Securities (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Available for Sale Securities |
The amortized cost and fair market value of available-for-sale securities and the related gross unrealized gains and losses recognized were as follows:
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March 31, 2026 |
|
Amortized
Cost |
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|
Gross
Unrealized
Gains |
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|
Gross
Unrealized
Losses |
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|
Fair Value |
|
U.S. Treasury securities and obligations of U.S. government
agencies |
|
$ |
58,511 |
|
|
$ |
235 |
|
|
$ |
(1,192 |
) |
|
$ |
57,554 |
|
Obligations of states and political subdivisions |
|
|
341,047 |
|
|
|
724 |
|
|
|
(24,405 |
) |
|
|
317,366 |
|
Mortgage-backed securities in government sponsored
entities |
|
|
329,164 |
|
|
|
517 |
|
|
|
(24,864 |
) |
|
|
304,817 |
|
Total debt securities (1) |
|
$ |
728,722 |
|
|
$ |
1,476 |
|
|
$ |
(50,461 |
) |
|
$ |
679,737 |
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|
December 31, 2025 |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair Value |
|
U.S. Treasury securities and obligations of U.S. government
agencies |
|
$ |
61,935 |
|
|
$ |
262 |
|
|
$ |
(1,180 |
) |
|
$ |
61,017 |
|
Obligations of states and political subdivisions |
|
|
345,214 |
|
|
|
1,319 |
|
|
|
(21,735 |
) |
|
|
324,798 |
|
Mortgage-backed securities in government sponsored
entities |
|
|
319,792 |
|
|
|
525 |
|
|
|
(24,224 |
) |
|
|
296,093 |
|
Total debt securities (1) |
|
$ |
726,941 |
|
|
$ |
2,106 |
|
|
$ |
(47,139 |
) |
|
$ |
681,908 |
|
(1) Excludes accrued interest receivable on securities of $3,815 and $4,371 at March 31, 2026 and December 31, 2025, respectively, that is recorded in Accrued interest receivable on the Consolidated Balance Sheets.
|
| Amortized Cost and Fair Value of Debt Securities by Contractual Maturity |
The amortized cost and fair value of debt securities at March 31, 2026, by contractual maturity, is shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately.
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Available for sale |
|
Amortized
Cost |
|
|
Fair
Value |
|
Due in one year or less |
|
$ |
23,846 |
|
|
$ |
23,781 |
|
Due after one year through five years |
|
|
64,094 |
|
|
|
61,892 |
|
Due after five years through ten years |
|
|
63,751 |
|
|
|
63,333 |
|
Due after ten years |
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|
247,867 |
|
|
|
225,914 |
|
Mortgage-backed securities |
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|
329,164 |
|
|
|
304,817 |
|
Total securities available-for-sale |
|
$ |
728,722 |
|
|
$ |
679,737 |
|
|
| Gross Unrealized Losses and Fair Value, Aggregated by Investment Category |
The following tables show the fair value and gross unrealized losses, aggregated by investment category, and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2026 and December 31, 2025:
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March 31, 2026 |
|
12 Months or less |
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|
More than 12 months |
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|
Total |
|
Description of Securities |
|
Fair
Value |
|
|
Unrealized
Loss |
|
|
Fair
Value |
|
|
Unrealized
Loss |
|
|
Fair
Value |
|
|
Unrealized
Loss |
|
U.S. Treasury securities and obligations of
U.S. government agencies |
|
$ |
6,612 |
|
|
$ |
(44 |
) |
|
$ |
43,285 |
|
|
$ |
(1,148 |
) |
|
$ |
49,897 |
|
|
$ |
(1,192 |
) |
Obligations of states and political subdivisions |
|
|
87,192 |
|
|
|
(670 |
) |
|
|
150,926 |
|
|
|
(23,735 |
) |
|
|
238,118 |
|
|
|
(24,405 |
) |
Mortgage-backed securities in gov’t sponsored entities |
|
|
40,882 |
|
|
|
(284 |
) |
|
|
173,136 |
|
|
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(24,580 |
) |
|
|
214,018 |
|
|
|
(24,864 |
) |
Total |
|
$ |
134,686 |
|
|
$ |
(998 |
) |
|
$ |
367,347 |
|
|
$ |
(49,463 |
) |
|
$ |
502,033 |
|
|
$ |
(50,461 |
) |
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December 31, 2025 |
|
12 Months or less |
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|
More than 12 months |
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|
Total |
|
Description of Securities |
|
Fair
Value |
|
|
Unrealized
Loss |
|
|
Fair
Value |
|
|
Unrealized
Loss |
|
|
Fair
Value |
|
|
Unrealized
Loss |
|
U.S. Treasury securities and obligations of
U.S. government agencies |
|
$ |
1,168 |
|
|
$ |
(2 |
) |
|
$ |
47,644 |
|
|
$ |
(1,178 |
) |
|
$ |
48,812 |
|
|
$ |
(1,180 |
) |
Obligations of states and political subdivisions |
|
|
12,606 |
|
|
|
(45 |
) |
|
|
181,703 |
|
|
|
(21,690 |
) |
|
|
194,309 |
|
|
|
(21,735 |
) |
Mortgage-backed securities in gov’t sponsored entities |
|
|
58,246 |
|
|
|
(490 |
) |
|
|
172,015 |
|
|
|
(23,734 |
) |
|
|
230,261 |
|
|
|
(24,224 |
) |
Total |
|
$ |
72,020 |
|
|
$ |
(537 |
) |
|
$ |
401,362 |
|
|
$ |
(46,602 |
) |
|
$ |
473,382 |
|
|
$ |
(47,139 |
) |
|
| Schedule of Net Gains and Losses on Equity Investments Recognized in Earnings and Portion of Unrealized Gains and Losses for Period that Relates to Equity Investments |
The following table presents the net gains and losses on equity investments recognized in earnings for the three months ended March 31, 2026 and 2025, and the portion of unrealized gains and losses for the period that relates to equity investments held at March 31, 2026 and 2025:
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2026 |
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|
2025 |
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Net gains (losses) recognized on equity
securities during the period |
|
$ |
33 |
|
|
$ |
(29 |
) |
|
Less: Net gains (losses) realized on the
sale of equity securities during the
period |
|
|
— |
|
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|
— |
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|
Unrealized gains (losses) recognized on
equity securities held at reporting date |
|
$ |
33 |
|
|
$ |
(29 |
) |
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