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Securities (Tables)
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Available for Sale Securities

The amortized cost and fair market value of available-for-sale securities and the related gross unrealized gains and losses recognized were as follows:

 

September 30, 2024

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

U.S. Treasury securities and obligations of U.S. government
   agencies

 

$

71,255

 

 

$

457

 

 

$

(2,514

)

 

$

69,198

 

Obligations of states and political subdivisions

 

 

356,332

 

 

 

2,162

 

 

 

(20,689

)

 

 

337,805

 

Mortgage-backed securities in government sponsored
   entities

 

 

244,078

 

 

 

297

 

 

 

(24,590

)

 

 

219,785

 

Total debt securities (1)

 

$

671,665

 

 

$

2,916

 

 

$

(47,793

)

 

$

626,788

 

 

December 31, 2023

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

U.S. Treasury securities and obligations of U.S. government
   agencies

 

$

71,418

 

 

$

315

 

 

$

(4,075

)

 

$

67,658

 

Obligations of states and political subdivisions

 

 

359,452

 

 

 

2,725

 

 

 

(23,578

)

 

 

338,599

 

Mortgage-backed securities in government sponsored
   entities

 

 

242,022

 

 

 

19

 

 

 

(30,026

)

 

 

212,015

 

Total debt securities (1)

 

$

672,892

 

 

$

3,059

 

 

$

(57,679

)

 

$

618,272

 

 

(1) Excludes accrued interest securities receivable of $3,726 and $4,392 at September 30, 2024 and December 31, 2023, respectively, that is recorded in other assets on the consolidated balance sheets.
Fair Value of Debt Securities by Contractual Maturity

The amortized cost and fair value of debt securities at September 30, 2024, by contractual maturity, is shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately.

 

Available for sale

 

Amortized
Cost

 

 

Fair
Value

 

Due in one year or less

 

$

5,975

 

 

$

5,972

 

Due after one year through five years

 

 

89,919

 

 

 

85,907

 

Due after five years through ten years

 

 

43,180

 

 

 

42,988

 

Due after ten years

 

 

288,513

 

 

 

272,136

 

Mortgage-backed securities

 

 

244,078

 

 

 

219,785

 

Total securities available-for-sale

 

$

671,665

 

 

$

626,788

 
Gross Unrealized Losses and Fair Value, Aggregated by Investment Category

The following tables show gross unrealized losses and fair value, aggregated by investment category, and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2024 and December 31, 2023:

 

September 30, 2024

 

12 Months or less

 

 

More than 12 months

 

 

Total

 

Description of Securities

 

Fair
Value

 

 

Unrealized
Loss

 

 

Fair
Value

 

 

Unrealized
Loss

 

 

Fair
Value

 

 

Unrealized
Loss

 

U.S. Treasury securities and obligations of
   U.S. government agencies

 

$

—

 

 

$

—

 

 

$

55,627

 

 

$

(2,514

)

 

$

55,627

 

 

$

(2,514

)

Obligations of states and political subdivisions

 

 

21,290

 

 

 

(67

)

 

 

175,189

 

 

 

(20,622

)

 

 

196,479

 

 

 

(20,689

)

Mortgage-backed securities in gov’t sponsored entities

 

 

—

 

 

 

—

 

 

 

197,991

 

 

 

(24,590

)

 

 

197,991

 

 

 

(24,590

)

Total

 

$

21,290

 

 

$

(67

)

 

$

428,807

 

 

$

(47,726

)

 

$

450,097

 

 

$

(47,793

)

 

December 31, 2023

 

12 Months or less

 

 

More than 12 months

 

 

Total

 

Description of Securities

 

Fair
Value

 

 

Unrealized
Loss

 

 

Fair
Value

 

 

Unrealized
Loss

 

 

Fair
Value

 

 

Unrealized
Loss

 

U.S. Treasury securities and obligations of
   U.S. government agencies

 

$

224

 

 

$

(1

)

 

$

56,760

 

 

$

(4,074

)

 

$

56,984

 

 

$

(4,075

)

Obligations of states and political subdivisions

 

 

19,168

 

 

 

(78

)

 

 

162,291

 

 

 

(23,500

)

 

 

181,459

 

 

 

(23,578

)

Mortgage-backed securities in gov’t sponsored entities

 

 

20,112

 

 

 

(522

)

 

 

189,319

 

 

 

(29,504

)

 

 

209,431

 

 

 

(30,026

)

Total

 

$

39,504

 

 

$

(601

)

 

$

408,370

 

 

$

(57,078

)

 

$

447,874

 

 

$

(57,679

)
Schedule of Net Gains and Losses on Equity Investments Recognized in Earnings and Portion of Unrealized Gains and Losses for Period that Relates to Equity Investments

The following table presents the net gains and losses on equity investments recognized in earnings for the three and nine months ended September 30, 2024 and 2023 and the portion of unrealized gains and losses for the period that relates to equity investments held at September 30, 2024 and 2023:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net gains (losses) recognized on equity
   securities during the period

 

$

223

 

 

$

69

 

 

$

156

 

 

$

(169

)

Less: Net gains (losses) realized on the
   sale of equity securities during the
   period

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Unrealized gains (losses) recognized on
   equity securities held at reporting date

 

$

223

 

 

$

69

 

 

$

156

 

 

$

(169

)