XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.24.0.1

AFS Securities | 12 Months Ended
--- | ---
Dec. 31, 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 as of December 31:
| 2023
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Treasury | $ | 231,218 |  |  | $ | — |  |  | $ | 16,417 |  |  | $ | 214,801 |
States and political subdivisions | 94,837 |  |  | 1,032 |  |  | 2,993 |  |  | 92,876 |
Auction rate money market preferred | 3,200 |  |  | — |  |  | 269 |  |  | 2,931 |
Mortgage-backed securities | 35,321 |  |  | — |  |  | 2,506 |  |  | 32,815 |
Collateralized mortgage obligations | 187,248 |  |  | — |  |  | 9,473 |  |  | 177,775 |
Corporate | 8,150 |  |  | — |  |  | 1,200 |  |  | 6,950 |
Total | $ | 559,974 |  |  | $ | 1,032 |  |  | $ | 32,858 |  |  | $ | 528,148 |
| 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Treasury | $ | 231,622 |  |  | $ | — |  |  | $ | 22,921 |  |  | $ | 208,701 |
States and political subdivisions | 122,023 |  |  | 392 |  |  | 4,903 |  |  | 117,512 |
Auction rate money market preferred | 3,200 |  |  | — |  |  | 858 |  |  | 2,342 |
Mortgage-backed securities | 42,309 |  |  | — |  |  | 3,239 |  |  | 39,070 |
Collateralized mortgage obligations | 218,301 |  |  | — |  |  | 12,573 |  |  | 205,728 |
Corporate | 8,150 |  |  | — |  |  | 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 December 31, 2023 are as follows:
| Maturing |  | Securities 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 | $ | — |  |  | $ | 231,218 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 231,218 |
States and political subdivisions | 15,461 |  |  | 28,082 |  |  | 20,003 |  |  | 31,291 |  |  | — |  |  | 94,837 |
Auction rate money market preferred | — |  |  | — |  |  | — |  |  | — |  |  | 3,200 |  |  | 3,200 |
Mortgage-backed securities | — |  |  | — |  |  | — |  |  | — |  |  | 35,321 |  |  | 35,321 |
Collateralized mortgage obligations | — |  |  | — |  |  | — |  |  | — |  |  | 187,248 |  |  | 187,248 |
Corporate | — |  |  | — |  |  | 8,150 |  |  | — |  |  | — |  |  | 8,150 |
Total amortized cost | $ | 15,461 |  |  | $ | 259,300 |  |  | $ | 28,153 |  |  | $ | 31,291 |  |  | $ | 225,769 |  |  | $ | 559,974 |
Fair value | $ | 15,907 |  |  | $ | 242,998 |  |  | $ | 26,400 |  |  | $ | 29,322 |  |  | $ | 213,521 |  |  | $ | 528,148 |
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 $143,000 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 during the years ended December 31 is displayed in the following table.
| 2023 |  | 2022 |  | 2021
Proceeds from sales of AFS securities | $ | 18,089 |  |  | $ | — |  |  | $ | — |
Realized gains (losses) | $ | 67 |  |  | $ | — |  |  | $ | — |
Applicable income tax expense (benefit) | $ | 14 |  |  | $ | — |  |  | $ | — |
The information on the following tables pertains to AFS securities with gross unrealized losses at December 31, 2023 and 2022 aggregated by investment category and length of time that individual securities have been in a continuous loss position.
| December 31, 2023
| Less Than Twelve Months |  | Twelve Months or More |  |
| Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Total Unrealized Losses
U.S. Treasury | $ | — |  |  | $ | — |  |  | $ | 16,417 |  |  | $ | 214,801 |  |  | $ | 16,417 |
States and political subdivisions | 42 |  |  | 7,172 |  |  | 2,951 |  |  | 37,011 |  |  | 2,993 |
Auction rate money market preferred | — |  |  | — |  |  | 269 |  |  | 2,931 |  |  | 269 |
Mortgage-backed securities | 1 |  |  | 10 |  |  | 2,505 |  |  | 32,805 |  |  | 2,506 |
Collateralized mortgage obligations | 116 |  |  | 4,554 |  |  | 9,357 |  |  | 173,221 |  |  | 9,473 |
Corporate | — |  |  | — |  |  | 1,200 |  |  | 6,950 |  |  | 1,200 |
Total | $ | 159 |  |  | $ | 11,736 |  |  | $ | 32,699 |  |  | $ | 467,719 |  |  | $ | 32,858 |
Number of securities in an unrealized loss position: |  |  | 22 |  |  |  |  | 186 |  |  | 208 |
| December 31, 2022
| Less Than Twelve Months |  | Twelve 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 subdivisions | 2,389 |  |  | 48,083 |  |  | 2,514 |  |  | 40,667 |  |  | 4,903 |
Auction rate money market preferred | — |  |  | — |  |  | 858 |  |  | 2,342 |  |  | 858 |
Mortgage-backed securities | 3,239 |  |  | 39,070 |  |  | — |  |  | — |  |  | 3,239 |
Collateralized mortgage obligations | 12,408 |  |  | 201,317 |  |  | 165 |  |  | 4,411 |  |  | 12,573 |
Corporate | — |  |  | — |  |  | 1,022 |  |  | 7,128 |  |  | 1,022 |
Total | $ | 19,424 |  |  | $ | 306,801 |  |  | $ | 26,092 |  |  | $ | 244,918 |  |  | $ | 45,516 |
Number of securities in an unrealized loss position: |  |  | 178 |  |  |  |  | 266 |  |  | 444 |
The unrealized loss on our AFS securities portfolio resulted from the increase in short-term and intermediate-term interest rates. As of December 31, 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.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) -Publisher SEC Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//946-320/tableOfContent Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//940-320/tableOfContent Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration