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Investment Securities (Tables)

9 Months Ended

Sep. 30, 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
September 30, 2023
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	24,535			$	—			$	3,626			$	20,909
Mortgage-backed securities:
Federal National Mortgage Association			514,062				—				88,324				425,738
Federal Home Loan Mortgage Corporation			381,764				—				81,037				300,727
Government National Mortgage Association			109,402				—				26,410				82,992
Collateralized mortgage obligations:
Federal National Mortgage Association			11,219				—				2,773				8,446
Federal Home Loan Mortgage Corporation			20,199				—				5,121				15,078
Privately issued			—				325				—				325
Total mortgage-backed securities			1,036,646				325				203,665				833,306
Total available for sale securities		$	1,061,181			$	325			$	207,291			$	854,215
Securities held to maturity:
U.S. Government agency and government sponsored enterprises		$	16,476			$	—			$	1,095			$	15,381
State and political subdivisions			72,666				20				8,374				64,312
Mortgage-backed securities:
Federal National Mortgage Association			5,942				—				809				5,133
Federal Home Loan Mortgage Corporation			7,686				—				1,695				5,991
Government National Mortgage Association			20,655				—				2,806				17,849
Collateralized mortgage obligations:
Federal National Mortgage Association			12,088				—				1,165				10,923
Federal Home Loan Mortgage Corporation			14,981				—				1,376				13,605
Government National Mortgage Association			3,714				—				368				3,346
Total mortgage-backed securities			65,066				—				8,219				56,847
Total held to maturity securities			154,208			$	20			$	17,688			$	136,540
Allowance for credit losses – securities			(4	)
Total held to maturity securities, net		$	154,204
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

Sales of Securities Available for Sale

Sales of securities available for sale were as follows (in thousands):

		Three months ended September 30,								Nine months ended September 30,
		2023				2022				2023				2022
Proceeds from sales		$	—			$	—			$	—			$	6,252
Gross realized gains			—				—				—				—
Gross realized losses			—				—				—				15

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 September 30, 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		$	2,767			$	2,707
Due from one to five years			92,910				84,604
Due after five years through ten years			137,900				117,404
Due after ten years			827,604				649,500
Total available for sale securities		$	1,061,181			$	854,215
Debt securities held to maturity:
Due in one year or less		$	26,552			$	26,156
Due from one to five years			34,730				33,141
Due after five years through ten years			30,712				26,658
Due after ten years			62,214				50,585
Total held to maturity securities		$	154,208			$	136,540

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
September 30, 2023
Securities available for sale:
U.S. Government agencies and government    sponsored enterprises		$	—			$	—			$	20,909			$	3,626			$	20,909			$	3,626
Mortgage-backed securities:
Federal National Mortgage Association			14				—				425,724				88,324				425,738				88,324
Federal Home Loan Mortgage Corporation			—				—				300,727				81,037				300,727				81,037
Government National Mortgage Association			—				—				82,992				26,410				82,992				26,410
Collateralized mortgage obligations:
Federal National Mortgage Association			—				—				8,446				2,773				8,446				2,773
Federal Home Loan Mortgage Corporation			—				—				15,078				5,121				15,078				5,121
Total mortgage-backed securities			14				—				832,967				203,665				832,981				203,665
Total available for sale securities			14				—				853,876				207,291				853,890				207,291
Total AFS debt securities with unrealized losses		$	14			$	—			$	853,876			$	207,291			$	853,890			$	207,291
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

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+ 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

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