XML 37 R27.htm IDEA: XBRL DOCUMENT
v3.23.3

MARKETABLE SECURITIES (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
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, 2023 and December 31, 2022 and the corresponding amounts of gross unrealized gains and losses:
September 30, 2023 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 29,902 |  |  | $ | — |  |  | $ | 3,353 |  |  | $ | 26,549 |
Municipal securities |  |  | 2,322 |  |  |  | 42 |  |  |  | — |  |  |  | 2,364 |
Mortgage-backed securities |  |  | 151,424 |  |  |  | 19 |  |  |  | 19,302 |  |  |  | 132,141 |
Collateralized mortgage obligations |  |  | 19,725 |  |  |  | — |  |  |  | 2,135 |  |  |  | 17,590 |
Total available for sale |  | $ | 203,373 |  |  | $ | 61 |  |  | $ | 24,790 |  |  | $ | 178,644 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies |  | $ | 9,254 |  |  | $ | — |  |  | $ | 1,357 |  |  | $ | 7,897 |
Treasury securities |  |  | 69,307 |  |  |  | — |  |  |  | 1,725 |  |  |  | 67,582 |
Municipal securities |  |  | 168,992 |  |  |  | 104 |  |  |  | 9,568 |  |  |  | 159,528 |
Mortgage-backed securities |  |  | 122,231 |  |  |  | — |  |  |  | 19,631 |  |  |  | 102,600 |
Collateralized mortgage obligations |  |  | 38,524 |  |  |  | — |  |  |  | 8,440 |  |  |  | 30,084 |
Total held to maturity |  | $ | 408,308 |  |  | $ | 104 |  |  | $ | 40,721 |  |  | $ | 367,691 |
December 31, 2022 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 29,964 |  |  | $ | — |  |  | $ | 2,177 |  |  | $ | 27,787 |
Municipal securities |  |  | 10,324 |  |  |  | 326 |  |  |  | 8 |  |  |  | 10,642 |
Mortgage-backed securities |  |  | 145,896 |  |  |  | 1 |  |  |  | 15,556 |  |  |  | 130,341 |
Collateralized mortgage obligations |  |  | 21,981 |  |  |  | 3 |  |  |  | 1,827 |  |  |  | 20,157 |
Total available for sale |  | $ | 208,165 |  |  | $ | 330 |  |  | $ | 19,568 |  |  | $ | 188,927 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies |  | $ | 9,141 |  |  | $ | — |  |  | $ | 1,259 |  |  | $ | 7,882 |
Treasury securities |  |  | 133,735 |  |  |  | — |  |  |  | 2,921 |  |  |  | 130,814 |
Municipal securities |  |  | 191,680 |  |  |  | 658 |  |  |  | 8,285 |  |  |  | 184,053 |
Mortgage-backed securities |  |  | 132,693 |  |  |  | — |  |  |  | 14,708 |  |  |  | 117,985 |
Collateralized mortgage obligations |  |  | 41,759 |  |  |  | — |  |  |  | 7,425 |  |  |  | 34,334 |
Total held to maturity |  | $ | 509,008 |  |  | $ | 658 |  |  | $ | 34,598 |  |  | $ | 475,068 |
Schedule of Securities with Gross Unrealized Losses | Information pertaining to securities with gross unrealized losses as of September 30, 2023 and December 31, 2022, 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, 2023 |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | — |  |  | $ | — |  |  | $ | (3,353 | ) |  | $ | 26,549 |  |  | $ | (3,353 | ) |  | $ | 26,549 |
Mortgage-backed securities |  |  | (454 | ) |  |  | 21,642 |  |  |  | (18,848 | ) |  |  | 98,588 |  |  |  | (19,302 | ) |  |  | 120,230 |
Collateralized mortgage obligations |  |  | (3 | ) |  |  | 3,117 |  |  |  | (2,132 | ) |  |  | 14,473 |  |  |  | (2,135 | ) |  |  | 17,590 |
Total available for sale |  | $ | (457 | ) |  | $ | 24,759 |  |  | $ | (24,333 | ) |  | $ | 139,610 |  |  | $ | (24,790 | ) |  | $ | 164,369 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies |  | $ | — |  |  | $ | — |  |  | $ | (1,357 | ) |  | $ | 7,897 |  |  | $ | (1,357 | ) |  | $ | 7,897 |
Treasury securities |  |  | (1,725 | ) |  |  | 67,582 |  |  |  | — |  |  |  | — |  |  |  | (1,725 | ) |  |  | 67,582 |
Municipal securities |  |  | (798 | ) |  |  | 61,215 |  |  |  | (8,770 | ) |  |  | 77,783 |  |  |  | (9,568 | ) |  |  | 138,998 |
Mortgage-backed securities |  |  | — |  |  |  | — |  |  |  | (19,631 | ) |  |  | 102,600 |  |  |  | (19,631 | ) |  |  | 102,600 |
Collateralized mortgage obligations |  |  | — |  |  |  | — |  |  |  | (8,440 | ) |  |  | 30,084 |  |  |  | (8,440 | ) |  |  | 30,084 |
Total held to maturity |  | $ | (2,523 | ) |  | $ | 128,797 |  |  | $ | (38,198 | ) |  | $ | 218,364 |  |  | $ | (40,721 | ) |  | $ | 347,161 |
|  | Less Than 12 Months |  |  | 12 Months or Longer |  |  | Total |
December 31, 2022 |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | (1,518 | ) |  | $ | 20,323 |  |  | $ | (659 | ) |  | $ | 7,464 |  |  |  | (2,177 | ) |  |  | 27,787 |
Municipal securities |  |  | (8 | ) |  |  | 1,659 |  |  |  | — |  |  |  | — |  |  |  | (8 | ) |  |  | 1,659 |
Mortgage-backed securities |  |  | (6,150 | ) |  |  | 74,146 |  |  |  | (9,406 | ) |  |  | 55,826 |  |  |  | (15,556 | ) |  |  | 129,972 |
Collateralized mortgage obligations |  |  | (908 | ) |  |  | 16,575 |  |  |  | (919 | ) |  |  | 3,411 |  |  |  | (1,827 | ) |  |  | 19,986 |
Total available for sale |  | $ | (8,584 | ) |  | $ | 112,703 |  |  | $ | (10,984 | ) |  | $ | 66,701 |  |  | $ | (19,568 | ) |  | $ | 179,404 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies |  | $ | (1,259 | ) |  | $ | 7,882 |  |  | $ | — |  |  | $ | — |  |  | $ | (1,259 | ) |  | $ | 7,882 |
Treasury securities |  |  | (2,921 | ) |  |  | 130,814 |  |  |  | — |  |  |  | — |  |  |  | (2,921 | ) |  |  | 130,814 |
Municipal securities |  |  | (7,071 | ) |  |  | 118,117 |  |  |  | (1,214 | ) |  |  | 3,701 |  |  |  | (8,285 | ) |  |  | 121,818 |
Mortgage-backed securities |  |  | (8,355 | ) |  |  | 80,556 |  |  |  | (6,353 | ) |  |  | 37,429 |  |  |  | (14,708 | ) |  |  | 117,985 |
Collateralized mortgage obligations |  |  | (1,031 | ) |  |  | 10,750 |  |  |  | (6,394 | ) |  |  | 23,584 |  |  |  | (7,425 | ) |  |  | 34,334 |
Total held to maturity |  | $ | (20,637 | ) |  | $ | 348,119 |  |  | $ | (13,961 | ) |  | $ | 64,714 |  |  | $ | (34,598 | ) |  | $ | 412,833 |
Schedule of Proceeds from Sales of Available for Sale Securities and Associated Gains and Losses | The proceeds from sales of available for sale securities and the associated gains and losses are listed below for the:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Proceeds from sales |  | $ | — |  |  | $ | — |  |  | $ | 21,268 |  |  | $ | — |
Gross gains |  |  | — |  |  |  | — |  |  |  | 184 |  |  |  | — |
Gross losses |  |  | — |  |  |  | — |  |  |  | (413 | ) |  |  | — |
Investments Classified by Contractual Maturity Date | The contractual maturities at September 30, 2023 of available for sale and held to maturity securities at carrying value and estimated fair value are shown below. Expected maturities may differ from contractual maturities 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, 2023 |  | Amortized Cost |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Estimated Fair Value |
Due within one year |  | $ | 2,005 |  |  | $ | 1,967 |  |  | $ | 46,996 |  |  | $ | 46,316 |
Due after one year through five years |  |  | 7,544 |  |  |  | 7,145 |  |  |  | 68,569 |  |  |  | 65,029 |
Due after five years through ten years |  |  | 22,675 |  |  |  | 19,801 |  |  |  | 80,411 |  |  |  | 76,728 |
Due after ten years |  |  | — |  |  |  | — |  |  |  | 51,577 |  |  |  | 46,934 |
Mortgage-backed securities |  |  | 151,424 |  |  |  | 132,141 |  |  |  | 122,231 |  |  |  | 102,600 |
Collateralized mortgage obligations |  |  | 19,725 |  |  |  | 17,590 |  |  |  | 38,524 |  |  |  | 30,084 |
Total securities |  | $ | 203,373 |  |  | $ | 178,644 |  |  | $ | 408,308 |  |  | $ | 367,691 |

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-9 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. + References No definition available. + Details
Name: | us-gaap_MarketableSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-6 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration