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Securities (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025		Cost¹			Gains			Losses			Value
Securities available-for-sale
U.S. Treasury		$	189,140		$	1,530		$	-		$	190,670
U.S. government agencies			38,716			-			(452)			38,264
U.S. government agencies mortgage-backed			100,957			-			(7,906)			93,051
States and political subdivisions			218,851			334			(8,510)			210,675
Collateralized mortgage obligations			410,239			1,211			(33,214)			378,236
Asset-backed securities			48,767			389			(1,354)			47,802
Collateralized loan obligations			197,860			304			(66)			198,098
Equity securities			684			-			-			684
Total securities available-for-sale		$	1,205,214		$	3,768		$	(51,502)		$	1,157,480


					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 September 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		$	104,295		3.93	%		$	104,189
Due after one year through five years			157,181		3.94				157,690
Due after five years through ten years			93,379		2.94				89,505
Due after ten years			91,852		3.21				88,225
			446,707		3.58				439,609
Mortgage-backed and collateralized mortgage obligations			511,196		2.81				471,287
Asset-backed securities			48,767		4.05				47,802
Collateralized loan obligations			197,860		5.74				198,098
Equity securities			684		-				684
Total securities available-for-sale		$	1,205,214		3.63	%		$	1,157,480

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, 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. government agencies		-			-			-		8			452			38,264		8			452			38,264
U.S. government agencies mortgage-backed		1			40			10,603		128			7,866			82,448		129			7,906			93,051
States and political subdivisions		11			407			28,365		29			8,103			112,046		40			8,510			140,411
Collateralized mortgage obligations		2			7			3,720		135			33,207			301,071		137			33,214			304,791
Asset-backed securities		6			158			15,163		7			1,196			21,300		13			1,354			36,463
Collateralized loan obligations		7			66			50,925		-			-			-		7			66			50,925
Total securities available-for-sale		27		$	678		$	108,776		307		$	50,824		$	555,129		334		$	51,502		$	663,905


		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						Nine Months Ended
			September 30,						September 30,
Securities available-for-sale		2025			2024			2025			2024
Proceeds from sales of securities ¹		$	125,892		$	-		$	125,892		$	5,331
Gross realized gains on securities			-			-			-			1
Gross realized losses on securities			(1)			(1)			(1)			(1)
Net realized losses		$	(1)		$	(1)		$	(1)		$	-
Income tax benefit on net realized losses		$	-		$	-		$	-		$	-
Effective tax rate applied			0.0			0.0			0.0			N/M

¹ Includes $118.4 million of proceeds on the sale of securities acquired from Bancorp Financial, which is a reflection of the fair value on the acquisition date.

N/M – Not meaningful.