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Securities (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2025		Cost¹			Gains			Losses			Value
Securities available-for-sale
U.S. Treasury		$	188,959		$	1,487		$	-		$	190,446
U.S. government agencies			38,876			-			(735)			38,141
U.S. government agencies mortgage-backed			104,995			-			(8,912)			96,083
States and political subdivisions			219,682			169			(11,037)			208,814
Collateralized mortgage obligations			429,423			1,134			(35,543)			395,014
Asset-backed securities			49,384			287			(1,552)			48,119
Collateralized loan obligations			201,051			224			(204)			201,071
Total securities available-for-sale		$	1,232,370		$	3,301		$	(57,983)		$	1,177,688


					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 $7.3 million at June 30, 2025, and $7.1 million at 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		$	61,029		4.76	%		$	61,257
Due after one year through five years			188,914		3.68				189,400
Due after five years through ten years			98,700		2.87				93,777
Due after ten years			98,874		3.18				92,967
			447,517		3.54				437,401
Mortgage-backed and collateralized mortgage obligations			534,418		2.84				491,097
Asset-backed securities			49,384		4.06				48,119
Collateralized loan obligations			201,051		5.72				201,071
Total securities available-for-sale		$	1,232,370		3.61	%		$	1,177,688

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, 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			735			38,141		8			735			38,141
U.S. government agencies mortgage-backed		1			138			10,537		128			8,774			85,546		129			8,912			96,083
States and political subdivisions		29			948			81,110		26			10,089			105,993		55			11,037			187,103
Collateralized mortgage obligations		2			17			1,260		135			35,526			310,256		137			35,543			311,516
Asset-backed securities		5			154			15,257		7			1,398			21,183		12			1,552			36,440
Collateralized loan obligations		9			204			56,304		-			-			-		9			204			56,304
Total securities available-for-sale		46		$	1,461		$	164,468		304		$	56,522		$	561,119		350		$	57,983		$	725,587


		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						Six Months Ended
			June 30,						June 30,
Securities available-for-sale		2025			2024			2025			2024
Proceeds from sales of securities		$	-		$	-		$	-		$	5,331
Gross realized gains on securities			-			-			-			1
Net realized gains		$	-		$	-		$	-		$	1
Income tax benefit on net realized losses		$	-		$	-		$	-		$	-
Effective tax rate applied			N/M			N/M			N/M			N/M

N/M – Not meaningful.