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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Available-for-sale securities reconciliation

he following tables summarize the amortized cost and fair value of securities available-for-sale and securities held-for-maturity at December 31, 2023 and 2022 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive (loss) income and gross unrecognized gains and losses:

			December 31, 2023
			Amortized Cost						Gross  Unrealized Gains						Gross  Unrealized Losses						Allowance for Credit Losses						Estimated Fair Value
Available-for-Sale Securities
Debt Securities:
U.S. Treasury securities			$	9,990					$	—					$	(1,036)					$	—					$	8,954
U.S. Government agencies			102						—						(7)						—						95
Obligations of states and political subdivisions			198,070						—						(17,848)						—						180,222
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations			88,874						3						(5,525)						—						83,352
Private label mortgage and asset backed securities			372,610						10						(48,047)						—						324,573
			$	669,646					$	13					$	(72,463)					$	—					$	597,196

			December 31, 2023
			Amortized Cost						Gross  Unrealized Gains						Gross  Unrealized Losses						Estimated Fair Value						Allowance for Credit Losses
Held to Maturity
Debt Securities:
Obligations of states and political subdivisions			$	192,070					$	70					$	(14,188)					$	177,952					$	20
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations			10,758						—						(1,692)						9,066						—
Private label mortgage and asset backed securities			54,579						—						(5,944)						48,635						11
Corporate debt securities			46,086						—						(4,736)						41,350						1,020
			$	303,493					$	70					$	(26,560)					$	277,003					$	1,051

			December 31, 2022
			Amortized Cost						Gross  Unrealized  Gains						Gross  Unrealized Losses						Estimated  Fair Value
Available-for-Sale Securities
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
Corporate debt securities			—						—						—						—
`			$	740,468					$	18					$	(91,661)					$	648,825

						December 31, 2022
Held-to-Maturity Securities						Amortized Cost						Gross  Unrealized  Gains						Gross  Unrealized 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 (losses)/gains on investment securities for the years ended December 31, 2023, 2022, and 2021 are shown below (in thousands):

						Years Ended December 31,
						2023						2022						2021
Available-for-Sale Securities
Proceeds from sales or calls						$	26,361					$	252,331					$	26,222
Gross realized gains from sales or calls						$	—					$	5,235					$	580
Gross realized losses from sales or calls						$	(907)					$	(6,965)					$	(79)

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

			December 31, 2023
			Less than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Available-for-Sale Securities
Debt Securities:
U.S. Treasury securities			$	—					$	—					$	8,954					$	(1,036)					$	8,954					$	(1,036)
U.S. Government agencies			—						—						95						(7)						95						(7)
Obligations of states and political subdivisions			—						—						180,222						(17,848)						180,222						(17,848)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations			392						(3)						82,760						(5,522)						83,152						(5,525)
Private label residential mortgage and asset backed securities			—						—						323,655						(48,047)						323,655						(48,047)
			$	392					$	(3)					$	595,686					$	(72,460)					$	596,078					$	(72,463)

			December 31, 2023
			Less than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Held-to-Maturity Securities
Debt Securities:
Obligations of states and political subdivisions			$	108					$	(1)					$	175,309					$	(14,187)					$	175,417					$	(14,188)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations			—						—						9,066						(1,692)						9,066						(1,692)
Private label residential mortgage and asset backed securities			—						—						48,635						(5,944)						48,635						(5,944)
Corporate debt securities			—						—						41,350						(4,736)						41,350						(4,736)
			$	108					$	(1)					$	274,360					$	(26,559)					$	274,468					$	(26,560)

 

			December 31, 2022
			Less than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Available-for-Sale Securities
Debt Securities:
U.S. Treasury securities			$	—					$	—					$	8,707					$	(1,283)					$	8,707					$	(1,283)
U.S. Government agencies			$	—					$	—					$	98					$	(9)					$	98					$	(9)
Obligations of states and political subdivisions			90,808						(12,208)						84,177						(14,445)						174,985						(26,653)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations			20,825						(1,058)						88,520						(6,745)						109,345						(7,803)
Private label residential mortgage backed securities			126,284						(14,529)						229,152						(41,384)						355,436						(55,913)
			$	237,917					$	(27,795)					$	410,654					$	(63,866)					$	648,571					$	(91,661)

			December 31, 2022
			Less than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Held-to-Maturity Securities
Debt Securities:
Obligations of states and political subdivisions			$	48,311					$	(5,505)					$	118,026					$	(17,661)					$	166,337					$	(23,166)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations			—						—						8,668						(1,762)						8,668						(1,762)
Private label residential mortgage and asset backed securities			19,393						(1,916)						31,367						(4,015)						50,760						(5,931)
Corporate debt securities			23,997						(1,561)						18,919						(1,505)						42,916						(3,066)
			$	91,701					$	(8,982)					$	176,980					$	(24,943)					$	268,681					$	(33,925)

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-4

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- Definition

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

+ References

No definition available.

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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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