XML 42 R27.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Investment Securities (Tables)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Investment Securities [Abstract]    
Schedule of Available-for-Sale Securities Reconciliation  
Below is an analysis of the amortized cost and estimated fair values of securities available for sale at:
 June 30, 2024December 31, 2023
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential$3,322 $18 $(201)$3,139 $3,565 $47 $(147)$3,465 
Mortgage-Backed Securities – Commercial665,954 1,329 (54,947)612,336 512,979 4,935 (52,521)465,393 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential448,484 596 (65,456)383,624 559,769 3,052 (68,222)494,599 
Other Government-Sponsored Enterprises1,000 — (78)922 1,000 — (85)915 
Obligations of States and Political Subdivisions8,965 — (1,116)7,849 9,226 3 (1,027)8,202 
Corporate Securities67,133 476 (4,318)63,291 51,886 145 (3,619)48,412 
Total Debt Securities Available for Sale$1,194,858 $2,419 $(126,116)$1,071,161 $1,138,425 $8,182 $(125,621)$1,020,986 
Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale [1]  
The amortized cost and estimated fair value of debt securities available for sale at June 30, 2024, by contractual maturity, are shown below.
Amortized
Cost		Estimated
Fair Value
 (dollars in thousands)
Due within 1 year$490 $487 
Due after 1 but within 5 years17,568 17,480 
Due after 5 but within 10 years59,040 54,095 
Due after 10 years— — 
77,098 72,062 
Mortgage-Backed Securities (a)1,117,760 999,099 
Total Debt Securities$1,194,858 $1,071,161 
(a)  Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $669.3 million and a fair value of $615.5 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $448.5 million and a fair value of $383.6 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac
Proceeds from Sale, Gross Gains (Losses) Realized on Sales, Maturities and Other-Than-Temporary Impairment Charges Related to Securities Available for Sale  
Proceeds from sales, gross gains (losses) realized on sales and maturities related to securities held to maturity and securities available for sale were as follows for the six months ended June 30:
20242023
 (dollars in thousands)
Proceeds from sales$69,598 $30,686 
Gross gains (losses) realized:
Sales transactions:
Gross gains$— $— 
Gross losses(5,535)— 
(5,535)— 
Maturities
Gross gains— — 
Gross losses— — 
— — 
Net losses$(5,535)$— 
Debt Securities, Held-to-maturity [Table Text Block]  
Below is an analysis of the amortized cost and fair values of debt securities held to maturity at:
 June 30, 2024December 31, 2023
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential$1,622 $— $(216)$1,406 $1,781 $— $(175)$1,606 
Mortgage-Backed Securities- Commercial120,525 — (15,269)105,256 69,502 — (14,435)55,067 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential281,562 — (49,420)232,142 296,432 — (47,148)249,284 
Mortgage-Backed Securities – Commercial861 — (6)855 2,190 — (30)2,160 
Other Government-Sponsored Enterprises22,704 — (4,340)18,364 22,543 — (4,178)18,365 
Obligations of States and Political Subdivisions25,546 — (2,573)22,973 25,561 — (2,412)23,149 
Debt Securities Issued by Foreign Governments1,000 — (31)969 1,000 — (36)964 
Total Securities Held to Maturity$453,820 $— $(71,855)$381,965 $419,009 $— $(68,414)$350,595 
Schedule of Held-to-Maturity Securities by Maturity [Table Text Block] [2]  
The amortized cost and estimated fair value of debt securities held to maturity at June 30, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties.
Amortized
Cost		Estimated
Fair Value
 (dollars in thousands)
Due within 1 year$660 $652 
Due after 1 but within 5 years13,371 12,594 
Due after 5 but within 10 years34,656 28,616 
Due after 10 years563 444 
49,250 42,306 
Mortgage-Backed Securities (a)404,570 339,659 
Total Debt Securities$453,820 $381,965 
(a)Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $122.1 million and a fair value of $106.7 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $282.4 million and a fair value of $233.0 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.
Schedule of Temporary Impairment Losses, Investments  
The following table presents the gross unrealized losses and estimated fair values at June 30, 2024 for both available for sale and held to maturity securities by investment category and time frame for which securities have been in a continuous unrealized loss position:
 
 Less Than 12 Months12 Months or MoreTotal
 Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential$— $— $3,098 $(417)$3,098 $(417)
Mortgage-Backed Securities – Commercial230,812 (474)284,577 (69,742)515,389 (70,216)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential5,166 (57)527,185 (114,819)532,351 (114,876)
Mortgage-Backed Securities – Commercial— — 855 (6)855 (6)
Other Government-Sponsored Enterprises— — 19,286 (4,418)19,286 (4,418)
Obligations of States and Political Subdivisions1,447 (28)29,029 (3,661)30,476 (3,689)
Debt Securities Issued by Foreign Governments199 (1)770 (30)969 (31)
Corporate Securities19,482 (1,170)16,102 (3,148)35,584 (4,318)
Total Securities$257,106 $(1,730)$880,902 $(196,241)$1,138,008 $(197,971)
    
At June 30, 2024, fixed income securities issued by the U.S. Government and U.S. Government-sponsored enterprises comprised 96% of total unrealized losses. All unrealized losses are the result of changes in market interest rates. At June 30, 2024, there are 187 debt securities in an unrealized loss position.
The following table presents the gross unrealized losses and estimated fair values at December 31, 2023 by investment category and the time frame for which securities have been in a continuous unrealized loss position:
 Less Than 12 Months12 Months or MoreTotal
 Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential$— $— $3,395 $(322)$3,395 $(322)
Mortgage-Backed Securities - Commercial— — 300,642 (66,956)300,642 (66,956)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential1,124 (3)643,735 (115,367)644,859 (115,370)
Mortgage-Backed Securities – Commercial— — 2,160 (30)2,160 (30)
Other Government-Sponsored Enterprises— — 19,280 (4,263)19,280 (4,263)
Obligation of States and Political Subdivisions2,641 (62)26,887 (3,377)29,528 (3,439)
Debt Securities Issued by Foreign Governments199 (1)765 (35)964 (36)
Corporate Securities11,416 (45)21,426 (3,574)32,842 (3,619)
Total Securities$15,380 $(111)$1,018,290 $(193,924)$1,033,670 $(194,035)
Marketable Securities The unrealized gains and losses recognized related to equity securities still held at each reporting date is as follows:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2024202320242023
(dollars in thousands)
Net gains and losses recognized during the period on equity securities$5,558 $— $5,558 $— 
Less: Net gains and losses recognized during the period on equity securities sold during the period— — — — 
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date$5,558 $— $5,558 $— 
  
[1] Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $669.3 million and a fair value of $615.5 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $448.5 million and a fair value of $383.6 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.
[2] Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $122.1 million and a fair value of $106.7 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $282.4 million and a fair value of $233.0 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.