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Investment Securities (Tables)
6 Months Ended
Jun. 30, 2023
Securities Financing Transactions Disclosures [Abstract]  
Unrealized Gain (Loss) on Investments
The amortized cost and estimated fair value of investment securities for the periods presented:
June 30, 2023
(In thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross Unrealized
Losses
Estimated
Fair Value
Available-for-sale
U.S. Treasury and U.S. government agencies$36,581 $ $1,654 $34,927 
Mortgage-backed U.S. government agencies177,964  19,264 158,700 
State and political subdivision obligations4,343  782 3,561 
Corporate debt securities35,975  4,389 31,586 
Total available-for-sale debt securities254,863  26,089 228,774 
Held-to-maturity
U.S. Treasury and U.S. government agencies$245,737 $ $33,401 $212,336 
Mortgage-backed U.S. government agencies47,129  6,379 40,750 
State and political subdivision obligations86,486 2 8,047 78,441 
Corporate debt securities25,479  1,217 24,262 
Total held-to-maturity debt securities404,831 2 49,044 355,789 
Total$659,694 $2 $75,133 $584,563 
December 31, 2022
(In thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross Unrealized
Losses
Estimated
Fair Value
Available-for-sale
U.S. Treasury and U.S. government agencies$36,528 $— $1,614 $34,914 
Mortgage-backed U.S. government agencies185,993 — 19,078 166,915 
State and political subdivision obligations4,354 — 815 3,539 
Corporate debt securities35,467 — 2,957 32,510 
Total available-for-sale debt securities$262,342 $— $24,464 $237,878 
Held-to-maturity     
U.S. Treasury and U.S. government agencies$245,671 $— $34,834 $210,837 
Mortgage-backed U.S. government agencies50,710 — 6,676 44,034 
State and political subdivision obligations87,125 — 8,345 78,780 
Corporate debt securities15,988 — 1,134 14,854 
Total held-to-maturity debt securities399,494 — 50,989 348,505 
Total$661,836 $— $75,453 $586,383 
Schedule of Fair Value and Unrealized Loss on Debt Security Investments in a Continuous Unrealized Loss Position
The following tables present gross unrealized losses and fair value of debt investment securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented:
(Dollars in thousands)Less Than 12 Months12 Months or MoreTotal
June 30, 2023Number
of
Securities
Estimated
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Estimated
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Estimated
Fair
Value
Gross
Unrealized
Losses
Available-for-sale debt securities:
U.S. Treasury and U.S. government agencies8$17,064 $518 11$17,863 $1,136 19$34,927 $1,654 
Mortgage-backed U.S. government agencies2355,079 2,769 70103,621 16,495 93158,700 19,264 
State and political subdivision obligations  83,561 782 83,561 782 
Corporate debt securities39,216 692 1319,197 3,697 1628,413 4,389 
Total available-for-sale debt securities34$81,359 $3,979 102$144,242 $22,110 136$225,601 $26,089 
Held-to-maturity debt securities:
U.S. Treasury and U.S. government agencies712,092 457 138200,244 32,944 145212,336 33,401 
Mortgage-backed U.S. government agencies1285 16 6340,465 6,363 6440,750 6,379 
State and political subdivision obligations7626,201 730 12551,398 7,317 20177,599 8,047 
Corporate debt securities1930 63 78,882 1,154 89,812 1,217 
Total held-to-maturity debt securities8539,508 1,266 333300,989 47,778 418340,497 49,044 
Total119$120,867 $5,245 435$445,231 $69,888 554$566,098 $75,133 
(Dollars in thousands)Less Than 12 Months12 Months or MoreTotal
December 31, 2022Number
of
Securities
Estimated
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Estimated
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Estimated
Fair
Value
Gross
Unrealized
Losses
Available-for-sale securities:
U.S. Treasury and U.S. government agencies19$34,914 $1,614 $— $— 19$34,914 $1,614 
Mortgage-backed U.S. government agencies69131,879 11,876 2435,036 7,202 93166,915 19,078 
State and political subdivision obligations62,521 671 21,018 144 83,539 815 
Corporate debt securities1225,063 2,153 44,196 804 1629,259 2,957 
Total available-for-sale securities106194,377 16,314 3040,250 8,150 136234,627 24,464 
Held-to-maturity securities:
U.S. Treasury and U.S. government agencies54$84,946 $10,093 91$125,891 $24,741 145$210,837 $34,834 
Mortgage-backed U.S. government agencies4013,866 1,071 2430,168 5,605 6444,034 6,676 
State and political subdivision obligations18573,735 7,413 184,616 932 20378,351 8,345 
Corporate debt securities45,721 317 55,182 817 910,903 1,134 
Total held to maturity securities283178,268 18,894 138165,857 32,095 421344,125 50,989 
Total389$372,645 $35,208 168$206,107 $40,245 557$578,752 $75,453 
Investments Classified by Contractual Maturity Date
The table below illustrates the contractual maturity of debt investment securities at amortized cost and estimated fair value. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay with or without call or prepayment penalties.
(In thousands)Available-for-saleHeld-to-maturity
June 30, 2023Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in 1 year or less$5,245 $5,141 $4,958 $4,913 
Due after 1 year but within 5 years40,345 38,504 103,441 97,579 
Due after 5 years but within 10 years28,447 24,115 208,200 178,786 
Due after 10 years2,862 2,314 41,103 33,761 
76,899 70,074 357,702 315,039 
Mortgage-backed securities177,964 158,700 47,129 40,750 
$254,863 $228,774 $404,831 $355,789