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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 were as follows (in thousands):

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
(Losses)

 

 

Fair Value

 

June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. government corporations and agencies

 

$

224,831

 

 

$

—

 

 

$

(25,249

)

 

$

199,582

 

Obligations of states and political subdivisions

 

 

334,386

 

 

 

132

 

 

 

(57,452

)

 

 

277,066

 

Mortgage-backed securities: GSE residential

 

 

684,817

 

 

 

857

 

 

 

(114,620

)

 

 

571,054

 

Other securities

 

 

67,075

 

 

 

—

 

 

 

(4,127

)

 

 

62,948

 

Total available-for-sale

 

$

1,311,109

 

 

$

989

 

 

$

(201,448

)

 

$

1,110,650

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Other investments

 

$

2,277

 

 

$

—

 

 

$

—

 

 

$

2,277

 

Total held-to-maturity

 

$

2,277

 

 

$

—

 

 

$

—

 

 

$

2,277

 

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 investments

 

$

2,286

 

 

$

—

 

 

$

—

 

 

$

2,286

 

Total held-to-maturity

 

$

2,286

 

 

$

—

 

 

$

—

 

 

$

2,286

 
Realized Gains and Losses From Sale of Securities

Realized gains and losses resulting from sales of securities were as follows during the three and six months ended June 30, 2024 and 2023 (in thousands):

 

 

 

Three months ended

 

 

Six months ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Gross gains

 

$

35

 

 

$

—

 

 

$

(35

)

 

$

6

 

Gross losses

 

 

(191

)

 

 

(6

)

 

 

(191

)

 

 

(58

)
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 June 30, 2024 and the weighted average yield for each range of maturities (dollars in thousands):

 

 

 

One year
or less

 

 

After 1
through
5 years

 

 

After 5
through
10 years

 

 

After
ten years

 

 

Total

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. government corporations and agencies

 

$

176,425

 

 

$

23,157

 

 

$

—

 

 

$

—

 

 

$

199,582

 

Obligations of state and political subdivisions

 

 

24,140

 

 

 

105,238

 

 

 

146,166

 

 

 

1,522

 

 

 

277,066

 

Mortgage-backed securities: GSE residential

 

 

3,257

 

 

 

4,817

 

 

 

33,330

 

 

 

529,650

 

 

 

571,054

 

Other securities

 

 

38,696

 

 

 

23,470

 

 

 

782

 

 

 

—

 

 

 

62,948

 

Total available-for-sale investments

 

$

242,518

 

 

$

156,682

 

 

$

180,278

 

 

$

531,172

 

 

$

1,110,650

 

Weighted average yield

 

 

2.01

%

 

 

2.49

%

 

 

2.26

%

 

 

1.82

%

 

 

2.03

%

Full tax-equivalent yield

 

 

2.10

%

 

 

2.94

%

 

 

2.71

%

 

 

1.84

%

 

 

2.19

%

Held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other investments

 

$

—

 

 

$

—

 

 

$

—

 

 

$

2,277

 

 

$

2,277

 

Total held-to-maturity

 

$

—

 

 

$

—

 

 

$

—

 

 

$

2,277

 

 

$

2,277

 

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 June 30, 2024 and December 31, 2023 (in thousands):

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. government corporations and agencies

 

$

3,293

 

 

$

(1

)

 

$

196,288

 

 

$

(25,248

)

 

$

199,581

 

 

$

(25,249

)

Obligations of states and political subdivisions

 

 

23,541

 

 

 

(1,370

)

 

 

247,125

 

 

 

(56,082

)

 

 

270,666

 

 

 

(57,452

)

Mortgage-backed securities: GSE residential

 

 

5,549

 

 

 

(146

)

 

 

535,856

 

 

 

(114,474

)

 

 

541,405

 

 

 

(114,620

)

Other securities

 

 

—

 

 

 

—

 

 

 

57,196

 

 

 

(4,127

)

 

 

57,196

 

 

 

(4,127

)

Total

 

$

32,383

 

 

$

(1,517

)

 

$

1,036,465

 

 

$

(199,931

)

 

$

1,068,848

 

 

$

(201,448

)

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

)