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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule Of Investment Securities

Investment securities at September 30, 2024 and at December 31, 2023, were as follows:

Debt securities AFS (In thousands)						Amortized Cost						Gross Unrealized Holding  Gains						Gross Unrealized Holding  Losses						Fair Value
September 30, 2024:
Obligations of U.S. Government sponsored entities						$	250					$	—					$	2					$	248
Obligations of states and political subdivisions						219,248						484						13,362						206,370
U.S. Government sponsored entities' asset-backed securities						608,962						74						48,187						560,849
Collateralized loan obligations						343,370						434						75						343,729
Corporate debt securities						20,732						4						2,057						18,679
Total						$	1,192,562					$	996					$	63,683					$	1,129,875

 

Debt securities AFS (In thousands)						Amortized Cost						Gross Unrealized Holding  Gains						Gross Unrealized Holding  Losses						Fair Value
December 31, 2023:
Obligations of states and political subdivisions						$	251,531					$	1,173					$	11,520					$	241,184
U.S. Government sponsored entities' asset-backed securities						703,645						23						68,193						635,475
Collateralized loan obligations						443,112						31						4,857						438,286
Corporate debt securities						20,482						—						2,585						17,897
Total						$	1,418,770					$	1,227					$	87,155					$	1,332,842

Schedule Of Unrealized Loss On Securities

Investment securities in an unrealized loss position at September 30, 2024, were as follows:

						Unrealized loss position for less than 12 months												Unrealized loss position for 12 months or longer												Total
(In thousands)						Fair value						Unrealized losses						Fair value						Unrealized losses						Fair value						Unrealized losses
Debt securities AFS:
Obligations of U.S. Government sponsored entities						$	248					$	2					$	—					$	—					$	248					$	2
Obligations of states and political subdivisions						23,999						312						144,936						13,050						168,935						13,362
U.S. Government sponsored entities' asset-backed securities						—						—						553,361						48,187						553,361						48,187
Collateralized loan obligations						66,578						22						73,616						53						140,194						75
Corporate debt securities						944						16						15,609						2,041						16,553						2,057
Total						$	91,769					$	352					$	787,522					$	63,331					$	879,291					$	63,683

 Investment securities in an unrealized loss position at December 31, 2023, were as follows:

 

						Unrealized loss position for less than 12 months												Unrealized loss position for 12 months or longer												Total
(In thousands)						Fair value						Unrealized losses						Fair value						Unrealized losses						Fair value						Unrealized losses
Debt securities AFS:
Obligations of states and political subdivisions						$	46,685					$	420					$	103,993					$	11,100					$	150,678					$	11,520
U.S. Government sponsored entities' asset-backed securities						—						—						634,261						68,193						634,261						68,193
Collateralized loan obligations						—						—						404,019						4,857						404,019						4,857
Corporate debt securities						9,530						702						8,367						1,883						17,897						2,585
Total						$	56,215					$	1,122					$	1,150,640					$	86,033					$	1,206,855					$	87,155

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of investments in debt securities AFS at September 30, 2024, are shown in the following table by contractual maturity, except for asset-backed securities and collateral loan obligations, which are shown as a single total due to the unpredictability of the timing of principal repayments. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

(In thousands)						Amortized cost						Fair value						Tax equivalent yield (1)
Debt Securities AFS
Obligations of U.S.Government sponsored entities
Due within one year						$	250					$	248					2.88		%
Total						$	250					$	248					2.88		%
Obligations of state and political subdivisions:
Due within one year						$	250					$	250					6.06		%
Due one through five years						1,494						1,494						3.15		%
Due five through ten years						94,696						91,936						3.18		%
Due over ten years						122,808						112,690						3.19		%
Total						$	219,248					$	206,370					3.19		%
U.S. Government sponsored entities' asset-backed securities						$	608,962					$	560,849					1.86		%
Collateralized loan obligations						$	343,370					$	343,729					7.00		%
Corporate debt securities
Due within one year						$	961					$	945					9.67		%
Due five through ten years						19,771						17,734						4.10		%
Total						$	20,732					$	18,679					4.36		%

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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