XML 40 R32.htm IDEA: XBRL DOCUMENT v3.24.3
Securities (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 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 September 30, 2024 or December 31, 2023.

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

 

 

(In Thousands of Dollars)

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

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

$

132,478

 

 

$

119

 

 

$

(13,004

)

 

$

119,593

 

State and political subdivisions

 

611,001

 

 

 

4,159

 

 

 

(87,438

)

 

 

527,722

 

Corporate bonds

 

18,494

 

 

 

313

 

 

 

(371

)

 

 

18,436

 

Mortgage-backed securities

 

601,239

 

 

 

491

 

 

 

(88,517

)

 

 

513,213

 

Collateralized mortgage obligations

 

116,764

 

 

 

482

 

 

 

(5,485

)

 

 

111,761

 

Small Business Administration

 

2,822

 

 

 

0

 

 

 

(197

)

 

 

2,625

 

Totals

$

1,482,798

 

 

$

5,564

 

 

$

(195,012

)

 

$

1,293,350

 

 

 

 

 

 

 

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:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Proceeds

$

4,109

 

 

$

15,388

 

 

$

48,865

 

 

$

85,306

 

Gross gains

 

0

 

 

 

0

 

 

 

17

 

 

 

441

 

Gross losses

 

(421

)

 

 

(618

)

 

 

(2,697

)

 

 

(939

)
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, 2024

 

(In Thousands of Dollars)

 

Amortized Cost

 

 

Fair Value

 

Maturity

 

 

 

 

 

 

Within one year

 

$

3,154

 

 

$

3,188

 

One to five years

 

 

66,494

 

 

 

60,894

 

Five to ten years

 

 

162,857

 

 

 

152,018

 

Beyond ten years

 

 

529,468

 

 

 

449,651

 

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

 

 

720,825

 

 

 

627,599

 

Total

 

$

1,482,798

 

 

$

1,293,350

 
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 September 30, 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

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

2,758

 

 

$

(252

)

 

$

114,823

 

 

$

(12,752

)

 

$

117,581

 

 

$

(13,004

)

State and political subdivisions

 

 

32,039

 

 

 

(2,730

)

 

 

418,686

 

 

 

(84,708

)

 

 

450,725

 

 

 

(87,438

)

Corporate bonds

 

 

2,392

 

 

 

(34

)

 

 

8,857

 

 

 

(337

)

 

 

11,249

 

 

 

(371

)

Mortgage-backed securities

 

 

0

 

 

 

0

 

 

 

497,592

 

 

 

(88,517

)

 

 

497,592

 

 

 

(88,517

)

Collateralized mortgage obligations

 

 

20,871

 

 

 

(315

)

 

 

49,258

 

 

 

(5,170

)

 

 

70,129

 

 

 

(5,485

)

Small Business Administration

 

 

0

 

 

 

0

 

 

 

2,625

 

 

 

(197

)

 

 

2,625

 

 

 

(197

)

Total

 

$

58,060

 

 

$

(3,331

)

 

$

1,091,841

 

 

$

(191,681

)

 

$

1,149,901

 

 

$

(195,012

)

 

 

 

 

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

)