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Investment Securities (Tables)
9 Months Ended
Sep. 30, 2024
Securities Financing Transactions Disclosures [Abstract]  
Schedule of Unrealized Gain (Loss) on Investments
The following tables set forth the amortized cost and estimated fair value of investment securities for the periods presented:
September 30, 2024
(In thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross Unrealized
Losses
Estimated
Fair Value
Available-for-sale
U.S. Treasury and U.S. government agencies$27,720 $ $484 $27,236 
Mortgage-backed U.S. government agencies204,050  11,888 192,162 
State and political subdivision obligations4,315  554 3,761 
Corporate debt securities35,746  3,678 32,068 
Total available-for-sale debt securities271,831  16,604 255,227 
Held-to-maturity
U.S. Treasury and U.S. government agencies$241,907 $ $21,463 $220,444 
Mortgage-backed U.S. government agencies39,213  4,233 34,980 
State and political subdivision obligations80,042  5,238 74,804 
Corporate debt securities25,456  1,319 24,137 
Total held-to-maturity debt securities386,618  32,253 354,365 
Total$658,449 $ $48,857 $609,592 
December 31, 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$36,637 $— $988 $35,649 
Mortgage-backed U.S. government agencies169,184 — 16,501 152,683 
State and political subdivision obligations4,332 — 686 3,646 
Corporate debt securities35,733 — 4,156 31,577 
Total available-for-sale debt securities$245,886 $— $22,331 $223,555 
Held-to-maturity     
U.S. Treasury and U.S. government agencies$245,805 $$28,676 $217,131 
Mortgage-backed U.S. government agencies43,818 — 5,523 38,295 
State and political subdivision obligations84,035 11 6,486 77,560 
Corporate debt securities25,470 — 935 24,535 
Total held-to-maturity debt securities399,128 13 41,620 357,521 
Total$645,014 $13 $63,951 $581,076 
Schedule of Fair Value and Unrealized Loss on Debt Security Investments in a Continuous Unrealized Loss Position
The following tables present gross unrealized losses and fair value of debt investment securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented:
(Dollars in thousands)Less Than 12 Months12 Months or MoreTotal
September 30, 2024Number
of
Securities
Estimated
Fair
Value
Gross
Unrealized
Losses/(Gains)
Number
of
Securities
Estimated
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Estimated
Fair
Value
Gross
Unrealized
Losses
Available-for-sale debt securities:
U.S. Treasury and U.S. government agencies$ $ 15$27,236 $484 15$27,236 $484 
Mortgage-backed U.S. government agencies651,410 144 91140,752 11,744 97192,162 11,888 
State and political subdivision obligations  83,761 554 83,761 554 
Corporate debt securities1428 72 1731,640 3,606 1832,068 3,678 
Total available-for-sale debt securities7$51,838 $216 131$203,389 $16,388 138$255,227 $16,604 
Held-to-maturity debt securities:
U.S. Treasury and U.S. government agencies  143220,444 21,463 143220,444 21,463 
Mortgage-backed U.S. government agencies2174  6234,806 4,233 6434,980 4,233 
State and political subdivision obligations113,707 (12)17571,097 5,250 18674,804 5,238 
Corporate debt securities410,500  1113,637 1,319 1524,137 1,319 
Total held-to-maturity debt securities1714,381 (12)391339,984 32,265 408354,365 32,253 
Total24$66,219 $204 522$543,373 $48,653 546$609,592 $48,857 
(Dollars in thousands)Less Than 12 Months12 Months or MoreTotal
December 31, 2023Number
of
Securities
Estimated
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Estimated
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Estimated
Fair
Value
Gross
Unrealized
Losses
Available-for-sale securities:
U.S. Treasury and U.S. government agencies$— $— 19$35,649 $988 19$35,649 $988 
Mortgage-backed U.S. government agencies14,015 26 92148,668 16,475 93152,683 16,501 
State and political subdivision obligations— — 83,646 686 83,646 686 
Corporate debt securities1410 90 1731,167 4,066 1831,577 4,156 
Total available-for-sale securities24,425 116 136219,130 22,215 138223,555 22,331 
Held-to-maturity securities:
U.S. Treasury and U.S. government agencies1$2,002 $— 144$215,129 $28,676 145$217,131 $28,676 
Mortgage-backed U.S. government agencies— — 6438,295 5,523 6438,295 5,523 
State and political subdivision obligations258,729 63 17068,831 6,423 19577,560 6,486 
Corporate debt securities1936 57 1423,599 878 1524,535 935 
Total held to maturity securities2711,667 120 392345,854 41,500 419357,521 41,620 
Total29$16,092 $236 528$564,984 $63,715 557$581,076 $63,951 
Schedule of 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
September 30, 2024Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in 1 year or less$15,003 $14,958 $16,458 $16,345 
Due after 1 year but within 5 years22,970 22,069 134,278 127,167 
Due after 5 years but within 10 years28,964 25,356 178,504 160,077 
Due after 10 years844 682 18,165 15,796 
67,781 63,065 347,405 319,385 
Mortgage-backed securities204,050 192,162 39,213 34,980 
$271,831 $255,227 $386,618 $354,365