Securities (Tables)

12 Months Ended

Dec. 31, 2024

Securities

Summary of trading securities

The fair value of trading securities are summarized as follows (in thousands).

	December 31,
	2024		2023
U.S. Treasury securities	$	2,553	$	3,736
U.S. government agencies:
Bonds		9,984		12,867
Residential mortgage-backed securities		35,440		124,768
Collateralized mortgage obligations		125,515		86,281
Other		19,877		13,079
Corporate debt securities		60,594		37,569
States and political subdivisions		244,076		180,890
Private-label securitized product		16,208		47,768
Other		10,669		9,033
Totals	$	524,916	$	515,991

Summary of amortized cost and fair value of available for sale securities

The amortized cost and fair value of available for sale and held to maturity securities are summarized as follows (in thousands).

	Available for Sale
	Amortized		Unrealized		Unrealized
December 31, 2024	Cost		Gains		Losses		Fair Value
U.S. Treasury securities	$	4,991	$	—	$	(229)	$	4,762
U.S. government agencies:
Bonds		112,293		214		(639)		111,868
Residential mortgage-backed securities		379,651		35		(38,500)		341,186
Commercial mortgage-backed securities		226,326		161		(6,160)		220,327
Collateralized mortgage obligations		710,663		328		(53,391)		657,600
Corporate debt securities		30,139		215		(538)		29,816
States and political subdivisions		34,352		10		(3,372)		30,990
Totals	$	1,498,415	$	963	$	(102,829)	$	1,396,549

	Available for Sale
	Amortized		Unrealized		Unrealized
December 31, 2023	Cost		Gains		Losses		Fair Value
U.S. Treasury securities	$	4,985	$	—	$	(368)	$	4,617
U.S. government agencies:
Bonds		166,617		360		(811)		166,166
Residential mortgage-backed securities		389,160		25		(39,315)		349,870
Commercial mortgage-backed securities		200,236		468		(8,958)		191,746
Collateralized mortgage obligations		797,876		291		(61,686)		736,481
Corporate debt securities		25,919		—		(1,501)		24,418
States and political subdivisions		36,954		39		(2,696)		34,297
Totals	$	1,621,747	$	1,183	$	(115,335)	$	1,507,595

Summary of amortized cost and fair value of held to maturity securities

	Held to Maturity
	Amortized		Unrealized		Unrealized
December 31, 2024	Cost		Gains		Losses		Fair Value
U.S. government agencies:
Residential mortgage-backed securities	$	255,880	$	—	$	(31,621)	$	224,259
Commercial mortgage-backed securities		147,696		—		(10,688)		137,008
Collateralized mortgage obligations		257,230		—		(38,269)		218,961
States and political subdivisions		77,093		32		(7,481)		69,644
Totals	$	737,899	$	32	$	(88,059)	$	649,872

	Held to Maturity
	Amortized		Unrealized		Unrealized
December 31, 2023	Cost		Gains		Losses		Fair Value
U.S. government agencies:
Residential mortgage-backed securities	$	278,172	$	—	$	(25,765)	$	252,407
Commercial mortgage-backed securities		172,879		—		(12,670)		160,209
Collateralized mortgage obligations		284,208		—		(37,189)		247,019
States and political subdivisions		77,418		149		(5,344)		72,223
Totals	$	812,677	$	149	$	(80,968)	$	731,858

Schedule of information regarding available for sale securities that were in an unrealized loss position

Information regarding available for sale and held to maturity securities that were in an unrealized loss position is shown in the following tables (dollars in thousands).

	December 31, 2024					December 31, 2023
	Number of			Unrealized		Number of			Unrealized
	Securities	Fair Value		Losses		Securities	Fair Value		Losses
Available for Sale
U.S. treasury securities:
Unrealized loss for less than twelve months	—	$	—	$	—	—	$	—	$	—
Unrealized loss for twelve months or longer	1		4,762		229	1		4,617		368
	1		4,762		229	1		4,617		368
U.S. government agencies:
Bonds:
Unrealized loss for less than twelve months	5		32,699		54	4		28,988		103
Unrealized loss for twelve months or longer	14		63,719		585	20		112,502		708
	19		96,418		639	24		141,490		811
Residential mortgage-backed securities:
Unrealized loss for less than twelve months	20		56,122		1,384	14		8,989		616
Unrealized loss for twelve months or longer	107		283,691		37,116	109		338,769		38,699
	127		339,813		38,500	123		347,758		39,315
Commercial mortgage-backed securities:
Unrealized loss for less than twelve months	3		34,539		70	2		10,413		282
Unrealized loss for twelve months or longer	20		197,203		6,090	18		162,470		8,676
	23		231,742		6,160	20		172,883		8,958
Collateralized mortgage obligations:
Unrealized loss for less than twelve months	2		9,944		146	2		11,560		22
Unrealized loss for twelve months or longer	132		629,089		53,245	138		709,571		61,665
	134		639,033		53,391	140		721,131		61,687
Corporate debt securities:
Unrealized loss for less than twelve months	1		9,271		538	2		13,483		1,501
Unrealized loss for twelve months or longer	—		—		—	—		—		—
	1		9,271		538	2		13,483		1,501
States and political subdivisions:
Unrealized loss for less than twelve months	4		1,919		9	10		7,023		55
Unrealized loss for twelve months or longer	52		24,916		3,363	50		20,857		2,640
	56		26,835		3,372	60		27,880		2,695
Total available for sale:
Unrealized loss for less than twelve months	35		144,494		2,201	34		80,456		2,579
Unrealized loss for twelve months or longer	326		1,203,380		100,628	336		1,348,786		112,756
	361	$	1,347,874	$	102,829	370	$	1,429,242	$	115,335

Schedule of information regarding held to maturity securities that were in an unrealized loss position

	December 31, 2024					December 31, 2023
	Number of			Unrealized		Number of			Unrealized
	Securities	Fair Value		Losses		Securities	Fair Value		Losses
Held to Maturity
U.S. government agencies:
Residential mortgage-backed securities:
Unrealized loss for less than twelve months	—	$	—	$	—	—	$	—	$	—
Unrealized loss for twelve months or longer	45		224,258		31,621	44		278,172		25,765
	45		224,258		31,621	44		278,172		25,765
Commercial mortgage-backed securities:
Unrealized loss for less than twelve months	—		—		—	—		—		—
Unrealized loss for twelve months or longer	26		137,009		10,688	31		160,208		12,670
	26		137,009		10,688	31		160,208		12,670
Collateralized mortgage obligations:
Unrealized loss for less than twelve months	—		—		—	—		—		—
Unrealized loss for twelve months or longer	53		218,961		38,269	54		247,019		37,189
	53		218,961		38,269	54		247,019		37,189
States and political subdivisions:
Unrealized loss for less than twelve months	8		4,305		24	39		15,506		479
Unrealized loss for twelve months or longer	169		62,113		7,457	128		45,208		4,865
	177		66,418		7,481	167		60,714		5,344
Total held to maturity:
Unrealized loss for less than twelve months	8		4,305		24	39		15,506		479
Unrealized loss for twelve months or longer	293		642,341		88,035	257		730,607		80,489
	301	$	646,646	$	88,059	296	$	746,113	$	80,968

Schedule of amortized cost and fair value of securities, excluding trading and equity securities, by contractual maturity

The amortized cost and fair value of securities, excluding trading and equity securities, at December 31, 2024 are shown by contractual maturity below (in thousands).

	Available for Sale				Held to Maturity
	Amortized				Amortized
	Cost		Fair Value		Cost		Fair Value
Due in one year or less	$	1,933	$	1,923	$	—	$	—
Due after one year through five years		84,010		83,362		3,822		3,609
Due after five years through ten years		51,019		50,190		50,101		46,061
Due after ten years		44,813		41,961		23,170		19,974
		181,775		177,436		77,093		69,644
Residential mortgage-backed securities		379,651		341,186		255,880		224,259
Commercial mortgage-backed securities		226,326		220,327		147,696		137,008
Collateralized mortgage obligations		710,663		657,600		257,230		218,961
	$	1,498,415	$	1,396,549	$	737,899	$	649,872