XML 25 R11.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Investments in Securities | 12 Months Ended
--- | ---
Dec. 31, 2023
Investments in Securities |
Investments in Securities | Note 2: Investments in Securities Held-to-maturity securities (“HTM”), which include any security for which the Company has both the positive intent and ability to hold until maturity, are carried at historical cost adjusted for amortization of premiums and accretion of discounts. Premiums and discounts are amortized and accreted, respectively, to interest income over the security’s estimated life. Prepayments are anticipated for certain mortgage-backed securities. Premiums on callable securities are amortized to their earliest call date. ​ Available-for-sale securities (“AFS”), which include any security for which the Company has no immediate plan to sell but which may be sold in the future, are carried at fair value. Realized gains and losses, based on specifically identified amortized cost of the individual security, are included in non-interest income. Unrealized gains and losses are recorded, net of related income tax effects, in stockholders’ equity. Premiums and discounts are amortized and accreted, respectively, to interest income over the estimated life of the security. Prepayments are anticipated for certain mortgage-backed and Small Business Administration (SBA) securities. Premiums on callable securities are amortized to their earliest call date. ​ During the three months ended March 31, 2022, the Company transferred, at fair value, $226.5 million of securities from the available-for-sale portfolio to the held-to-maturity portfolio. The related net unrealized gross gains were $1.0 million; $775,000 (net of income taxes) remained in accumulated other comprehensive income are being amortized over the remaining life of the securities. No gains or losses on these securities were recognized at the time of transfer. As of December 31, 2023, the net unrealized gross losses remaining were $65,000; net of income taxes, these unrealized losses were $49,000. ​ The amortized cost and fair values of securities were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
​ |  | Cost |  | Gains |  | Losses |  | Value
​ |  | (In Thousands)
AVAILABLE-FOR-SALE SECURITIES: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency mortgage-backed securities | ​ | $ | 316,114 | ​ | $ | 7 | ​ | $ | 35,890 | ​ | $ | 280,231
Agency collateralized mortgage obligations | ​ | ​ | 85,989 | ​ | ​ | — | ​ | ​ | 10,043 | ​ | ​ | 75,946
States and political subdivisions securities | ​ | ​ | 59,141 | ​ | ​ | 527 | ​ | ​ | 1,531 | ​ | ​ | 58,137
Small Business Administration securities | ​ | ​ | 70,648 | ​ | ​ | — | ​ | ​ | 6,755 | ​ | ​ | 63,893
​ | ​ | $ | 531,892 | ​ | $ | 534 | ​ | $ | 54,219 | ​ | $ | 478,207
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2023
​ | ​ | ​ | ​ |  | ​ | ​ |  | Amortized |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Fair Value | ​ | Carrying | ​ | Unrealized | ​ | Unrealized | ​ | Fair
​ | ​ | Cost | ​ | Adjustment | ​ | Value | ​ | Gains | ​ | Losses | ​ | Value
​ | ​ | (In Thousands)
HELD-TO-MATURITY SECURITIES: | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Agency mortgage-backed securities | ​ | $ | 72,495 | ​ | $ | 2,436 | ​ | $ | 74,931 | ​ | $ | — | ​ | $ | 8,686 | ​ | $ | 66,245
Agency collateralized mortgage obligations | ​ |  | 116,405 | ​ | ​ | (2,502) | ​ | ​ | 113,903 | ​ | ​ | — | ​ | ​ | 14,662 | ​ | ​ | 99,241
States and political subdivisions | ​ |  | 6,188 | ​ | ​ | 1 | ​ | ​ | 6,189 | ​ | ​ | — | ​ | ​ | 482 | ​ | ​ | 5,707
​ | ​ | $ | 195,088 | ​ | $ | (65) | ​ | $ | 195,023 | ​ | $ | — | ​ | $ | 23,830 | ​ | $ | 171,193
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
​ |  | Cost |  | Gains |  | Losses |  | Value
​ |  | (In Thousands)
AVAILABLE-FOR-SALE SECURITIES: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency mortgage-backed securities |  | $ | 327,266 | ​ | $ | — | ​ | $ | 40,784 | ​ | $ | 286,482
Agency collateralized mortgage obligations | ​ |  | 90,205 | ​ | ​ | — | ​ | ​ | 11,731 | ​ | ​ | 78,474
States and political subdivisions securities | ​ |  | 60,667 | ​ | ​ | 119 | ​ | ​ | 3,291 | ​ | ​ | 57,495
Small Business Administration securities | ​ |  | 75,076 | ​ | ​ | — | ​ | ​ | 6,935 | ​ | ​ | 68,141
​ |  | $ | 553,214 | ​ | $ | 119 | ​ | $ | 62,741 | ​ | $ | 490,592
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Amortized | ​ | Gross | ​ | Gross | ​ | ​ |
​ | ​ | Amortized | ​ | Fair Value | ​ | Carrying | ​ | Unrealized | ​ | Unrealized | ​ | Fair
​ |  | Cost |  | Adjustment |  | Value |  | Gains |  | Losses |  | Value
​ |  | (In Thousands)
HELD-TO-MATURITY SECURITIES: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency mortgage-backed securities |  | $ | 73,891 |  | $ | 3,015 |  | $ | 76,906 |  | $ | — |  | $ | 9,820 |  | $ | 67,086
Agency collateralized mortgage obligations | ​ | ​ | 122,247 | ​ | ​ | (2,885) | ​ | ​ | 119,362 | ​ | ​ | — | ​ | ​ | 14,129 | ​ | ​ | 105,233
States and political subdivisions | ​ | ​ | 6,239 | ​ | ​ | (12) | ​ | ​ | 6,227 | ​ | ​ | — | ​ | ​ | 781 | ​ | ​ | 5,446
​ |  | $ | 202,377 |  | $ | 118 |  | $ | 202,495 |  | $ | — |  | $ | 24,730 |  | $ | 177,765
​ At December 31, 2023, the Company’s available-for-sale agency mortgage-backed securities portfolio consisted of FNMA securities totaling $190.9 million, FHLMC securities totaling $86.4 million and GNMA securities totaling $2.9 million. At December 31, 2022, available-for-sale agency mortgage-backed securities portfolio consisted of FNMA securities totaling $196.4 million, FHLMC securities totaling $90.1 million and GNMA securities totaling $78.5 million. At December 31, 2023 and 2022, all of the Company’s agency mortgage-backed securities totaled $280.2 million and $286.5 million, respectively, and had fixed rates of interest. At December 31, 2023, the Company’s available-for-sale agency collateralized mortgage-backed securities portfolio consisted of FNMA securities totaling $4.1 million, FHLMC securities totaling $66.5 million and GNMA securities totaling $5.3 million. At December 31, 2022, available-for-sale agency collateralized mortgage-backed securities portfolio consisted of FNMA securities totaling $3.9 million, FHLMC securities totaling $67.8 million and GNMA securities totaling $6.7 million. At December 31, 2023 and 2022, all of the Company’s agency collateralized mortgage-backed securities totaled $75.9 million and $78.4 million, respectively, and had fixed rates of interest. The amortized cost and fair value of available-for-sale and held-to-maturity securities at December 31, 2023, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Available-for-Sale | ​ | Held-to-Maturity
​ | ​ | Amortized | ​ | Fair | ​ | Amortized | ​ | Fair
​ |  | Cost |  | Value |  | Carrying Value |  | Value
​ |  | (In Thousands)
One year or less | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
After one through two years | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
After two through three years | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
After three through four years | ​ | ​ | 245 | ​ | ​ | 245 | ​ | ​ | — | ​ | ​ | —
After four through five years | ​ | ​ | 952 | ​ | ​ | 981 | ​ | ​ | — | ​ | ​ | —
After five through fifteen years | ​ |  | 9,682 | ​ | ​ | 9,634 | ​ | ​ | 3,247 | ​ | ​ | 2,986
After fifteen years | ​ |  | 48,262 | ​ | ​ | 47,277 | ​ | ​ | 2,942 | ​ | ​ | 2,721
Securities not due on a single maturity date | ​ |  | 472,751 | ​ | ​ | 420,070 | ​ | ​ | 188,834 | ​ | ​ | 165,486
​ | ​ | $ | 531,892 | ​ | $ | 478,207 | ​ | $ | 195,023 | ​ | $ | 171,193
​ The amortized cost and fair values of securities pledged as collateral were as follows at December 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022
​ | ​ | Amortized | ​ | Fair | ​ | Amortized | ​ | Fair
​ |  | Cost |  | Value |  | Cost |  | Value
​ |  | (In Thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Public deposits | ​ | $ | 17,412 | ​ | $ | 15,225 | ​ | $ | 15,402 | ​ | $ | 13,489
Collateralized borrowing accounts | ​ |  | 123,220 | ​ | ​ | 109,660 | ​ |  | 210,330 | ​ |  | 186,170
Other | ​ |  | 3,815 | ​ | ​ | 3,507 | ​ |  | 4,018 | ​ |  | 3,764
​ | ​ | $ | 144,447 | ​ | $ | 128,392 | ​ | $ | 229,750 | ​ | $ | 203,423
​ Available-for-sale investments in debt securities are reported in the financial statements at their fair value, which was $478.2 million and $490.6 million at December 31, 2023 and 2022, respectively. Total fair value of these investments for which the amortized cost exceeded the fair value at December 31, 2023 and 2022, was $456.9 million and $472.0 million, respectively, which is approximately 95.5% and 96.2%, respectively, of the Company’s available-for-sale investment portfolio. A high percentage of the unrealized losses were related to the Company’s mortgage-backed securities, collateralized mortgage obligations and Small Business Administration (SBA) securities, which are issued and guaranteed by U.S. government-sponsored entities and agencies. The Company’s state and political subdivisions securities are investments in insured fixed rate municipal bonds for which the issuers continue to make timely principal and interest payments under the contractual terms of the securities. Held-to-maturity investments in debt securities are reported in the financial statements at their amortized cost, which was $195.0 million and $202.5 million at December 31, 2023 and 2022, respectively. Total fair value of these investments at December 31, 2023 and 2022 was approximately $171.2 million and $177.8 million, respectively. Total fair value of these investments for which the amortized cost exceeded the fair value at December 31, 2023 and 2022, was $171.2 million and $177.8 million, which is 100.0% of the Company’s held-to-maturity investment portfolio. Held -to-maturity investment securities are evaluated for potential losses under ASU 2016-13. Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these available-for-sale debt securities are not credit related. The following table shows the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023
​ | ​ | Less than 12 Months | ​ | 12 Months or More | ​ | Total
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
Description of Securities |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
​ |  | (In Thousands)
AVAILABLE-FOR-SALE SECURITIES: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency mortgage-backed securities | ​ | $ | 4,318 | ​ | $ | (9) | ​ | $ | 274,801 | ​ | $ | (35,881) | ​ | $ | 279,119 | ​ | $ | (35,890)
Agency collateralized mortgage obligations | ​ |  | 9,080 | ​ | ​ | (216) | ​ | ​ | 66,866 | ​ | ​ | (9,827) | ​ | ​ | 75,946 | ​ | ​ | (10,043)
Small Business Administration securities | ​ |  | 7,782 | ​ | ​ | (133) | ​ | ​ | 56,111 | ​ | ​ | (6,622) | ​ | ​ | 63,893 | ​ | ​ | (6,755)
States and political subdivisions securities | ​ |  | — | ​ | ​ | — | ​ | ​ | 37,969 | ​ | ​ | (1,531) | ​ | ​ | 37,969 | ​ | ​ | (1,531)
​ | ​ | $ | 21,180 | ​ | $ | (358) | ​ | $ | 435,747 | ​ | $ | (53,861) | ​ | $ | 456,927 | ​ | $ | (54,219)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
HELD-TO-MATURITY SECURITIES: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency mortgage-backed securities | ​ | $ | — | ​ | $ | — | ​ | $ | 66,245 | ​ | $ | (8,686) | ​ | $ | 66,245 | ​ | $ | (8,686)
Agency collateralized mortgage obligations | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 99,241 | ​ | ​ | (14,662) | ​ | ​ | 99,241 | ​ | ​ | (14,662)
States and political subdivisions securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,707 | ​ | ​ | (482) | ​ | ​ | 5,707 | ​ | ​ | (482)
​ | ​ | $ | — | ​ | $ | — | ​ | $ | 171,193 | ​ | $ | (23,830) | ​ | $ | 171,193 | ​ | $ | (23,830)
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022
​ | ​ | Less than 12 Months | ​ | 12 Months or More | ​ | Total
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
Description of Securities |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
​ |  | (In Thousands)
AVAILABLE-FOR-SALE SECURITIES: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency mortgage-backed securities | ​ | $ | 221,562 | ​ | $ | (27,597) | ​ | $ | 64,918 | ​ | $ | (13,187) | ​ | $ | 286,480 | ​ | $ | (40,784)
Agency collateralized mortgage obligations | ​ |  | 28,537 | ​ | ​ | (3,262) | ​ | ​ | 40,642 | ​ | ​ | (8,469) | ​ | ​ | 69,179 | ​ | ​ | (11,731)
Small Business Administration securities | ​ |  | 60,473 | ​ | ​ | (5,224) | ​ | ​ | 7,667 | ​ | ​ | (1,711) | ​ | ​ | 68,140 | ​ | ​ | (6,935)
States and political subdivisions securities | ​ |  | 44,455 | ​ | ​ | (2,913) | ​ | ​ | 3,753 | ​ | ​ | (378) | ​ | ​ | 48,208 | ​ | ​ | (3,291)
​ | ​ | $ | 355,027 | ​ | $ | (38,996) | ​ | $ | 116,980 | ​ | $ | (23,745) | ​ | $ | 472,007 | ​ | $ | (62,741)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
HELD-TO-MATURITY SECURITIES: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency mortgage-backed securities | ​ | $ | 59,218 | ​ | $ | (7,766) | ​ | $ | 7,868 | ​ | $ | (2,054) | ​ | $ | 67,086 | ​ | $ | (9,820)
Agency collateralized mortgage obligations | ​ | ​ | 61,055 | ​ | ​ | (6,411) | ​ | ​ | 44,178 | ​ | ​ | (7,718) | ​ | ​ | 105,233 | ​ | ​ | (14,129)
States and political subdivisions securities | ​ | ​ | 900 | ​ | ​ | (101) | ​ | ​ | 4,546 | ​ | ​ | (680) | ​ | ​ | 5,446 | ​ | ​ | (781)
​ | ​ | $ | 121,173 | ​ | $ | (14,278) | ​ | $ | 56,592 | ​ | $ | (10,452) | ​ | $ | 177,765 | ​ | $ | (24,730)
​ Allowance for Credit Losses On January 1, 2021, the Company began evaluating all securities quarterly to determine if any securities in a loss position require a provision for credit losses in accordance with ASC 326, Measurement of Credit Losses on Financial Instruments. All of the mortgage-backed, collateralized mortgage, and SBA securities held by the Company are issued by U.S. government-sponsored entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. Likewise, the Company has not experienced historical losses on these types of securities. Accordingly, no allowance for credit losses has been recorded for these securities. Regarding securities issued by state and political subdivisions, management considers the following when evaluating these securities: (i) current issuer bond ratings, (ii) historical loss rates for given bond ratings, (iii) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities, (iv) updated financial information of the issuer, (v) internal forecasts and (vi) whether such securities provide insurance or other credit enhancement or are pre-refunded by the issuers. These securities are highly rated by major rating agencies and have a long history of no credit losses. Likewise, the Company has not experienced historical losses on these types of securities. Accordingly, no allowance for credit losses has been recorded for these securities.

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/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: 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 3: 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 4: 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 5: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) -Publisher SEC Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//946-320/tableOfContent Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//940-320/tableOfContent Reference 8: 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