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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2024

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

Commission File Number 0-14384

 

BancFirst Corporation

(Exact name of registrant as specified in charter)

 

 

Oklahoma

 

73-1221379

(State or other Jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

100 N. Broadway Ave., Oklahoma City, Oklahoma

 

73102-8405

(Address of principal executive offices)

 

(Zip Code)

(405) 270-1086

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $1.00 Par Value Per Share

 

BANF

 

NASDAQ Global Select Market System

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (sec. 232-405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No

As of April 30, 2024 there were 32,991,040 shares of the registrant’s Common Stock outstanding.

 

 


 

BancFirst Corporation

Quarterly Report on Form 10-Q

March 31, 2024

 

Table of Contents

 

Item

PART I – Financial Information

Page

1.

Financial Statements (Unaudited)

2

 

Consolidated Balance Sheets

2

 

Consolidated Statements of Comprehensive Income

3

 

Consolidated Statements of Shareholders’ Equity

4

 

 

Consolidated Statements of Cash Flow

 

5

 

 

 

 

 

Notes to Consolidated Financial Statements

 

6

 

2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

29

3.

Quantitative and Qualitative Disclosure About Market Risk

38

4.

Controls and Procedures

38

 

 

 

 

PART II – Other Information

 

1.

Legal Proceedings

39

1A.

Risk Factors

39

2.

Unregistered Sales of Equity Securities

39

3.

Defaults Upon Senior Securities

39

4.

Mine Safety Disclosures

39

5.

Other Information

39

6.

Exhibits

40

Signatures

41

 

 


 

PART I – FINANCIAL INFORMATION

 

 

Item 1. Financial Statements.

BANCFIRST CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

 

 

March 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

 

(unaudited)

 

 

(see Note 1)

 

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$

183,491

 

 

$

225,462

 

Interest-bearing deposits with banks

 

 

2,341,604

 

 

 

2,172,001

 

Federal funds sold

 

 

1,209

 

 

 

1,316

 

Debt securities held for investment (fair value: $1,129 and $1,190, respectively)

 

 

1,129

 

 

 

1,190

 

Debt securities available for sale at fair value

 

 

1,533,522

 

 

 

1,553,905

 

Loans held for sale

 

 

5,997

 

 

 

3,489

 

  Loans held for investment (net of unearned interest)

 

 

7,781,860

 

 

 

7,656,645

 

  Allowance for credit losses

 

 

(97,267

)

 

 

(96,800

)

Loans, net of allowance for credit losses

 

 

7,684,593

 

 

 

7,559,845

 

Premises and equipment, net

 

 

284,057

 

 

 

278,594

 

Other real estate owned

 

 

34,728

 

 

 

33,718

 

Intangible assets, net

 

 

15,818

 

 

 

16,704

 

Goodwill

 

 

182,263

 

 

 

182,263

 

Accrued interest receivable and other assets

 

 

334,014

 

 

 

343,555

 

Total assets

 

$

12,602,425

 

 

$

12,372,042

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing

 

$

3,849,807

 

 

$

3,982,226

 

Interest-bearing

 

 

7,059,814

 

 

 

6,717,896

 

Total deposits

 

 

10,909,621

 

 

 

10,700,122

 

Short-term borrowings

 

 

9,699

 

 

 

3,351

 

Accrued interest payable and other liabilities

 

 

127,678

 

 

 

148,577

 

Subordinated debt

 

 

86,115

 

 

 

86,101

 

Total liabilities

 

 

11,133,113

 

 

 

10,938,151

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

  Senior preferred stock, $1.00 par; 10,000,000 shares authorized; none issued

 

 

 

 

 

 

  Cumulative preferred stock, $5.00 par; 900,000 shares authorized; none issued

 

 

 

 

 

 

  Common stock, $1.00 par, 40,000,000 shares authorized; shares issued and
      outstanding:
32,966,678 and 32,933,018, respectively

 

 

32,967

 

 

 

32,933

 

  Capital surplus

 

 

176,227

 

 

 

174,695

 

  Retained earnings

 

 

1,312,464

 

 

 

1,276,305

 

  Accumulated other comprehensive loss, net of tax benefit of $16,201
      and $
15,473, respectively

 

 

(52,346

)

 

 

(50,042

)

Total stockholders' equity

 

 

1,469,312

 

 

 

1,433,891

 

Total liabilities and stockholders' equity

 

$

12,602,425

 

 

$

12,372,042

 

The accompanying Notes are an integral part of these consolidated financial statements.

2


 

BANCFIRST CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(Dollars in thousands, except per share data)

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2024

 

 

2023

 

INTEREST INCOME

 

 

 

 

 

 

Loans, including fees

 

$

132,126

 

 

$

104,396

 

Securities:

 

 

 

 

 

 

Taxable

 

 

9,181

 

 

 

8,991

 

Tax-exempt

 

 

20

 

 

 

7

 

Federal funds sold

 

 

19

 

 

 

32

 

Interest-bearing deposits with banks

 

 

30,297

 

 

 

32,020

 

Total interest income

 

 

171,643

 

 

 

145,446

 

INTEREST EXPENSE

 

 

 

 

 

 

Deposits

 

 

64,413

 

 

 

35,177

 

Short-term borrowings

 

 

96

 

 

 

83

 

Subordinated debt

 

 

1,030

 

 

 

1,030

 

Total interest expense

 

 

65,539

 

 

 

36,290

 

Net interest income

 

 

106,104

 

 

 

109,156

 

Provision for credit losses

 

 

4,015

 

 

 

2,322

 

Net interest income after provision for credit losses

 

 

102,089

 

 

 

106,834

 

NONINTEREST INCOME

 

 

 

 

 

 

Trust revenue

 

 

5,088

 

 

 

4,222

 

Service charges on deposits

 

 

16,428

 

 

 

21,231

 

Securities transactions

 

 

(267

)

 

 

(213

)

Sales of loans

 

 

491

 

 

 

604

 

Insurance commissions

 

 

9,455

 

 

 

8,741

 

Cash management

 

 

8,651

 

 

 

6,734

 

(Loss)/gain on sale of other assets

 

 

(59

)

 

 

479

 

Other

 

 

5,113

 

 

 

6,030

 

Total noninterest income

 

 

44,900

 

 

 

47,828

 

NONINTEREST EXPENSE

 

 

 

 

 

 

Salaries and employee benefits

 

 

51,528

 

 

 

49,252

 

Occupancy, net

 

 

5,206

 

 

 

4,983

 

Depreciation

 

 

4,556

 

 

 

4,643

 

Amortization of intangible assets

 

 

886

 

 

 

880

 

Data processing services

 

 

2,616

 

 

 

2,107

 

Net expense from other real estate owned

 

 

2,202

 

 

 

2,459

 

Marketing and business promotion

 

 

2,256

 

 

 

2,527

 

Deposit insurance

 

 

1,438

 

 

 

1,613

 

Other

 

 

12,091

 

 

 

11,853

 

Total noninterest expense

 

 

82,779

 

 

 

80,317

 

Income before taxes

 

 

64,210

 

 

 

74,345

 

Income tax expense

 

 

13,876

 

 

 

16,812

 

Net income

 

$

50,334

 

 

$

57,533

 

NET INCOME PER COMMON SHARE

 

 

 

 

 

 

Basic

 

$

1.53

 

 

$

1.75

 

Diluted

 

$

1.50

 

 

$

1.72

 

OTHER COMPREHENSIVE (LOSS)/GAIN

 

 

 

 

 

 

Unrealized (losses)/gains on debt securities, net of tax benefit/(expense) of $728 and $(4,504), respectively

 

 

(2,304

)

 

 

14,649

 

Other comprehensive (loss)/gain, net of tax benefit/(expense) of $728 and $(4,504), respectively

 

 

(2,304

)

 

 

14,649

 

Comprehensive income

 

$

48,030

 

 

$

72,182

 

The accompanying Notes are an integral part of these consolidated financial statements.

3


 

BANCFIRST CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(Dollars in thousands)

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2024

 

 

2023

 

COMMON STOCK

 

 

 

 

 

 

Issued at beginning of period

 

$

32,933

 

 

$

32,876

 

Shares issued for stock options

 

 

34

 

 

 

24

 

Issued at end of period

 

$

32,967

 

 

$

32,900

 

CAPITAL SURPLUS

 

 

 

 

 

 

Balance at beginning of period

 

$

174,695

 

 

$

169,231

 

Common stock issued for stock options

 

 

817

 

 

 

618

 

Stock-based compensation arrangements

 

 

715

 

 

 

382

 

Balance at end of period

 

$

176,227

 

 

$

170,231

 

RETAINED EARNINGS

 

 

 

 

 

 

Balance at beginning of period

 

$

1,276,305

 

 

$

1,120,292

 

Net income

 

 

50,334

 

 

 

57,533

 

Dividends on common stock ($0.43 and $0.40  per share, respectively)

 

 

(14,175

)

 

 

(13,160

)

Balance at end of period

 

$

1,312,464

 

 

$

1,164,665

 

ACCUMULATED OTHER COMPREHENSIVE LOSS

 

 

 

 

 

 

Unrealized (losses)/gains on securities:

 

 

 

 

 

 

Balance at beginning of period

 

$

(50,042

)

 

$

(71,563

)

Net change

 

 

(2,304

)

 

 

14,649

 

Balance at end of period

 

$

(52,346

)

 

$

(56,914

)

Total stockholders’ equity

 

$

1,469,312

 

 

$

1,310,882

 

 

The accompanying Notes are an integral part of these consolidated financial statements.

4


 

BANCFIRST CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited)

(Dollars in thousands)

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2024

 

 

2023

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Net income

 

$

50,334

 

 

$

57,533

 

Adjustments to reconcile to net cash provided by operating activities:

 

 

 

 

 

 

Provision for credit losses

 

 

4,015

 

 

 

2,322

 

Depreciation and amortization

 

 

5,442

 

 

 

5,523

 

Net amortization of securities premiums and discounts

 

 

(306

)

 

 

(273

)

Realized securities losses

 

 

267

 

 

 

213

 

Gain on sales of loans

 

 

(491

)

 

 

(604

)

Cash receipts from the sale of loans originated for sale

 

 

28,773

 

 

 

34,246

 

Cash disbursements for loans originated for sale

 

 

(30,789

)

 

 

(33,634

)

Deferred income tax benefit

 

 

(822

)

 

 

(778

)

Gain on sale of other assets

 

 

(122

)

 

 

(578

)

Increase in interest receivable

 

 

(2,517

)

 

 

(1,390

)

Increase in interest payable

 

 

3,374

 

 

 

2,264

 

Amortization of stock-based compensation arrangements

 

 

715

 

 

 

382

 

Excess tax benefit from stock-based compensation arrangements

 

 

(470

)

 

 

(324

)

Other, net

 

 

8,921

 

 

 

4,602

 

Net cash provided by operating activities

 

 

66,324

 

 

 

69,504

 

INVESTING ACTIVITIES

 

 

 

 

 

 

Net decrease in federal funds sold

 

 

107

 

 

 

1,766

 

Purchases of available for sale debt securities

 

 

 

 

 

(91,312

)

Proceeds from maturities, calls and paydowns of held for investment debt securities

 

 

61

 

 

 

170

 

Proceeds from maturities, calls and paydowns of available for sale debt securities

 

 

17,657

 

 

 

32,940

 

Purchase of equity securities

 

 

(366

)

 

 

(195

)

Proceeds from paydowns and sales of equity securities

 

 

42

 

 

 

485

 

Net change in loans

 

 

(130,801

)

 

 

(176,739

)

Net (payments)/receipts on derivative asset contracts

 

 

(19,595

)

 

 

11,141

 

Purchases of premises, equipment and computer software

 

 

(10,251

)

 

 

(7,962

)

Purchase of tax credits

 

 

(429

)

 

 

(536

)

Other, net

 

 

2,346

 

 

 

1,658

 

Net cash used in investing activities

 

 

(141,229

)

 

 

(228,584

)

FINANCING ACTIVITIES

 

 

 

 

 

 

Net change in deposits

 

 

209,499

 

 

 

(364,125

)

Net change in short-term borrowings

 

 

6,348

 

 

 

203,194

 

Issuance of common stock in connection with stock options, net

 

 

851

 

 

 

642

 

Cash dividends paid

 

 

(14,161

)

 

 

(13,150

)

Net cash provided by (used in) financing activities

 

 

202,537

 

 

 

(173,439

)

Net increase/(decrease) in cash, due from banks and interest-bearing deposits

 

 

127,632

 

 

 

(332,519

)

Cash, due from banks and interest-bearing deposits at the beginning of the period

 

 

2,397,463

 

 

 

3,168,910

 

Cash, due from banks and interest-bearing deposits at the end of the period

 

$

2,525,095

 

 

$

2,836,391

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

 

 

 

 

 

 

Cash paid during the period for interest

 

$

62,164

 

 

$

34,026

 

Cash paid during the period for income taxes

 

$

249

 

 

$

1,880

 

Noncash investing and financing activities:

 

 

 

 

 

 

Unpaid common stock dividends declared

 

$

14,175

 

 

$

13,160

 

The accompanying Notes are an integral part of these consolidated financial statements.

5


 

BANCFIRST CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

(1) DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

The accounting and reporting policies of BancFirst Corporation and its subsidiaries (the “Company”) conform to accounting principles generally accepted in the United States of America (U.S. GAAP) and general practice within the banking industry. A summary of significant accounting policies can be found in Note (1) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Basis of Presentation

The accompanying unaudited interim consolidated financial statements include the accounts of BancFirst Corporation, Council Oak Partners, LLC, BancFirst Insurance Services, Inc., Pegasus Bank ("Pegasus"), Worthington Bank ("Worthington") and BancFirst and its subsidiaries ("BancFirst"). The principal operating subsidiaries of BancFirst are BFTower, LLC, BFC-PNC LLC, and BancFirst Agency, Inc. All significant intercompany accounts and transactions have been eliminated. Assets held in a fiduciary or agency capacity are not assets of the Company and, accordingly, are not included in the unaudited interim consolidated financial statements.

The accompanying unaudited interim consolidated financial statements and notes are presented in accordance with U.S. GAAP for interim financial information and the instructions for Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). The information contained in the consolidated financial statements and footnotes included in BancFirst Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023, should be referred to in connection with these unaudited interim consolidated financial statements. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period.

The unaudited interim consolidated financial statements contained herein reflect all adjustments, which are, in the opinion of management, necessary to provide a fair statement of the financial position and results of operations of the Company for the interim periods presented. All such adjustments are of a normal and recurring nature.

Reclassifications

Certain items in prior consolidated financial statements have been reclassified to conform to the current presentation. Such reclassifications had no effect on previously reported cash flows, stockholders’ equity or comprehensive income.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with accounting principles generally accepted in the United States inherently involves the use of estimates and assumptions that affect the amounts reported in the financial statements and the related disclosures. These estimates relate principally to the determination of the allowance for credit losses, income taxes, the fair value of financial instruments and the valuation of assets and liabilities acquired in a business combination, including identifiable intangible assets. Such estimates and assumptions may change over time and actual amounts realized may differ from those reported.

 

Recent Accounting Pronouncements

 

Standards Not Yet Adopted:

In December 2023, the Financial Accounting Standards Board (“FASB“) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes - Improvements to Income Tax Disclosures” requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company does not expect adoption of the standard to have a material impact on its consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting - Improvements to Reportable Segment Disclosures” requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. The amendments are to be applied retrospectively to all periods presented and segment expense categories are required to be based on the categories identified at adoption. The Company is currently evaluating the provisions of this ASU and expects to adopt them for the year ending December 31, 2024. The Company does not expect the adoption to have a significant impact on the Company’s consolidated financial statements.

 

6


 

 

(2) SECURITIES

The following table summarizes the amortized cost and estimated fair values of debt securities held for investment:

 

 

 

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

March 31, 2024

 

(Dollars in thousands)

 

Mortgage backed securities (1)

 

$

4

 

 

$

 

 

$

 

 

$

4

 

States and political subdivisions

 

 

625

 

 

 

 

 

 

 

 

 

625

 

Other securities

 

 

500

 

 

 

 

 

 

 

 

 

500

 

Total

 

$

1,129

 

 

$

 

 

$

 

 

$

1,129

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage backed securities (1)

 

$

5

 

 

$

 

 

$

 

 

$

5

 

States and political subdivisions

 

 

685

 

 

 

 

 

 

 

 

 

685

 

Other securities

 

 

500

 

 

 

 

 

 

 

 

 

500

 

Total

 

$

1,190

 

 

$

 

 

$

 

 

$

1,190

 

 

The following table summarizes the amortized cost and estimated fair values of debt securities available for sale:

 

 

 

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

March 31, 2024

 

(Dollars in thousands)

 

U.S. treasuries

 

$

1,545,588

 

 

$

 

 

$

(65,207

)

 

$

1,480,381

 

U.S. federal agencies

 

 

10,729

 

 

 

119

 

 

 

(4

)

 

 

10,844

 

Mortgage backed securities (1)

 

 

16,049

 

 

 

9

 

 

 

(1,795

)

 

 

14,263

 

States and political subdivisions

 

 

10,100

 

 

 

7

 

 

 

(137

)

 

 

9,970

 

Asset backed securities

 

 

11,440

 

 

 

 

 

 

(188

)

 

 

11,252

 

Other securities

 

 

8,163

 

 

 

 

 

 

(1,351

)

 

 

6,812

 

Total

 

$

1,602,069

 

 

$

135

 

 

$

(68,682

)

 

$

1,533,522

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

$

1,560,265

 

 

$

415

 

 

$

(62,635

)

 

$

1,498,045

 

U.S. federal agencies

 

 

11,631

 

 

 

142

 

 

 

(3

)

 

 

11,770

 

Mortgage backed securities (1)

 

 

16,459

 

 

 

13

 

 

 

(1,677

)

 

 

14,795

 

States and political subdivisions

 

 

10,108

 

 

 

16

 

 

 

(114

)

 

 

10,010

 

Asset backed securities

 

 

12,794

 

 

 

 

 

 

(282

)

 

 

12,512

 

Other securities

 

 

8,163

 

 

 

 

 

 

(1,390

)

 

 

6,773

 

Total

 

$

1,619,420

 

 

$

586

 

 

$

(66,101

)

 

$

1,553,905

 

 

(1) Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies.

 

 

7


 

The maturities of debt securities held for investment and available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been presented at their contractual maturity.

 

 

March 31, 2024

 

 

December 31, 2023

 

 

 

Amortized
Cost

 

 

Estimated
Fair
Value

 

 

Amortized
Cost

 

 

Estimated
Fair
Value

 

 

 

(Dollars in thousands)

 

Held for Investment

 

 

 

 

 

 

 

 

 

 

 

 

Contractual maturity of debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

351

 

 

$

351

 

 

$

350

 

 

$

350

 

After one year but within five years

 

 

778

 

 

 

778

 

 

 

840

 

 

 

840

 

After five years but within ten years

 

 

 

 

 

 

 

 

 

 

 

 

After ten years

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

1,129

 

 

$

1,129

 

 

$

1,190

 

 

$

1,190

 

Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

Contractual maturity of debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

389,115

 

 

$

382,870

 

 

$

348,318

 

 

$

341,645

 

After one year but within five years

 

 

1,167,880

 

 

 

1,108,898

 

 

 

1,223,529

 

 

 

1,167,973

 

After five years but within ten years

 

 

10,278

 

 

 

8,848

 

 

 

10,331

 

 

 

8,851

 

After ten years

 

 

34,796

 

 

 

32,906

 

 

 

37,242

 

 

 

35,436

 

Total debt securities

 

$

1,602,069

 

 

$

1,533,522

 

 

$

1,619,420

 

 

$

1,553,905

 

 

The following table is a summary of the Company’s book value of securities that were pledged as collateral for public funds on deposit, repurchase agreements and for other purposes as required or permitted by law:

 

 

March 31, 2024

 

 

December 31, 2023

 

 

 

(Dollars in thousands)

 

Book value of pledged securities

 

$

908,521

 

 

$

591,324

 

 

 

8


 

There were no sales of debt securities and therefore no proceeds from sales or realized securities gains or losses on available for sale debt securities for the three months ended March 31, 2024 or March 31, 2023.

Realized gains/losses on debt and equity securities are reported as securities transactions within the noninterest income section of the consolidated statement of comprehensive income.

 

The following table summarizes debt securities with unrealized losses, segregated by the duration of the unrealized loss, at March 31, 2024 and December 31, 2023 respectively:

 

 

 

 

 

Less than 12 Months

 

 

More than 12 Months

 

 

Total

 

 

Number of investments

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

 

 

 

(Dollars in thousands)

 

March 31, 2024