XML 39 R30.htm IDEA: XBRL DOCUMENT
v3.23.1

Investment Securities (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
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 |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency and government sponsored enterprises |  | $ | 24,535 |  |  | $ | — |  |  | $ | 2,877 |  |  | $ | 21,658 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 536,221 |  |  |  | — |  |  |  | 68,817 |  |  |  | 467,404 |
Federal Home Loan Mortgage Corporation |  |  | 398,487 |  |  |  | — |  |  |  | 62,373 |  |  |  | 336,114 |
Government National Mortgage Association |  |  | 111,527 |  |  |  | 1 |  |  |  | 18,295 |  |  |  | 93,233 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 11,938 |  |  |  | — |  |  |  | 2,326 |  |  |  | 9,612 |
Federal Home Loan Mortgage Corporation |  |  | 21,143 |  |  |  | — |  |  |  | 4,064 |  |  |  | 17,079 |
Privately issued |  |  | — |  |  |  | 342 |  |  |  | — |  |  |  | 342 |
Total mortgage-backed securities |  |  | 1,079,316 |  |  |  | 343 |  |  |  | 155,875 |  |  |  | 923,784 |
Total available for sale securities |  | $ | 1,103,851 |  |  | $ | 343 |  |  | $ | 158,752 |  |  | $ | 945,442 |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency and government sponsored enterprises |  | $ | 16,400 |  |  | $ | — |  |  | $ | 544 |  |  | $ | 15,856 |
State and political subdivisions |  |  | 93,678 |  |  |  | 32 |  |  |  | 6,012 |  |  |  | 87,698 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 6,038 |  |  |  | — |  |  |  | 457 |  |  |  | 5,581 |
Federal Home Loan Mortgage Corporation |  |  | 7,786 |  |  |  | — |  |  |  | 1,256 |  |  |  | 6,530 |
Government National Mortgage Association |  |  | 21,783 |  |  |  | — |  |  |  | 1,723 |  |  |  | 20,060 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 13,536 |  |  |  | — |  |  |  | 963 |  |  |  | 12,573 |
Federal Home Loan Mortgage Corporation |  |  | 16,781 |  |  |  | — |  |  |  | 1,022 |  |  |  | 15,759 |
Government National Mortgage Association |  |  | 4,055 |  |  |  | — |  |  |  | 300 |  |  |  | 3,755 |
Total mortgage-backed securities |  |  | 69,979 |  |  |  | — |  |  |  | 5,721 |  |  |  | 64,258 |
Total held to maturity securities |  |  | 180,057 |  |  | $ | 32 |  |  | $ | 12,277 |  |  | $ | 167,812 |
Allowance for credit losses – securities |  |  | (5 | ) |  |  |  |  |  |  |  |  |
Total held to maturity securities, net |  | $ | 180,052 |  |  |  |  |  |  |  |  |  |
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 |
(4.) INVESTMENT SECURITIES (Continued)
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
December 31, 2022 (continued) |  |  |  |  |  |  |  |  |  |  |  |
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 |  |  |  |  |  |  |  |  |  |
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 March 31, 2023 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 |  |  | Fair |
|  | Cost |  |  | Value |
Debt securities available for sale: |  |  |  |  |  |
Due in one year or less |  | $ | 6 |  |  | $ | 6 |
Due from one to five years |  |  | 94,972 |  |  |  | 88,334 |
Due after five years through ten years |  |  | 136,369 |  |  |  | 121,867 |
Due after ten years |  |  | 872,504 |  |  |  | 735,235 |
Total available for sale securities |  | $ | 1,103,851 |  |  | $ | 945,442 |
Debt securities held to maturity: |  |  |  |  |  |
Due in one year or less |  | $ | 29,636 |  |  | $ | 29,584 |
Due from one to five years |  |  | 41,802 |  |  |  | 41,036 |
Due after five years through ten years |  |  | 39,142 |  |  |  | 36,799 |
Due after ten years |  |  | 69,477 |  |  |  | 60,393 |
Total held to maturity securities |  | $ | 180,057 |  |  | $ | 167,812 |
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, were as follows (in thousands):
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and government sponsored enterprises |  | $ | — |  |  | $ | — |  |  | $ | 21,658 |  |  | $ | 2,877 |  |  | $ | 21,658 |  |  | $ | 2,877 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 276 |  |  |  | 3 |  |  |  | 467,128 |  |  |  | 68,814 |  |  |  | 467,404 |  |  |  | 68,817 |
Federal Home Loan Mortgage Corporation |  |  | 8,698 |  |  |  | 514 |  |  |  | 327,416 |  |  |  | 61,859 |  |  |  | 336,114 |  |  |  | 62,373 |
Government National Mortgage Association |  |  | 138 |  |  |  | 3 |  |  |  | 93,071 |  |  |  | 18,292 |  |  |  | 93,209 |  |  |  | 18,295 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | — |  |  |  | — |  |  |  | 9,612 |  |  |  | 2,326 |  |  |  | 9,612 |  |  |  | 2,326 |
Federal Home Loan Mortgage Corporation |  |  | — |  |  |  | — |  |  |  | 17,079 |  |  |  | 4,064 |  |  |  | 17,079 |  |  |  | 4,064 |
Total mortgage-backed securities |  |  | 9,112 |  |  |  | 520 |  |  |  | 914,306 |  |  |  | 155,355 |  |  |  | 923,418 |  |  |  | 155,875 |
Total available for sale securities |  |  | 9,112 |  |  |  | 520 |  |  |  | 935,964 |  |  |  | 158,232 |  |  |  | 945,076 |  |  |  | 158,752 |
Total AFS debt securities with unrealized losses |  | $ | 9,112 |  |  | $ | 520 |  |  | $ | 935,964 |  |  | $ | 158,232 |  |  | $ | 945,076 |  |  | $ | 158,752 |
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 AFS debt securities with unrealized losses |  | $ | 193,800 |  |  | $ | 17,922 |  |  | $ | 760,210 |  |  | $ | 155,102 |  |  | $ | 954,010 |  |  | $ | 173,024 |

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
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
- 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
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of unrealized gains and losses on investments. + References No definition available. + Details
Name: | us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration