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Securities Available for Sale (Tables)
 12 Months Ended
Dec. 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 December 31, 2024, and 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 December 31, 2024 or 2023.

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

 

 

2024

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

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

 

$

132,292

 

 

$

0

 

 

$

(17,185

)

 

$

115,107

 

State and political subdivisions

 

 

609,950

 

 

 

1,294

 

 

 

(106,364

)

 

 

504,880

 

Corporate bonds

 

 

17,849

 

 

 

172

 

 

 

(573

)

 

 

17,448

 

Mortgage-backed securities

 

 

605,350

 

 

 

34

 

 

 

(112,517

)

 

 

492,867

 

Collateralized mortgage obligations

 

 

142,525

 

 

 

85

 

 

 

(8,834

)

 

 

133,776

 

Small Business Administration

 

 

2,715

 

 

 

0

 

 

 

(240

)

 

 

2,475

 

Totals

 

$

1,510,681

 

 

$

1,585

 

 

$

(245,713

)

 

$

1,266,553

 

 

 

 

 

 

 

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

 

 

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 were as follows:

 

 

 

 

 

2024

 

 

 

2023

 

 

 

2022

 

Proceeds

 

$

49,728

 

 

$

85,306

 

 

$

37,190

 

Gross gains

 

 

17

 

 

 

441

 

 

 

6

 

Gross losses

 

 

(2,698

)

 

 

(939

)

 

 

(421

)
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, 2024

 

 

 

 

 

 

 

Amortized

 

 

 

 

Maturity

 

Cost

 

 

Fair Value

 

Within one year

 

$

2,382

 

 

$

2,377

 

One to five years

 

 

68,001

 

 

 

60,891

 

Five to ten years

 

 

175,756

 

 

 

157,992

 

Beyond ten years

 

 

513,952

 

 

 

416,175

 

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

 

 

750,590

 

 

 

629,118

 

Totals

 

$

1,510,681

 

 

$

1,266,553

 
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, 2024 and 2023, aggregated by major security type and length of time in a continuous unrealized loss position.

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

4,592

 

 

$

(320

)

 

$

110,515

 

 

$

(16,865

)

 

$

115,107

 

 

$

(17,185

)

State and political subdivisions

 

 

66,436

 

 

 

(4,946

)

 

 

400,911

 

 

 

(101,418

)

 

 

467,347

 

 

 

(106,364

)

Corporate bonds

 

 

4,303

 

 

 

(146

)

 

 

8,568

 

 

 

(427

)

 

 

12,871

 

 

 

(573

)

Mortgage-backed securities

 

 

30,143

 

 

 

(365

)

 

 

460,172

 

 

 

(112,152

)

 

 

490,315

 

 

 

(112,517

)

Collateralized mortgage obligations

 

 

65,046

 

 

 

(2,210

)

 

 

51,405

 

 

 

(6,624

)

 

 

116,451

 

 

 

(8,834

)

Small Business Administration

 

 

0

 

 

 

0

 

 

 

2,475

 

 

 

(240

)

 

 

2,475

 

 

 

(240

)

Total

 

$

170,520

 

 

$

(7,987

)

 

$

1,034,046

 

 

$

(237,726

)

 

$

1,204,566

 

 

$

(245,713

)

 

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

 

 

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

)