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Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Available-for-sale securities reconciliation

The following table summarizes the amortized cost and fair value of securities available-for-sale and securities held-to-maturity at June 30, 2023 and December 31, 2022 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses (in thousands): 

						June 30, 2023
Available-for-Sale Securities						Amortized Cost			Gross Unrealized  Gains			Gross Unrealized Losses			Allowance for Credit Losses			Estimated  Fair Value
Debt securities:
U.S. Treasury securities						$	9,989		$	—		$	(1,209)		$	—		$	8,780
U.S. Government agencies						105			—			(9)			—			96
Obligations of states and political subdivisions						199,818			—			(22,392)			—			177,426
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						96,072			2			(6,857)			—			89,217
Private label mortgage and asset backed securities						399,009			10			(54,779)			—			344,240
Total available-for-sale						$	704,993		$	12		$	(85,246)		$	—		$	619,759
						June 30, 2023
Held-to-Maturity Securities						Amortized Cost			Gross Unrecognized  Gains			Gross Unrecognized Losses			Estimated  Fair Value			Allowance for Credit Losses
Debt securities:
Obligations of states and political subdivisions						$	192,034		$	76		$	(17,108)		$	175,002		$	17
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						10,592			—			(1,728)			8,864			—
Private label mortgage and asset backed securities						55,673			—			(6,484)			49,189			1
Corporate debt securities						46,033			—			(5,240)			40,793			438
Total held-to-maturity						$	304,332		$	76		$	(30,560)		$	273,848		$	456

						December 31, 2022
Available-for-Sale Securities						Amortized Cost						Gross Unrealized  Gains						Gross Unrealized Losses						Estimated Fair Value
Debt securities:
U.S. Treasury securities						$	9,990					$	—					$	(1,283)					$	8,707
U.S. Government agencies						107						—						(9)						98
Obligations of states and political subdivisions						201,638						—						(26,653)						174,985
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						117,292						4						(7,803)						109,493
Private label mortgage and asset backed securities						411,441						14						(55,913)						355,542
Total available-for-sale						$	740,468					$	18					$	(91,661)					$	648,825

						December 31, 2022
Held-to-Maturity Securities						Amortized Cost						Gross Unrecognized  Gains						Gross Unrecognized Losses						Estimated  Fair Value
Debt securities:
Obligations of states and political subdivisions						192,004						67						(23,166)						$	168,905
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						10,430						—						(1,762)						8,668
Private label mortgage and asset backed securities						56,691						—						(5,931)						50,760
Corporate debt securities						45,982						—						(3,066)						42,916
Total held-to-maturity						$	305,107					$	67					$	(33,925)					$	271,249

Realized gains and losses

Proceeds and gross realized gains (losses) from the sales or calls of available-for-sale investment securities for the periods ended June 30, 2023 and 2022 are shown below (in thousands):

						For the Three Months Ended June 30,												For the Six Months Ended June 30,
Available-for-Sale Securities						2023						2022						2023						2022
Proceeds from sales or calls						$	310					$	102,379					$	12,376					$	235,370
Gross realized gains from sales or calls						—						1,216						—						5,123
Gross realized losses from sales or calls						(39)						(2,185)						(257)						(5,886)

Investment

aggregated by major security type and length of time in a continuous unrealized loss position (in thousands): 

						June 30, 2023
						Less than 12 Months												12 Months or More												Total
						Fair						Unrealized						Fair						Unrealized						Fair						Unrealized
Available-for-Sale Securities						Value						Losses						Value						Losses						Value						Losses
Debt securities:
U.S. Treasury securities						$	—					$	—					$	8,780					$	(1,209)					$	8,780					$	(1,209)
U.S. Government agencies						—						—						96						(9)						96						(9)
Obligations of states and political subdivisions						—						—						177,426						(22,392)						177,426						(22,392)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						860						(21)						88,218						(6,836)						89,078						(6,857)
Private label mortgage and asset backed securities						3,353						(553)						340,834						(54,226)						344,187						(54,779)
Total available-for-sale						$	4,213					$	(574)					$	615,354					$	(84,672)					$	619,567					$	(85,246)

Debt Securities, Held-to-maturity, Credit Quality Indicator

The following table summarizes the amortized cost of debt securities held-to-maturity at the dates indicated, aggregated by credit quality indicator. U.S. Government sponsored agencies are not included in the below tables as credit ratings are not applicable.

						June 30, 2023
Debt Securities Held-to-Maturity						AAA/AA/A			BBB/BB/B			Unrated
Obligations of states and political subdivisions						$	192,034		$	—		$	—
Private label mortgage and asset backed securities						46,651			—			9,022
Corporate debt securities						—			30,154			15,879
Total debt securities held-to-maturity						$	238,685		$	30,154		$	24,901

X

- Definition

Tabular disclosure of credit quality indicator for investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-5

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Tabular disclosure of investment.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//320/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Topic 321
-Publisher FASB
-URI https://asc.fasb.org//321/tableOfContent

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Topic 325
-Publisher FASB
-URI https://asc.fasb.org//325/tableOfContent

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Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

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- Definition

Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

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