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Securities (Tables) | 3 Months Ended
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Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Securities Available-for-Sale | The amortized cost, unrealized gross gains and losses recognized in accumulated other comprehensive income (loss), and fair value of securities available-for-sale were as follows:
Securities Available-for-Sale: |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value
March 31, 2024 |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 49,680 |  |  | $ | 6 |  |  | $ | — |  |  |  |  | $ | 49,686 |
Obligations of State and Political Subdivisions |  | 826,416 |  |  | 316 |  |  | (137,972) |  |  |  |  | 688,760 |
MBS/CMO |  | 746,250 |  |  | 17 |  |  | (123,251) |  |  |  |  | 623,016 |
US Gov’t Sponsored Entities & Agencies |  | 216,565 |  |  | — |  |  | (38,757) |  |  |  |  | 177,808 |
Total |  | $ | 1,838,911 |  |  | $ | 339 |  |  | $ | (299,980) |  |  |  |  | $ | 1,539,270 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |
Obligations of State and Political Subdivisions |  | 889,940 |  |  | 1,309 |  |  | (122,374) |  |  |  |  | 768,875 |
MBS/CMO |  | 761,025 |  |  | 28 |  |  | (116,013) |  |  |  |  | 645,040 |
US Gov’t Sponsored Entities & Agencies |  | 220,295 |  |  | — |  |  | (37,378) |  |  |  |  | 182,917 |
Total |  | $ | 1,871,260 |  |  | $ | 1,337 |  |  | $ | (275,765) |  |  |  |  | $ | 1,596,832 |
Schedule of Securities by Contractual Maturity | The amortized cost and fair value of securities available-for-sale at March 31, 2024 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because some issuers have the right to call or prepay certain obligations with or without call or prepayment penalties. Mortgage-backed Securities are not due at a single maturity date and are shown separately.
Securities Available-for-Sale: |  | Amortized Cost |  | Fair Value
Due in one year or less |  | $ | 51,185 |  |  | $ | 51,185 |
Due after one year through five years |  | 12,108 |  |  | 12,036 |
Due after five years through ten years |  | 50,483 |  |  | 46,605 |
Due after ten years |  | 762,320 |  |  | 628,620 |
MBS/CMO |  | 746,250 |  |  | 623,016 |
US Gov’t Sponsored Entities & Agencies |  | 216,565 |  |  | 177,808 |
Total |  | $ | 1,838,911 |  |  | $ | 1,539,270 |
Schedule of Proceeds from the Sales of Securities | Proceeds from the Sales of Securities are summarized below:
|  | Three Months Ended |  | Three Months Ended
|  | March 31, 2024 |  | March 31, 2023
Proceeds from Sales |  | $ | 62,162 |  |  | $ | 93,752 |
Gross Gains on Sales |  | 360 |  |  | 257 |
Gross Losses on Sales |  | 325 |  |  | 255 |
Income Taxes on Gross Gains |  | 7 |  |  | — |
Schedule of Securities with Unrealized Losses | Below is a summary of securities with unrealized losses as of March 31, 2024 and December 31, 2023, presented by length of time the securities have been in a continuous unrealized loss position:
|  | Less than 12 Months |  | 12 Months or More |  | Total
March 31, 2024 |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Obligations of State and Political Subdivisions |  | $ | 18,497 |  |  | $ | (256) |  |  | $ | 653,099 |  |  | $ | (137,716) |  |  | $ | 671,596 |  |  | $ | (137,972) |
MBS/CMO |  | — |  |  | — |  |  | 621,301 |  |  | (123,251) |  |  | 621,301 |  |  | (123,251) |
US Gov’t Sponsored Entities & Agencies |  | — |  |  | — |  |  | 177,808 |  |  | (38,757) |  |  | 177,808 |  |  | (38,757) |
Total |  | $ | 18,497 |  |  | $ | (256) |  |  | $ | 1,452,208 |  |  | $ | (299,724) |  |  | $ | 1,470,705 |  |  | $ | (299,980) |
|  | Less than 12 Months |  | 12 Months or More |  | Total
December 31, 2023 |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Obligations of State and Political Subdivisions |  | $ | 13,469 |  |  | $ | (175) |  |  | $ | 668,223 |  |  | $ | (122,199) |  |  | $ | 681,692 |  |  | $ | (122,374) |
MBS/CMO |  | 135 |  |  | (1) |  |  | 643,172 |  |  | (116,012) |  |  | 643,307 |  |  | (116,013) |
US Gov’t Sponsored Entities & Agencies |  | — |  |  | — |  |  | 182,917 |  |  | (37,378) |  |  | 182,917 |  |  | (37,378) |
Total |  | $ | 13,604 |  |  | $ | (176) |  |  | $ | 1,494,312 |  |  | $ | (275,589) |  |  | $ | 1,507,916 |  |  | $ | (275,765) |

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