AFS Securities (Tables)
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9 Months Ended |
Sep. 30, 2024 |
Investments, Debt and Equity Securities [Abstract] |
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Amortized cost and fair value of available-for-sale securities |
The amortized cost and fair value of AFS securities, with gross unrealized gains and losses, are as follows at: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | U.S. Treasury | $ | 230,909 | | | $ | — | | | $ | 10,080 | | | $ | 220,829 | | States and political subdivisions | 85,599 | | | 61 | | | 2,761 | | | 82,899 | | Auction rate money market preferred | 3,200 | | | — | | | 83 | | | 3,117 | | Mortgage-backed securities | 30,577 | | | — | | | 1,622 | | | 28,955 | | Collateralized mortgage obligations | 169,339 | | | 5 | | | 5,580 | | | 163,764 | | Corporate | 8,150 | | | — | | | 908 | | | 7,242 | | Total | $ | 527,774 | | | $ | 66 | | | $ | 21,034 | | | $ | 506,806 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | U.S. Treasury | $ | 231,218 | | | $ | — | | | $ | 16,417 | | | $ | 214,801 | | States and political subdivisions | 94,837 | | | 1,032 | | | 2,993 | | | 92,876 | | Auction rate money market preferred | 3,200 | | | — | | | 269 | | | 2,931 | | Mortgage-backed securities | 35,321 | | | — | | | 2,506 | | | 32,815 | | Collateralized mortgage obligations | 187,248 | | | — | | | 9,473 | | | 177,775 | | Corporate | 8,150 | | | — | | | 1,200 | | | 6,950 | | Total | $ | 559,974 | | | $ | 1,032 | | | $ | 32,858 | | | $ | 528,148 | |
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Amortized cost and fair value of available-for-sale securities by contractual maturity |
The amortized cost and fair value of AFS securities by contractual maturity at September 30, 2024 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Maturing | | Securities with Variable Monthly Payments or Noncontractual Maturities | | | | Due in One Year or Less | | After One Year But Within Five Years | | After Five Years But Within Ten Years | | After Ten Years | | | Total | U.S. Treasury | $ | 19,944 | | | $ | 210,965 | | | $ | — | | | $ | — | | | $ | — | | | $ | 230,909 | | States and political subdivisions | 15,915 | | | 22,900 | | | 18,429 | | | 28,355 | | | — | | | 85,599 | | Auction rate money market preferred | — | | | — | | | — | | | — | | | 3,200 | | | 3,200 | | Mortgage-backed securities | — | | | — | | | — | | | — | | | 30,577 | | | 30,577 | | Collateralized mortgage obligations | — | | | — | | | — | | | — | | | 169,339 | | | 169,339 | | Corporate | — | | | — | | | 8,150 | | | — | | | — | | | 8,150 | | Total amortized cost | $ | 35,859 | | | $ | 233,865 | | | $ | 26,579 | | | $ | 28,355 | | | $ | 203,116 | | | $ | 527,774 | | Fair value | $ | 35,539 | | | $ | 223,815 | | | $ | 24,943 | | | $ | 26,673 | | | $ | 195,836 | | | $ | 506,806 | |
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Schedule of Realized Gain (Loss) [Table Text Block] |
A summary of the sales activity of AFS securities is as follows for the: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30 | | Nine Months Ended September 30 | | 2024 | | 2023 | | 2024 | | 2023 | Proceeds from sales of AFS securities | $ | — | | | $ | — | | | $ | — | | | $ | 18,089 | | Realized gains (losses) | — | | | — | | | — | | | 67 | | Applicable income tax expense (benefit) | — | | | — | | | — | | | 14 | |
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Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value |
The information in the following tables pertains to AFS securities with gross unrealized losses at September 30, 2024 and December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous loss position. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | Less Than Twelve Months | | Twelve Months or More | | | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Total Unrealized Losses | U.S. Treasury | $ | — | | | $ | — | | | $ | 10,080 | | | $ | 220,829 | | | $ | 10,080 | | States and political subdivisions | 50 | | | 5,741 | | | 2,711 | | | 39,536 | | | 2,761 | | Auction rate money market preferred | — | | | — | | | 83 | | | 3,117 | | | 83 | | Mortgage-backed securities | — | | | — | | | 1,622 | | | 28,955 | | | 1,622 | | Collateralized mortgage obligations | — | | | — | | | 5,580 | | | 157,945 | | | 5,580 | | Corporate | — | | | — | | | 908 | | | 7,242 | | | 908 | | Total | $ | 50 | | | $ | 5,741 | | | $ | 20,984 | | | $ | 457,624 | | | $ | 21,034 | | Number of securities in an unrealized loss position: | | | 51 | | | | | 181 | | | 232 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Less Than Twelve Months | | Twelve Months or More | | | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Total Unrealized Losses | U.S. Treasury | $ | — | | | $ | — | | | $ | 16,417 | | | $ | 214,801 | | | $ | 16,417 | | States and political subdivisions | 42 | | | 7,172 | | | 2,951 | | | 37,011 | | | 2,993 | | Auction rate money market preferred | — | | | — | | | 269 | | | 2,931 | | | 269 | | Mortgage-backed securities | 1 | | | 10 | | | 2,505 | | | 32,805 | | | 2,506 | | Collateralized mortgage obligations | 116 | | | 4,554 | | | 9,357 | | | 173,221 | | | 9,473 | | Corporate | — | | | — | | | 1,200 | | | 6,950 | | | 1,200 | | Total | $ | 159 | | | $ | 11,736 | | | $ | 32,699 | | | $ | 467,719 | | | $ | 32,858 | | Number of securities in an unrealized loss position: | | | 22 | | | | | 186 | | | 208 | |
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