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Securities (Tables)

3 Months Ended

Mar. 31, 2025

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
March 31, 2025		Cost¹			Gains			Losses			Value
Securities available-for-sale
U.S. Treasury		$	159,077		$	1,114		$	-		$	160,191
U.S. government agencies			39,033			-			(986)			38,047
U.S. government agencies mortgage-backed			108,678			-			(9,749)			98,929
States and political subdivisions			220,492			136			(11,511)			209,117
Collateralized mortgage obligations			428,319			775			(38,203)			390,891
Asset-backed securities			51,115			230			(1,644)			49,701
Collateralized loan obligations			199,703			193			(51)			199,845
Total securities available-for-sale		$	1,206,417		$	2,448		$	(62,144)		$	1,146,721


					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

¹ Excludes accrued interest receivable of $7.1 million at March 31, 2025, and December 31, 2024, 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		$	61,095		4.84	%		$	61,284
Due after one year through five years			159,118		3.69				158,942
Due after five years through ten years			98,971		2.87				93,578
Due after ten years			99,418		3.19				93,551
			418,602		3.55				407,355
Mortgage-backed and collateralized mortgage obligations			536,997		2.74				489,820
Asset-backed securities			51,115		3.99				49,701
Collateralized loan obligations			199,703		5.78				199,845
Total securities available-for-sale		$	1,206,417		3.58	%		$	1,146,721

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
March 31, 2025		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		-		$	-		$	-		-		$	-		$	-		-		$	-		$	-
U.S. government agencies		-			-			-		8			986			38,047		8			986			38,047
U.S. government agencies mortgage-backed		1			67			10,642		128			9,682			88,287		129			9,749			98,929
States and political subdivisions		31			669			87,732		26			10,842			105,681		57			11,511			193,413
Collateralized mortgage obligations		2			18			1,337		137			38,185			321,415		139			38,203			322,752
Asset-backed securities		-			-			-		7			1,644			21,588		7			1,644			21,588
Collateralized loan obligations		7			51			46,305		-			-			-		7			51			46,305
Total securities available-for-sale		41		$	805		$	146,016		306		$	61,339		$	575,018		347		$	62,144		$	721,034


		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

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


			Three Months Ended
			March 31,
Securities available-for-sale		2025			2024
Proceeds from sales of securities		$	-		$	5,331
Gross realized gains on securities			-			1
Net realized gains (losses)		$	-		$	1
Income tax benefit on net realized losses		$	-		$	-
Effective tax rate applied			N/M			N/M

N/M – Not meaningful.