XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.24.3

Securities | 9 Months Ended
--- | ---
Sep. 30, 2024
Securities |
Securities | NOTE 6. Securities This table provides the major components of debt securities available for sale ("AFS") and held to maturity (“HTM”) at amortized cost and estimated fair value at September 30, 2024 and December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2024
​ |  | ​ | ​ |  | Gross |  | Gross | ​ | ​ | Allowance |  | ​ | ​
​ | ​ | Amortized | ​ | unrealized | ​ | unrealized | ​ | ​ | for credit | ​ | Estimated
(In thousands) | ​ | cost | ​ | gains | ​ | losses | ​ | ​ | losses | ​ | fair value
Available for sale: |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​ |  | ​ |
U.S. Government sponsored entities | ​ | $ | 15,000 | ​ | $ | — | ​ | $ | (162) | ​ | $ | — | ​ | $ | 14,838
State and political subdivisions | ​ |  | 368 | ​ |  | — | ​ |  | (23) | ​ | ​ | — | ​ |  | 345
Residential mortgage-backed securities | ​ |  | 14,067 | ​ |  | 30 | ​ |  | (1,095) | ​ | ​ | — | ​ |  | 13,002
Asset backed securities | ​ | ​ | 41,750 | ​ | ​ | 63 | ​ | ​ | (11) | ​ | ​ | — | ​ | ​ | 41,802
Corporate and other securities | ​ |  | 31,742 | ​ |  | 173 | ​ |  | (2,322) | ​ | ​ | (1,929) | ​ |  | 27,664
Total debt securities available for sale | ​ | $ | 102,927 | ​ | $ | 266 | ​ | $ | (3,613) | ​ | $ | (1,929) | ​ | $ | 97,651
Held to maturity: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
U.S. Government sponsored entities | ​ | $ | 28,000 | ​ | $ | — | ​ | $ | (3,652) | ​ | $ | — | ​ | $ | 24,348
State and political subdivisions | ​ |  | 1,218 | ​ |  | 99 | ​ |  | — | ​ | ​ | — | ​ |  | 1,317
Residential mortgage-backed securities | ​ |  | 7,007 | ​ |  | — | ​ |  | (2,126) | ​ | ​ | — | ​ |  | 4,881
Total debt securities held to maturity | ​ | $ | 36,225 | ​ | $ | 99 | ​ | $ | (5,778) | ​ | $ | — | ​ | $ | 30,546
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ | ​ | ​ | ​ |  | Gross |  | Gross | ​ | ​ | Allowance |  | ​ | ​
​ | ​ | Amortized | ​ | unrealized | ​ | unrealized | ​ | ​ | for credit | ​ | Estimated
(In thousands) | ​ | cost | ​ | gains | ​ | losses | ​ | ​ | losses | ​ | fair value
Available for sale: | ​ | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​ |  | ​ |
U.S. Government sponsored entities | ​ | $ | 16,490 | ​ | $ | — | ​ | $ | (457) | ​ | $ | — | ​ | $ | 16,033
State and political subdivisions | ​ |  | 388 | ​ |  | — | ​ |  | (28) | ​ | ​ | — | ​ |  | 360
Residential mortgage-backed securities | ​ |  | 15,473 | ​ |  | 30 | ​ |  | (1,426) | ​ | ​ | — | ​ |  | 14,077
Asset backed securities | ​ | ​ | 35,750 | ​ | ​ | — | ​ | ​ | (347) | ​ | ​ | — | ​ | ​ | 35,403
Corporate and other securities | ​ |  | 29,453 | ​ |  | 251 | ​ |  | (2,529) | ​ | ​ | (1,283) | ​ |  | 25,892
Total debt securities available for sale | ​ | $ | 97,554 | ​ | $ | 281 | ​ | $ | (4,787) | ​ | $ | (1,283) | ​ | $ | 91,765
Held to maturity: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
U.S. Government sponsored entities | ​ | $ | 28,000 | ​ | $ | — | ​ | $ | (4,419) | ​ | $ | — | ​ | $ | 23,581
State and political subdivisions | ​ |  | 1,272 | ​ |  | 90 | ​ |  | — | ​ | ​ | — | ​ |  | 1,362
Residential mortgage-backed securities | ​ |  | 6,850 | ​ |  | — | ​ |  | (2,137) | ​ | ​ | — | ​ |  | 4,713
Total debt securities held to maturity | ​ | $ | 36,122 | ​ | $ | 90 | ​ | $ | (6,556) | ​ | $ | — | ​ | $ | 29,656
​ For nine months ended September 30, 2024 there was $0.6 million provision for credit loss on AFS debt securities compared to no provision for credit loss on AFS debt securities for the nine months ended September 30, 2023. The provision was entirely attributable to the same corporate debt security for which a partial provision was taken in the fourth quarter of 2023. The company owns $5 million in par of this position and moved the position into non-accrual status during the three months ending June 30, 2024. ​ The contractual maturities of available for sale and held for maturity debt securities at September 30, 2024 are set forth in the following table. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary. ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | ​ | Fair
(In thousands) | ​ | Cost | ​ | ​ | Value
Available for sale: | ​ | ​ | ​ | ​ |
Due in one year | $ | 3,285 | ​ | $ | 3,239
Due after one year through five years | ​ | 30,283 | ​ | ​ | 27,524
Due after five years through ten years | ​ | 19,289 | ​ | ​ | 17,836
Due after ten years | ​ | 36,003 | ​ | ​ | 36,050
Residential mortgage-backed securities | ​ | 14,067 | ​ | ​ | 13,002
Total | $ | 102,927 | ​ | $ | 97,651
Held to maturity: | ​ | ​ | ​ | ​ | ​
Due in one year | $ | — | ​ | $ | —
Due after one year through five years | ​ | 3,000 | ​ | ​ | 2,977
Due after five years through ten years | ​ | — | ​ | ​ | —
Due after ten years | ​ | 26,218 | ​ | ​ | 22,688
Residential mortgage-backed securities | ​ | 7,007 | ​ | ​ | 4,881
Total | $ | 36,225 | ​ | $ | 30,546
​ Actual maturities of available for sale and held to maturity debt securities may differ from those presented above since certain obligations provide the issuer the right to call or prepay the obligation prior to scheduled maturitiy without penalty. ​ The fair value of debt securities with unrealized losses by length of time that the individual securities have been in a continuous unrealized loss position at September 30, 2024 and December 31, 2023 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | September 30, 2024
​ | ​ | ​ | Less than 12 months | ​ | 12 months and greater | ​ | Total
​ |  |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized
(In thousands) | ​ | ​ | fair value | ​ | loss | ​ | fair value | ​ | loss | ​ | fair value | ​ | loss
Available for sale: |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Government sponsored entities |  | ​ | $ | — | ​ | $ | — | ​ | $ | 14,838 | ​ | $ | (162) | ​ | $ | 14,838 | ​ | $ | (162)
State and political subdivisions |  | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 345 | ​ | ​ | (23) | ​ | ​ | 345 | ​ | ​ | (23)
Residential mortgage-backed securities |  | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12,852 | ​ | ​ | (1,095) | ​ | ​ | 12,852 | ​ | ​ | (1,095)
Asset backed securities | ​ | ​ | ​ | 13,290 | ​ | ​ | (10) | ​ | ​ | 5,998 | ​ | ​ | (1) | ​ | ​ | 19,288 | ​ | ​ | (11)
Corporate and other securities |  | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 17,357 | ​ | ​ | (2,322) | ​ | ​ | 17,357 | ​ | ​ | (2,322)
Total | ​ | ​ | $ | 13,290 | ​ | $ | (10) | ​ | $ | 51,390 | ​ | $ | (3,603) | ​ | $ | 64,680 | ​ | $ | (3,613)
Held to maturity: |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Government sponsored entities |  | ​ | $ | — | ​ | $ | — | ​ | $ | 24,348 | ​ | $ | (3,652) | ​ | $ | 24,348 | ​ | $ | (3,652)
Residential mortgage-backed securities | ​ | ​ | ​ | — | ​ | $ | — | ​ | ​ | 4,881 | ​ | ​ | (2,126) | ​ | ​ | 4,881 | ​ | ​ | (2,126)
Total |  | ​ | $ | — | ​ | $ | — | ​ | $ | 29,229 | ​ | $ | (5,778) | ​ | $ | 29,229 | ​ | $ | (5,778)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | December 31, 2023
​ | ​ | ​ | Less than 12 months | ​ | 12 months and greater | ​ | Total
​ |  |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized
(In thousands) | ​ | ​ | fair value | ​ | loss | ​ | fair value | ​ | loss | ​ | fair value | ​ | loss
Available for sale: |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Government sponsored entities |  | ​ | $ | — | ​ | $ | — | ​ | $ | 16,033 | ​ | $ | (457) | ​ | $ | 16,033 | ​ | $ | (457)
State and political subdivisions |  | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 360 | ​ | ​ | (28) | ​ | ​ | 360 | ​ | ​ | (28)
Residential mortgage-backed securities |  | ​ |  | — | ​ | ​ | — | ​ | ​ | 13,949 | ​ | ​ | (1,426) | ​ | ​ | 13,949 | ​ | ​ | (1,426)
Asset backed securities | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 35,403 | ​ | ​ | (347) | ​ | ​ | 35,403 | ​ | ​ | (347)
Corporate and other securities |  | ​ | ​ | — | ​ |  | — | ​ |  | 24,424 | ​ |  | (2,529) | ​ |  | 24,424 | ​ |  | (2,529)
Total temporarily impaired AFS securities |  | ​ | $ | — | ​ | $ | — | ​ | $ | 90,169 | ​ | $ | (4,787) | ​ | $ | 90,169 | ​ | $ | (4,787)
Held to maturity: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
U.S. Government sponsored entities |  | ​ | $ | — | ​ | $ | — | ​ | $ | 23,581 | ​ | $ | (4,419) | ​ | $ | 23,581 | ​ | $ | (4,419)
Residential mortgage-backed securities |  | ​ |  | — | ​ |  | — | ​ |  | 4,713 | ​ |  | (2,137) | ​ |  | 4,713 | ​ |  | (2,137)
Total temporarily impaired HTM securities |  | ​ | $ | — | ​ | $ | — | ​ | $ | 28,294 | ​ | $ | (6,556) | ​ | $ | 28,294 | ​ | $ | (6,556)
​ Unrealized losses in each of the categories presented in the tables above were primarily driven by market interest rate fluctuations. Residential mortgage-backed securities are guaranteed by either Ginnie Mae, Freddie Mac or Fannie Mae. The Company is using the practical expedient to exclude accrued interest receivable from credit loss measurement. At September 30, 2024, there was $1.7 million of accrued interest on securities. At December 31, 2023, there was $1.5 million of accrued interest on securities. Realized Gains and Losses on Debt Securities Net realized gains on debt securities are included in noninterest income in the Consolidated Statements of Income as net security gains. There were no realized gains or losses on available for sale debt securities during the three and nine months ended September 30, 2024 and 2023. There were no realized gains or losses for held to maturity debt securities during the three and nine months ended September 30, 2024 and 2023. Equity Securities Included in this category are Community Reinvestment Act ("CRA") investments and the Company’s current other equity holdings of financial institutions. Equity securities are defined to include (a) preferred, common and other ownership interests in entities including partnerships, joint ventures and limited liability companies and (b) rights to acquire or dispose of ownership interests in entities at fixed or determinable prices. The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three and nine months ended September 30, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended September 30, | ​ | For the nine months ended September 30,
(In thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Net unrealized gains (losses) occurring during the period on equity securities | ​ | $ | 466 | ​ | $ | (144) | ​ | $ | 478 | ​ | $ | (853)
Net gains recognized during the period on equity securities sold during the period | ​ |  | 33 | ​ |  | 21 | ​ |  | 95 | ​ |  | 243
Gains (losses) recognized during the reporting period on equity securities | ​ | $ | 499 | ​ | $ | (123) | ​ | $ | 573 | ​ | $ | (610)
​ ​

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

X
- Definition Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. + References No definition available. + Details
Name: | us-gaap_MarketableSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration