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Securities

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Securities

Securities

The amortized cost, gross unrealized gains and losses, and fair values of available-for-sale and held-to-maturity debt securities by type follows as of:

			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated  Fair  Value
September 30, 2023
Available-for-sale:
U.S. treasury			$	58,478					$	—					$	(5,625)					$	52,853
U.S. agency			2,089						—						(34)						2,055
Obligations of states and political subdivisions			29,941						—						(5,453)						24,488
Mortgage backed - residential			118,975						—						(18,422)						100,553
Collateralized mortgage obligations			208,949						—						(24,492)						184,457
Mortgage backed - commercial			134,990						—						(18,079)						116,911
Other debt			16,787						—						(2,112)						14,675
Total available-for-sale			$	570,209					$	—					$	(74,217)					$	495,992
Held-to-maturity:
Obligations of states and political subdivisions			$	25,500					$	—					$	(5,473)					$	20,027
Mortgage backed - residential			7,859						—						(815)						7,044
Collateralized mortgage obligations			4,051						—						(330)						3,721
Total held-to-maturity			$	37,410					$	—					$	(6,618)					$	30,792
December 31, 2022
Available-for-sale:
U.S. treasury			$	62,010					$	—					$	(5,361)					$	56,649
U.S. agency			2,881						—						(47)						2,834
Obligations of states and political subdivisions			29,897						—						(4,998)						24,899
Mortgage backed - residential			129,955						6						(13,826)						116,135
Collateralized mortgage obligations			225,559						—						(21,294)						204,265
Mortgage backed - commercial			130,997						—						(13,661)						117,336
Other debt			16,774						—						(1,919)						14,855
Total available-for-sale			$	598,073					$	6					$	(61,106)					$	536,973
Held-to-maturity:
Obligations of states and political subdivisions			$	25,378					$	5					$	(4,891)					$	20,492
Mortgage backed - residential			8,705						4						(511)						8,198
Collateralized mortgage obligations			4,818						—						(290)						4,528
Total held-to-maturity			$	38,901					$	9					$	(5,692)					$	33,218

There was no allowance for credit losses related to our investment securities as of September 30, 2023.

As of September 30, 2023 and December 31, 2022, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity.

Fair value and unrealized losses on debt securities by type and length of time in a continuous unrealized loss position without an allowance for credit losses were as follows:

			Less than 12 months												12 months or longer												Total
			Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses						Number of Securities
September 30, 2023
Available-for-sale:
U.S. treasury			$	—					$	—					$	52,853					$	(5,625)					$	52,853					$	(5,625)					9
U.S. agency			—						—						2,055						(34)						2,055						(34)						7
Obligations of states and political subdivisions			—						—						24,488						(5,453)						24,488						(5,453)						19
Mortgage backed - residential			320						(4)						100,233						(18,418)						100,553						(18,422)						88
Collateralized mortgage obligations			—						—						184,457						(24,492)						184,457						(24,492)						66
Mortgage backed - commercial			5,086						(115)						111,825						(17,964)						116,911						(18,079)						25
Other debt			—						—						14,675						(2,112)						14,675						(2,112)						9
Total available-for-sale			$	5,406					$	(119)					$	490,586					$	(74,098)					$	495,992					$	(74,217)					223
Held-to-maturity:
Obligations of states and political subdivisions			$	329					$	(4)					$	19,698					$	(5,469)					$	20,027					$	(5,473)					9
Mortgage backed - residential			135						—						6,888						(815)						7,023						(815)						13
Collateralized mortgage obligations			—						—						3,721						(330)						3,721						(330)						5
Total held-to-maturity			$	464					$	(4)					$	30,307					$	(6,614)					$	30,771					$	(6,618)					27

			Less than 12 months												12 months or longer												Total
			Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses						Number of Securities
December 31, 2022
Available-for-sale:
U.S. treasury			$	25,702					$	(967)					$	30,947					$	(4,394)					$	56,649					$	(5,361)					10
U.S. agency			—						—						2,834						(47)						2,834						(47)						7
Obligations of states and political subdivisions			21,676						(3,784)						2,753						(1,214)						24,429						(4,998)						18
Mortgage backed - residential			51,921						(2,939)						63,691						(10,887)						115,612						(13,826)						87
Collateralized mortgage obligations			111,360						(4,631)						92,905						(16,663)						204,265						(21,294)						66
Mortgage backed - commercial			70,710						(6,475)						46,626						(7,186)						117,336						(13,661)						22
Other debt			14,855						(1,919)						—						—						14,855						(1,919)						9
Total available-for-sale			$	296,224					$	(20,715)					$	239,756					$	(40,391)					$	535,980					$	(61,106)					219
Held-to-maturity:
Obligations of states and political subdivisions			$	20,153					$	(4,891)					$	—					$	—					$	20,153					$	(4,891)					8
Mortgage backed - residential			7,993						(511)						—						—						7,993						(511)						10
Collateralized mortgage obligations			4,127						(275)						401						(15)						4,528						(290)						5
Total held-to-maturity			$	32,273					$	(5,677)					$	401					$	(15)					$	32,674					$	(5,692)					23

We do not consider the unrealized losses to be credit-related, as these unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase. We do not have plans to sell any of the available-for-sale debt securities with unrealized losses as of September 30, 2023, and we believe it is more likely than not that we would not be required to sell such available-for-sale debt securities before recovery of their amortized cost.

We continue to monitor unrealized loss positions for potential credit impairments. During the nine months ended September 30, 2023, there were no credit impairments related to our investment securities.

The amortized cost and fair value of our debt securities by contractual maturity as of September 30, 2023 are summarized in the following table. Maturities are based on the final contractual payment dates and do not reflect the impact of prepayments or earlier redemptions that may occur.

			Amortized Cost						Estimated Fair Value
Available-for-sale:
Due within 1 year			$	14,995					$	14,726
Due after 1 year through 5 years			61,708						55,491
Due after 5 years through 10 years			146,294						127,028
Due after 10 years			347,212						298,747
Total available-for-sale			$	570,209					$	495,992
Held-to-maturity:
Due after 1 year through 5 years			$	1,026					$	983
Due after 5 years through 10 years			757						711
Due after 10 years			35,627						29,098
Total held-to-maturity			$	37,410					$	30,792

Securities with a carrying value of $437,724 and $428,721 were pledged to secure public deposits, securities sold under agreements to repurchase and borrowed funds at September 30, 2023 and December 31, 2022, respectively.

There were no proceeds from sales and calls of securities for the three and nine months ended September 30, 2023. There were proceeds from sales and calls of securities for the three and nine months ended September 30, 2022 of $81,016. No gain or loss was recognized for the three and nine months ended September 30, 2022 as the securities sold were acquired at fair value on April 1, 2022 in the Pioneer merger and were sold on April 5, 2022.

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- Definition

The entire disclosure for investments in certain debt and equity securities.

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