Securities (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Fair Value of Securities

The fair value of available-for-sale securities is as follows.

	September 30, 2025
	Amortized Cost		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale
U.S. Treasury, federal agencies, and government sponsored agencies	$	31,836	—		$	31,836	$	58	$	(58)	$	31,836
State and municipal	354,290		—		354,290		1,753		(40,715)		315,328
U.S. government agency mortgage-backed securities	491,207		—		491,207		3,175		(480)		493,902
Corporate notes	48,750		(150)		48,600		—		(6,424)		42,176
Total available for sale investment securities	$	926,083	$	(150)	$	925,933	$	4,986	$	(47,677)	$	883,242

September 30, 2025

Amortized Cost

Allowance for Credit Losses

Net Carrying Amount

Gross Unrealized Gains

Gross Unrealized Losses

Fair Value

Held to maturity

U.S. Treasury, federal agencies, and government sponsored agencies

$

—

$

—

$

—

$

—

$

—

$

—

State and municipal

—

—

—

—

—

—

U.S. government agency mortgage-backed securities

—

—

—

—

—

—

Private labeled mortgage–backed pools

—

—

—

—

—

—

Corporate notes

—

—

—

—

—

—

Total held to maturity investment securities

$

—

$

—

$

—

$

—

$

—

$

—

In August 2025, the Company reclassified its held-to-maturity investment portfolio, with a carrying value of $1.8 billion and unrealized loss of $282.6 million, to the available-for-sale portfolio as part of the Company's balance sheet repositioning. Following the reclassification, the Company sold securities with a fair value of $1.4 billion, recognizing a pre-tax loss of $299.5 million upon sale.

The fair value of trading securities is as follows:

	September 30, 2025		December 31, 2024
Held for Trading
U.S. Treasury, federal agencies, and government sponsored agencies	$	598	$	—
State and municipal	—		—
U.S. government agency mortgage-backed securities	—		—
Corporate notes	—		—
Total trading securities	$	598	$	—

For the three and nine-months ending September 30, 2025, the net gains (losses) on trading securities were determined to be immaterial to the consolidated financial statements.

	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Available for sale
U.S. Treasury, federal agencies, and government sponsored agencies	$	2,258	$	—	$	(457)	$	—	$	1,801
State and municipal	243,521		—		(41,687)		—		201,834
U.S. government agency mortgage-backed securities	17,984		—		(3,441)		—		14,543
Corporate notes	18,259		—		(2,760)		—		15,499
Total available for sale investment securities	$	282,022	$	—	$	(48,345)	$	—	$	233,677

	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Held to maturity
U.S. Treasury, federal agencies, and government sponsored agencies	$	278,383	$	—	$	(39,253)	$	239,130
State and municipal	1,048,862		958		(183,114)		866,706
U.S. government agency mortgage-backed securities	349,726		—		(54,904)		294,822
Private labeled mortgage–backed pools	29,278		—		(3,958)		25,320
Corporate notes	161,599		—		(21,309)		140,290
Total held to maturity investment securities	$	1,867,848	$	958	$	(302,538)	$	1,566,268
Less: Allowance for credit losses	(158)
Held to maturity securities, net of allowance for credit losses	$	1,867,690

Schedule of Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity

The amortized cost and fair value of securities available for sale and held to maturity at September 30, 2025 and December 31, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	September 30, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available for sale
Within one year	$	31,763	$	31,797	$	—	$	—
One to five years	49,247		48,529		—		—
Five to ten years	76,478		68,141		173,533		141,915
After ten years	277,388		240,873		90,505		77,219
	434,876		389,340		264,038		219,134
U.S. government agency mortgage-backed securities	491,207		493,902		17,984		14,543
Total available for sale investment securities	$	926,083	$	883,242	$	282,022	$	233,677
Held to maturity
Within one year	$	—	$	—	$	59,129	$	58,304
One to five years	—		—		298,362		278,007
Five to ten years	—		—		366,493		312,748
After ten years	—		—		764,860		597,067
	—		—		1,488,844		1,246,126
U.S. government agency mortgage-backed securities	—		—		349,726		294,822
Private labeled mortgage-backed pools	—		—		29,278		25,320
Total held to maturity investment securities	$	—	$	—	$	1,867,848	$	1,566,268

Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

The following tables show the gross unrealized losses and the fair value of the Company’s available for sale investments in which an allowance for credit losses were not recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

	September 30, 2025
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for Sale Investment Securities
U.S. Treasury, federal agencies, and government sponsored agencies	$	—	$	—	$	15,694	$	(58)	$	15,694	$	(58)
State and municipal	16,292		(255)		202,221		(40,460)		218,513		(40,715)
U.S. government agency mortgage-backed securities	39,550		(466)		(142)		(14)		39,408		(480)
Corporate notes	—		—		39,388		(4,361)		39,388		(4,361)
Total available for sale investment securities	$	55,842	$	(721)	$	257,161	$	(44,893)	$	313,003	$	(45,614)

	December 31, 2024
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for Sale Investment Securities
U.S. Treasury, federal agencies, and government sponsored agencies	$	—	$	—	$	1,801	$	(457)	$	1,801	$	(457)
State and municipal	—		—		201,834		(41,687)		201,834		(41,687)
U.S. government agency mortgage-backed securities	—		—		14,543		(3,441)		14,543		(3,441)
Corporate notes	—		—		15,499		(2,760)		15,499		(2,760)
Total available for sale investment securities	$	—	$	—	$	233,677	$	(48,345)	$	233,677	$	(48,345)

Schedule of Allowance for Credit Loss on Available-for-Sale Debt Securities

The following table details activity in the allowance for credit losses on available for sale debt securities during the three and nine months ended September 30, 2025 and 2024.

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2025		2024		2025		2024
Beginning balance	$	150	$	—	$	—	$	—
Credit loss expense (benefit)	—		—		150		—
Ending balance	$	150	$	—	$	150	$	—

Schedule of Credit Quality Indicators of Held-To-Maturity Securities at Amortized Cost

The following table summarizes credit ratings of our held-to-maturity securities at amortized cost for the periods indicated:

September 30, 2025	AAA		AA		A		BBB		BB		Not Rated		Total
U.S. Treasury, federal agencies, and government sponsored agencies	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	—		—		—		—		—		—		—
U.S. government agency mortgage-backed securities	—		—		—		—		—		—		—
Private labeled mortgage-backed pools	—		—		—		—		—		—		—
Corporate notes	—		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	—
December 31, 2024	AAA		AA		A		BBB		BB		Not Rated		Total
U.S. Treasury, federal agencies, and government sponsored agencies	$	—	$	278,383	$	—	$	—	$	—	$	—	$	278,383
State and municipal	273,629		698,428		66,079		10,726		—		—		1,048,862
U.S. government agency mortgage-backed securities	349,726		—		—		—		—		—		349,726
Private labeled mortgage-backed pools	29,278		—		—		—		—		—		29,278
Corporate notes	—		6,176		11,549		75,603		4,543		63,728		161,599
Total	$	652,633	$	982,987	$	77,628	$	86,329	$	4,543	$	63,728	$	1,867,848

Schedule of Allowance for Credit Losses on Held-To-Maturity Securities

The following table details activity in the allowance for credit losses on held-to-maturity securities during the three and nine months ended September 30, 2025 and 2024.

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2025		2024		2025		2024
Beginning balance	$	142	$	158	$	158	$	157
Credit loss expense (benefit)	(142)		—		(158)		1
Ending balance	$	—	$	158	$	—	$	158

Schedule of Sales of Securities Available for Sale

Information regarding securities proceeds, gross gains, and gross losses are presented below:

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2025		2024		2025		2024
Sales of available for sale securities
Proceeds	$	1,405,738	$	—	$	1,409,870	$	—
Gross gains	—		—		—		—
Gross losses	(299,132)		—		(299,538)		—

Fair Value And Amortized Costs Of Pledged Securities

The following table represents the fair value and amortized costs of pledged securities, excluding overnight repurchase agreements.

	September 30, 2025				December 31, 2024
	Fair Value		Amortized Cost		Fair Value		Amortized Cost
Pledged securities for borrowing availability at the Federal Reserve	$	—	$	—	$	851,384	$	1,032,916
Pledge securities for FHLB borrowings	—		—		279,136		333,613
Pledged securities for derivative instruments	27,660		27,391		0		0