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AFS Securities
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
AFS Securities AFS Securities
The amortized cost and fair value of AFS securities, with gross unrealized gains and losses, are as follows at:
 June 30, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
U.S. Treasury$231,421 $— $22,068 $209,353 
States and political subdivisions99,231 757 4,746 95,242 
Auction rate money market preferred3,200 — 563 2,637 
Mortgage-backed securities38,731 — 3,199 35,532 
Collateralized mortgage obligations193,983 — 12,987 180,996 
Corporate8,150 — 1,413 6,737 
Total$574,716 $757 $44,976 $530,497 
 December 31, 2022
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
U.S. Treasury$231,622 $— $22,921 $208,701 
States and political subdivisions122,023 392 4,903 117,512 
Auction rate money market preferred3,200 — 858 2,342 
Mortgage-backed securities42,309 — 3,239 39,070 
Collateralized mortgage obligations218,301 — 12,573 205,728 
Corporate8,150 — 1,022 7,128 
Total$625,605 $392 $45,516 $580,481 
The amortized cost and fair value of AFS securities by contractual maturity at June 30, 2023 are as follows:
MaturingSecurities with Variable Monthly Payments or Noncontractual Maturities
Due in
One Year
or Less		After One
Year But
Within
Five Years		After Five
Years But
Within
Ten Years		After
Ten Years		Total
U.S. Treasury$— $231,421 $— $— $— $231,421 
States and political subdivisions13,548 32,194 20,956 32,533 — 99,231 
Auction rate money market preferred— — — — 3,200 3,200 
Mortgage-backed securities— — — — 38,731 38,731 
Collateralized mortgage obligations— — — — 193,983 193,983 
Corporate— — 8,150 — — 8,150 
Total amortized cost$13,548 $263,615 $29,106 $32,533 $235,914 $574,716 
Fair value$13,513 $241,669 $26,959 $29,191 $219,165 $530,497 
Expected maturities for government sponsored enterprises and states and political subdivisions may differ from contractual maturities because issuers may have the right to call or prepay obligations.
As the auction rate money market preferred investments have continual call dates, they are not reported by a specific maturity group. Because of their variable monthly payments, mortgage-backed securities and collateralized mortgage obligations are not reported by a specific maturity group. Approximately $146,000 of the amortized cost of the collateralized mortgage portfolio consist of agency commercial mortgage-backed securities with defined maturity dates of less than ten years.
A summary of the sales activity of AFS securities is as follows for the:
Three Months Ended 
 June 30		Six Months Ended 
 June 30
2023202220232022
Proceeds from sales of AFS securities$13,944 $— $18,089 $— 
Realized gains (losses)$66 $— $67 $— 
Applicable income tax expense (benefit)$14 $— $14 $— 
The following information pertains to AFS securities with gross unrealized losses at June 30, 2023 and December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous loss position.
 June 30, 2023
 Less Than Twelve MonthsTwelve Months or More 
Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Total
Unrealized
Losses
U.S. Treasury$— $— $22,068 $209,353 $22,068 
States and political subdivisions242 16,972 4,504 38,371 4,746 
Auction rate money market preferred— — 563 2,637 563 
Mortgage-backed securities68 1,358 3,131 34,174 3,199 
Collateralized mortgage obligations3,597 67,725 9,390 113,271 12,987 
Corporate— — 1,413 6,737 1,413 
Total$3,907 $86,055 $41,069 $404,543 $44,976 
Number of securities in an unrealized loss position:62 225 287 
 December 31, 2022
 Less Than Twelve MonthsTwelve Months or More
Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Total
Unrealized
Losses
U.S. Treasury$1,388 $18,331 $21,533 $190,370 $22,921 
States and political subdivisions2,389 48,083 2,514 40,667 4,903 
Auction rate money market preferred— — 858 2,342 858 
Mortgage-backed securities3,239 39,070 — — 3,239 
Collateralized mortgage obligations12,408 201,315 165 4,411 12,573 
Corporate— — 1,022 7,128 1,022 
Total$19,424 $306,799 $26,092 $244,918 $45,516 
Number of securities in an unrealized loss position:178 266 444 
As of June 30, 2023, no allowance for credit losses has been recognized on AFS securities in an unrealized loss position, as management does not believe any of the securities are impaired due to reasons of credit quality. This is based on our analysis of the underlying risk characteristics, including credit ratings, and other qualitative factors related to our AFS securities and consideration of our historical credit loss experience and internal forecasts. The issuers of these securities continue to make timely principal and interest payments under the contractual terms of the securities. Furthermore, management does not have the intent to sell any of the securities classified as AFS in the table above, and believes it is more likely than not that we will not have to sell any such securities before a recovery of cost. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the securities approach their respective maturity date or repricing date, or if the market yields for such investments decline.