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v3.25.1

Securities (Tables) | 3 Months Ended
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Mar. 31, 2025
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:
March 31, 2025 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Treasury securities and obligations of U.S. government agencies |  | $ | 67,118 |  |  | $ | 307 |  |  | $ | (2,441 | ) |  | $ | 64,984 |
Obligations of states and political subdivisions |  |  | 350,689 |  |  |  | 197 |  |  |  | (30,672 | ) |  |  | 320,214 |
Mortgage-backed securities in government sponsored entities |  |  | 288,763 |  |  |  | 325 |  |  |  | (28,141 | ) |  |  | 260,947 |
Total debt securities (1) |  | $ | 706,570 |  |  | $ | 829 |  |  | $ | (61,254 | ) |  | $ | 646,145 |
December 31, 2024 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Treasury securities and obligations of U.S. government agencies |  | $ | 100,378 |  |  | $ | 303 |  |  | $ | (3,294 | ) |  | $ | 97,387 |
Obligations of states and political subdivisions |  |  | 351,635 |  |  |  | 482 |  |  |  | (26,998 | ) |  |  | 325,119 |
Mortgage-backed securities in government sponsored entities |  |  | 258,045 |  |  |  | 97 |  |  |  | (32,581 | ) |  |  | 225,561 |
Total debt securities (1) |  | $ | 710,058 |  |  | $ | 882 |  |  | $ | (62,873 | ) |  | $ | 648,067 |
(1) Excludes accrued interest receivable on securities of $3,738 and $4,351 at March 31, 2025 and December 31, 2024, 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 March 31, 2025, 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 |  | $ | 8,840 |  |  | $ | 8,663 |
Due after one year through five years |  |  | 83,189 |  |  |  | 79,209 |
Due after five years through ten years |  |  | 46,486 |  |  |  | 45,737 |
Due after ten years |  |  | 279,292 |  |  |  | 251,589 |
Mortgage-backed securities |  |  | 288,763 |  |  |  | 260,947 |
Total securities available-for-sale |  | $ | 706,570 |  |  | $ | 646,145 |
Gross Unrealized Losses and Fair Value, Aggregated by Investment Category | The following tables show the fair value and gross unrealized losses, aggregated by investment category, and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2025 and December 31, 2024:
March 31, 2025 |  | 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 |  | $ | 2,524 |  |  | $ | (13 | ) |  | $ | 53,914 |  |  | $ | (2,428 | ) |  | $ | 56,438 |  |  | $ | (2,441 | )
Obligations of states and political subdivisions |  |  | 115,829 |  |  |  | (1,840 | ) |  |  | 176,930 |  |  |  | (28,832 | ) |  |  | 292,759 |  |  |  | (30,672 | )
Mortgage-backed securities in gov’t sponsored entities |  |  | 11,114 |  |  |  | (119 | ) |  |  | 185,308 |  |  |  | (28,022 | ) |  |  | 196,422 |  |  |  | (28,141 | )
Total |  | $ | 129,467 |  |  | $ | (1,972 | ) |  | $ | 416,152 |  |  | $ | (59,282 | ) |  | $ | 545,619 |  |  | $ | (61,254 | )
December 31, 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 |  | $ | 32,388 |  |  | $ | (51 | ) |  | $ | 55,000 |  |  | $ | (3,243 | ) |  | $ | 87,388 |  |  | $ | (3,294 | )
Obligations of states and political subdivisions |  |  | 98,965 |  |  |  | (806 | ) |  |  | 173,668 |  |  |  | (26,192 | ) |  |  | 272,633 |  |  |  | (26,998 | )
Mortgage-backed securities in gov’t sponsored entities |  |  | 28,322 |  |  |  | (329 | ) |  |  | 186,173 |  |  |  | (32,252 | ) |  |  | 214,495 |  |  |  | (32,581 | )
Total |  | $ | 159,675 |  |  | $ | (1,186 | ) |  | $ | 414,841 |  |  | $ | (61,687 | ) |  | $ | 574,516 |  |  | $ | (62,873 | )
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 months ended March 31, 2025 and 2024 and the portion of unrealized gains and losses for the period that relates to equity investments held at March 31, 2025 and 2024:
|  | Three Months Ended March 31, |  |
|  | 2025 |  |  | 2024 |  |
Net gains (losses) recognized on equity securities during the period |  | $ | (29 | ) |  | $ | (141 | ) |
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 |  | $ | (29 | ) |  | $ | (141 | ) |

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