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Securities (Tables)

6 Months Ended

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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