Investments (Tables)

12 Months Ended

Dec. 31, 2024


	December 31, 2024								December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Securities available-for-sale:
Obligations of states and
political subdivisions	$	199,131	$	139	$	15,519	$	183,751	$	228,456	$	371	$	16,089	$	212,738
Mortgage-backed securities:
U.S. government agencies	1,334,755		1,993		134,667		1,202,081		1,211,484		2,362		125,753		1,088,093
Private label	5,096		—		163		4,933		6,997		—		293		6,704
Trust preferred securities	4,605		141		—		4,746		4,599		—		321		4,278
Corporate securities	26,862		144		1,211		25,795		28,009		137		1,822		26,324
Total Securities
Available-for-Sale	$	1,570,449	$	2,417	$	151,560	$	1,421,306	$	1,479,545	$	2,870	$	144,278	$	1,338,137

Gross Unrealized Losses And Fair Value Of Investments

The following table shows the gross unrealized losses and fair value of the Company’s investments aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):


	December 31, 2024
	Less Than Twelve Months				Twelve Months or Greater				Total
	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
Securities available-for-sale:
Obligations of states and political subdivisions	$	19,724	$	422	$	151,508	$	15,097	$	171,232	$	15,519
Mortgage-backed securities:
U.S. Government agencies	114,560		12,669		710,651		121,998		825,211		134,667
Private Label	—		—		4,933		163		4,933		163
Trust preferred securities	—		—		—		—		—		—
Corporate securities	—		—		24,035		1,211		24,035		1,211
Total available-for-sale	$	134,284	$	13,091	$	891,127	$	138,469	$	1,025,411	$	151,560


	December 31, 2023
	Less Than Twelve Months				Twelve Months or Greater				Total
	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
Securities available-for-sale:
Obligations of states and political subdivisions	$	7,591	$	66	$	180,560	$	16,023	$	188,151	$	16,089
Mortgage-backed securities:
U.S. Government agencies	2,046		10,271		741,011		115,482		743,057		125,753
Private Label	—		—		4,738		293		4,738		293
Trust preferred securities	—		—		4,278		321		4,278		321
Corporate securities	—		—		24,609		1,822		24,609		1,822
Total available-for-sale	$	9,637	$	10,337	$	955,196	$	133,941	$	964,833	$	144,278

Amortized Cost And Estimated Fair Value Of Debt Securities By Contractual Maturity

The amortized cost and estimated fair value of debt securities at December 31, 2024, by contractual maturity, is shown in the following table (in thousands). Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Mortgage-backed securities have been allocated to their respective maturity groupings based on their contractual maturity.


	Cost		Estimated Fair Value
Securities Available-for-Sale
Due in one year or less	$	15,521	$	15,409
Due after one year through five years	153,680		145,551
Due after five years through ten years	316,167		293,665
Due after ten years	1,085,081		966,681
	$	1,570,449	$	1,421,306

Gross Gains And Losses Realized


	For the year ended December 31,
	2024		2023		2022
Proceeds on sales of available for sale securities	$	33,394	$	205,627	$	—

Gross unrealized gains recognized on equity securities still held	$	517	$	769	$	38
Gross unrealized losses recognized on equity securities still held	(342)		(337)		(1,623)
Net unrealized gains (losses) recognized on equity securities still held	$	175	$	432	$	(1,585)

Gross realized gains	$	5	$	996	$	4
Gross realized losses	(2,830)		(5,904)		—
Net realized investment security (losses) gains	$	(2,825)	$	(4,908)	$	4