XML 53 R39.htm IDEA: XBRL DOCUMENT v3.25.0.1
INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Amortized Cost and Fair Value of Securities Available-for-Sale

The amortized cost and fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows.

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Allowance for Credit Losses

 

 

Fair Value

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored entities

 

$

71,173

 

 

$

68

 

 

$

(6,147

)

 

$

—

 

 

$

65,094

 

U.S. Treasury securities

 

 

86,523

 

 

 

118

 

 

 

(78

)

 

—

 

 

 

86,563

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored residential mortgage-backed securities

 

 

624,228

 

 

 

946

 

 

 

(36,002

)

 

—

 

 

 

589,172

 

Private label residential mortgage-backed securities

 

 

144,971

 

 

—

 

 

 

(20,307

)

 

—

 

 

 

124,664

 

Corporate

 

 

61,947

 

 

 

177

 

 

 

(3,472

)

 

—

 

 

 

58,652

 

Small Business Administration loan pools

 

 

6,542

 

 

—

 

 

 

(276

)

 

—

 

 

 

6,266

 

State and political subdivisions

 

 

83,868

 

 

 

27

 

 

 

(9,851

)

 

—

 

 

 

74,044

 

 

 

$

1,079,252

 

 

$

1,336

 

 

$

(76,133

)

 

$

—

 

 

$

1,004,455

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored entities

 

$

39,103

 

 

$

—

 

 

$

(6,016

)

 

$

—

 

 

$

33,087

 

U.S. Treasury securities

 

 

89,999

 

 

 

28

 

 

 

(771

)

 

—

 

 

 

89,256

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored residential mortgage-backed securities

 

 

560,674

 

 

 

3,872

 

 

 

(35,403

)

 

—

 

 

 

529,143

 

Private label residential mortgage-backed securities

 

 

161,174

 

 

—

 

 

 

(23,333

)

 

—

 

 

 

137,841

 

Corporate

 

 

56,722

 

 

—

 

 

 

(7,039

)

 

—

 

 

 

49,683

 

Small Business Administration loan pools

 

 

8,066

 

 

—

 

 

 

(339

)

 

—

 

 

 

7,727

 

State and political subdivisions

 

 

81,458

 

 

 

74

 

 

 

(8,621

)

 

—

 

 

 

72,911

 

 

 

$

997,196

 

 

$

3,974

 

 

$

(81,522

)

 

$

—

 

 

$

919,648

 
Amortized Cost and Fair Value of Securities Held-to-Maturity

The amortized cost and fair value of held-to-maturity securities and the related gross unrealized gains and losses were as follows.

 

 

 

Amortized
Cost

 

 

Gross
Unrecognized
Gains

 

 

Gross
Unrecognized
Losses

 

 

Allowance for Credit Losses

 

 

Fair Value

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored residential mortgage-backed securities

 

$

3,932

 

 

$

3

 

 

$

(26

)

 

$

—

 

 

$

3,909

 

State and political subdivisions

 

 

1,285

 

 

 

26

 

 

 

(6

)

 

—

 

 

$

1,305

 

 

 

$

5,217

 

 

$

29

 

 

$

(32

)

 

$

—

 

 

$

5,214

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored residential mortgage-backed securities

 

$

1,094

 

 

$

3

 

 

$

—

 

 

$

—

 

 

$

1,097

 

State and political subdivisions

 

 

1,115

 

 

 

38

 

 

—

 

 

—

 

 

 

1,153

 

 

 

$

2,209

 

 

$

41

 

 

$

—

 

 

$

—

 

 

$

2,250

 
Fair Value and Amortized Cost of Debt Securities by Contractual Maturity

The fair value and amortized cost of debt securities at December 31, 2024, by contractual maturity, is shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately.

 

 

Available-for-Sale

 

 

Held-to-Maturity

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

Within one year

 

$

89,422

 

 

$

89,390

 

 

$

—

 

 

$

—

 

One to five years

 

 

52,916

 

 

 

52,734

 

 

 

—

 

 

 

—

 

Five to ten years

 

 

129,925

 

 

 

117,105

 

 

 

172

 

 

 

167

 

After ten years

 

 

37,790

 

 

 

31,390

 

 

 

1,113

 

 

 

1,138

 

Mortgage-backed securities

 

 

769,199

 

 

 

713,836

 

 

 

3,932

 

 

 

3,909

 

Total debt securities

 

$

1,079,252

 

 

$

1,004,455

 

 

$

5,217

 

 

$

5,214

 
Carrying Value and Fair Value of Securities Pledged as Collateral to Secure Public Deposits

The following table shows the carrying value and fair value of securities pledged as collateral, to secure public deposits, borrowings from the Federal Reserve Bank and retail purchase obligations at December 31, 2024, and December 31, 2023.

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

Book Value

 

 

Fair Value

 

 

Book Value

 

 

Fair Value

 

Public fund deposits

 

$

732,935

 

 

$

690,855

 

 

$

509,010

 

 

$

488,270

 

Federal Home Loan Bank pledging

 

 

104,888

 

 

 

90,406

 

 

 

84,421

 

 

 

72,293

 

Federal Reserve Bank borrowings

 

 

10,481

 

 

 

10,358

 

 

 

158,382

 

 

 

141,125

 

Retail repurchase agreements

 

 

49,021

 

 

 

45,249

 

 

 

51,548

 

 

 

47,282

 

Total securities pledged

 

$

897,325

 

 

$

836,868

 

 

$

803,361

 

 

$

748,970

 

 
Summary of Gross Unrealized Losses and Fair Value of Securities

The following tables show gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2024, and 2023.

 

 

Less Than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Fair
Value

 

 

Unrealized
Loss

 

 

Fair
Value

 

 

Unrealized
Loss

 

 

Fair
Value

 

 

Unrealized
Loss

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored entities

 

$

15,084

 

 

$

(62

)

 

$

32,195

 

 

$

(6,085

)

 

$

47,279

 

 

$

(6,147

)

U.S. Treasury securities

 

 

2,940

 

 

 

(1

)

 

 

19,943

 

 

 

(77

)

 

 

22,883

 

 

 

(78

)

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored residential mortgage-backed securities

 

 

168,783

 

 

 

(1,600

)

 

 

268,364

 

 

 

(34,402

)

 

 

437,147

 

 

 

(36,002

)

Private label residential mortgage-backed securities

 

 

—

 

 

 

—

 

 

 

124,664

 

 

 

(20,307

)

 

 

124,664

 

 

 

(20,307

)

Corporate

 

 

1,765

 

 

 

(34

)

 

 

47,022

 

 

 

(3,438

)

 

 

48,787

 

 

 

(3,472

)

Small Business Administration loan pools

 

 

3,983

 

 

 

(3

)

 

 

2,284

 

 

 

(273

)

 

 

6,267

 

 

 

(276

)

State and political subdivisions

 

 

7,948

 

 

 

(89

)

 

 

62,119

 

 

 

(9,762

)

 

 

70,067

 

 

 

(9,851

)

Total

 

$

200,503

 

 

$

(1,789

)

 

$

556,591

 

 

$

(74,344

)

 

$

757,094

 

 

$

(76,133

)

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored entities

 

$

—

 

 

$

—

 

 

$

33,087

 

 

$

(6,016

)

 

$

33,087

 

 

$

(6,016

)

U.S. Treasury securities

 

 

—

 

 

 

—

 

 

 

19,413

 

 

 

(771

)

 

 

19,413

 

 

 

(771

)

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored residential mortgage-backed securities

 

 

7,799

 

 

 

(5

)

 

 

306,858

 

 

 

(35,398

)

 

 

314,657

 

 

 

(35,403

)

Private label residential mortgage-backed securities

 

 

—

 

 

 

—

 

 

 

137,841

 

 

 

(23,333

)

 

 

137,841

 

 

 

(23,333

)

Corporate

 

 

—

 

 

 

—

 

 

 

49,683

 

 

 

(7,039

)

 

 

49,683

 

 

 

(7,039

)

Small Business Administration loan pools

 

 

5,097

 

 

 

(14

)

 

 

2,630

 

 

 

(325

)

 

 

7,727

 

 

 

(339

)

State and political subdivisions

 

 

11,386

 

 

 

(768

)

 

 

57,326

 

 

 

(7,853

)

 

 

68,712

 

 

 

(8,621

)

Total

 

$

24,282

 

 

$

(787

)

 

$

606,838

 

 

$

(80,735

)

 

$

631,120

 

 

$

(81,522

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less Than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Fair
Value

 

 

Unrecognized
Loss

 

 

Fair
Value

 

 

Unrecognized
Loss

 

 

Fair
Value

 

 

Unrecognized
Loss

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage-backed (issued by government-sponsored entities)

 

$

853

 

 

$

(26

)

 

$

—

 

 

$

—

 

 

$

853

 

 

$

(26

)

State and political subdivisions

 

 

167

 

 

 

(6

)

 

 

—

 

 

 

—

 

 

 

167

 

 

 

(6

)

Total

 

$

1,020

 

 

$

(32

)

 

$

—

 

 

$

—

 

 

$

1,020

 

 

$

(32

)

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-to-maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage-backed (issued by government-sponsored entities)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

State and political subdivisions

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 
Summary of Proceeds from Sales and Associated Gains and Losses

The proceeds from sales and the associated gains and losses on available-for-sale securities reclassified from other comprehensive income to income are listed below.

 

 

2024

 

 

2023

 

 

2022

 

Proceeds

 

$

16,133

 

 

$

490,108

 

 

$

3,265

 

Gross gains

 

 

31

 

 

 

—

 

 

 

115

 

Gross losses

 

 

298

 

 

 

52,013

 

 

 

36

 

Income tax expense (benefit) on net realized gains (losses)

 

 

(65

)

 

 

(12,740

)

 

 

20

 
Summary of Various Investment Balances and Method of Accounting

The Company also invests in several other investments, including investments in stocks and partnerships, which are included in other assets. The following table shows the various investment balances and method of accounting at December 31, 2024 and 2023.

 

 

December 31, 2024

 

 

December 31, 2023

 

Investments in equity securities

 

 

 

 

 

 

Accounted for at fair value through net income

 

$

1,009

 

 

$

674

 

Accounted for at amortized cost assessed for impairment

 

 

1,982

 

 

 

1,397

 

Total investments in stocks

 

 

2,991

 

 

 

2,071

 

Investments in partnerships

 

 

 

 

 

 

Accounted for at equity method

 

 

2,500

 

 

 

2,345

 

Accounted for at hypothetical liquidation book value

 

 

1,961

 

 

 

2,403

 

Accounted for at proportional amortization

 

 

23,498

 

 

 

24,296

 

Total investments in partnerships

 

 

27,959

 

 

 

29,044

 

Total other investments

 

$

30,950

 

 

$

31,115

 
Impact of Tax Credit Investments

The following table discloses the financial statement impact of tax credit investments at December 31, 2024 and 2023.

 

 

Income Tax Credits Recognized During Period (a)

 

 

Other Income Tax Benefits (a)

 

 

Total Tax Benefits

 

 

Investment Amortization Included in Income Tax Expense

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Investments and tax credit structures:

 

 

 

 

 

 

 

 

 

 

 

 

Included in proportional amortization

 

$

(10,757

)

 

$

(844

)

 

$

(11,601

)

 

$

9,299

 

Not included in proportional amortization

 

$

8

 

 

$

210

 

 

$

218

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Reported in income tax expense on consolidated statements of income and reported in net change in other assets on consolidated statements of cash flows.

 

 

 

 

Income Tax Credits Recognized During Period (a)

 

 

Other Income Tax Benefits (a)

 

 

Total Tax Benefits

 

 

Investment Amortization Included in Income Tax Expense

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Investments and tax credit structures:

 

 

 

 

 

 

 

 

 

 

 

 

Included in proportional amortization

 

$

(11,734

)

 

$

(1,615

)

 

$

(13,349

)

 

$

11,865

 

Not included in proportional amortization

 

$

(3,745

)

 

$

(664

)

 

$

(4,409

)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Reported in income tax expense on consolidated statements of income and reported in net change in other assets on consolidated statements of cash flows.