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Securities (Tables)
12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost and fair value of securities available for sale
The amortized cost and fair value of securities available for sale were as follows as of the dates presented:
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
December 31, 2023
Obligations of states and political subdivisions$36,374 $119 $(1,883)$34,610 
Residential mortgage-backed securities:
Government agency mortgage-backed securities301,400 172 (24,968)276,604 
Government agency collateralized mortgage obligations485,164 — (85,883)399,281 
Commercial mortgage-backed securities:
Government agency mortgage-backed securities6,029 — (637)5,392 
Government agency collateralized mortgage obligations161,299 24 (21,965)139,358 
Other debt securities72,383 109 (4,458)68,034 
$1,062,649 $424 $(139,794)$923,279 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
December 31, 2022
Obligations of other U.S. Government agencies and corporations$170,000 $— $(5,340)$164,660 
Obligations of states and political subdivisions154,066 204 (9,368)144,902 
Residential mortgage-backed securities:
Government agency mortgage-backed securities508,415 37 (52,036)456,416 
Government agency collateralized mortgage obligations605,033 — (103,864)501,169 
Commercial mortgage-backed securities:
Government agency mortgage-backed securities11,166 — (1,053)10,113 
Government agency collateralized mortgage obligations211,435 — (25,589)185,846 
Other debt securities74,885 — (4,049)70,836 
$1,735,000 $241 $(201,299)$1,533,942 
The amortized cost and fair value of securities held to maturity were as follows as of the dates presented:
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
December 31, 2023
Obligations of states and political subdivisions$288,154 $74 $(33,688)$254,540 
Residential mortgage-backed securities
Government agency mortgage-backed securities426,264 — (20,314)405,950 
Government agency collateralized mortgage obligations387,208 — (31,670)355,538 
Commercial mortgage-backed securities
Government agency mortgage-backed securities16,983 — (2,972)14,011 
Government agency collateralized mortgage obligations44,514 — (6,977)37,537 
Other debt securities58,373 — (4,119)54,254 
$1,221,496 $74 $(99,740)$1,121,830 
Allowance for credit losses - held to maturity securities(32)
Held-to-maturity securities, net of allowance for credit losses$1,221,464 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
December 31, 2022
Obligations of states and political subdivisions$291,886 $17 $(48,325)$243,578 
Residential mortgage-backed securities
Government agency mortgage-backed securities483,560 — (24,432)459,128 
Government agency collateralized mortgage obligations423,315 — (30,706)392,609 
Commercial mortgage-backed securities
Government agency mortgage-backed securities17,006 — (3,261)13,745 
Government agency collateralized mortgage obligations45,430 — (6,559)38,871 
Other debt securities62,875 — (4,266)58,609 
$1,324,072 $17 $(117,549)$1,206,540 
Allowance for credit losses - held to maturity securities(32)
Held-to-maturity securities, net of allowance for credit losses$1,324,040 
Schedule of realized gain (loss)
Carrying ValueNet ProceedsGain/(Loss)
Twelve months ended December 31, 2023
Obligations of other U.S. Government agencies and corporations$170,000 $164,915 $(5,085)
Obligations of states and political subdivisions104,950 99,439 (5,511)
Residential mortgage-backed securities:
Government agency mortgage-backed securities137,196 130,602 (6,594)
Government agency collateralized mortgage obligations54,028 51,101 (2,927)
Commercial mortgage-backed securities:
Government agency mortgage-backed securities5,048 4,825 (223)
Government agency collateralized mortgage obligations40,197 38,099 (2,098)
$511,419 $488,981 $(22,438)
Carrying ValueNet ProceedsGain/(Loss)
Twelve months ended December 31, 2021
Obligations of states and political subdivisions$47 $49 $
Residential mortgage-backed securities:
Government agency mortgage-backed securities145,572 149,473 3,901 
Government agency collateralized mortgage obligations12,362 12,562 200 
Trust preferred securities12,021 9,961 (2,060)
Other debt securities4,283 4,410 127 
$174,285 $176,455 $2,170 
Gross realized gains and gross realized losses on sales of securities available for sale were as follows for the periods presented:
 Year Ended December 31,
 202320222021
Gross gains on sales of securities available for sale$126 $— $4,322 
Gross losses on sales of securities available for sale(22,564)— (2,152)
(Losses) gains on sales of securities available for sale, net$(22,438)$— $2,170 
Schedule of Debt Securities, Available-for-Sale, Impaired The impairment recognized by security type is listed in the table below.
Carrying ValueImpairment
Twelve months ended December 31, 2023
Obligations of states and political subdivisions$11,227 $941 
Residential mortgage-backed securities:
Government agency mortgage-backed securities97,526 11,467 
Government agency collateralized mortgage obligations44,708 4,310 
Commercial mortgage-backed securities:
Government agency collateralized mortgage obligations25,916 2,634 
$179,377 $19,352 
Schedule of amortized cost and fair value of securities by contractual maturity
The amortized cost and fair value of securities at December 31, 2023 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.
 Held to MaturityAvailable for Sale
 Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due within one year$— $— $5,710 $5,650 
Due after one year through five years7,770 7,358 36,353 36,390 
Due after five years through ten years104,491 94,154 42,145 37,993 
Due after ten years234,266 207,282 15,954 14,893 
Residential mortgage-backed securities:
Government agency mortgage-backed securities426,264 405,950 301,400 276,604 
Government agency collateralized mortgage obligations387,208 355,538 485,164 399,281 
Commercial mortgage-backed securities:
Government agency mortgage-backed securities16,983 14,011 6,029 5,392 
Government agency collateralized mortgage obligations44,514 37,537 161,299 139,358 
Other debt securities— — 8,595 7,718 
$1,221,496 $1,121,830 $1,062,649 $923,279 
Schedule of gross unrealized losses and fair value of available-for-sale securities
The following tables present the gross unrealized losses and fair value of investment securities, aggregated by investment category and the length of time the investments have been in a continuous unrealized loss position, as of the dates presented:
 Less than 12 Months12 Months or MoreTotal
 #Fair
Value
Unrealized
Losses
#Fair
Value
Unrealized
Losses
#Fair
Value
Unrealized
Losses
Available for Sale:
December 31, 2023
Obligations of states and political subdivisions3$2,914 $(2)9$15,198 $(1,881)12$18,112 $(1,883)
Residential mortgage-backed securities:
Government agency mortgage-backed securities1806 (25)35166,963 (24,943)36167,769 (24,968)
Government agency collateralized mortgage obligations— — 37354,574 (85,883)37354,574 (85,883)
Commercial mortgage-backed securities:
Government agency mortgage-backed securities— — 25,392 (637)25,392 (637)
Government agency collateralized mortgage obligations— — 25108,575 (21,965)25108,575 (21,965)
Other debt securities23,099 (195)1935,072 (4,263)2138,171 (4,458)
Total6$6,819 $(222)127$685,774 $(139,572)133$692,593 $(139,794)
December 31, 2022
Obligations of other U.S. Government agencies and corporations5$164,660 $(5,340)$— $— 5$164,660 $(5,340)
Obligations of states and political subdivisions8496,939 (4,869)1133,038 (4,499)95129,977 (9,368)
Residential mortgage-backed securities:
Government agency mortgage-backed securities97214,516 (15,115)29237,970 (36,921)126452,486 (52,036)
Government agency collateralized mortgage obligations16109,753 (8,552)36391,416 (95,312)52501,169 (103,864)
Commercial mortgage-backed securities:
Government agency mortgage-backed securities410,114 (1,053)— — 410,114 (1,053)
Government agency collateralized mortgage obligations1667,026 (3,828)21118,821 (21,760)37185,847 (25,588)
Other debt securities2563,423 (3,167)17,412 (883)2670,835 (4,050)
Total247$726,431 $(41,924)98$788,657 $(159,375)345$1,515,088 $(201,299)
Schedule of gross unrealized losses and fair value of held-to-maturity securities
 Less than 12 months 12 months or more Total
Held to Maturity:# Fair Value Unrealized Losses# Fair Value Unrealized Losses# Fair Value Unrealized Losses
December 31, 2023
Obligations of states and political subdivisions2$2,807 $(25)126$249,995 $(33,663)128$252,802 $(33,688)
Residential mortgage-backed securities:
Government agency mortgage-backed securities— — 70405,950 (20,314)70405,950 (20,314)
Government agency collateralized mortgage obligations— — 18355,538 (31,670)18355,538 (31,670)
Commercial mortgage-backed securities:
Government agency mortgage-backed securities— — 114,011 (2,972)114,011 (2,972)
Government agency collateralized mortgage obligations— — 937,537 (6,977)937,537 (6,977)
Other debt securities— — 1054,254 (4,119)1054,254 (4,119)
Total2$2,807 $(25)234$1,117,285 $(99,715)236$1,120,092 $(99,740)
December 31, 2022
Obligations of states and political subdivisions105$191,442 $(35,870)24$49,697 $(12,454)129$241,139 $(48,324)
Residential mortgage-backed securities:
Government agency mortgage-backed securities894,258 (4,186)62364,870 (20,246)70459,128 (24,432)
Government agency collateralized mortgage obligations498,912 (5,479)14293,698 (25,227)18392,610 (30,706)
Commercial mortgage-backed securities:
Government agency mortgage-backed securities113,745 (3,261)— — 113,745 (3,261)
Government agency collateralized mortgage obligations27,651 (626)731,220 (5,932)938,871 (6,558)
Other debt securities242,567 (2,013)816,042 (2,253)1058,609 (4,266)
Total122$448,575 $(51,435)115$755,527 $(66,112)237$1,204,102 $(117,547)