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Securities | 12 Months Ended
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Dec. 31, 2024
Securities |
Securities | ​ Note 4: Securities ​ The following table summarizes the amortized cost and fair value of the securities portfolio at December 31, 2024 and 2023 and the corresponding amounts of gross unrealized gains and losses were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
December 31, 2024 |  | Cost1 |  | Gains |  | Losses | ​ | Value
Securities available-for-sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury | ​ | $ | 193,902 | ​ | $ | 700 | ​ | $ | (459) | ​ | $ | 194,143
U.S. government agencies | ​ | ​ | 39,202 | ​ | ​ | - | ​ | ​ | (1,388) | ​ | ​ | 37,814
U.S. government agencies mortgage-backed | ​ | ​ | 112,241 | ​ | ​ | - | ​ | ​ | (11,964) | ​ | ​ | 100,277
States and political subdivisions | ​ | ​ | 226,969 | ​ | ​ | 264 | ​ | ​ | (11,777) | ​ | ​ | 215,456
Collateralized mortgage obligations | ​ | ​ | 411,170 | ​ | ​ | 647 | ​ | ​ | (43,201) | ​ | ​ | 368,616
Asset-backed securities | ​ | ​ | 64,215 | ​ | ​ | 69 | ​ | ​ | (1,981) | ​ | ​ | 62,303
Collateralized loan obligations | ​ | ​ | 182,629 | ​ | ​ | 472 | ​ | ​ | (9) | ​ | ​ | 183,092
Total securities available-for-sale | ​ | $ | 1,230,328 | ​ | $ | 2,152 | ​ | $ | (70,779) | ​ | $ | 1,161,701
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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 interest receivable of $7.1 million and $6.6 million at December 31, 2024 and December 31, 2023, respectively, that is recorded in other assets on the Consolidated Balance Sheets. ​ FHLBC stock was $4.5 million and $18.5 million at December 31, 2024 and December 31, 2023, respectively. FRBC stock was $14.9 million at December 31, 2024 and December 31, 2023. Our FHLBC stock is necessary to maintain access to FHLBC advances. ​ Securities valued at $717.5 million as of December 31, 2024, were pledged to secure deposits and borrowings, and for other purposes, a decrease from $810.2 million at year-end 2023. ​ The fair value, amortized cost and weighted average yield of debt securities at December 31, 2024 by contractual maturity, were as follows in the table below. Securities not due at a single maturity date are shown separately. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Average | ​ | ​ | Fair | ​
Securities available-for-sale |  | Cost |  | Yield | ​ |  | Value |
Due in one year or less | ​ | $ | 94,725 | ​ | 2.94 | % | ​ | $ | 94,598 | ​
Due after one year through five years | ​ | ​ | 154,689 | ​ | 3.64 | ​ | ​ | ​ | 153,679 | ​
Due after five years through ten years | ​ | ​ | 100,601 | ​ | 2.91 | ​ | ​ | ​ | 94,215 | ​
Due after ten years | ​ | ​ | 110,058 | ​ | 3.20 | ​ | ​ | ​ | 104,921 | ​
​ | ​ | ​ | 460,073 | ​ | 3.23 | ​ | ​ | ​ | 447,413 | ​
Mortgage-backed and collateralized mortgage obligations | ​ | ​ | 523,411 | ​ | 2.57 | ​ | ​ | ​ | 468,893 | ​
Asset-backed securities | ​ | ​ | 64,215 | ​ | 3.70 | ​ | ​ | ​ | 62,303 | ​
Collateralized loan obligations | ​ | ​ | 182,629 | ​ | 6.08 | ​ | ​ | ​ | 183,092 | ​
Total securities available-for-sale | ​ | $ | 1,230,328 | ​ | 3.40 | % | ​ | $ | 1,161,701 | ​
​ ​ As of December 31, 2024, the Company has no securities issued from one originator, other than the U.S. Government and its agencies, that individually amounted to over 10% of the Company’s stockholders equity. ​ Securities with unrealized losses with no corresponding allowance for credit losses at December 31, 2024 and 2023 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (in thousands except for number of securities): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or more | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 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 | ​ | 4 | ​ | $ | 72 | ​ | $ | 49,788 | ​ | 1 | ​ | $ | 387 | ​ | $ | 49,547 | ​ | 5 | ​ | $ | 459 | ​ | $ | 99,335
U.S. government agencies | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | 8 | ​ | ​ | 1,388 | ​ | ​ | 37,814 | ​ | 8 | ​ | ​ | 1,388 | ​ | ​ | 37,814
U.S. government agencies mortgage-backed | ​ | 1 | ​ | ​ | 447 | ​ | ​ | 10,296 | ​ | 128 | ​ | ​ | 11,517 | ​ | ​ | 89,981 | ​ | 129 | ​ | ​ | 11,964 | ​ | ​ | 100,277
States and political subdivisions | ​ | 31 | ​ | ​ | 455 | ​ | ​ | 85,457 | ​ | 27 | ​ | ​ | 11,322 | ​ | ​ | 111,308 | ​ | 58 | ​ | ​ | 11,777 | ​ | ​ | 196,765
Collateralized mortgage obligations | ​ | 3 | ​ | ​ | 24 | ​ | ​ | 5,107 | ​ | 139 | ​ | ​ | 43,177 | ​ | ​ | 328,708 | ​ | 142 | ​ | ​ | 43,201 | ​ | ​ | 333,815
Asset-backed securities | ​ | 2 | ​ | ​ | 4 | ​ | ​ | 1,068 | ​ | 13 | ​ | ​ | 1,977 | ​ | ​ | 50,198 | ​ | 15 | ​ | ​ | 1,981 | ​ | ​ | 51,266
Collateralized loan obligations | ​ | 4 | ​ | ​ | 8 | ​ | ​ | 31,440 | ​ | 1 | ​ | ​ | 1 | ​ | ​ | 227 | ​ | 5 | ​ | ​ | 9 | ​ | ​ | 31,667
Total securities available-for-sale | ​ | 45 | ​ | $ | 1,010 | ​ | $ | 183,156 | ​ | 317 | ​ | $ | 69,769 | ​ | $ | 667,783 | ​ | 362 | ​ | $ | 70,779 | ​ | $ | 850,939
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ Available-for-sale debt securities in unrealized loss positions are evaluated for allowance related to credit losses at least quarterly. The analysis consists of screening all securities to determine if the bonds have market value loss exceeding 5% of book value and if that loss exceeds $200,000. Two other aspects of each security are assessed. The first is whether a security carries a government guarantee. If the security is backed by a 100% U.S. Government or U.S. Agency guarantee, then no allowance for credit loss would be considered necessary, since ultimately principal and interest of the investment would be paid. For securities that carried a U.S. Government guarantee of less than 100%, an allowance for credit loss analysis is performed. In the case of a partial government guarantee, the loss amount is assumed to be the percentage not guaranteed multiplied by the gain or loss on the position. In addition, a calculation is performed to estimate the amount of value change attributable to movements in interest rates. If the devaluation of a security is due to rate changes, then no allowance would be considered necessary. However, if a payment collected on a particular bond is less than the expected amount, individual credit analysis is conducted on that position. Furthermore, for positions whose market valuations are not directly attributable to movements in interest rates, even if all scheduled payments have been received, credit analysis is performed on each position. ​ The following table presents net realized gains (losses) on securities available-for-sale for the years ended: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended | ​
​ | ​ | December 31, | ​
Securities available-for-sale |  | 2024 |  | 2023 |  | 2022 | ​
Proceeds from sales of securities | ​ | $ | 5,331 | ​ | $ | 205,738 | ​ | $ | 30,981 | ​
Gross realized gains on securities | ​ |  | 1 | ​ |  | - | ​ |  | - | ​
Gross realized losses on securities | ​ |  | (1) | ​ |  | (4,148) | ​ |  | (944) | ​
Net realized losses | ​ | $ | — | ​ | $ | (4,148) | ​ | $ | (944) | ​
Income tax benefit on net realized losses | ​ | $ | — | ​ | $ | 1,117 | ​ | $ | 265 | ​
Effective tax rate applied | ​ | ​ | N/M | % | ​ | 26.9 | % | ​ | 28.1 | %
​ N/M – Not Meaningful ​ ​

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