XML 36 R26.htm IDEA: XBRL DOCUMENT v3.24.3

Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Fair Value of Securities

The fair value of securities is as follows:

			September 30, 2024
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Available for sale
U.S. Treasury and federal agencies			$	69,421					$	—					$	(6,176)					$	63,245
State and municipal			351,507						14						(45,496)						306,025
Federal agency collateralized mortgage obligations			3,413						—						(261)						3,152
Federal agency mortgage-backed pools			151,844						—						(19,148)						132,696
Corporate notes			40,559						—						(4,507)						36,052
Total available for sale investment securities			$	616,744					$	14					$	(75,588)					$	541,170

			September 30, 2024
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Held to maturity
U.S. Treasury and federal agencies			$	283,851					$	—					$	(31,817)					$	252,034
State and municipal			1,056,869						1,713						(150,262)						908,320
Federal agency collateralized mortgage obligations			47,232						—						(6,441)						40,791
Federal agency mortgage-backed pools			308,725						—						(37,641)						271,084
Private labeled mortgage-backed pools			29,975						—						(3,436)						26,539
Corporate notes			161,885						—						(20,206)						141,679
Total held to maturity investment securities			$	1,888,537					$	1,713					$	(249,803)					$	1,640,447
Less: Allowance for credit losses			(158)
Held to maturity securities, net of allowance for credit losses			$	1,888,379

			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
Held to maturity
U.S. Treasury and federal agencies			$	287,259					$	—					$	(41,299)					$	245,960
State and municipal			1,088,499						1,185						(150,323)						939,361
Federal agency collateralized mortgage obligations			51,325						—						(7,846)						43,479
Federal agency mortgage-backed pools			323,649						—						(48,621)						275,028
Private labeled mortgage-backed pools			32,329						—						(4,595)						27,734
Corporate notes			162,734						—						(25,538)						137,196
Total held to maturity investment securities			$	1,945,795					$	1,185					$	(278,222)					$	1,668,758
Less: Allowance for credit losses			(157)
Held to maturity securities, net of allowance for credit losses			$	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 September 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.

			September 30, 2024												December 31, 2023
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Available for sale
Within one year			$	448					$	447					$	5,505					$	5,408
One to five years			148,408						135,879						100,301						89,650
Five to ten years			217,000						184,540						167,764						141,203
After ten years			95,631						84,456						195,984						170,113
			461,487						405,322						469,554						406,374
Federal agency collateralized mortgage obligations			3,413						3,152						3,931						3,580
Federal agency mortgage–backed pools			151,844						132,696						161,130						137,297
Total available for sale investment securities			$	616,744					$	541,170					$	634,615					$	547,251
Held to maturity
Within one year			$	49,801					$	49,143					$	33,483					$	33,169
One to five years			309,583						294,552						225,957						216,354
Five to ten years			360,008						316,813						350,843						304,067
After ten years			783,213						641,525						928,209						768,927
			1,502,605						1,302,033						1,538,492						1,322,517
Federal agency collateralized mortgage obligations			47,232						40,791						51,325						43,479
Federal agency mortgage–backed pools			308,725						271,084						323,649						275,028
Private labeled mortgage–backed pools			29,975						26,539						32,329						27,734
Total held to maturity investment securities			$	1,888,537					$	1,640,447					$	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.

			September 30, 2024
			Less than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Available for Sale Investment Securities
U.S. Treasury and federal agencies			$	447					$	(1)					$	62,798					$	(6,175)					$	63,245					$	(6,176)
State and municipal			1,718						(237)						303,628						(45,259)						305,346						(45,496)
Federal agency collateralized mortgage obligations			—						—						3,152						(261)						3,152						(261)
Federal agency mortgage–backed pools			—						—						132,696						(19,148)						132,696						(19,148)
Corporate notes			—						—						36,052						(4,507)						36,052						(4,507)
Total available for sale investment securities			$	2,165					$	(238)					$	538,326					$	(75,350)					$	540,491					$	(75,588)

			December 31, 2023
			Less than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Available for Sale 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 available for sale investment 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:

September 30, 2024			AAA						AA						A						BBB						BB						Not Rated						Total
U.S. Treasury and federal agencies			$	—					$	283,851					$	—					$	—					$	—					$	—					$	283,851
State and municipal			253,333						689,162						112,192						2,182						—						—						1,056,869
Federal agency collateralized mortgage obligations			47,232						—						—						—						—						—						47,232
Federal agency mortgage-backed pools			308,725						—						—						—						—						—						308,725
Private labeled mortgage-backed pools			29,975						—						—						—						—						—						29,975
Corporate notes			—						6,184						11,620						75,765						4,546						63,770						161,885
Total			$	639,265					$	979,197					$	123,812					$	77,947					$	4,546					$	63,770					$	1,888,537
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 nine months ended September 30, 2024 and 2023.

			Three Months Ended												Nine Months Ended
			September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Beginning balance			$	158					$	164					$	157					$	257
Credit loss expense (benefit)			—						(5)						1						(98)
Ending balance			$	158					$	159					$	158					$	159

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												Nine Months Ended
															September 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Sales of securities available for sale
Proceeds															$	—					$	—					$	—					$	88,194
Gross gains															—						—						—						215
Gross losses															—						—						—						(695)

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-4

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of allowance for credit loss on investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13

+ Details

Name:	us-gaap_DebtSecuritiesHeldToMaturityAllowanceForCreditLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of credit quality indicator for investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

+ Details

Name:	us-gaap_DebtSecuritiesHeldToMaturityCreditQualityIndicatorTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of investment.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/320/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Topic 321
-Publisher FASB
-URI https://asc.fasb.org/321/tableOfContent

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Topic 325
-Publisher FASB
-URI https://asc.fasb.org/325/tableOfContent

+ Details

Name:	us-gaap_InvestmentTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

+ References

No definition available.

+ Details

Name:	us-gaap_MarketableSecuritiesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

+ Details

Name:	us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration