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v3.23.3

Securities (Tables) | 9 Months Ended
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Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Summary of the Amortized Cost and Fair Value of Available-for-Sale Investment Securities Corresponding Amounts of Unrealized Gains and Losses | The following table summarizes the amortized cost and fair value of the available for sale investment securities portfolio at September 30, 2023 and December 31, 2022 and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income (loss):
|  |  |  | Gross |  |  | Gross |  |  |  |
| Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |
(In Thousands of Dollars) | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government sponsored entities | $ | 145,395 |  |  | $ | 0 |  |  | $ | (24,084 | ) |  | $ | 121,311 |
State and political subdivisions |  | 645,407 |  |  |  | 134 |  |  |  | (147,405 | ) |  |  | 498,136 |
Corporate bonds |  | 18,439 |  |  |  | 5 |  |  |  | (693 | ) |  |  | 17,751 |
Mortgage-backed securities |  | 636,646 |  |  |  | 0 |  |  |  | (141,605 | ) |  |  | 495,041 |
Collateralized mortgage obligations |  | 81,567 |  |  |  | 261 |  |  |  | (6,276 | ) |  |  | 75,552 |
Small Business Administration |  | 3,314 |  |  |  | 0 |  |  |  | (369 | ) |  |  | 2,945 |
Totals | $ | 1,530,768 |  |  | $ | 400 |  |  | $ | (320,432 | ) |  | $ | 1,210,736 |
|  |  |  | Gross |  |  | Gross |  |  |  |
| Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |
(In Thousands of Dollars) | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government sponsored entities | $ | 149,712 |  |  | $ | 0 |  |  | $ | (21,616 | ) |  | $ | 128,096 |
State and political subdivisions |  | 651,705 |  |  |  | 266 |  |  |  | (121,891 | ) |  |  | 530,080 |
Corporate bonds |  | 4,181 |  |  |  | 0 |  |  |  | (302 | ) |  |  | 3,879 |
Mortgage-backed securities - residential |  | 672,784 |  |  |  | 12 |  |  |  | (117,654 | ) |  |  | 555,142 |
Collateralized mortgage obligations |  | 52,291 |  |  |  | 0 |  |  |  | (4,937 | ) |  |  | 47,354 |
Small Business Administration |  | 3,839 |  |  |  | 0 |  |  |  | (365 | ) |  |  | 3,474 |
Totals | $ | 1,534,512 |  |  | $ | 278 |  |  | $ | (266,765 | ) |  | $ | 1,268,025 |
Amortized Cost and Fair Value of the Debt Securities Maturity | The amortized cost and fair value of the debt securities portfolio are shown in the table below by expected maturity. Expected maturities may differ from contractual maturities if issuers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
|  | September 30, 2023 |
(In Thousands of Dollars) |  | Amortized Cost |  |  | Fair Value |
Maturity |  |  |  |  |  |
Within one year |  | $ | 399 |  |  | $ | 392 |
One to five years |  |  | 28,868 |  |  |  | 26,075 |
Five to ten years |  |  | 185,929 |  |  |  | 158,979 |
Beyond ten years |  |  | 594,045 |  |  |  | 451,752 |
Mortgage-backed, collateralized mortgage obligations and Small Business Administration securities |  |  | 721,527 |  |  |  | 573,538 |
Total |  | $ | 1,530,768 |  |  | $ | 1,210,736 |
Available for Sale Investment Securities with Unrealized Losses | The following table summarizes the available for sale investment securities with unrealized losses at September 30, 2023 and December 31, 2022, aggregated by major security type and length of time in a continuous unrealized loss position.
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(In Thousands of Dollars) |  | Value |  |  | Loss |  |  | Value |  |  | Loss |  |  | Value |  |  | Loss |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government sponsored entities |  | $ | 5,381 |  |  | $ | (174 | ) |  | $ | 115,930 |  |  | $ | (23,910 | ) |  | $ | 121,311 |  |  | $ | (24,084 | )
State and political subdivisions |  |  | 94,185 |  |  |  | (7,325 | ) |  |  | 396,362 |  |  |  | (140,080 | ) |  |  | 490,547 |  |  |  | (147,405 | )
Corporate bonds |  |  | 11,962 |  |  |  | (429 | ) |  |  | 3,804 |  |  |  | (264 | ) |  |  | 15,766 |  |  |  | (693 | )
Mortgage-backed securities |  |  | 5,170 |  |  |  | (179 | ) |  |  | 489,871 |  |  |  | (141,426 | ) |  |  | 495,041 |  |  |  | (141,605 | )
Collateralized mortgage obligations |  |  | 23,580 |  |  |  | (802 | ) |  |  | 44,524 |  |  |  | (5,474 | ) |  |  | 68,104 |  |  |  | (6,276 | )
Small Business Administration |  |  | 0 |  |  |  | 0 |  |  |  | 2,945 |  |  |  | (369 | ) |  |  | 2,945 |  |  |  | (369 | )
Total temporarily impaired |  | $ | 140,278 |  |  | $ | (8,909 | ) |  | $ | 1,053,436 |  |  | $ | (311,523 | ) |  | $ | 1,193,714 |  |  | $ | (320,432 | )
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(In Thousands of Dollars) |  | Value |  |  | Loss |  |  | Value |  |  | Loss |  |  | Value |  |  | Loss |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government sponsored entities |  | $ | 52,311 |  |  | $ | (5,835 | ) |  | $ | 75,685 |  |  | $ | (15,781 | ) |  | $ | 127,996 |  |  | $ | (21,616 | )
State and political subdivisions |  |  | 306,709 |  |  |  | (56,650 | ) |  |  | 191,584 |  |  |  | (65,241 | ) |  |  | 498,293 |  |  |  | (121,891 | )
Corporate bonds |  |  | 2,893 |  |  |  | (122 | ) |  |  | 986 |  |  |  | (180 | ) |  |  | 3,879 |  |  |  | (302 | )
Mortgage-backed securities - residential |  |  | 101,476 |  |  |  | (13,545 | ) |  |  | 453,233 |  |  |  | (104,109 | ) |  |  | 554,709 |  |  |  | (117,654 | )
Collateralized mortgage obligations |  |  | 42,140 |  |  |  | (4,137 | ) |  |  | 5,214 |  |  |  | (800 | ) |  |  | 47,354 |  |  |  | (4,937 | )
Small Business Administration |  |  | 1,295 |  |  |  | (122 | ) |  |  | 2,179 |  |  |  | (243 | ) |  |  | 3,474 |  |  |  | (365 | )
Total temporarily impaired |  | $ | 506,824 |  |  | $ | (80,411 | ) |  | $ | 728,881 |  |  | $ | (186,354 | ) |  | $ | 1,235,705 |  |  | $ | (266,765 | )

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