Securities (Tables)

6 Months Ended

Jun. 30, 2024

Securities

Schedule of amortized cost and fair value of the securities portfolio and corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
June 30, 2024	Cost1		Gains		Losses		Value
Securities available-for-sale
U.S. Treasury	$	193,615	$	146	$	(2,487)	$	191,274
U.S. government agencies		39,653		-		(2,355)		37,298
U.S. government agencies mortgage-backed		109,490		-		(12,618)		96,872
States and political subdivisions		232,373		470		(12,578)		220,265
Collateralized mortgage obligations		436,623		321		(50,889)		386,055
Asset-backed securities		67,634		6		(2,763)		64,877
Collateralized loan obligations		176,897		195		(72)		177,020
Total securities available-for-sale	$	1,256,285	$	1,138	$	(83,762)	$	1,173,661

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
December 31, 2023	Cost1		Gains		Losses		Value
Securities available-for-sale
U.S. Treasury	$	174,602	$	-	$	(5,028)	$	169,574
U.S. government agencies		60,011		-		(3,052)		56,959
U.S. government agencies mortgage-backed		118,492		-		(12,122)		106,370
States and political subdivisions		236,072		1,325		(10,332)		227,065
Collateralized mortgage obligations		442,987		421		(50,864)		392,544
Asset-backed securities		71,616		42		(3,222)		68,436
Collateralized loan obligations		173,201		30		(1,350)		171,881
Total securities available-for-sale	$	1,276,981	$	1,818	$	(85,970)	$	1,192,829

¹ Excludes accrued interest receivable of $6.7 million and $6.6 million at June 30, 2024 and December 31, 2023, respectively, that is recorded in other assets on the consolidated balance sheets.

Schedule of fair value, amortized cost and weighted average yield of debt securities by contractual maturity along with securities not due at a single maturity date, primarily mortgage-backed securities (MBS), asset-backed securities, and collateralized loan obligations

			Weighted
	Amortized		Average		Fair
Securities available-for-sale	Cost		Yield		Value
Due in one year or less	$	122,815	1.69	%	$	120,302
Due after one year through five years		127,580	3.63			125,243
Due after five years through ten years		58,374	2.77			53,383
Due after ten years		156,872	3.11			149,909
		465,641	2.84			448,837
Mortgage-backed and collateralized mortgage obligations		546,113	2.52			482,927
Asset-backed securities		67,634	4.08			64,877
Collateralized loan obligations		176,897	6.98			177,020
Total securities available-for-sale	$	1,256,285	3.35	%	$	1,173,661

Schedule of securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position

	Less than 12 months					12 months or more
June 30, 2024	in an unrealized loss position					in an unrealized loss position					Total
	Number of	Unrealized		Fair		Number of	Unrealized		Fair		Number of	Unrealized		Fair
Securities available-for-sale	Securities	Losses		Value		Securities	Losses		Value		Securities	Losses		Value
U.S. Treasuries	2	$	12	$	29,806	2	$	2,475	$	97,328	4	$	2,487	$	127,134
U.S. government agencies	-		-		-	8		2,355		37,298	8		2,355		37,298
U.S. government agencies mortgage-backed	-		-		-	128		12,618		96,872	128		12,618		96,872
States and political subdivisions	33		763		86,106	35		11,815		125,519	68		12,578		211,625
Collateralized mortgage obligations	-		-		-	142		50,889		349,308	142		50,889		349,308
Asset-backed securities	2		10		5,064	18		2,753		59,306	20		2,763		64,370
Collateralized loan obligations	3		59		32,944	4		13		28,279	7		72		61,223
Total securities available-for-sale	40	$	844	$	153,920	337	$	82,918	$	793,910	377	$	83,762	$	947,830

	Less than 12 months					12 months or more
December 31, 2023	in an unrealized loss position					in an unrealized loss position					Total
	Number of	Unrealized			Fair	Number of	Unrealized			Fair	Number of	Unrealized			Fair
Securities available-for-sale	Securities	Losses			Value	Securities	Losses			Value	Securities	Losses			Value
U.S. Treasuries	-	$	-	$	-	4	$	5,028	$	169,574	4	$	5,028	$	169,574
U.S. government agencies	-		-		-	9		3,052		56,959	9		3,052		56,959
U.S. government agencies mortgage-backed	-		-		-	128		12,122		106,370	128		12,122		106,370
States and political subdivisions	12		137		27,974	25		10,195		106,138	37		10,332		134,112
Collateralized mortgage obligations	2		8		734	143		50,856		376,236	145		50,864		376,970
Asset-backed securities	-		-		-	19		3,222		63,941	19		3,222		63,941
Collateralized loan obligations	-		-		-	25		1,350		150,902	25		1,350		150,902
Total securities available-for-sale	14	$	145	$	28,708	353	$	85,825	$	1,030,120	367	$	85,970	$	1,058,828

Schedule of proceeds from sale and gross realized gains and losses on sale of securities

		Three Months Ended						Six Months Ended
		June 30,						June 30,
Securities available-for-sale	2024			2023			2024			2023
Proceeds from sales of securities	$	-		$	73,996		$	5,331		$	140,166
Gross realized gains on securities	$	-		$	-		$	1		$	-
Gross realized losses on securities		-			(1,547)			-			(3,222)
Net realized (losses) gains	$	-		$	(1,547)		$	1		$	(3,222)
Income tax benefit on net realized losses	$	-		$	434		$	-		$	905
Effective tax rate applied		N/M	%		28.1	%		N/M	%		28.1	%

N/M – Not meaningful.