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v3.25.2

Securities | 6 Months Ended
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Jun. 30, 2025
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
June 30, 2025 |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |
U.S. treasury | $ | 35,194 |  |  | $ | — |  |  | $ | (2,589) |  |  | $ | 32,605 |
U.S. agency | 556 |  |  | — |  |  | (7) |  |  | 549 |
Obligations of states and political subdivisions | 29,427 |  |  | — |  |  | (2,348) |  |  | 27,079 |
Mortgage backed - residential | 112,840 |  |  | 134 |  |  | (14,207) |  |  | 98,767 |
Collateralized mortgage obligations | 173,854 |  |  | 1 |  |  | (17,563) |  |  | 156,292 |
Mortgage backed - commercial | 153,132 |  |  | 462 |  |  | (11,285) |  |  | 142,309 |
Other debt | 15,664 |  |  | 205 |  |  | (2) |  |  | 15,867 |
Total available-for-sale | $ | 520,667 |  |  | $ | 802 |  |  | $ | (48,001) |  |  | $ | 473,468 |
Held-to-maturity: |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 25,801 |  |  | $ | — |  |  | $ | (4,946) |  |  | $ | 20,855 |
Mortgage backed - residential | 5,951 |  |  | — |  |  | (504) |  |  | 5,447 |
Collateralized mortgage obligations | 2,829 |  |  | 1 |  |  | (159) |  |  | 2,671 |
Total held-to-maturity | $ | 34,581 |  |  | $ | 1 |  |  | $ | (5,609) |  |  | $ | 28,973 |
December 31, 2024 |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |
U.S. treasury | $ | 35,224 |  |  | $ | — |  |  | $ | (3,494) |  |  | $ | 31,730 |
U.S. agency | 665 |  |  | — |  |  | (9) |  |  | 656 |
Obligations of states and political subdivisions | 27,709 |  |  | 31 |  |  | (2,041) |  |  | 25,699 |
Mortgage backed - residential | 111,038 |  |  | 128 |  |  | (14,887) |  |  | 96,279 |
Collateralized mortgage obligations | 183,718 |  |  | 3 |  |  | (19,374) |  |  | 164,347 |
Mortgage backed - commercial | 147,374 |  |  | 357 |  |  | (12,904) |  |  | 134,827 |
Other debt | 15,122 |  |  | 416 |  |  | — |  |  | 15,538 |
Total available-for-sale | $ | 520,850 |  |  | $ | 935 |  |  | $ | (52,709) |  |  | $ | 469,076 |
Held-to-maturity: |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 25,713 |  |  | $ | — |  |  | $ | (4,899) |  |  | $ | 20,814 |
Mortgage backed - residential | 6,373 |  |  | 1 |  |  | (576) |  |  | 5,798 |
Collateralized mortgage obligations | 3,156 |  |  | — |  |  | (205) |  |  | 2,951 |
Total held-to-maturity | $ | 35,242 |  |  | $ | 1 |  |  | $ | (5,680) |  |  | $ | 29,563 |
There was no allowance for credit losses related to our investment securities as of June 30, 2025 and December 31, 2024. As of June 30, 2025 and December 31, 2024, 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
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury | $ | — |  |  | $ | — |  |  | $ | 32,605 |  |  | $ | (2,589) |  |  | $ | 32,605 |  |  | $ | (2,589) |  |  | 4 |
U.S. agency | — |  |  | — |  |  | 549 |  |  | (7) |  |  | 549 |  |  | (7) |  |  | 4 |
Obligations of states and political subdivisions | — |  |  | — |  |  | 26,335 |  |  | (2,348) |  |  | 26,335 |  |  | (2,348) |  |  | 19 |
Mortgage backed - residential | 10,693 |  |  | (161) |  |  | 81,886 |  |  | (14,046) |  |  | 92,579 |  |  | (14,207) |  |  | 87 |
Collateralized mortgage obligations | 10,067 |  |  | (14) |  |  | 144,986 |  |  | (17,549) |  |  | 155,053 |  |  | (17,563) |  |  | 60 |
Mortgage backed - commercial | 12,878 |  |  | (95) |  |  | 108,998 |  |  | (11,190) |  |  | 121,876 |  |  | (11,285) |  |  | 23 |
Other debt | — |  |  | — |  |  | 2,001 |  |  | (2) |  |  | 2,001 |  |  | (2) |  |  | 1 |
Total available-for-sale | $ | 33,638 |  |  | $ | (270) |  |  | $ | 397,360 |  |  | $ | (47,731) |  |  | $ | 430,998 |  |  | $ | (48,001) |  |  | 198 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | — |  |  | $ | — |  |  | $ | 20,527 |  |  | $ | (4,946) |  |  | $ | 20,527 |  |  | $ | (4,946) |  |  | 8
Mortgage backed - residential | 18 |  |  | — |  |  | 5,373 |  |  | (504) |  |  | 5,391 |  |  | (504) |  |  | 11
Collateralized mortgage obligations | — |  |  | — |  |  | 2,671 |  |  | (159) |  |  | 2,671 |  |  | (159) |  |  | 5
Total held-to-maturity | $ | 18 |  |  | $ | — |  |  | $ | 28,571 |  |  | $ | (5,609) |  |  | $ | 28,589 |  |  | $ | (5,609) |  |  | 24
| 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, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury | $ | — |  |  | $ | — |  |  | $ | 31,730 |  |  | $ | (3,494) |  |  | $ | 31,730 |  |  | $ | (3,494) |  |  | 4 |
U.S. agency | — |  |  | — |  |  | 656 |  |  | (9) |  |  | 656 |  |  | (9) |  |  | 7 |
Obligations of states and political subdivisions | — |  |  | — |  |  | 22,253 |  |  | (2,041) |  |  | 22,253 |  |  | (2,041) |  |  | 17 |
Mortgage backed - residential | 3,788 |  |  | (49) |  |  | 86,626 |  |  | (14,838) |  |  | 90,414 |  |  | (14,887) |  |  | 81 |
Collateralized mortgage obligations | 10,785 |  |  | (12) |  |  | 146,740 |  |  | (19,362) |  |  | 157,525 |  |  | (19,374) |  |  | 62 |
Mortgage backed - commercial | 1,705 |  |  | (51) |  |  | 112,801 |  |  | (12,853) |  |  | 114,506 |  |  | (12,904) |  |  | 23 |
Total available-for-sale | $ | 16,278 |  |  | $ | (112) |  |  | $ | 400,806 |  |  | $ | (52,597) |  |  | $ | 417,084 |  |  | $ | (52,709) |  |  | 194 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 329 |  |  | $ | — |  |  | $ | 20,485 |  |  | $ | (4,899) |  |  | $ | 20,814 |  |  | $ | (4,899) |  |  | 9
Mortgage backed - residential | — |  |  | — |  |  | 5,703 |  |  | (576) |  |  | 5,703 |  |  | (576) |  |  | 10
Collateralized mortgage obligations | — |  |  | — |  |  | 2,951 |  |  | (205) |  |  | 2,951 |  |  | (205) |  |  | 5
Total held-to-maturity | $ | 329 |  |  | $ | — |  |  | $ | 29,139 |  |  | $ | (5,680) |  |  | $ | 29,468 |  |  | $ | (5,680) |  |  | 24
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 June 30, 2025, 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 three and six months ended June 30, 2025 and 2024, 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 June 30, 2025 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 | $ | 338 |  |  | $ | 338 |
Due after 1 year through 5 years | 108,435 |  |  | 103,907 |
Due after 5 years through 10 years | 127,851 |  |  | 117,671 |
Due after 10 years | 284,043 |  |  | 251,552 |
Total available-for-sale | $ | 520,667 |  |  | $ | 473,468 |
Held-to-maturity: |  |  |
Due after 1 year through 5 years | $ | 785 |  |  | $ | 774 |
Due after 5 years through 10 years | 4,022 |  |  | 3,784 |
Due after 10 years | 29,774 |  |  | 24,415 |
Total held-to-maturity | $ | 34,581 |  |  | $ | 28,973 |
Securities with a carrying value of $426,201 and $460,387 were pledged to secure public deposits, securities sold under agreements to repurchase and borrowed funds at June 30, 2025 and December 31, 2024, respectively. Available-for-sale debt securities with a carrying value of $37,760 and $37,749 were designated in fair value hedges at June 30, 2025 and December 31, 2024, respectively. See Note 5 - Derivative Financial Instruments for further information. There were $0 and $946 proceeds from sales and calls of securities for the three and six months ended June 30, 2025, respectively. There were $0 proceeds from sales and calls of securities for the three and six months ended June 30, 2024.

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