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v3.22.2.2

MARKETABLE SECURITIES (Tables) | 9 Months Ended
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Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Schedule of Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity Securities | The following tables summarize the amortized cost and fair value of available for sale and held to maturity securities as of September 30, 2022 and December 31, 2021 and the corresponding amounts of gross unrealized gains and losses:
September 30, 2022 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 35,003 |  |  | $ | — |  |  | $ | 1,893 |  |  | $ | 33,110 |
Municipal securities |  |  | 9,487 |  |  |  | 33 |  |  |  | 103 |  |  |  | 9,417 |
Mortgage-backed securities |  |  | 150,516 |  |  |  | 5 |  |  |  | 16,906 |  |  |  | 133,615 |
Collateralized mortgage obligations |  |  | 23,484 |  |  |  | 6 |  |  |  | 1,688 |  |  |  | 21,802 |
Total available for sale |  | $ | 218,490 |  |  | $ | 44 |  |  | $ | 20,590 |  |  | $ | 197,944 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies |  | $ | 9,103 |  |  | $ | — |  |  | $ | 1,277 |  |  | $ | 7,826 |
Treasury securities |  |  | 253,733 |  |  |  | — |  |  |  | 3,409 |  |  |  | 250,324 |
Municipal securities |  |  | 192,101 |  |  |  | 86 |  |  |  | 10,162 |  |  |  | 182,025 |
Mortgage-backed securities |  |  | 135,292 |  |  |  | — |  |  |  | 15,743 |  |  |  | 119,549 |
Collateralized mortgage obligations |  |  | 43,157 |  |  |  | — |  |  |  | 7,037 |  |  |  | 36,120 |
Total held to maturity |  | $ | 633,386 |  |  | $ | 86 |  |  | $ | 37,628 |  |  | $ | 595,844 |
December 31, 2021 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies |  | $ | 10,013 |  |  | $ | — |  |  | $ | 42 |  |  | $ | 9,971 |
Corporate bonds |  |  | 35,080 |  |  |  | 940 |  |  |  | 85 |  |  |  | 35,935 |
Mortgage-backed securities |  |  | 221,610 |  |  |  | 1,477 |  |  |  | 1,779 |  |  |  | 221,308 |
Collateralized mortgage obligations |  |  | 74,925 |  |  |  | 971 |  |  |  | 904 |  |  |  | 74,992 |
Total available for sale |  | $ | 341,628 |  |  | $ | 3,388 |  |  | $ | 2,810 |  |  | $ | 342,206 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 181,310 |  |  | $ | 8,364 |  |  | $ | 118 |  |  | $ | 189,556 |
Mortgage-backed securities |  |  | 2,953 |  |  |  | — |  |  |  | 37 |  |  |  | 2,916 |
Total held to maturity |  | $ | 184,263 |  |  | $ | 8,364 |  |  | $ | 155 |  |  | $ | 192,472 |
Schedule of Securities with Gross Unrealized Losses | Information pertaining to securities with gross unrealized losses as of September 30, 2022 and December 31, 2021, for which no allowance for credit losses has been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position is detailed in the following tables:
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
September 30, 2022 |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | (1,711 | ) |  | $ | 31,159 |  |  | $ | (182 | ) |  | $ | 1,951 |  |  | $ | (1,893 | ) |  | $ | 33,110 |
Municipal securities |  |  | (103 | ) |  |  | 4,392 |  |  |  | — |  |  |  | — |  |  |  | (103 | ) |  |  | 4,392 |
Mortgage-backed securities |  |  | (11,585 | ) |  |  | 94,622 |  |  |  | (5,321 | ) |  |  | 26,174 |  |  |  | (16,906 | ) |  |  | 120,796 |
Collateralized mortgage obligations |  |  | (1,688 | ) |  |  | 21,359 |  |  |  | — |  |  |  | — |  |  |  | (1,688 | ) |  |  | 21,359 |
Total available for sale |  | $ | (15,087 | ) |  | $ | 151,532 |  |  | $ | (5,503 | ) |  | $ | 28,125 |  |  | $ | (20,590 | ) |  | $ | 179,657 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies |  | $ | (1,277 | ) |  | $ | 7,826 |  |  | $ | — |  |  | $ | — |  |  | $ | (1,277 | ) |  | $ | 7,826 |
Treasury securities |  |  | (3,409 | ) |  |  | 250,324 |  |  |  | — |  |  |  | — |  |  |  | (3,409 | ) |  |  | 250,324 |
Municipal securities |  |  | (8,800 | ) |  |  | 144,467 |  |  |  | (1,362 | ) |  |  | 3,171 |  |  |  | (10,162 | ) |  |  | 147,638 |
Mortgage-backed securities |  |  | (12,393 | ) |  |  | 102,475 |  |  |  | (3,350 | ) |  |  | 17,074 |  |  |  | (15,743 | ) |  |  | 119,549 |
Collateralized mortgage obligations |  |  | (7,037 | ) |  |  | 36,120 |  |  |  | — |  |  |  | — |  |  |  | (7,037 | ) |  |  | 36,120 |
Total held to maturity |  | $ | (32,916 | ) |  | $ | 541,212 |  |  | $ | (4,712 | ) |  | $ | 20,245 |  |  | $ | (37,628 | ) |  | $ | 561,457 |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
December 31, 2021 |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies |  | $ | (42 | ) |  | $ | 9,971 |  |  | $ | — |  |  | $ | — |  |  | $ | (42 | ) |  | $ | 9,971 |
Corporate bonds |  |  | (85 | ) |  |  | 11,418 |  |  |  | — |  |  |  | — |  |  |  | (85 | ) |  |  | 11,418 |
Mortgage-backed securities |  |  | (1,383 | ) |  |  | 144,367 |  |  |  | (396 | ) |  |  | 11,317 |  |  |  | (1,779 | ) |  |  | 155,684 |
Collateralized mortgage obligations |  |  | (904 | ) |  |  | 40,172 |  |  |  | — |  |  |  | — |  |  |  | (904 | ) |  |  | 40,172 |
Total available for sale |  | $ | (2,414 | ) |  | $ | 205,928 |  |  | $ | (396 | ) |  | $ | 11,317 |  |  | $ | (2,810 | ) |  | $ | 217,245 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | (37 | ) |  | $ | 7,772 |  |  | $ | (81 | ) |  | $ | 2,996 |  |  | $ | (118 | ) |  | $ | 10,768 |
Mortgage-backed securities |  |  | (37 | ) |  |  | 2,916 |  |  |  | — |  |  |  | — |  |  |  | (37 | ) |  |  | 2,916 |
Total held to maturity |  | $ | (74 | ) |  | $ | 10,688 |  |  | $ | (81 | ) |  | $ | 2,996 |  |  | $ | (155 | ) |  | $ | 13,684 |
Investments Classified by Contractual Maturity Date | The contractual maturities at September 30, 2022 of available for sale and held to maturity securities at carrying value and estimated fair value are shown below. The Company invests in mortgage-backed securities and collateralized mortgage obligations that have expected maturities that differ from their contractual maturities. These differences arise because borrowers and/or issuers may have the right to call or prepay their obligation with or without call or prepayment penalties.
|  | Available for Sale |  |  | Held to Maturity |
September 30, 2022 |  | Amortized Cost |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Estimated Fair Value |
Due within one year |  | $ | 5,019 |  |  | $ | 4,967 |  |  | $ | 208,372 |  |  | $ | 206,824 |
Due after one year through five years |  |  | 10,100 |  |  |  | 9,743 |  |  |  | 107,637 |  |  |  | 105,615 |
Due after five years through ten years |  |  | 26,285 |  |  |  | 24,833 |  |  |  | 67,053 |  |  |  | 62,297 |
Due after ten years |  |  | 3,086 |  |  |  | 2,984 |  |  |  | 71,875 |  |  |  | 65,439 |
Mortgage-backed securities |  |  | 150,516 |  |  |  | 133,615 |  |  |  | 135,292 |  |  |  | 119,549 |
Collateralized mortgage obligations |  |  | 23,484 |  |  |  | 21,802 |  |  |  | 43,157 |  |  |  | 36,120 |
Total securities |  | $ | 218,490 |  |  | $ | 197,944 |  |  | $ | 633,386 |  |  | $ | 595,844 |

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563 + Details
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