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Investment Securities
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investment Securities

Note 3 -- Investment Securities

The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at March 31, 2024 and December 31, 2023 were as follows (in thousands):

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
(Losses)

 

 

Fair Value

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. government corporations and agencies

 

$

234,540

 

 

$

—

 

 

$

(27,220

)

 

$

207,320

 

Obligations of states and political subdivisions

 

 

335,350

 

 

 

84

 

 

 

(52,864

)

 

 

282,570

 

Mortgage-backed securities: GSE residential

 

 

699,921

 

 

 

854

 

 

 

(119,771

)

 

 

581,004

 

Other securities

 

 

72,792

 

 

 

—

 

 

 

(4,259

)

 

 

68,533

 

Total available-for-sale

 

$

1,342,603

 

 

$

938

 

 

$

(204,114

)

 

$

1,139,427

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Other investments

 

$

2,282

 

 

$

—

 

 

$

—

 

 

$

2,282

 

Total held-to-maturity

 

$

2,282

 

 

$

—

 

 

$

—

 

 

$

2,282

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. government corporations and agencies

 

$

237,875

 

 

$

—

 

 

$

(26,219

)

 

$

211,656

 

Obligations of states and political subdivisions

 

 

337,835

 

 

 

152

 

 

 

(49,371

)

 

 

288,616

 

Mortgage-backed securities: GSE residential

 

 

714,216

 

 

 

1,158

 

 

 

(113,074

)

 

 

602,300

 

Other securities

 

 

73,795

 

 

 

—

 

 

 

(4,795

)

 

 

69,000

 

Total available-for-sale

 

$

1,363,721

 

 

$

1,310

 

 

$

(193,459

)

 

$

1,171,572

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Other investments

 

$

2,286

 

 

$

—

 

 

$

—

 

 

$

2,286

 

Total held-to-maturity

 

$

2,286

 

 

$

—

 

 

$

—

 

 

$

2,286

 

 

The Company also had $4,298,000 and $4,074,000 of equity securities, at fair value, as of March 31, 2024 and December 31, 2023, respectively. The Company's held-to-maturity securities are annuities for which the risk of loss is minimal. As such, as of March 31, 2024, the Company did not record an allowance for credit losses on its held-to-maturity securities.

Realized gains and losses resulting from sales of securities were as follows during the three months ended March 31, 2024 and 2023 (in thousands):

 

 

 

Three months ended

 

 

 

March 31,

 

 

 

2024

 

 

2023

 

Gross gains

 

$

—

 

 

$

6

 

Gross losses

 

 

—

 

 

 

(52

)

 

The following table indicates the expected maturities of investment securities classified as available-for-sale presented at fair value, and held-to-maturity presented at amortized cost, at March 31, 2024 and the weighted average yield for each range of maturities (dollars in thousands):

 

 

 

One year
or less

 

 

After 1
through
5 years

 

 

After 5
through
10 years

 

 

After
ten years

 

 

Total

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. government corporations and agencies

 

$

181,730

 

 

$

25,590

 

 

$

—

 

 

$

—

 

 

$

207,320

 

Obligations of state and political subdivisions

 

 

21,240

 

 

 

102,416

 

 

 

157,672

 

 

 

1,242

 

 

 

282,570

 

Mortgage-backed securities: GSE residential

 

 

2,280

 

 

 

6,030

 

 

 

33,981

 

 

 

538,713

 

 

 

581,004

 

Other securities

 

 

27,942

 

 

 

39,838

 

 

 

753

 

 

 

—

 

 

 

68,533

 

Total available-for-sale investments

 

$

233,192

 

 

$

173,874

 

 

$

192,406

 

 

$

539,955

 

 

$

1,139,427

 

Weighted average yield

 

 

1.75

%

 

 

2.62

%

 

 

2.25

%

 

 

1.82

%

 

 

2.00

%

Full tax-equivalent yield

 

 

1.75

%

 

 

2.63

%

 

 

2.22

%

 

 

1.84

%

 

 

2.00

%

Held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other investments

 

$

—

 

 

$

—

 

 

$

—

 

 

$

2,282

 

 

$

2,282

 

Total held-to-maturity

 

$

—

 

 

$

—

 

 

$

—

 

 

$

2,282

 

 

$

2,282

 

Weighted average yield

 

 

—

%

 

 

—

%

 

 

—

%

 

 

—

%

 

 

—

%

Full tax-equivalent yield

 

 

—

%

 

 

—

%

 

 

—

%

 

 

—

%

 

 

—

%

 

The weighted average yields are calculated based on the amortized cost and effective yields weighted for the scheduled maturity of each security. Tax-equivalent yields have been calculated using a 21% tax rate. With the exception of obligations of the U.S. Treasury and other U.S. government agencies and corporations, there were no investment securities of any single issuer, the book value of which exceeded 10% of stockholders' equity at March 31, 2024.

Investment securities carried at approximately $820 million and $831 million at March 31, 2024 and December 31, 2023, respectively, were pledged to secure public deposits and repurchase agreements and for other purposes as permitted or required by law.

The following table presents the aging of gross unrealized losses and fair value by investment category as of March 31, 2024 and December 31, 2023 (in thousands):

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. government corporations and agencies

 

$

1,295

 

 

$

—

 

 

$

206,025

 

 

$

(27,220

)

 

$

207,320

 

 

$

(27,220

)

Obligations of states and political subdivisions

 

 

27,302

 

 

 

(324

)

 

 

248,168

 

 

 

(52,540

)

 

 

275,470

 

 

 

(52,864

)

Mortgage-backed securities: GSE residential

 

 

5,773

 

 

 

(132

)

 

 

545,899

 

 

 

(119,639

)

 

 

551,672

 

 

 

(119,771

)

Other securities

 

 

5,337

 

 

 

(413

)

 

 

57,446

 

 

 

(3,846

)

 

 

62,783

 

 

 

(4,259

)

Total

 

$

39,707

 

 

$

(869

)

 

$

1,057,538

 

 

$

(203,245

)

 

$

1,097,245

 

 

$

(204,114

)

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. government corporations and agencies

 

$

1,288

 

 

$

(4

)

 

$

210,069

 

 

$

(26,215

)

 

$

211,357

 

 

$

(26,219

)

Obligations of states and political subdivisions

 

 

22,281

 

 

 

(333

)

 

 

241,630

 

 

 

(49,038

)

 

 

263,911

 

 

 

(49,371

)

Mortgage-backed securities: GSE residential

 

 

5,818

 

 

 

(67

)

 

 

566,197

 

 

 

(113,007

)

 

 

572,015

 

 

 

(113,074

)

Other securities

 

 

5,311

 

 

 

(439

)

 

 

57,939

 

 

 

(4,356

)

 

 

63,250

 

 

 

(4,795

)

Total

 

$

34,698

 

 

$

(843

)

 

$

1,075,835

 

 

$

(192,616

)

 

$

1,110,533

 

 

$

(193,459

)

 

U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies. At March 31, 2024 there were six hundred twenty-five available-for-sale securities with a fair value of $206.0 million and unrealized losses of $27.2 million in a continuous unrealized loss position for twelve months or more. At December 31, 2023, there were thirty-six available-for-sale securities with a fair value of $210.1 million and unrealized losses of $26.2 million in a continuous unrealized loss position for twelve months or more. There were no held-to-maturity U.S. Treasury securities and obligations of U.S. government corporations and agencies in a continuous unrealized loss position for twelve months or more.

Obligations of states and political subdivisions. At March 31, 2024, there were two hundred fifty-five obligations of states and political subdivisions with a fair value of $248.2 million and unrealized losses of $52.5 million in a continuous unrealized loss position for twelve months or more. At December 31, 2023 there were two hundred thirty-seven obligations of states and political subdivisions with a fair value of $241.6 million and unrealized losses of $49.0 million in a continuous unrealized loss position for twelve months or more.

Mortgage-backed Securities: GSE Residential. At March 31, 2024, there were two hundred sixty-three mortgage-backed securities with a fair value of $545.9 million and unrealized losses of $119.6 million in a continuous unrealized loss position for twelve months or more. At December 31, 2023, there were two hundred sixty-three mortgage-backed securities with a fair value of $566.2 million and unrealized losses of $113.0 million in a continuous unrealized loss position for twelve months or more.

Other securities. At March 31, 2024, there were forty-two other securities with a fair value of $57.4 million and unrealized losses of $3.8 million in a continuous unrealized loss position for twelve months or more. At December 31, 2023, there were forty-three other securities with a fair value of $57.9 million and unrealized losses of $4.4 million in a continuous unrealized loss position for twelve months or more.