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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2022

Investments [Abstract]

Amortized Cost and Fair Value of Investment Securities

The amortized cost and fair value of investment securities are summarized below (in thousands).

		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
December 31, 2022
Securities available for sale:
U.S. Government agencies and government sponsored enterprises		$	24,535			$	-			$	3,420			$	21,115
Mortgage-backed securities:
Federal National Mortgage Association			545,797				-				76,193				469,604
Federal Home Loan Mortgage Corporation			410,829				-				68,608				342,221
Government National Mortgage Association			112,202				1				18,037				94,166
Collateralized mortgage obligations:
Federal National Mortgage Association			12,175				-				2,603				9,572
Federal Home Loan Mortgage Corporation			21,519				-				4,163				17,356
Privately issued			-				337				-				337
Total mortgage-backed securities			1,102,522				338				169,604				933,256
Total available for sale securities		$	1,127,057			$	338			$	173,024			$	954,371
Securities held to maturity:
U.S. Government agencies and government sponsored enterprises		$	16,363			$	-			$	848			$	15,515
State and political subdivisions			97,583				24				7,172				90,435
Mortgage-backed securities:
Federal National Mortgage Association			8,332				-				582				7,750
Federal Home Loan Mortgage Corporation			7,959				-				1,396				6,563
Government National Mortgage Association			22,541				-				2,116				20,425
Collateralized mortgage obligations:
Federal National Mortgage Association			14,268				-				1,119				13,149
Federal Home Loan Mortgage Corporation			17,712				-				1,253				16,459
Government National Mortgage Association			4,222				-				330				3,892
Total mortgage-backed securities			75,034				-				6,796				68,238
Total held to maturity securities			188,980			$	24			$	14,816			$	174,188
Allowance for credit losses – securities			(5	)
Total held to maturity securities, net		$	188,975
December 31, 2021
Securities available for sale:
U.S. Government agencies and government sponsored enterprises		$	15,793			$	195			$	97			$	15,891
Mortgage-backed securities:
Federal National Mortgage Association			576,163				6,565				5,242				577,486
Federal Home Loan Mortgage Corporation			430,010				952				6,435				424,527
Government National Mortgage Association			122,266				298				2,082				120,482
Collateralized mortgage obligations:
Federal National Mortgage Association			15,346				26				433				14,939
Federal Home Loan Mortgage Corporation			25,257				-				477				24,780
Privately issued			-				410				-				410
Total mortgage-backed securities			1,169,042				8,251				14,669				1,162,624
Total available for sale securities		$	1,184,835			$	8,446			$	14,766			$	1,178,515

(4.) INVESTMENT SECURITIES (Continued)

		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
December 31, 2021 (continued)
Securities held to maturity:
State and political subdivisions		$	111,399			$	2,412			$	300			$	113,511
Mortgage-backed securities:
Federal National Mortgage Association			9,275				411				-				9,686
Federal Home Loan Mortgage Corporation			8,706				137				144				8,699
Government National Mortgage Association			27,400				706				2				28,104
Collateralized mortgage obligations:
Federal National Mortgage Association			19,485				368				3				19,850
Federal Home Loan Mortgage Corporation			23,840				565				-				24,405
Government National Mortgage Association			5,481				84				-				5,565
Total mortgage-backed securities			94,187				2,271				149				96,309
Total held to maturity securities			205,586			$	4,683			$	449			$	209,820
Allowance for credit losses – securities			(5	)
Total held to maturity securities, net		$	205,581

Interest and Dividends on Securities

Interest and dividends on securities for the years ended December 31 are summarized as follows (in thousands):

		2022				2021				2020
Taxable interest and dividends		$	22,498			$	16,736			$	14,186
Tax-exempt interest and dividends			2,043				2,355				3,278
Total interest and dividends on securities		$	24,541			$	19,091			$	17,464

Sales of Securities Available for Sale

Sales of securities available for sale for the years ended December 31 were as follows (in thousands):

		2022				2021				2020
Proceeds from sales		$	6,252			$	51,891			$	107,098
Gross realized gains			-				251				1,642
Gross realized losses			15				180				43

Scheduled Maturities of Securities Available for Sale and Securities Held to Maturity

The scheduled maturities of securities available for sale and securities held to maturity at December 31, 2022 are shown below (in thousands). Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.

		Amortized Cost				Fair Value
Debt securities available for sale:
Due in one year or less		$	5,002			$	4,987
Due from one to five years			86,837				80,444
Due after five years through ten years			146,066				128,243
Due after ten years			889,152				740,697
Total available for sale securities		$	1,127,057			$	954,371
Debt securities held to maturity:
Due in one year or less		$	33,764			$	33,583
Due from one to five years			42,826				41,768
Due after five years through ten years			37,043				34,285
Due after ten years			75,347				64,552
Total held to maturity securities		$	188,980			$	174,188

Investments Gross Unrealized Losses and Fair Value

Unrealized losses on investment securities for which an allowance for credit losses has not been recorded and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31 are summarized as follows (in thousands):

		Less than 12 months								12 months or longer								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
December 31, 2022
Securities available for sale:
U.S. Government agencies and government sponsored enterprises		$	-			$	-			$	21,115			$	3,420			$	21,115			$	3,420
Mortgage-backed securities:
Federal National Mortgage Association			154,006				14,708				315,598				61,485				469,604				76,193
Federal Home Loan Mortgage Corporation			28,493				2,199				313,728				66,409				342,221				68,608
Government National Mortgage Association			10,301				921				83,841				17,116				94,142				18,037
Collateralized mortgage obligations:
Federal National Mortgage Association			1,000				94				8,572				2,509				9,572				2,603
Federal Home Loan Mortgage Corporation			-				-				17,356				4,163				17,356				4,163
Total mortgage-backed securities			193,800				17,922				739,095				151,682				932,895				169,604
Total available for sale securities			193,800				17,922				760,210				155,102				954,010				173,024
Total temporarily impaired securities		$	193,800			$	17,922			$	760,210			$	155,102			$	954,010			$	173,024
December 31, 2021
Securities available for sale:
U.S. Government agencies and government sponsored enterprises		$	9,438			$	97			$	-			$	-			$	9,438			$	97
Mortgage-backed securities:
Federal National Mortgage Association			333,489				3,597				61,249				1,645				394,738				5,242
Federal Home Loan Mortgage Corporation			283,965				3,353				110,931				3,082				394,896				6,435
Government National Mortgage Association			108,448				2,082				-				-				108,448				2,082
Collateralized mortgage obligations:
Federal National Mortgage Association			13,364				433				-				-				13,364				433
Federal Home Loan Mortgage Corporation			24,780				477				-				-				24,780				477
Total mortgage-backed securities			764,046				9,942				172,180				4,727				936,226				14,669
Total available for sale securities			773,484				10,039				172,180				4,727				945,664				14,766
Total temporarily impaired securities		$	773,484			$	10,039			$	172,180			$	4,727			$	945,664			$	14,766

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
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