Investments (Tables)

12 Months Ended

Dec. 31, 2023


	December 31, 2023								December 31, 2022
	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	228,456		371		16,089		212,738		292,293		346		24,324		268,315
Mortgage-backed securities:
U.S. government agencies	1,211,484		2,362		125,753		1,088,093		1,342,666		299		140,686		1,202,279
Private label	6,997		—		293		6,704		7,695		—		464		7,231
Trust preferred securities	4,599		—		321		4,278		4,590		—		762		3,828
Corporate securities	28,009		137		1,822		26,324		26,620		—		2,753		23,867
Total Securities
Available-for-Sale	$	1,479,545	$	2,870	$	144,278	$	1,338,137	$	1,673,864	$	645	$	168,989	$	1,505,520

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, 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


	December 31, 2022
	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	$	203,173	$	21,929	$	13,359	$	2,395	$	216,532	$	24,324
Mortgage-backed securities:
U.S. Government agencies	533,611		50,268		376,778		90,418		910,389		140,686
Private Label	7,126		464		—		—		7,126		464
Trust preferred securities	—		—		3,828		762		3,828		762
Corporate securities	22,972		2,648		895		105		23,867		2,753
Total available-for-sale	$	766,882	$	75,309	$	394,860	$	93,680	$	1,161,742	$	168,989

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, 2023, 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	$	2,965	$	2,923
Due after one year through five years	85,102		81,176
Due after five years through ten years	434,093		404,955
Due after ten years	957,385		849,083
	$	1,479,545	$	1,338,137

Gross Gains And Losses Realized


	For the year ended December 31,
	2023		2022		2021
Proceeds on sales of available for sale securities	$	205,627	$	—	$	—

Gross unrealized gains recognized on equity securities still held	$	769	$	38	$	547
Gross unrealized losses recognized on equity securities still held	(337)		(1,623)		(43)
Net unrealized (losses) gains recognized on equity securities still held	$	432	$	(1,585)	$	504

Gross realized gains	$	996	$	4	$	312
Gross realized losses	(5,904)		—		—
Net realized investment security (losses) gains	$	(4,908)	$	4	$	312