Securities and Other Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Fair Value of Securities AFS

The amortized cost and fair value of securities AFS are summarized as follows.

	September 30, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Securities AFS:
U.S. Treasury securities	$	15,844	$	—	$	1,384	$	14,460
U.S. government agency securities	5,914		6		26		5,894
State, county and municipals	318,878		478		19,426		299,930
Mortgage-backed securities	446,648		3,966		26,804		423,810
Corporate debt securities	87,238		154		5,579		81,813
Total securities AFS	$	874,522	$	4,604	$	53,219	$	825,907

	December 31, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Securities AFS:
U.S. Treasury securities	$	15,988	$	—	$	1,865	$	14,123
U.S. government agency securities	7,430		—		46		7,384
State, county and municipals	360,496		651		26,325		334,822
Mortgage-backed securities	388,378		1,437		37,193		352,622
Corporate debt securities	102,895		26		9,299		93,622
Total securities AFS	$	875,187	$	2,114	$	74,728	$	802,573

Schedule of Proceeds and Realized Gains or Losses from the Sale of AFS and HTM Securities

Proceeds and realized gains or losses from the sale of AFS and HTM securities were as follows.

	Nine Months Ended September 30,
(in thousands)	2024		2023
Securities AFS:
Gross gains	$	1,038	$	268
Gross losses	(70)		(605)
Gains (losses) on sales of securities AFS, net	$	968	$	(337)
Proceeds from sales of securities AFS	$	4,987	$	28,992
Securities HTM:
Gross gains	$	—	$	—
Gross losses	—		(37,723)
Gains (losses) on sales of securities HTM, net	$	—	$	(37,723)
Proceeds from sales of securities HTM	$	—	$	460,051

Schedule of Unrealized Losses and Fair Value of Investment Securities

The following table presents gross unrealized losses and the related estimated fair value of investment securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position.

	September 30, 2024
	Less than 12 months				12 months or more				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Securities
Securities AFS:
U.S. Treasury securities	$	—	$	—	$	14,460	$	1,384	$	14,460	$	1,384	1
U.S. government agency securities	398		1		3,861		25		4,259		26		8
State, county and municipals	14,176		200		242,711		19,226		256,887		19,426		446
Mortgage-backed securities	9,737		78		275,572		26,726		285,309		26,804		410
Corporate debt securities	1,962		24		71,747		5,555		73,709		5,579		47
Total	$	26,273	$	303	$	608,351	$	52,916	$	634,624	$	53,219	912

	December 31, 2023
	Less than 12 months				12 months or more				Total
($ in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Number of Securities
Securities AFS:
U.S. Treasury securities	$	—	$	—	$	14,123	$	1,865	$	14,123	$	1,865	1
U.S. government agency securities	4,621		31		1,793		15		6,414		46		10
State, county and municipals	29,336		330		257,916		25,995		287,252		26,325		528
Mortgage-backed securities	6		—		291,124		37,193		291,130		37,193		433
Corporate debt securities	—		—		85,265		9,299		85,265		9,299		59
Total	$	33,963	$	361	$	650,221	$	74,367	$	684,184	$	74,728	1,031

Schedule of Amortized Cost and Fair Value of Investment Securities by Contractual Maturity

The amortized cost and fair value of investment securities by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties; as this is particularly inherent in mortgage-backed securities, these securities are not included in the maturity categories below.

As of September 30, 2024	Securities AFS
(in thousands)	Amortized Cost		Fair Value
Due in less than one year	$	23,894	$	23,735
Due in one year through five years	144,376		135,855
Due after five years through ten years	162,293		150,189
Due after ten years	97,311		92,318
	427,874		402,097
Mortgage-backed securities	446,648		423,810
Total investment securities	$	874,522	$	825,907

Schedule of Carrying Value of other Investments

The carrying value of other investments are summarized as follows.

	September 30, 2024		December 31, 2023
(in thousands)	Amount		Amount
Federal Reserve Bank stock	$	33,289	$	33,087
Federal Home Loan Bank (“FHLB”) stock	9,674		9,674
Equity securities with readily determinable fair values	8,174		4,240
Other investments	9,306		10,559
Total other investments	$	60,443	$	57,560