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Securities (Tables)

9 Months Ended

Sep. 30, 2024

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
September 30, 2024		Cost¹			Gains			Losses			Value
Securities available-for-sale
U.S. Treasury		$	193,825		$	1,559		$	(1,196)		$	194,188
U.S. government agencies			39,401			-			(1,425)			37,976
U.S. government agencies mortgage-backed			105,262			-			(8,849)			96,413
States and political subdivisions			231,506			1,237			(7,948)			224,795
Collateralized mortgage obligations			422,234			1,027			(38,990)			384,271
Asset-backed securities			65,716			142			(1,911)			63,947
Collateralized loan obligations			189,143			181			(60)			189,264
Total securities available-for-sale		$	1,247,087		$	4,146		$	(60,379)		$	1,190,854


					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
December 31, 2023		Cost¹			Gains			Losses			Value
Securities available-for-sale
U.S. Treasury		$	174,602		$	-		$	(5,028)		$	169,574
U.S. government agencies			60,011			-			(3,052)			56,959
U.S. government agencies mortgage-backed			118,492			-			(12,122)			106,370
States and political subdivisions			236,072			1,325			(10,332)			227,065
Collateralized mortgage obligations			442,987			421			(50,864)			392,544
Asset-backed securities			71,616			42			(3,222)			68,436
Collateralized loan obligations			173,201			30			(1,350)			171,881
Total securities available-for-sale		$	1,276,981		$	1,818		$	(85,970)		$	1,192,829

¹ Excludes accrued interest receivable of $7.3 million and $6.6 million at September 30, 2024 and December 31, 2023, 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		$	122,883		1.69	%		$	121,809
Due after one year through five years			127,710		3.70				127,947
Due after five years through ten years			90,188		2.89				86,075
Due after ten years			123,951		3.11				121,128
			464,732		2.85				456,959
Mortgage-backed and collateralized mortgage obligations			527,496		2.53				480,684
Asset-backed securities			65,716		3.89				63,947
Collateralized loan obligations			189,143		6.29				189,264
Total securities available-for-sale		$	1,247,087		3.29	%		$	1,190,854

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
September 30, 2024		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		-		$	-		$	-		2		$	1,196		$	98,672		2		$	1,196		$	98,672
U.S. government agencies		-			-			-		8			1,425			37,976		8			1,425			37,976
U.S. government agencies mortgage-backed		-			-			-		128			8,849			96,413		128			8,849			96,413
States and political subdivisions		2			20			12,697		30			7,928			113,587		32			7,948			126,284
Collateralized mortgage obligations		2			19			1,506		141			38,971			346,056		143			38,990			347,562
Asset-backed securities		-			-			-		13			1,911			51,435		13			1,911			51,435
Collateralized loan obligations		7			56			62,219		2			4			12,848		9			60			75,067
Total securities available-for-sale		11		$	95		$	76,422		324		$	60,284		$	756,987		335		$	60,379		$	833,409


		Less than 12 months								12 months or more
December 31, 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		-		$	-		$	-		4		$	5,028		$	169,574		4		$	5,028		$	169,574
U.S. government agencies		-			-			-		9			3,052			56,959		9			3,052			56,959
U.S. government agencies mortgage-backed		-			-			-		128			12,122			106,370		128			12,122			106,370
States and political subdivisions		12			137			27,974		25			10,195			106,138		37			10,332			134,112
Collateralized mortgage obligations		2			8			734		143			50,856			376,236		145			50,864			376,970
Asset-backed securities		-			-			-		19			3,222			63,941		19			3,222			63,941
Collateralized loan obligations		-			-			-		25			1,350			150,902		25			1,350			150,902
Total securities available-for-sale		14		$	145		$	28,708		353		$	85,825		$	1,030,120		367		$	85,970		$	1,058,828

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


			Three Months Ended						Nine Months Ended
			September 30,						September 30,
Securities available-for-sale		2024			2023			2024			2023
Proceeds from sales of securities		$	-		$	65,572		$	5,331		$	205,738
Gross realized gains on securities		$	-		$	-		$	1		$	-
Gross realized losses on securities			(1)			(924)			(1)			(4,146)
Net realized (losses) gains		$	(1)		$	(924)		$	-		$	(4,146)
Income tax benefit on net realized losses		$	-		$	260		$	-		$	1,165
Effective tax rate applied			0.0	%		28.1	%		N/M			28.1	%

N/M – Not meaningful.