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Securities (Tables) | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Fair Value of Securities | The fair value of securities is as follows:
| December 31, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale |  |  |  |  |  |  |
U.S. Treasury and federal agencies | $ | 2,258 |  |  | — |  |  | $ | (457) |  |  | $ | 1,801 |
State and municipal | 243,521 |  |  | — |  |  | (41,687) |  |  | 201,834 |
U.S. government agency mortgage-backed securities | 17,984 |  |  | — |  |  | (3,441) |  |  | 14,543 |
Private labeled mortgage–backed pools | — |  |  | — |  |  | — |  |  | — |
Corporate notes | 18,259 |  |  | — |  |  | (2,760) |  |  | 15,499 |
Total available for sale investment securities | $ | 282,022 |  |  | $ | — |  |  | $ | (48,345) |  |  | $ | 233,677 |
| December 31, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
Held to maturity |  |  |  |  |  |  |  |
U.S. Treasury and federal agencies | $ | 278,383 |  |  | $ | — |  |  | $ | (39,253) |  |  | $ | 239,130 |  |
State and municipal | 1,048,862 |  |  | 958 |  |  | (183,114) |  |  | $ | 866,706 |  |
U.S. government agency mortgage-backed securities | 349,726 |  |  | — |  |  | (54,904) |  |  | 294,822 |  |
Private labeled mortgage–backed pools | 29,278 |  |  | — |  |  | (3,958) |  |  | $ | 25,320 |  |
Corporate notes | 161,599 |  |  | — |  |  | (21,309) |  |  | $ | 140,290 |  |
Total held to maturity investment securities | $ | 1,867,848 |  |  | $ | 958 |  |  | $ | (302,538) |  |  | $ | 1,566,268 |  |
Less: Allowance for credit losses | (158) |  |  |  |  |  |  |  |
Held to maturity securities, net of allowance for credit losses | $ | 1,867,690 |  |  |  |  |  |  |  |
| 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 |
U.S. government agency mortgage-backed securities | 165,061 |  |  | — |  |  | (24,184) |  |  | 140,877 |
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 |  |
U.S. government agency mortgage-backed securities | 374,974 |  |  | — |  |  | (56,467) |  |  | 318,507 |  |
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 |
| December 31, 2024 |  | December 31, 2023
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Available for sale |  |  |  |  |  |  |
Within one year | $ | — |  |  | $ | — |  |  | $ | 5,505 |  |  | $ | 5,408 |
One to five years | — |  |  | — |  |  | 100,301 |  |  | 89,650 |
Five to ten years | 173,533 |  |  | 141,915 |  |  | 167,764 |  |  | 141,203 |
After ten years | 90,505 |  |  | 77,219 |  |  | 195,984 |  |  | 170,113 |
| 264,038 |  |  | 219,134 |  |  | 469,554 |  |  | 406,374 |
U.S. government agency mortgage-backed securities | 17,984 |  |  | 14,543 |  |  | 165,061 |  |  | 140,877 |
Total available for sale investment securities | $ | 282,022 |  |  | $ | 233,677 |  |  | $ | 634,615 |  |  | $ | 547,251 |
Held to maturity |  |  |  |  |  |  |
Within one year | $ | 59,129 |  |  | $ | 58,304 |  |  | $ | 33,483 |  |  | $ | 33,169 |
One to five years | 298,362 |  |  | 278,007 |  |  | 225,957 |  |  | 216,354 |
Five to ten years | 366,493 |  |  | 312,748 |  |  | 350,843 |  |  | 304,067 |
After ten years | 764,860 |  |  | 597,067 |  |  | 928,209 |  |  | 768,927 |
| 1,488,844 |  |  | 1,246,126 |  |  | 1,538,492 |  |  | 1,322,517 |
U.S. government agency mortgage-backed securities | 349,726 |  |  | 294,822 |  |  | 374,974 |  |  | 318,507 |
Private labeled mortgage–backed pools | 29,278 |  |  | 25,320 |  |  | 32,329 |  |  | 27,734 |
Total held to maturity investment securities | $ | 1,867,848 |  |  | $ | 1,566,268 |  |  | $ | 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.
| December 31, 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 | $ | — |  |  | $ | — |  |  | $ | 1,801 |  |  | $ | (457) |  |  | $ | 1,801 |  |  | $ | (457) |
State and municipal | — |  |  | — |  |  | 201,834 |  |  | (41,687) |  |  | 201,834 |  |  | (41,687) |
U.S. government agency mortgage-backed securities | — |  |  | — |  |  | 14,543 |  |  | (3,441) |  |  | 14,543 |  |  | (3,441) |
Corporate notes | — |  |  | — |  |  | 15,499 |  |  | (2,760) |  |  | 15,499 |  |  | (2,760) |
Total available for sale investment securities | $ | — |  |  | $ | — |  |  | $ | 233,677 |  |  | $ | (48,345) |  |  | $ | 233,677 |  |  | $ | (48,345) |
| 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) |
U.S. government agency mortgage-backed securities | — |  |  | — |  |  | 140,869 |  |  | (24,184) |  |  | 140,869 |  |  | (24,184) |
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) |
Debt Securities, Held-to-Maturity, Credit Quality Indicator | The following table summarizes credit ratings of our held-to-maturity securities at amortized cost for the periods indicated:
December 31, 2024 | AAA |  | AA |  | A |  | BBB |  | BB |  | Not Rated |  | Total
U.S. Treasury and federal agencies | — |  |  | 278,383 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 278,383 |
State and municipal | 273,629 |  |  | 698,428 |  |  | 66,079 |  |  | 10,726 |  |  | — |  |  | — |  |  | 1,048,862 |
U.S. government agency mortgage-backed securities | 349,726 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 349,726 |
Private labeled mortgage-backed pools | 29,278 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 29,278 |
Corporate notes | — |  |  | 6,176 |  |  | 11,549 |  |  | 75,603 |  |  | 4,543 |  |  | 63,728 |  |  | 161,599 |
Total | 652,633 |  |  | 982,987 |  |  | 77,628 |  |  | 86,329 |  |  | 4,543 |  |  | 63,728 |  |  | 1,867,848 |
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 |
U.S. government agency mortgage-backed securities | 374,974 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 374,974 |
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 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | The following table details activity in the allowance for credit losses on held-to-maturity securities for the year ended December 31, 2024 and 2023.
| December 31, 2024 |  | December 31, 2023
Beginning balance | $ | 157 |  |  | $ | 257 |
Credit loss expense (benefit) | 1 |  |  | (100) |
Ending balance | $ | 158 |  |  | $ | 157 |
Schedule of Sales of Securities Available for Sale | Information regarding security proceeds, gross gains and gross losses are presented below.
| Year Ended December 31
| 2024 |  | 2023 |  | 2022
Sales of securities available for sale |  |  |  |  |
Proceeds | $ | 293,138 |  |  | $ | 439,285 |  |  | $ | — |
Gross gains | 6 |  |  | 215 |  |  | — |
Gross losses | (39,145) |  |  | (32,267) |  |  | — |
Fair Value And Amortized Costs Of Pledged Securities | The following table represents the fair value and amortized costs of these pledged securities.
| December 31, 2024 |  | December 31, 2023
| Fair Value |  | Amortized Cost |  | Fair Value |  | Amortized Cost
Pledge securities for borrowing availability at the Federal Reserve | $ | 851,384 |  |  | $ | 1,032,916 |  |  | $ | 1,441,920 |  |  | $ | 1,682,935 |
Pledge securities for FHLB borrowings | $ | 279,136 |  |  | $ | 333,613 |  |  | $ | — |  |  | $ | — |

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