AFS Securities (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Amortized cost and fair value of available-for-sale 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

Amortized cost and fair value of available-for-sale securities by contractual maturity

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

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

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