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Investments (Tables)

3 Months Ended

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

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
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-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//320/tableOfContent

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-Topic 321
-Publisher FASB
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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

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-Name Accounting Standards Codification
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-SubTopic 10
-Topic 470
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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
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