| Summary of Debt Securities |
Debt securities at June 30, 2025 and December 31, 2024 are summarized as follows:
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June 30, 2025 |
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Securities Available-For-Sale |
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In Thousands |
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Amortized
Cost |
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Gross
Unrealized
Gains |
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Gross
Unrealized
Losses |
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Estimated
Market
Value |
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U.S. Treasury and other U.S. government
agencies |
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$ |
4,941 |
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— |
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|
266 |
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|
4,675 |
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U.S. Government-sponsored enterprises
(GSEs) |
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175,934 |
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229 |
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15,746 |
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|
160,417 |
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Mortgage-backed securities |
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577,896 |
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1,105 |
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52,935 |
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526,066 |
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Asset-backed securities |
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49,451 |
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74 |
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617 |
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48,908 |
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Obligations of states and political
subdivisions |
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179,553 |
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— |
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25,926 |
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153,627 |
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$ |
987,775 |
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1,408 |
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95,490 |
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893,693 |
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December 31, 2024 |
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Securities Available-For-Sale |
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In Thousands |
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|
Amortized
Cost |
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|
Gross
Unrealized
Gains |
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Gross
Unrealized
Losses |
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|
Estimated
Market
Value |
|
U.S. Treasury and other U.S. government
agencies |
|
$ |
4,927 |
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— |
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|
389 |
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|
4,538 |
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U.S. Government-sponsored enterprises
(GSEs) |
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183,912 |
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8 |
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21,947 |
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|
161,973 |
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Mortgage-backed securities |
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520,729 |
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55 |
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66,588 |
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454,196 |
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Asset-backed securities |
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51,110 |
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108 |
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401 |
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50,817 |
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Corporate bonds |
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|
2,500 |
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— |
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|
104 |
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|
2,396 |
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Obligations of states and political
subdivisions |
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184,163 |
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— |
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30,190 |
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153,973 |
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$ |
947,341 |
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171 |
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119,619 |
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827,893 |
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| Amortized Cost and Estimated Market Value of Debt Securities by Contractual Maturity |
The amortized cost and estimated market value of debt securities at June 30, 2025 by contractual maturity are shown below.
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Available-For-Sale |
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In Thousands |
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Amortized
Cost |
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Estimated
Market Value |
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Due in one year or less |
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$ |
3,884 |
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$ |
3,851 |
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Due after one year through five years |
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115,108 |
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106,231 |
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Due after five years through ten years |
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289,952 |
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262,873 |
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Due after ten years |
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578,831 |
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520,738 |
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$ |
987,775 |
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$ |
893,693 |
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| Gross Unrealized Losses and Fair Value of Investments |
The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2025 and December 31, 2024.
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In Thousands, Except Number of Securities |
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Less than 12 Months |
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12 Months or More |
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Total |
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June 30, 2025 |
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Fair
Value |
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Unrealized
Losses |
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Number of
Securities
Included |
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Fair
Value |
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Unrealized
Losses |
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Number of
Securities
Included |
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Fair
Value |
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Unrealized
Losses |
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Available-for-Sale Securities: |
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U.S. Treasury and other
U.S. government agencies |
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$ |
— |
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$ |
— |
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— |
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$ |
4,675 |
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$ |
266 |
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2 |
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$ |
4,675 |
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$ |
266 |
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U.S. Government-sponsored
enterprises (GSEs) |
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2,632 |
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40 |
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2 |
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145,933 |
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15,706 |
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63 |
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148,565 |
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15,746 |
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Mortgage-backed securities |
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85,336 |
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|
766 |
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17 |
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336,394 |
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52,169 |
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212 |
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421,730 |
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52,935 |
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Asset-backed securities |
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20,861 |
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105 |
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8 |
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16,584 |
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512 |
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7 |
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37,445 |
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|
617 |
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Obligations of states and
political subdivisions |
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4,878 |
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338 |
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3 |
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148,749 |
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25,588 |
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160 |
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153,627 |
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25,926 |
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$ |
113,707 |
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$ |
1,249 |
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30 |
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$ |
652,335 |
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$ |
94,241 |
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444 |
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$ |
766,042 |
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$ |
95,490 |
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In Thousands, Except Number of Securities |
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Less than 12 Months |
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12 Months or More |
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Total |
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December 31, 2024 |
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Fair
Value |
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Unrealized
Losses |
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Number of
Securities
Included |
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Fair
Value |
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Unrealized
Losses |
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Number of
Securities
Included |
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Fair
Value |
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|
Unrealized
Losses |
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Available-for-Sale Securities: |
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U.S. Treasury and other
U.S. government agencies |
|
$ |
— |
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|
$ |
— |
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|
— |
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$ |
4,538 |
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$ |
389 |
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2 |
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$ |
4,538 |
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$ |
389 |
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U.S. Government-sponsored
enterprises (GSEs) |
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12,226 |
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258 |
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3 |
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147,828 |
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21,689 |
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67 |
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160,054 |
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21,947 |
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Mortgage-backed securities |
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90,776 |
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2,043 |
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24 |
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348,035 |
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64,545 |
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216 |
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438,811 |
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66,588 |
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Asset-backed securities |
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14,103 |
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75 |
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5 |
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17,170 |
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|
326 |
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7 |
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31,273 |
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|
401 |
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Corporate bonds |
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— |
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— |
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— |
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2,396 |
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|
104 |
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1 |
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2,396 |
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|
104 |
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Obligations of states and
political subdivisions |
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5,108 |
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77 |
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3 |
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148,865 |
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30,113 |
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|
168 |
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153,973 |
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30,190 |
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$ |
122,213 |
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$ |
2,453 |
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35 |
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$ |
668,832 |
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$ |
117,166 |
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|
461 |
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$ |
791,045 |
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$ |
119,619 |
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