XML 38 R28.htm IDEA: XBRL DOCUMENT

Securities (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

The fair value of securities is as follows:


	March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale
U.S. Treasury, federal agencies, and government sponsored agencies	$	2,258	$	—	$	(408)	$	1,850
State and municipal	243,099		—		(43,670)		199,429
U.S. government agency mortgage-backed securities	17,394		—		(2,932)		14,462

Corporate notes	18,258		—		(2,568)		15,690
Total available for sale investment securities	$	281,009	$	—	$	(49,578)	$	231,431


	March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Held to maturity
U.S. Treasury, federal agencies, and government sponsored agencies	$	275,854	$	—	$	(34,442)	$	241,412
State and municipal	1,039,749		880		(191,006)		849,623
U.S. government agency mortgage-backed securities	343,057		—		(47,415)		295,642
Private labeled mortgage–backed pools	28,558		—		(3,489)		25,069
Corporate notes	156,773		—		(18,392)		138,381
Total held to maturity investment securities	$	1,843,991	$	880	$	(294,744)	$	1,550,127
Less: Allowance for credit losses	(140)
Held to maturity securities, net of allowance for credit losses	$	1,843,851


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale
U.S. Treasury, federal agencies, and government sponsored agencies	$	2,258	$	—	$	(457)	$	1,801
State and municipal	243,521		—		(41,687)		201,834
U.S. government agency mortgage-backed securities	17,984		—		(3,441)		14,543
Corporate notes	18,259		—		(2,760)		15,499
Total available for sale investment securities	$	282,022	$	—	$	(48,345)	$	233,677


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Held to maturity
U.S. Treasury, federal agencies, and government sponsored agencies	$	278,383	$	—	$	(39,253)	$	239,130
State and municipal	1,048,862		958		(183,114)		866,706
U.S. government agency mortgage-backed securities	349,726		—		(54,904)		294,822
Private labeled mortgage–backed pools	29,278		—		(3,958)		25,320
Corporate notes	161,599		—		(21,309)		140,290
Total held to maturity investment securities	$	1,867,848	$	958	$	(302,538)	$	1,566,268
Less: Allowance for credit losses	(158)
Held to maturity securities, net of allowance for credit losses	$	1,867,690

Schedule of Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity

The amortized cost and fair value of securities available for sale and held to maturity at March 31, 2025 and December 31, 2024, by contractual maturity, are 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.


	March 31, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available for sale
Within one year	$	—	$	—	$	—	$	—
One to five years	190		164		—		—
Five to ten years	183,815		149,725		173,533		141,915
After ten years	79,610		67,080		90,505		77,219
	263,615		216,969		264,038		219,134
U.S. government agency mortgage-backed securities	17,394		14,462		17,984		14,543

Total available for sale investment securities	$	281,009	$	231,431	$	282,022	$	233,677
Held to maturity
Within one year	$	53,179	$	52,656	$	59,129	$	58,304
One to five years	290,483		274,198		298,362		278,007
Five to ten years	369,687		316,976		366,493		312,748
After ten years	759,027		585,586		764,860		597,067
	1,472,376		1,229,416		1,488,844		1,246,126
U.S. government agency mortgage-backed securities	343,057		295,642		349,726		294,822
Private labeled mortgage-backed pools	28,558		25,069		29,278		25,320
Total held to maturity investment securities	$	1,843,991	$	1,550,127	$	1,867,848	$	1,566,268

Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

The following tables show the gross unrealized losses and the fair value of the Company’s available for sale investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.


	March 31, 2025
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for Sale Investment Securities
U.S. Treasury, federal agencies, and government sponsored agencies	$	—	$	—	$	1,850	$	(408)	$	1,850	$	(408)
State and municipal	—		—		199,429		(43,670)		199,429		(43,670)
U.S. government agency mortgage-backed securities	—		—		14,462		(2,932)		14,462		(2,932)

Corporate notes	—		—		15,690		(2,568)		15,690		(2,568)
Total available for sale investment securities	$	—	$	—	$	231,431	$	(49,578)	$	231,431	$	(49,578)


	December 31, 2024
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for Sale Investment Securities
U.S. Treasury, federal agencies, and government sponsored agencies	$	—	$	—	$	1,801	$	(457)	$	1,801	$	(457)
State and municipal	—		—		201,834		(41,687)		201,834		(41,687)
U.S. government agency mortgage-backed securities	—		—		14,543		(3,441)		14,543		(3,441)

Corporate notes	—		—		15,499		(2,760)		15,499		(2,760)
Total available for sale investment securities	$	—	$	—	$	233,677	$	(48,345)	$	233,677	$	(48,345)

Schedule of Credit Quality Indicators of Held-To-Maturity Securities at Amortized Cost

The following table summarizes credit ratings of our held-to-maturity securities at amortized cost for the periods indicated:


March 31, 2025	AAA		AA		A		BBB		BB		Not Rated		Total
U.S. Treasury, federal agencies, and government sponsored agencies	$	—	$	275,854	$	—	$	—	$	—	$	—	$	275,854
State and municipal	271,635		694,742		68,297		3,204		—		1,871		1,039,749
U.S. government agency mortgage-backed securities	343,057		—		—		—		—		—		343,057
Private labeled mortgage-backed pools	28,558		—		—		—		—		—		28,558
Corporate notes	—		6,167		11,478		75,439		—		63,689		156,773
Total	$	643,250	$	976,763	$	79,775	$	78,643	$	—	$	65,560	$	1,843,991

December 31, 2024	AAA		AA		A		BBB		BB		Not Rated		Total
U.S. Treasury, federal agencies, and government sponsored agencies	$	—	$	278,383	$	—	$	—	$	—	$	—	$	278,383
State and municipal	273,629		698,428		66,079		10,726		—		—		1,048,862
U.S. government agency mortgage-backed securities	349,726		—		—		—		—		—		349,726
Private labeled mortgage-backed pools	29,278		—		—		—		—		—		29,278
Corporate notes	—		6,176		11,549		75,603		4,543		63,728		161,599
Total	$	652,633	$	982,987	$	77,628	$	86,329	$	4,543	$	63,728	$	1,867,848

Schedule of Allowance for Credit Losses on Held-To-Maturity Securities

The following table details activity in the allowance for credit losses on held-to-maturity securities during the three months ended March 31, 2025 and 2024.


	March 31, 2025		March 31, 2024
Beginning balance	$	158	$	157
Credit loss expense (benefit)	(18)		1
Ending balance	$	140	$	158

Schedule of Sales of Securities Available for Sale

Information regarding security proceeds, gross gains and gross losses are presented below.


	March 31, 2025		March 31, 2024
Sales of securities available for sale
Proceeds	$	4,132	$	—
Gross gains	—		—
Gross losses	(407)		—

Fair Value And Amortized Costs Of Pledged Securities

The following table represents the fair value and amortized costs of these pledged securities.


	March 31, 2025				December 31, 2024
	Fair Value		Amortized Cost		Fair Value		Amortized Cost
Pledge securities for borrowing availability at the Federal Reserve	$	832,429	$	1,026,315	$	851,384	$	1,032,916
Pledge securities for FHLB borrowings	$	280,180	$	327,837	$	279,136	$	333,613