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Securities Available for Sale (Tables)
 12 Months Ended
Dec. 31, 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 securities portfolio at December 31, 2023, and 2022, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss). No allowance for credit losses have been recognized for the securities portfolio at December 31, 2023 or 2022.

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

 

 

2023

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

U.S. Treasury and U.S. government sponsored
   entities

 

$

145,439

 

 

$

113

 

 

$

(17,597

)

 

$

127,955

 

State and political subdivisions

 

 

644,880

 

 

 

4,792

 

 

 

(93,503

)

 

 

556,169

 

Corporate bonds

 

 

18,554

 

 

 

187

 

 

 

(466

)

 

 

18,275

 

Mortgage-backed securities - residential

 

 

624,529

 

 

 

1

 

 

 

(104,144

)

 

 

520,386

 

Collateralized mortgage obligations

 

 

80,227

 

 

 

331

 

 

 

(6,559

)

 

 

73,999

 

Small Business Administration

 

 

3,212

 

 

 

0

 

 

 

(295

)

 

 

2,917

 

Totals

 

$

1,516,841

 

 

$

5,424

 

 

$

(222,564

)

 

$

1,299,701

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

 

 

2022

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

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

 
Proceeds from Sales of Available-for-Sale Securities and the Associated Gains and Losses

The proceeds from sales of available-for-sale securities and the associated gains and losses were as follows:

 

 

 

 

 

2023

 

 

 

2022

 

 

 

2021

 

Proceeds

 

$

85,306

 

 

$

37,190

 

 

$

35,175

 

Gross gains

 

 

441

 

 

 

6

 

 

 

863

 

Gross losses

 

 

(939

)

 

 

(421

)

 

 

(25

)
Amortized Cost and Fair Value of the Debt Securities Maturity

The amortized cost and fair value of the debt securities portfolio are shown by expected maturity. Expected maturities may differ from contractual maturities if issuers have the right to call or prepay obligations, with or without a call, or prepayment penalties. Securities not due at a single maturity date are shown separately.

Available for sale

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

Amortized

 

 

 

 

Maturity

 

Cost

 

 

Fair Value

 

Within one year

 

$

600

 

 

$

592

 

One to five years

 

 

32,288

 

 

 

30,039

 

Five to ten years

 

 

186,137

 

 

 

168,851

 

Beyond ten years

 

 

589,848

 

 

 

502,917

 

Mortgage-backed Securities, Collateralized Mortgage
   Obligations and Small Business Administration

 

 

707,968

 

 

 

597,302

 

Totals

 

$

1,516,841

 

 

$

1,299,701

 
Available for Sale Investment Securities with Unrealized Losses

The following table summarizes the investment securities with unrealized losses for which an allowance for credit losses has not been recorded at December 31, 2023 and 2022, aggregated by major security type and length of time in a continuous unrealized loss position.

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

Description of Securities

 

Value

 

 

Loss

 

 

Value

 

 

Loss

 

 

Value

 

 

Loss

 

U.S. Treasury and U.S. government

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

sponsored entities

 

$

399

 

 

$

(1

)

 

$

122,361

 

 

$

(17,596

)

 

$

122,760

 

 

$

(17,597

)

State and political subdivisions

 

 

15,852

 

 

 

(1,684

)

 

 

428,416

 

 

 

(91,819

)

 

 

444,268

 

 

 

(93,503

)

Corporate bonds

 

 

8,463

 

 

 

(284

)

 

 

3,881

 

 

 

(182

)

 

 

12,344

 

 

 

(466

)

Mortgage-backed securities - residential

 

 

5,113

 

 

 

(76

)

 

 

515,259

 

 

 

(104,068

)

 

 

520,372

 

 

 

(104,144

)

Collateralized mortgage obligations

 

 

20,019

 

 

 

(980

)

 

 

43,808

 

 

 

(5,579

)

 

 

63,827

 

 

 

(6,559

)

Small Business Administration

 

 

0

 

 

 

0

 

 

 

2,917

 

 

 

(295

)

 

 

2,917

 

 

 

(295

)

Total temporarily impaired

 

$

49,846

 

 

$

(3,025

)

 

$

1,116,642

 

 

$

(219,539

)

 

$

1,166,488

 

 

$

(222,564

)

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

Description of Securities

 

Value

 

 

Loss

 

 

Value

 

 

Loss

 

 

Value

 

 

Loss

 

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

)