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Securities (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Fair Value of Securities | The fair value of securities is as follows:
| June 30, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale |  |  |  |  |  |  |
U.S. Treasury and federal agencies | $ | 71,419 |  |  | $ | — |  |  | $ | (8,754) |  |  | $ | 62,665 |
State and municipal | 352,223 |  |  | 2 |  |  | (57,389) |  |  | 294,836 |
Federal agency collateralized mortgage obligations | 3,702 |  |  | — |  |  | (368) |  |  | 3,334 |
Federal agency mortgage-backed pools | 154,479 |  |  | — |  |  | (24,161) |  |  | 130,318 |
Corporate notes | 41,605 |  |  | — |  |  | (5,704) |  |  | 35,901 |
Total available for sale investment securities | $ | 623,428 |  |  | $ | 2 |  |  | $ | (96,376) |  |  | $ | 527,054 |
| June 30, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Allowance for Credit Losses |  | Net Carrying Amount
Held to maturity |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agencies | $ | 284,114 |  |  | $ | — |  |  | $ | (41,917) |  |  | $ | 242,197 |  |  | $ | — |  |  | $ | 284,114 |
State and municipal | 1,064,638 |  |  | 160 |  |  | (178,390) |  |  | 886,408 |  |  | (21) |  |  | 1,064,617 |
Federal agency collateralized mortgage obligations | 48,668 |  |  | — |  |  | (8,128) |  |  | 40,540 |  |  | — |  |  | 48,668 |
Federal agency mortgage-backed pools | 314,069 |  |  | — |  |  | (49,255) |  |  | 264,814 |  |  | — |  |  | 314,069 |
Private labeled mortgage-backed pools | 30,780 |  |  | — |  |  | (4,534) |  |  | 26,246 |  |  | (7) |  |  | 30,773 |
Corporate notes | 162,170 |  |  | — |  |  | (25,388) |  |  | 136,782 |  |  | (130) |  |  | 162,040 |
Total held to maturity investment securities | $ | 1,904,439 |  |  | $ | 160 |  |  | $ | (307,612) |  |  | $ | 1,596,987 |  |  | $ | (158) |  |  | $ | 1,904,281 |
| December 31, 2023
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale |  |  |  |  |  |  |
U.S. Treasury and federal agencies | $ | 72,938 |  |  | $ | — |  |  | $ | (8,561) |  |  | $ | 64,377 |
State and municipal | 353,299 |  |  | — |  |  | (49,269) |  |  | 304,030 |
Federal agency collateralized mortgage obligations | 3,931 |  |  | — |  |  | (351) |  |  | 3,580 |
Federal agency mortgage-backed pools | 161,130 |  |  | — |  |  | (23,833) |  |  | 137,297 |
Corporate notes | 43,317 |  |  | 455 |  |  | (5,805) |  |  | 37,967 |
Total available for sale investment securities | $ | 634,615 |  |  | $ | 455 |  |  | $ | (87,819) |  |  | $ | 547,251 |
| December 31, 2023
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Allowance for Credit Losses |  | Net Carrying Amount
Held to maturity |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agencies | $ | 287,259 |  |  | $ | — |  |  | $ | (41,299) |  |  | $ | 245,960 |  |  | $ | — |  |  | $ | 287,259 |
State and municipal | 1,088,499 |  |  | 1,185 |  |  | (150,323) |  |  | 939,361 |  |  | (20) |  |  | 1,088,479 |
Federal agency collateralized mortgage obligations | 51,325 |  |  | — |  |  | (7,846) |  |  | 43,479 |  |  | — |  |  | 51,325 |
Federal agency mortgage-backed pools | 323,649 |  |  | — |  |  | (48,621) |  |  | 275,028 |  |  | — |  |  | 323,649 |
Private labeled mortgage-backed pools | 32,329 |  |  | — |  |  | (4,595) |  |  | 27,734 |  |  | (7) |  |  | 32,322 |
Corporate notes | 162,734 |  |  | — |  |  | (25,538) |  |  | 137,196 |  |  | (130) |  |  | 162,604 |
Total held to maturity investment securities | $ | 1,945,795 |  |  | $ | 1,185 |  |  | $ | (278,222) |  |  | $ | 1,668,758 |  |  | $ | (157) |  |  | $ | 1,945,638 |
Schedule of Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity | The amortized cost and fair value of securities available for sale and held to maturity at June 30, 2024 and December 31, 2023, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
| June 30, 2024 |  | December 31, 2023
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Available for sale |  |  |  |  |  |  |
Within one year | $ | 3,646 |  |  | $ | 3,618 |  |  | $ | 5,505 |  |  | $ | 5,408 |
One to five years | 105,358 |  |  | 93,966 |  |  | 100,301 |  |  | 89,650 |
Five to ten years | 175,739 |  |  | 145,553 |  |  | 167,764 |  |  | 141,203 |
After ten years | 180,504 |  |  | 150,265 |  |  | 195,984 |  |  | 170,113 |
| 465,247 |  |  | 393,402 |  |  | 469,554 |  |  | 406,374 |
Federal agency collateralized mortgage obligations | 3,702 |  |  | 3,334 |  |  | 3,931 |  |  | 3,580 |
Federal agency mortgage–backed pools | 154,479 |  |  | 130,318 |  |  | 161,130 |  |  | 137,297 |
Total available for sale investment securities | $ | 623,428 |  |  | $ | 527,054 |  |  | $ | 634,615 |  |  | $ | 547,251 |
Held to maturity |  |  |  |  |  |  |
Within one year | $ | 22,563 |  |  | $ | 22,312 |  |  | $ | 33,483 |  |  | $ | 33,169 |
One to five years | 217,174 |  |  | 207,041 |  |  | 225,957 |  |  | 216,354 |
Five to ten years | 357,082 |  |  | 305,973 |  |  | 350,843 |  |  | 304,067 |
After ten years | 914,103 |  |  | 730,061 |  |  | 928,209 |  |  | 768,927 |
| 1,510,922 |  |  | 1,265,387 |  |  | 1,538,492 |  |  | 1,322,517 |
Federal agency collateralized mortgage obligations | 48,668 |  |  | 40,540 |  |  | 51,325 |  |  | 43,479 |
Federal agency mortgage–backed pools | 314,069 |  |  | 264,814 |  |  | 323,649 |  |  | 275,028 |
Private labeled mortgage–backed pools | 30,780 |  |  | 26,246 |  |  | 32,329 |  |  | 27,734 |
Total held to maturity investment securities | $ | 1,904,439 |  |  | $ | 1,596,987 |  |  | $ | 1,945,795 |  |  | $ | 1,668,758 |
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | The following tables show the gross unrealized losses and the fair value of the Company’s available for sale investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
| June 30, 2024
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Investment Securities |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agencies | $ | — |  |  | $ | — |  |  | $ | 62,665 |  |  | $ | (8,754) |  |  | $ | 62,665 |  |  | $ | (8,754) |
State and municipal | 1,664 |  |  | (291) |  |  | 292,505 |  |  | (57,098) |  |  | 294,169 |  |  | (57,389) |
Federal agency collateralized mortgage obligations | — |  |  | — |  |  | 3,334 |  |  | (368) |  |  | 3,334 |  |  | (368) |
Federal agency mortgage–backed pools | — |  |  | — |  |  | 130,319 |  |  | (24,161) |  |  | 130,319 |  |  | (24,161) |
Corporate notes | — |  |  | — |  |  | 35,901 |  |  | (5,704) |  |  | 35,901 |  |  | (5,704) |
Total temporarily impaired securities | $ | 1,664 |  |  | $ | (291) |  |  | $ | 524,724 |  |  | $ | (96,085) |  |  | $ | 526,388 |  |  | $ | (96,376) |
| December 31, 2023
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Investment Securities |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agencies | $ | — |  |  | $ | — |  |  | $ | 64,377 |  |  | $ | (8,561) |  |  | $ | 64,377 |  |  | $ | (8,561) |
State and municipal | 2,387 |  |  | (236) |  |  | 301,643 |  |  | (49,033) |  |  | 304,030 |  |  | (49,269) |
Federal agency collateralized mortgage obligations | — |  |  | — |  |  | 3,580 |  |  | (351) |  |  | 3,580 |  |  | (351) |
Federal agency mortgage–backed pools | — |  |  | — |  |  | 137,289 |  |  | (23,833) |  |  | 137,289 |  |  | (23,833) |
Corporate notes | — |  |  | — |  |  | 36,359 |  |  | (5,805) |  |  | 36,359 |  |  | (5,805) |
Total temporarily impaired securities | $ | 2,387 |  |  | $ | (236) |  |  | $ | 543,248 |  |  | $ | (87,583) |  |  | $ | 545,635 |  |  | $ | (87,819) |
Schedule of Credit Quality Indicators of Held-To-Maturity Securities at Amortized Cost | The following table summarizes credit ratings of our held-to-maturity securities at amortized cost for the periods indicated:
June 30, 2024 | AAA |  | AA |  | A |  | BBB |  | BB |  | Not Rated |  | Total
U.S. Treasury and federal agencies | $ | — |  |  | $ | 284,114 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 284,114 |
State and municipal | 284,849 |  |  | 713,834 |  |  | 63,772 |  |  | 2,183 |  |  | — |  |  | — |  |  | 1,064,638 |
Federal agency collateralized mortgage obligations | 48,668 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 48,668 |
Federal agency mortgage-backed pools | 314,069 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 314,069 |
Private labeled mortgage-backed pools | 30,780 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 30,780 |
Corporate notes | — |  |  | 6,193 |  |  | 11,691 |  |  | 75,926 |  |  | 4,550 |  |  | 63,810 |  |  | 162,170 |
Total | $ | 678,366 |  |  | $ | 1,004,141 |  |  | $ | 75,463 |  |  | $ | 78,109 |  |  | $ | 4,550 |  |  | $ | 63,810 |  |  | $ | 1,904,439 |
December 31, 2023 | AAA |  | AA |  | A |  | BBB |  | BB |  | Not Rated |  | Total
U.S. Treasury and federal agencies | $ | — |  |  | $ | 287,259 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 287,259 |
State and municipal | 285,748 |  |  | 730,907 |  |  | 69,658 |  |  | 2,186 |  |  | — |  |  | — |  |  | 1,088,499 |
Federal agency collateralized mortgage obligations | 51,325 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 51,325 |
Federal agency mortgage-backed pools | 323,649 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 323,649 |
Private labeled mortgage-backed pools | 32,329 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 32,329 |
Corporate notes | — |  |  | 4,260 |  |  | 11,831 |  |  | 78,197 |  |  | 4,556 |  |  | 63,890 |  |  | 162,734 |
Total | $ | 693,051 |  |  | $ | 1,022,426 |  |  | $ | 81,489 |  |  | $ | 80,383 |  |  | $ | 4,556 |  |  | $ | 63,890 |  |  | $ | 1,945,795 |
Schedule of Allowance for Credit Losses on Held-To-Maturity Securities | The following table details activity in the allowance for credit losses on held-to-maturity securities during the three and six months ended June 30, 2024 and 2023.
| Three Months Ended | Six Months Ended
| June 30 | June 30
| 2024 |  | 2023 |  | 2024 |  | 2023
Beginning balance | $ | 158 |  |  | $ | — |  |  | $ | 157 |  |  | $ | — |
Credit loss expense (benefit) | — |  |  | — |  |  | 1 |  |  | — |
Ending balance | $ | 158 |  |  | $ | — |  |  | $ | 158 |  |  | $ | — |
Schedule of Sales of Securities Available for Sale | Information regarding security proceeds, gross gains and gross losses, based on specific identification method, are presented below.
|  |  | Three Months Ended |  | Six Months Ended
|  |  | June 30 |  | June 30
|  |  |  |  | 2024 |  | 2023 |  | 2024 |  | 2023
Sales of securities available for sale |  |  |  |  |  |  |  |  |  |  |
Proceeds |  |  |  |  | $ | — |  |  | $ | 24,668 |  |  | $ | — |  |  | $ | 88,194 |
Gross gains |  |  |  |  | — |  |  | 86 |  |  | — |  |  | 215 |
Gross losses |  |  |  |  | — |  |  | (66) |  |  | — |  |  | (695) |

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