XML 22 R14.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Investment Securities | 6 Months Ended
--- | ---
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Note 3 -- Investment Securities The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at June 30, 2024 and December 31, 2023 were as follows (in thousands):
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Fair Value |
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 224,831 |  |  | $ | — |  |  | $ | (25,249 | ) |  | $ | 199,582 |
Obligations of states and political subdivisions |  |  | 334,386 |  |  |  | 132 |  |  |  | (57,452 | ) |  |  | 277,066 |
Mortgage-backed securities: GSE residential |  |  | 684,817 |  |  |  | 857 |  |  |  | (114,620 | ) |  |  | 571,054 |
Other securities |  |  | 67,075 |  |  |  | — |  |  |  | (4,127 | ) |  |  | 62,948 |
Total available-for-sale |  | $ | 1,311,109 |  |  | $ | 989 |  |  | $ | (201,448 | ) |  | $ | 1,110,650 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  | $ | 2,277 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,277 |
Total held-to-maturity |  | $ | 2,277 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,277 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 237,875 |  |  | $ | — |  |  | $ | (26,219 | ) |  | $ | 211,656 |
Obligations of states and political subdivisions |  |  | 337,835 |  |  |  | 152 |  |  |  | (49,371 | ) |  |  | 288,616 |
Mortgage-backed securities: GSE residential |  |  | 714,216 |  |  |  | 1,158 |  |  |  | (113,074 | ) |  |  | 602,300 |
Other securities |  |  | 73,795 |  |  |  | — |  |  |  | (4,795 | ) |  |  | 69,000 |
Total available-for-sale |  | $ | 1,363,721 |  |  | $ | 1,310 |  |  | $ | (193,459 | ) |  | $ | 1,171,572 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  | $ | 2,286 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,286 |
Total held-to-maturity |  | $ | 2,286 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,286 |
The Company also had $4,258,000 and $4,074,000 of equity securities, at fair value, as of June 30, 2024 and December 31, 2023, respectively. The Company's held-to-maturity securities are annuities for which the risk of loss is minimal. As such, as of June 30, 2024, the Company did not record an allowance for credit losses on its held-to-maturity securities. Realized gains and losses resulting from sales of securities were as follows during the three and six months ended June 30, 2024 and 2023 (in thousands):
|  | Three months ended |  |  | Six months ended |
|  | June 30, |  |  | June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Gross gains |  | $ | 35 |  |  | $ | — |  |  | $ | (35 | ) |  | $ | 6 |
Gross losses |  |  | (191 | ) |  |  | (6 | ) |  |  | (191 | ) |  |  | (58 | )
The following table indicates the expected maturities of investment securities classified as available-for-sale presented at fair value, and held-to-maturity presented at amortized cost, at June 30, 2024 and the weighted average yield for each range of maturities (dollars in thousands):
|  | One year or less |  |  | After 1 through 5 years |  |  | After 5 through 10 years |  |  | After ten years |  |  | Total |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 176,425 |  |  | $ | 23,157 |  |  | $ | — |  |  | $ | — |  |  | $ | 199,582 |
Obligations of state and political subdivisions |  |  | 24,140 |  |  |  | 105,238 |  |  |  | 146,166 |  |  |  | 1,522 |  |  |  | 277,066 |
Mortgage-backed securities: GSE residential |  |  | 3,257 |  |  |  | 4,817 |  |  |  | 33,330 |  |  |  | 529,650 |  |  |  | 571,054 |
Other securities |  |  | 38,696 |  |  |  | 23,470 |  |  |  | 782 |  |  |  | — |  |  |  | 62,948 |
Total available-for-sale investments |  | $ | 242,518 |  |  | $ | 156,682 |  |  | $ | 180,278 |  |  | $ | 531,172 |  |  | $ | 1,110,650 |
Weighted average yield |  |  | 2.01 | % |  |  | 2.49 | % |  |  | 2.26 | % |  |  | 1.82 | % |  |  | 2.03 | %
Full tax-equivalent yield |  |  | 2.10 | % |  |  | 2.94 | % |  |  | 2.71 | % |  |  | 1.84 | % |  |  | 2.19 | %
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,277 |  |  | $ | 2,277 |
Total held-to-maturity |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,277 |  |  | $ | 2,277 |
Weighted average yield |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | %
Full tax-equivalent yield |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | %
The weighted average yields are calculated based on the amortized cost and effective yields weighted for the scheduled maturity of each security. Tax-equivalent yields have been calculated using a 21% tax rate. With the exception of obligations of the U.S. Treasury and other U.S. government agencies and corporations, there were no investment securities of any single issuer, the book value of which exceeded 10% of stockholders' equity at June 30, 2024. Investment securities carried at approximately $728 million and $831 million at June 30, 2024 and December 31, 2023, respectively, were pledged to secure public deposits and repurchase agreements and for other purposes as permitted or required by law. The following table presents the aging of gross unrealized losses and fair value by investment category as of June 30, 2024 and December 31, 2023 (in thousands):
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 3,293 |  |  | $ | (1 | ) |  | $ | 196,288 |  |  | $ | (25,248 | ) |  | $ | 199,581 |  |  | $ | (25,249 | )
Obligations of states and political subdivisions |  |  | 23,541 |  |  |  | (1,370 | ) |  |  | 247,125 |  |  |  | (56,082 | ) |  |  | 270,666 |  |  |  | (57,452 | )
Mortgage-backed securities: GSE residential |  |  | 5,549 |  |  |  | (146 | ) |  |  | 535,856 |  |  |  | (114,474 | ) |  |  | 541,405 |  |  |  | (114,620 | )
Other securities |  |  | — |  |  |  | — |  |  |  | 57,196 |  |  |  | (4,127 | ) |  |  | 57,196 |  |  |  | (4,127 | )
Total |  | $ | 32,383 |  |  | $ | (1,517 | ) |  | $ | 1,036,465 |  |  | $ | (199,931 | ) |  | $ | 1,068,848 |  |  | $ | (201,448 | )
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 1,288 |  |  | $ | (4 | ) |  | $ | 210,069 |  |  | $ | (26,215 | ) |  | $ | 211,357 |  |  | $ | (26,219 | )
Obligations of states and political subdivisions |  |  | 22,281 |  |  |  | (333 | ) |  |  | 241,630 |  |  |  | (49,038 | ) |  |  | 263,911 |  |  |  | (49,371 | )
Mortgage-backed securities: GSE residential |  |  | 5,818 |  |  |  | (67 | ) |  |  | 566,197 |  |  |  | (113,007 | ) |  |  | 572,015 |  |  |  | (113,074 | )
Other securities |  |  | 5,311 |  |  |  | (439 | ) |  |  | 57,939 |  |  |  | (4,356 | ) |  |  | 63,250 |  |  |  | (4,795 | )
Total |  | $ | 34,698 |  |  | $ | (843 | ) |  | $ | 1,075,835 |  |  | $ | (192,616 | ) |  | $ | 1,110,533 |  |  | $ | (193,459 | )
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies. At June 30, 2024 there were thirty-two available-for-sale securities with a fair value of $196.3 million and unrealized losses of $25.2 million in a continuous unrealized loss position for twelve months or more. At December 31, 2023, there were thirty-six available-for-sale securities with a fair value of $210.1 million and unrealized losses of $26.2 million in a continuous unrealized loss position for twelve months or more. There were no held-to-maturity U.S. Treasury securities and obligations of U.S. government corporations and agencies in a continuous unrealized loss position for twelve months or more. Obligations of states and political subdivisions. At June 30, 2024, there were zero obligations of states and political subdivisions with a fair value of $247.1 million and unrealized losses of $56.1 million in a continuous unrealized loss position for twelve months or more. At December 31, 2023 there were two hundred thirty-seven obligations of states and political subdivisions with a fair value of $241.6 million and unrealized losses of $49.0 million in a continuous unrealized loss position for twelve months or more. Mortgage-backed Securities: GSE Residential. At June 30, 2024, there were two hundred fifty mortgage-backed securities with a fair value of $535.9 million and unrealized losses of $114.5 million in a continuous unrealized loss position for twelve months or more. At December 31, 2023, there were two hundred sixty-three mortgage-backed securities with a fair value of $566.2 million and unrealized losses of $113.0 million in a continuous unrealized loss position for twelve months or more. Other securities. At June 30, 2024, there were forty other securities with a fair value of $57.2 million and unrealized losses of $4.1 million in a continuous unrealized loss position for twelve months or more. At December 31, 2023, there were forty-three other securities with a fair value of $57.9 million and unrealized losses of $4.4 million in a continuous unrealized loss position for twelve months or more.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration