XML 48 R36.htm IDEA: XBRL DOCUMENT v3.25.0.1
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Federal National Mortgage Association

 

$

287,416

 

 

$

1

 

 

$

9,447

 

 

$

277,970

 

Federal Home Loan Mortgage Corporation

 

 

350,495

 

 

 

206

 

 

 

25,355

 

 

 

325,346

 

Government National Mortgage Association

 

 

216,392

 

 

 

84

 

 

 

23,210

 

 

 

193,266

 

Collateralized mortgage obligations:

 

 

 

 

 

 

 

 

 

 

 

 

Federal National Mortgage Association

 

 

14,720

 

 

 

-

 

 

 

1,320

 

 

 

13,400

 

Federal Home Loan Mortgage Corporation

 

 

20,357

 

 

 

136

 

 

 

2,732

 

 

 

17,761

 

Government National Mortgage Association

 

 

74,677

 

 

 

3

 

 

 

404

 

 

 

74,276

 

Privately issued

 

 

-

 

 

 

365

 

 

 

-

 

 

 

365

 

Total mortgage-backed securities

 

 

964,057

 

 

 

795

 

 

 

62,468

 

 

 

902,384

 

Other debt securities

 

 

8,663

 

 

 

69

 

 

 

11

 

 

 

8,721

 

Total available for sale securities

 

$

972,720

 

 

$

864

 

 

$

62,479

 

 

$

911,105

 

Securities held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agencies and government sponsored enterprises

 

$

16,663

 

 

$

-

 

 

$

512

 

 

$

16,151

 

State and political subdivisions

 

 

45,333

 

 

 

26

 

 

 

5,192

 

 

 

40,167

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

Federal National Mortgage Association

 

 

5,120

 

 

 

-

 

 

 

580

 

 

 

4,540

 

Federal Home Loan Mortgage Corporation

 

 

7,365

 

 

 

-

 

 

 

1,367

 

 

 

5,998

 

Government National Mortgage Association

 

 

18,410

 

 

 

-

 

 

 

2,217

 

 

 

16,193

 

Collateralized mortgage obligations:

 

 

 

 

 

 

 

 

 

 

 

 

Federal National Mortgage Association

 

 

8,777

 

 

 

-

 

 

 

658

 

 

 

8,119

 

Federal Home Loan Mortgage Corporation

 

 

11,309

 

 

 

-

 

 

 

727

 

 

 

10,582

 

Government National Mortgage Association

 

 

3,026

 

 

 

-

 

 

 

220

 

 

 

2,806

 

Total mortgage-backed securities

 

 

54,007

 

 

 

-

 

 

 

5,769

 

 

 

48,238

 

Total held to maturity securities

 

 

116,003

 

 

$

26

 

 

$

11,473

 

 

$

104,556

 

Allowance for credit losses–securities

 

 

(2

)

 

 

 

 

 

 

 

 

 

Total held to maturity securities, net

 

$

116,001

 

 

 

 

 

 

 

 

 

 

 

(2.) INVESTMENT SECURITIES (Continued)

 

 

 

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

 

 

 

 

 

 

 

 

 

 
Interest and Dividends on Securities

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

 

 

 

2024

 

 

2023

 

 

2022

 

Taxable interest and dividends

 

$

24,314

 

 

$

22,048

 

 

$

22,498

 

Tax-exempt interest and dividends

 

 

1,105

 

 

 

1,575

 

 

 

2,043

 

Total interest and dividends on securities

 

$

25,419

 

 

$

23,623

 

 

$

24,541

 

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

 

 

 

2024

 

 

2023

 

 

2022

 

Proceeds from sales

 

$

606,321

 

 

$

50,515

 

 

$

6,252

 

Gross realized gains

 

 

638

 

 

 

-

 

 

 

-

 

Gross realized losses

 

 

100,693

 

 

 

3,576

 

 

 

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 December 31, 2024 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

 

$

8

 

 

$

8

 

Due from one to five years

 

 

13

 

 

 

13

 

Due after five years through ten years

 

 

32,382

 

 

 

32,095

 

Due after ten years

 

 

940,317

 

 

 

878,989

 

Total available for sale securities

 

$

972,720

 

 

$

911,105

 

Debt securities held to maturity:

 

 

 

 

 

 

Due in one year or less

 

$

16,353

 

 

$

16,272

 

Due from one to five years

 

 

22,454

 

 

 

21,531

 

Due after five years through ten years

 

 

20,815

 

 

 

18,831

 

Due after ten years

 

 

56,381

 

 

 

47,922

 

Total held to maturity securities

 

$

116,003

 

 

$

104,556

 

 
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, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agencies and government sponsored enterprises

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal National Mortgage Association

 

 

258,197

 

 

 

3,525

 

 

 

19,732

 

 

 

5,922

 

 

 

277,929

 

 

 

9,447

 

Federal Home Loan Mortgage Corporation

 

 

228,956

 

 

 

2,941

 

 

 

75,647

 

 

 

22,414

 

 

 

304,603

 

 

 

25,355

 

Government National Mortgage Association

 

 

113,772

 

 

 

2,120

 

 

 

69,935

 

 

 

21,090

 

 

 

183,707

 

 

 

23,210

 

Collateralized mortgage obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal National Mortgage Association

 

 

9,742

 

 

 

16

 

 

 

3,658

 

 

 

1,304

 

 

 

13,400

 

 

 

1,320

 

Federal Home Loan Mortgage Corporation

 

 

2,411

 

 

 

29

 

 

 

7,655

 

 

 

2,703

 

 

 

10,066

 

 

 

2,732

 

Government National Mortgage Association

 

 

64,493

 

 

 

404

 

 

 

-

 

 

 

-

 

 

 

64,493

 

 

 

404

 

Total mortgage-backed securities

 

 

677,571

 

 

 

9,035

 

 

 

176,627

 

 

 

53,433

 

 

 

854,198

 

 

 

62,468

 

Other debt securities

 

 

3,652

 

 

 

11

 

 

 

-

 

 

 

-

 

 

 

3,652

 

 

 

11

 

Total available for sale securities

 

 

681,223

 

 

 

9,046

 

 

 

176,627

 

 

 

53,433

 

 

 

857,850

 

 

 

62,479

 

Total temporarily impaired securities

 

$

681,223

 

 

$

9,046

 

 

$

176,627

 

 

$

53,433

 

 

$

857,850

 

 

$

62,479

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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