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AFS Securities

9 Months Ended

Sep. 30, 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:

			September 30, 2025
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
U.S. Treasury			$	210,462					$	—					$	4,421					$	206,041
States and political subdivisions			74,042						26						2,966						71,102
Auction rate money market preferred			3,200						—						410						2,790
Mortgage-backed securities			24,696						—						1,299						23,397
Collateralized mortgage obligations			203,984						1,081						3,852						201,213
Corporate			8,150						—						723						7,427
Total			$	524,534					$	1,107					$	13,671					$	511,970

			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 September 30, 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			$	160,417					$	50,045					$	—					$	—					$	—					$	210,462
States and political subdivisions			12,796						18,459						20,048						22,739						—						74,042
Auction rate money market preferred			—						—						—						—						3,200						3,200
Mortgage-backed securities			—						—						—						—						24,696						24,696
Collateralized mortgage obligations			—						—						—						—						203,984						203,984
Corporate			—						—						8,150						—						—						8,150
Total amortized cost			$	173,213					$	68,504					$	28,198					$	22,739					$	231,880					$	524,534
Fair value			$	170,246					$	66,903					$	26,153					$	21,268					$	227,400					$	511,970

Expected maturities for government sponsored enterprises and states and political subdivisions may differ from contractual maturities as 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 September 30, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous loss position for which an allowance for credit losses has not been recorded.

			September 30, 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			$	—					$	—					$	4,421					$	206,041					$	4,421
States and political subdivisions			449						6,642						2,517						31,820						2,966
Auction rate money market preferred			—						—						410						2,790						410
Mortgage-backed securities			—						—						1,299						23,397						1,299
Collateralized mortgage obligations			59						8,991						3,793						125,753						3,852
Corporate			60						1,640						663						5,787						723
Total			$	568					$	17,273					$	13,103					$	395,588					$	13,671
Number of securities in an unrealized loss position:									39												144						183

			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 September 30, 2025, no ACL 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. Management does not currently 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 generally due to a continued elevated market interest rate environment compared to 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.

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