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AFS Securities

3 Months Ended

Mar. 31, 2025

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:

			March 31, 2025
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
U.S. Treasury			$	220,701					$	—					$	7,918					$	212,783
States and political subdivisions			78,938						3						4,719						74,222
Auction rate money market preferred			3,200						—						371						2,829
Mortgage-backed securities			27,545						—						1,717						25,828
Collateralized mortgage obligations			195,979						163						6,064						190,078
Corporate			8,150						—						850						7,300
Total			$	534,513					$	166					$	21,639					$	513,040

			December 31, 2024
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
U.S. Treasury			$	230,807					$	—					$	10,236					$	220,571
States and political subdivisions			81,135						9						4,576						76,568
Auction rate money market preferred			3,200						—						156						3,044
Mortgage-backed securities			29,068						—						2,182						26,886
Collateralized mortgage obligations			163,156						—						8,482						154,674
Corporate			8,150						—						864						7,286
Total			$	515,516					$	9					$	26,496					$	489,029

The amortized cost and fair value of AFS securities by contractual maturity at March 31, 2025 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			$	59,841					$	160,860					$	—					$	—					$	—					$	220,701
States and political subdivisions			12,770						21,132						18,223						26,813						—						78,938
Auction rate money market preferred			—						—						—						—						3,200						3,200
Mortgage-backed securities			—						—						—						—						27,545						27,545
Collateralized mortgage obligations			—						—						—						—						195,979						195,979
Corporate			—						—						8,150						—						—						8,150
Total amortized cost			$	72,611					$	181,992					$	26,373					$	26,813					$	226,724					$	534,513
Fair value			$	71,223					$	175,122					$	24,317					$	23,643					$	218,735					$	513,040

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.

The information in the following tables pertains to AFS securities with gross unrealized losses at March 31, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous loss position.

			March 31, 2025
			Less Than Twelve Months												Twelve Months or More
			Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Total Unrealized Losses
U.S. Treasury			$	—					$	—					$	7,918					$	212,783					$	7,918
States and political subdivisions			176						15,510						4,543						40,418						4,719
Auction rate money market preferred			—						—						371						2,829						371
Mortgage-backed securities			—						—						1,717						25,828						1,717
Collateralized mortgage obligations			103						15,649						5,961						143,803						6,064
Corporate			85						1,615						765						5,685						850
Total			$	364					$	32,774					$	21,275					$	431,346					$	21,639
Number of securities in an unrealized loss position:									95												211						306

			December 31, 2024
			Less Than Twelve Months												Twelve Months or More
			Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Total Unrealized Losses
U.S. Treasury			$	—					$	—					$	10,236					$	220,571					$	10,236
States and political subdivisions			486						23,553						4,090						36,796						4,576
Auction rate money market preferred			—						—						156						3,044						156
Mortgage-backed securities			—						—						2,182						26,886						2,182
Collateralized mortgage obligations			185						5,646						8,297						149,028						8,482
Corporate			—						—						864						7,286						864
Total			$	671					$	29,199					$	25,825					$	443,611					$	26,496
Number of securities in an unrealized loss position:									175												178						353

As of March 31, 2025, 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 intend 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.

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

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