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Securities (Tables)
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, 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 March 31, 2024 or December 31, 2023.

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

 

 

(In Thousands of Dollars)

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

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

$

137,720

 

 

$

12

 

 

$

(18,585

)

 

$

119,147

 

State and political subdivisions

 

612,030

 

 

 

3,555

 

 

 

(98,144

)

 

 

517,441

 

Corporate bonds

 

18,670

 

 

 

146

 

 

 

(457

)

 

 

18,359

 

Mortgage-backed securities

 

627,338

 

 

 

15

 

 

 

(113,628

)

 

 

513,725

 

Collateralized mortgage obligations

 

105,510

 

 

 

100

 

 

 

(6,880

)

 

 

98,730

 

Small Business Administration

 

3,063

 

 

 

0

 

 

 

(316

)

 

 

2,747

 

Totals

$

1,504,331

 

 

$

3,828

 

 

$

(238,010

)

 

$

1,270,149

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

 

 

(In Thousands of Dollars)

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

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

 

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

 
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 are as follows:

 

 

March 31, 2024

 

 

March 31, 2023

 

Proceeds

$

44,292

 

 

$

69,918

 

Gross gains

 

17

 

 

 

441

 

Gross losses

 

(2,151

)

 

 

(321

)
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.

 

 

 

March 31, 2024

 

(In Thousands of Dollars)

 

Amortized Cost

 

 

Fair Value

 

Maturity

 

 

 

 

 

 

Within one year

 

$

600

 

 

$

596

 

One to five years

 

 

26,877

 

 

 

24,734

 

Five to ten years

 

 

195,318

 

 

 

175,931

 

Beyond ten years

 

 

545,625

 

 

 

453,686

 

Mortgage-backed, collateralized mortgage obligations and Small Business Administration securities

 

 

735,911

 

 

 

615,202

 

Total

 

$

1,504,331

 

 

$

1,270,149

 
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 March 31, 2024 and December 31, 2023, 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

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

449

 

 

$

(1

)

 

$

116,810

 

 

$

(18,584

)

 

$

117,259

 

 

$

(18,585

)

State and political subdivisions

 

 

28,380

 

 

 

(1,414

)

 

 

412,504

 

 

 

(96,730

)

 

 

440,884

 

 

 

(98,144

)

Corporate bonds

 

 

8,059

 

 

 

(275

)

 

 

4,869

 

 

 

(182

)

 

 

12,928

 

 

 

(457

)

Mortgage-backed securities

 

 

4,272

 

 

 

(90

)

 

 

495,129

 

 

 

(113,538

)

 

 

499,401

 

 

 

(113,628

)

Collateralized mortgage obligations

 

 

37,452

 

 

 

(1,141

)

 

 

39,674

 

 

 

(5,739

)

 

 

77,126

 

 

 

(6,880

)

Small Business Administration

 

 

0

 

 

 

0

 

 

 

2,747

 

 

 

(316

)

 

 

2,747

 

 

 

(316

)

Total

 

$

78,612

 

 

$

(2,921

)

 

$

1,071,733

 

 

$

(235,089

)

 

$

1,150,345

 

 

$

(238,010

)

 

 

 

 

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, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

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

 

$

49,846

 

 

$

(3,025

)

 

$

1,116,642

 

 

$

(219,539

)

 

$

1,166,488

 

 

$

(222,564

)