accounted for as an adjustment, net of taxes, to other comprehensive income in shareholders’ equity.
|