Investments (Tables)
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3 Months Ended |
Mar. 31, 2025 |
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| Investments |
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| Schedule of amortized cost, estimated fair value, and allowance for credit losses of available-for-sale and held-to-maturity investment securities |
The amortized cost, fair value and allowance for credit losses related to securities at March 31, 2025 and December 31, 2024, are as follows (in thousands): | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Estimated | March 31, 2025 | | Cost | | Gains | | Losses | | Fair Value | Available for sale securities: | | | | | | | | | | | | | U.S. Treasuries | | $ | 188,440 | | $ | 164 | | $ | (6,074) | | $ | 182,530 | Mortgage-backed securities | | | 45,782 | | | 32 | | | (3,918) | | | 41,896 | Collateralized mortgage obligations | | | 68,290 | | | 55 | | | (4,510) | | | 63,835 | States and political subdivisions | | | 100,739 | | | — | | | (18,778) | | | 81,961 | Total available for sale securities | | $ | 403,251 | | $ | 251 | | $ | (33,280) | | $ | 370,222 |
| | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Estimated | December 31, 2024 | | Cost | | Gains | | Losses | | Fair Value | Available for sale securities: | | | | | | | | | | | | | U.S. Treasuries | | $ | 124,320 | | $ | 150 | | $ | (7,425) | | $ | 117,045 | Mortgage-backed securities | | | 46,845 | | | 35 | | | (4,368) | | | 42,512 | Collateralized mortgage obligations | | | 73,857 | | | 77 | | | (5,070) | | | 68,864 | States and political subdivisions | | | 100,845 | | | — | | | (20,618) | | | 80,227 | Total available for sale securities | | $ | 345,867 | | $ | 262 | | $ | (37,481) | | $ | 308,648 |
| | | | | | | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | Allowance | | Net | | | Amortized | | Unrealized | | Unrealized | | Estimated | | for Credit | | Carrying | March 31, 2025 | | Cost | | Gains | | Losses | | Fair Value | | Losses | | Amount | Held to maturity securities: | | | | | | | | | | | | | | | | | | | U.S. Treasuries | | $ | 29,982 | | $ | 24 | | $ | (298) | | $ | 29,708 | | $ | — | | $ | 29,982 | States and political subdivisions | | | 82,646 | | | 13 | | | (10,451) | | | 72,208 | | | (40) | | | 82,606 | Total held to maturity securities | | $ | 112,628 | | $ | 37 | | $ | (10,749) | | $ | 101,916 | | $ | (40) | | $ | 112,588 |
| | | | | | | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | Allowance | | Net | | | Amortized | | Unrealized | | Unrealized | | Estimated | | for Credit | | Carrying | December 31, 2024 | | Cost | | Gains | | Losses | | Fair Value | | Losses | | Amount | Held to maturity securities: | | | | | | | | | | | | | | | | | | | U.S. Treasuries | | $ | 39,978 | | $ | 20 | | $ | (450) | | $ | 39,548 | | $ | — | | $ | 39,978 | States and political subdivisions | | | 83,218 | | | 14 | | | (11,668) | | | 71,564 | | | (40) | | | 83,178 | Total held to maturity securities | | $ | 123,196 | | $ | 34 | | $ | (12,118) | | $ | 111,112 | | $ | (40) | | $ | 123,156 |
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| Schedule of allowance for credit losses on held-to-maturity securities |
The following table shows a rollforward of the allowance for credit losses on held-to-maturity securities for the three months ended March 31, 2025 and the year ended December 31, 2024 (in thousands): | | | | | | State and political | | | subdivisions | Balance, December 31, 2023 | | $ | 30 | Provision for credit losses | | | — | Charge-offs of securities | | | — | Recoveries | | | — | Balance, March 31, 2024 | | $ | 30 | | | | | Balance, December 31, 2024 | | $ | 40 | Provision for credit losses | | | — | Charge-offs of securities | | | — | Recoveries | | | — | Balance, March 31, 2025 | | $ | 40 |
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| Schedule of amortized cost of debt securities held-to-maturity aggregated by credit quality indicators |
The following table summarizes the amortized cost of debt securities held-to-maturity at March 31, 2025 and December 31, 2024, aggregated by credit quality indicators (in thousands): | | | | | | | March 31, 2025 | | December 31, 2024 | Aaa | $ | 29,982 | | $ | 39,978 | Aa1/Aa2/Aa3 | | 33,881 | | | 33,961 | A1/A2 | | 3,156 | | | 3,164 | Baa1/Baa2 | | 1,000 | | | 1,000 | Not rated | | 44,609 | | | 45,093 | Total | $ | 112,628 | | $ | 123,196 |
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| Schedule of amortized cost and fair value of debt securities by contractual maturity |
The amortized cost and fair value of debt securities at March 31, 2025, (in thousands) by contractual maturity, are shown below | | | | | | | | | Amortized Cost | | Fair Value | Available for sale securities: | | | | | | | Due in one year or less | | $ | 104,112 | | $ | 104,143 | Due after one year through five years | | | 91,944 | | | 85,391 | Due after five years through ten years | | | 51,813 | | | 43,445 | Due after ten years | | | 41,310 | | | 31,512 | Mortgage-backed securities | | | 45,782 | | | 41,896 | Collaterized mortgage obligations | | | 68,290 | | | 63,835 | Total | | $ | 403,251 | | $ | 370,222 | Held to maturity securities: | | | | | | | Due in one year or less | | $ | 23,446 | | $ | 23,403 | Due after one year through five years | | | 41,711 | | | 39,505 | Due after five years through ten years | | | 29,311 | | | 25,464 | Due after ten years | | | 18,160 | | | 13,544 | Total | | $ | 112,628 | | $ | 101,916 |
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| Schedule of available for sale securities with gross unrealized losses aggregated by investment category and length of time |
Available for sale securities with gross unrealized losses at March 31, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | Less Than Twelve Months | | Over Twelve Months | | Total | | | | | | Gross | | | | | Gross | | | | | Gross | | | | | | Unrealized | | | | | Unrealized | | | | | Unrealized | Available for Sale | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | March 31, 2025: | | | | | | | | | | | | | | | | | | | U.S. Treasuries | | $ | 69,179 | | $ | 41 | | $ | 73,438 | | $ | 6,033 | | $ | 142,617 | | $ | 6,074 | Mortgage-backed securities | | | 3,733 | | | 20 | | | 36,132 | | | 3,898 | | | 39,865 | | | 3,918 | Collateralized mortgage obligations | | | 5,462 | | | 11 | | | 49,022 | | | 4,499 | | | 54,484 | | | 4,510 | States and political subdivisions | | | — | | | — | | | 81,821 | | | 18,778 | | | 81,821 | | | 18,778 | Total | | $ | 78,374 | | $ | 72 | | $ | 240,413 | | $ | 33,208 | | $ | 318,787 | | $ | 33,280 |
| | | | | | | | | | | | | | | | | | | | | Less Than Twelve Months | | Over Twelve Months | | Total | | | | | | Gross | | | | | Gross | | | | | Gross | | | | | | Unrealized | | | | | Unrealized | | | | | Unrealized | Available for Sale | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | December 31, 2024: | | | | | | | | | | | | | | | | | | | U.S. Treasuries | | $ | — | | $ | — | | $ | 81,991 | | $ | 7,425 | | $ | 81,991 | | $ | 7,425 | Mortgage-backed securities | | | 3,993 | | | 20 | | | 36,388 | | | 4,348 | | | 40,381 | | | 4,368 | Collateralized mortgage obligations | | | 1,728 | | | 9 | | | 51,513 | | | 5,061 | | | 53,241 | | | 5,070 | States and political subdivisions | | | — | | | — | | | 80,087 | | | 20,618 | | | 80,087 | | | 20,618 | Total | | $ | 5,721 | | $ | 29 | | $ | 249,979 | | $ | 37,452 | | $ | 255,700 | | $ | 37,481 |
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