XML 57 R38.htm IDEA: XBRL DOCUMENT

Securities (Tables)

12 Months Ended

Dec. 31, 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
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.

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		$	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

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

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

Schedule of securities available for sale net realized gains (losses)


		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	%