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v3.24.1.1.u2

Investments (Tables) | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrealized gains and losses (in thousands):
|  | March 31, 2024 |
Available-for-Sale Securities |  | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Allowance for Credit Losses |
Debt securities: |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 9,990 |  | $ | — |  | $ | (1,112) |  | $ | 8,878 |  | $ | — |  |
U.S. Government agencies |  | 100 |  | — |  | (8) |  | 92 |  | — |  |
Obligations of states and political subdivisions |  | 197,311 |  | — |  | (18,906) |  | 178,405 |  | — |  |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 86,205 |  | 4 |  | (5,411) |  | 80,798 |  | — |  |
Private label mortgage and asset backed securities |  | 349,919 |  | 7 |  | (44,565) |  | 305,361 |  | — |  |
Total available-for-sale |  | $ | 643,525 |  | $ | 11 |  | $ | (70,002) |  | $ | 573,534 |  | $ | — |  |
|  | March 31, 2024 |
Held-to-Maturity Securities |  | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Allowance for Credit Losses |
Debt securities: |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 192,099 |  | $ | 70 |  | $ | (15,964) |  | $ | 176,205 |  | $ | 14 |  |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 10,841 |  | — |  | (2,010) |  | 8,831 |  | — |  |
Private label mortgage and asset backed securities |  | 54,354 |  | — |  | (5,738) |  | 48,616 |  | 11 |  |
Corporate debt securities |  | 46,112 |  | — |  | (4,871) |  | 41,241 |  | 869 |  |
Total held-to-maturity |  | $ | 303,406 |  | $ | 70 |  | $ | (28,583) |  | $ | 274,893 |  | $ | 894 |  |
|  | December 31, 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 |  | $ | 9,990 |  |  | $ | — |  |  | $ | (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 |
Total available-for-sale |  | $ | 669,646 |  |  | $ | 13 |  |  | $ | (72,463) |  |  | $ | — |  |  | $ | 597,196 |
|  | December 31, 2023
Held-to-Maturity Securities |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value | Allowance for Credit Losses
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 |
Total held-to-maturity |  | $ | 303,493 |  |  | $ | 70 |  |  | $ | (26,560) |  |  | $ | 277,003 |  | $ | 1,051 |
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 March 31, 2024 and 2023 are shown below (in thousands):
|  |  |  | For the Three Month Ended March 31,
Available-for-Sale Securities |  |  |  |  |  | 2024 |  | 2023
Proceeds from sales or calls |  |  |  |  |  | $ | 5,700 |  |  | $ | 12,066 |
Gross realized gains from sales or calls |  |  |  |  |  | — |  |  | — |
Gross realized losses from sales or calls |  |  |  |  |  | (373) |  |  | (219) |
Investment | The following table summarizes the Company’s AFS debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):
|  | March 31, 2024
|  | 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 |  | $ | — |  |  | $ | — |  |  | $ | 8,878 |  |  | $ | (1,112) |  |  | $ | 8,878 |  |  | $ | (1,112) |
U.S. Government agencies |  | — |  |  | — |  |  | 92 |  |  | (8) |  |  | 92 |  |  | (8) |
Obligations of states and political subdivisions |  | — |  |  | — |  |  | 178,405 |  |  | (18,906) |  |  | 178,405 |  |  | (18,906) |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 375 |  |  | (7) |  |  | 80,225 |  |  | (5,404) |  |  | 80,600 |  |  | (5,411) |
Private label mortgage and asset backed securities |  | 856 |  |  | (8) |  |  | 304,451 |  |  | (44,557) |  |  | 305,307 |  |  | (44,565) |
Total available-for-sale |  | $ | 1,231 |  |  | $ | (15) |  |  | $ | 572,051 |  |  | $ | (69,987) |  |  | $ | 573,282 |  |  | $ | (70,002) |
|  | December 31, 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 |  | $ | — |  |  | $ | — |  |  | $ | 8,954 |  |  | $ | (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 mortgage and asset backed securities |  | — |  |  | — |  |  | 323,655 |  |  | (48,047) |  |  | 323,655 |  |  | (48,047) |
Total available-for-sale |  | $ | 392 |  |  | $ | (3) |  |  | $ | 595,686 |  |  | $ | (72,460) |  |  | $ | 596,078 |  |  | $ | (72,463) |
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.
|  | March 31, 2024 |  |
Debt Securities Held-to-Maturity (in thousands) |  | AAA/AA/A | BBB | Unrated |  |  |  |
Obligations of states and political subdivisions |  | $ | 192,099 |  | $ | — |  | $ | — |  |  |  |  |
Private label mortgage and asset backed securities |  | 46,316 |  | — |  | 8,038 |  |  |  |  |
Corporate debt securities |  | — |  | 30,182 |  | 15,930 |  |  |  |  |
Total debt securities held-to-maturity |  | $ | 238,415 |  | $ | 30,182 |  | $ | 23,968 |  |  |  |  |
Schedule of Maturities of Long-Term Debt | The amortized cost and estimated fair value of available-for-sale and held-to maturity investment securities at March 31, 2024 by contractual maturity is shown below (in thousands). Expected maturities will differ from contractual maturities because the issuers of the securities may 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 |  | December 31, 2023
Available-for-Sale Securities |  | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Within one year |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
After one year through five years |  | 15,662 |  |  | 13,754 |  |  | 9,992 |  |  | 8,954 |
After five years through ten years |  | 34,482 |  |  | 30,340 |  |  | 40,264 |  |  | 35,379 |
After ten years |  | 157,157 |  |  | 143,189 |  |  | 157,804 |  |  | 144,843 |
|  | 207,301 |  |  | 187,283 |  |  | 208,060 |  |  | 189,176 |
Investment securities not due at a single maturity date: |  |  |  |  |  |  |  |
U.S. Government agencies |  | 100 |  |  | 92 |  |  | 102 |  |  | 95 |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 86,205 |  |  | 80,798 |  |  | 88,874 |  |  | 83,352 |
Private label mortgage and asset backed securities |  | 349,919 |  |  | 305,361 |  |  | 372,610 |  |  | 324,573 |
Total available-for-sale |  | $ | 643,525 |  |  | $ | 573,534 |  |  | $ | 669,646 |  |  | $ | 597,196 |
|  | March 31, 2024 |  | December 31, 2023
Held-to-Maturity Securities |  | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Within one year |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
After one year through five years |  | 8,492 |  |  | 8,142 |  |  | 8,463 |  |  | 8,136 |
After five years through ten years |  | 74,868 |  |  | 68,489 |  |  | 74,746 |  |  | 68,552 |
After ten years |  | 108,739 |  |  | 99,574 |  |  | 108,861 |  |  | 101,264 |
|  | 192,099 |  |  | 176,205 |  |  | 192,070 |  |  | 177,952 |
Investment securities not due at a single maturity date: |  |  |  |  |  |  |  |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 10,841 |  |  | 8,831 |  |  | 10,758 |  |  | 9,066 |
Private label mortgage and asset backed securities |  | 54,354 |  |  | 48,616 |  |  | 54,579 |  |  | 48,635 |
Corporate debt securities |  | 46,112 |  |  | 41,241 |  |  | 46,086 |  |  | 41,350 |
Total held-to-maturity |  | $ | 303,406 |  |  | $ | 274,893 |  |  | $ | 303,493 |  |  | $ | 277,003 |

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