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Securities (Tables)

6 Months Ended

Jun. 30, 2023

Securities

Schedule of amortized cost and fair value of the securities portfolio and corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss


					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
June 30, 2023		Cost¹			Gains			Losses			Value
Securities available-for-sale
U.S. Treasury		$	224,337		$	-		$	(9,724)		$	214,613
U.S. government agencies			60,593			-			(4,612)			55,981
U.S. government agencies mortgage-backed			129,973			-			(14,833)			115,140
States and political subdivisions			241,764			557			(12,787)			229,534
Corporate bonds			5,000			-			(118)			4,882
Collateralized mortgage obligations			468,029			-			(60,534)			407,495
Asset-backed securities			140,791			-			(6,472)			134,319
Collateralized loan obligations			177,523			-			(3,865)			173,658
Total securities available-for-sale		$	1,448,010		$	557		$	(112,945)		$	1,335,622


					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
December 31, 2022		Cost¹			Gains			Losses			Value
Securities available-for-sale
U.S. Treasury		$	224,054		$	-		$	(11,925)		$	212,129
U.S. government agencies			61,178			-			(5,130)			56,048
U.S. government agencies mortgage-backed			140,588			-			(15,598)			124,990
States and political subdivisions			239,999			363			(14,234)			226,128
Corporate bonds			10,000			-			(378)			9,622
Collateralized mortgage obligations			596,336			1			(62,569)			533,768
Asset-backed securities			210,388			6			(8,466)			201,928
Collateralized loan obligations			180,276			-			(5,530)			174,746
Total securities available-for-sale		$	1,662,819		$	370		$	(123,830)		$	1,539,359

¹ Excludes accrued interest receivable of $6.9 million and $6.8 million at June 30, 2023 and December 31, 2022, respectively, that is recorded in other assets on the consolidated balance sheets.

Schedule of fair value, amortized cost and weighted average yield of debt securities by contractual maturity along with securities not due at a single maturity date, primarily mortgage-backed securities (MBS), asset-backed securities, and collateralized loan obligations


					Weighted
		Amortized			Average			Fair
Securities available-for-sale		Cost			Yield			Value
Due in one year or less		$	153,576		0.93	%		$	149,066
Due after one year through five years			151,098		1.19				140,669
Due after five years through ten years			52,232		3.03				48,401
Due after ten years			174,788		3.07				166,874
			531,694		1.91				505,010
Mortgage-backed and collateralized mortgage obligations			598,002		2.29				522,635
Asset-backed securities			140,791		5.15				134,319
Collateralized loan obligations			177,523		6.92				173,658
Total securities available-for-sale		$	1,448,010		3.00	%		$	1,335,622

Schedule of securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position


		Less than 12 months								12 months or more
June 30, 2023		in an unrealized loss position								in an unrealized loss position								Total
		Number of		Unrealized			Fair			Number of		Unrealized			Fair			Number of		Unrealized			Fair
Securities available-for-sale		Securities		Losses			Value			Securities		Losses			Value			Securities		Losses			Value
U.S. Treasuries		-		$	-		$	-		5		$	9,724		$	214,613		5		$	9,724		$	214,613
U.S. government agencies		-			-			-		9			4,612			55,981		9			4,612			55,981
U.S. government agencies mortgage-backed		3			177			2,188		127			14,656			112,952		130			14,833			115,140
States and political subdivisions		31			1,178			92,606		26			11,609			83,930		57			12,787			176,536
Corporate bonds		-			-			-		1			118			4,882		1			118			4,882
Collateralized mortgage obligations		3			381			7,817		149			60,153			399,678		152			60,534			407,495
Asset-backed securities		4			536			29,088		27			5,936			105,231		31			6,472			134,319
Collateralized loan obligations		1			8			2,970		33			3,857			170,688		34			3,865			173,658
Total securities available-for-sale		42		$	2,280		$	134,669		377		$	110,665		$	1,147,955		419		$	112,945		$	1,282,624


		Less than 12 months								12 months or more
December 31, 2022		in an unrealized loss position								in an unrealized loss position								Total
		Number of		Unrealized				Fair		Number of		Unrealized				Fair		Number of		Unrealized				Fair
Securities available-for-sale		Securities		Losses				Value		Securities		Losses				Value		Securities		Losses				Value
U.S. Treasuries		1		$	1,025		$	24,121		4		$	10,900		$	188,008		5		$	11,925		$	212,129
U.S. government agencies		-			-			-		9			5,130			56,048		9			5,130			56,048
U.S. government agencies mortgage-backed		15			975			11,369		117			14,623			113,621		132			15,598			124,990
States and political subdivisions		45			5,800			128,770		15			8,434			48,877		60			14,234			177,647
Corporate bonds		-			-			-		2			378			9,622		2			378			9,622
Collateralized mortgage obligations		80			12,895			180,624		120			49,674			348,880		200			62,569			529,504
Asset-backed securities		30			3,030			121,915		21			5,436			79,659		51			8,466			201,574
Collateralized loan obligations		23			3,579			112,772		11			1,951			61,974		34			5,530			174,746
Total securities available-for-sale		194		$	27,304		$	579,571		299		$	96,526		$	906,689		493		$	123,830		$	1,486,260

Schedule of proceeds from sale and gross realized gains and losses on sale of securities


			Three Months Ended						Six Months Ended
			June 30,						June 30,
Securities available-for-sale		2023			2022			2023			2022
Proceeds from sales of securities		$	73,996		$	3,303		$	140,166		$	3,303
Gross realized losses on securities			(1,547)			(33)			(3,222)			(33)
Net realized losses		$	(1,547)		$	(33)		$	(3,222)		$	(33)
Income tax benefit on net realized losses		$	434		$	9		$	905		$	9
Effective tax rate applied			28.1	%		27.3	%		28.1	%		27.3	%