XML 48 R38.htm IDEA: XBRL DOCUMENT v3.24.0.1

Investment Securities (Tables)

12 Months Ended

Dec. 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 Cost				Unrealized Gains				Unrealized Losses				Fair Value
December 31, 2023
Securities available for sale:
U.S. Government agencies and government sponsored enterprises		$	24,535			$	-			$	2,724			$	21,811
Mortgage-backed securities:
Federal National Mortgage Association			449,418				-				61,219				388,199
Federal Home Loan Mortgage Corporation			402,399				488				59,665				343,222
Government National Mortgage Association			126,417				252				21,409				105,260
Collateralized mortgage obligations:
Federal National Mortgage Association			10,954				-				2,343				8,611
Federal Home Loan Mortgage Corporation			19,766				-				4,186				15,580
Government National Mortgage Association			4,501				221				-				4,722
Privately issued			-				325				-				325
Total mortgage-backed securities			1,013,455				1,286				148,822				865,919
Total available for sale securities		$	1,037,990			$	1,286			$	151,546			$	887,730
Securities held to maturity:
U.S. Government agencies and government sponsored enterprises		$	16,513			$	-			$	530			$	15,983
State and political subdivisions			68,854				34				5,106				63,782
Mortgage-backed securities:
Federal National Mortgage Association			5,729				-				467				5,262
Federal Home Loan Mortgage Corporation			7,648				-				1,269				6,379
Government National Mortgage Association			20,223				-				1,703				18,520
Collateralized mortgage obligations:
Federal National Mortgage Association			11,432				-				851				10,581
Federal Home Loan Mortgage Corporation			14,196				-				968				13,228
Government National Mortgage Association			3,565				-				270				3,295
Total mortgage-backed securities			62,793				-				5,528				57,265
Total held to maturity securities			148,160			$	34			$	11,164			$	137,030
Allowance for credit losses – securities			(4	)
Total held to maturity securities, net		$	148,156

(3.) INVESTMENT SECURITIES (Continued)

		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

Interest and Dividends on Securities

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

		2023				2022				2021
Taxable interest and dividends		$	22,048			$	22,498			$	16,736
Tax-exempt interest and dividends			1,575				2,043				2,355
Total interest and dividends on securities		$	23,623			$	24,541			$	19,091

Sales of Securities Available for Sale

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

		2023				2022				2021
Proceeds from sales		$	50,515			$	6,252			$	51,891
Gross realized gains			-				-				251
Gross realized losses			3,576				15				180

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, 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 Cost				Fair Value
Debt securities available for sale:
Due in one year or less		$	37			$	36
Due from one to five years			41,028				37,505
Due after five years through ten years			133,978				119,497
Due after ten years			862,947				730,692
Total available for sale securities		$	1,037,990			$	887,730
Debt securities held to maturity:
Due in one year or less		$	26,357			$	26,202
Due from one to five years			30,785				30,100
Due after five years through ten years			30,028				27,140
Due after ten years			60,990				53,588
Total held to maturity securities		$	148,160			$	137,030

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, 2023
Securities available for sale:
U.S. Government agencies and government sponsored enterprises		$	-			$	-			$	21,811			$	2,724			$	21,811			$	2,724
Mortgage-backed securities:
Federal National Mortgage Association			8				-				388,191				61,219				388,199				61,219
Federal Home Loan Mortgage Corporation			-				-				314,854				59,665				314,854				59,665
Government National Mortgage Association			-				-				86,475				21,409				86,475				21,409
Collateralized mortgage obligations:
Federal National Mortgage Association			-				-				8,611				2,343				8,611				2,343
Federal Home Loan Mortgage Corporation			-				-				15,580				4,186				15,580				4,186
Total mortgage-backed securities			8				-				813,711				148,822				813,719				148,822
Total available for sale securities			8				-				835,522				151,546				835,530				151,546
Total temporarily impaired securities		$	8			$	-			$	835,522			$	151,546			$	835,530			$	151,546
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

X

- Definition

Tabular disclosure of interest income and income classified as other.

+ References

No definition available.

+ Details

Name:	us-gaap_InterestAndOtherIncomeTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

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

Tabular disclosure of realized gains and losses on investments reported in the statement of income.

+ References

No definition available.

+ Details

Name:	us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
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

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