XML 46 R37.htm IDEA: XBRL DOCUMENT

Investment Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Available for Sale and Held For Maturity Securities

The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at December 31, 2023 and 2022 were as follows (in thousands):


						Gross				Gross
		Amortized				Unrealized				Unrealized
		Cost				Gains				(Losses)				Fair Value
December 31, 2023
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	237,875			$	—			$	(26,219	)		$	211,656
Obligations of states and political subdivisions			337,835				152				(49,371	)			288,616
Mortgage-backed securities: GSE residential			714,216				1,158				(113,074	)			602,300
Other securities			73,795				—				(4,795	)			69,000
Total available-for-sale		$	1,363,721			$	1,310			$	(193,459	)		$	1,171,572
Held-to-maturity:
Other securities		$	2,286			$	—			$	—			$	2,286
Total held-to-maturity		$	2,286			$	—			$	—			$	2,286
December 31, 2022
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	252,934			$	—			$	(32,407	)		$	220,527
Obligations of states and political subdivisions			347,409				134				(59,845	)			287,698
Mortgage-backed securities: GSE residential			744,636				3				(116,759	)			627,880
Other securities			87,393				6				(4,519	)			82,880
Total available-for-sale		$	1,432,372			$	143			$	(213,530	)		$	1,218,985
Held-to-maturity:
Other securities		$	2,954			$	—			$	—			$	2,954
Total held-to-maturity		$	2,954			$	—			$	—			$	2,954

Proceeds From Sales of Available for Sale Investment Securities, Realized Gains and Losses and Income Tax Expense

Proceeds from sales of available-for-sale investment securities, realized gains and losses and income tax expense were as follows during the years ended December 31, 2023, 2022, and 2021 (in thousands):


		2023				2022				2021
Proceeds from sales		$	343,610			$	36,257			$	611
Gross gains			4,381				202				124
Gross losses			(998	)			(169	)			—
Income tax expense			981				(10	)			36

Investments Classified by Contractual Maturity Date

The following table indicates the expected maturities of investment securities classified as available-for-sale presented at fair value, and held-to-maturity presented at amortized cost at December 31, 2023 and the weighted average yield for each range of maturities (dollars in thousands):


		One				After 1				After 5
		year or				through				through				After
		less				5 years				10 years				ten years				Total
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	185,981			$	25,675			$	—			$	—			$	211,656
Obligations of state and political subdivisions			20,879				97,328				169,111				1,298				288,616
Mortgage-backed securities: GSE residential			10				8,566				34,995				558,729				602,300
Other securities			21,876				46,392				732				—				69,000
Total available-for-sale		$	228,746			$	177,961			$	204,838			$	560,027			$	1,171,572
Weighted average yield			1.67	%			2.70	%			2.25	%			1.82	%			2.00	%
Full tax equivalent yield			1.68	%			2.70	%			2.24	%			1.83	%			2.00	%
Held-to-maturity:
Other securities		$	—			$	—			$	—			$	2,286			$	2,286
Total held-to-maturity		$	—			$	—			$	—			$	2,286			$	2,286
Weighted average yield			—	%			—	%			—	%			—	%			—	%
Full tax equivalent yield			—	%			—	%			—	%			—	%			—	%

Fair Value of Investments with Sustained Gross Unrealized Losses

The following table presents the aging of gross unrealized losses and fair value by investment category as of December 31, 2023 and 2022 (in thousands):


		Less than 12 months								12 months or more								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
		Value				Losses				Value				Losses				Value				Losses
December 31, 2023
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	1,288			$	(4	)		$	210,069			$	(26,215	)		$	211,357			$	(26,219	)
Obligations of states and political subdivisions			22,281				(333	)			241,630				(49,038	)			263,911				(49,371	)
Mortgage-backed securities: GSE residential			5,818				(67	)			566,197				(113,007	)			572,015				(113,074	)
Other securities			5,311				(439	)			57,939				(4,356	)			63,250				(4,795	)
Total		$	34,698			$	(843	)		$	1,075,835			$	(192,616	)		$	1,110,533			$	(193,459	)
December 31, 2022
Available-for-sale:
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	57,007			$	(3,493	)		$	163,520			$	(28,914	)		$	220,527			$	(32,407	)
Obligations of states and political subdivisions			220,102				(43,221	)			45,419				(16,624	)			265,521				(59,845	)
Mortgage-backed securities: GSE residential			165,966				(19,859	)			461,446				(96,900	)			627,412				(116,759	)
Other securities			64,676				(3,675	)			6,698				(844	)			71,374				(4,519	)
Total		$	507,751			$	(70,248	)		$	677,083			$	(143,282	)		$	1,184,834			$	(213,530	)

Maturities of Investment Securities

Maturities of investment securities were as follows at December 31, 2023 (in thousands):


		Amortized				Estimated
		Cost				Fair Value
Available-for-sale:
Due in one year or less		$	254,176			$	228,736
Due after one-five years			188,169				169,395
Due after five-ten years			205,900				169,843
Due after ten years			1,260				1,298
			649,505				569,272
Mortgage-backed securities: GSE residential			714,216				602,300
Total available-for-sale		$	1,363,721			$	1,171,572
Held-to-maturity:
Due after ten years			2,286				2,286
Total held-to-maturity		$	2,286			$	2,286