XML 23 R10.htm IDEA: XBRL DOCUMENT
v3.20.2

SECURITIES AVAILABLE FOR SALE | 9 Months Ended
--- | ---
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract] |
SECURITIES AVAILABLE FOR SALE | ​ ​ NOTE 2. SECURITIES AVAILABLE FOR SALE ​ The following is a summary of securities available for sale: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
(in thousands) |  | Amortized Cost |  | Gains |  | Losses |  | Fair Value
September 30, 2020 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Debt securities: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Mortgage-backed securities: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
US Government-sponsored enterprises | ​ | $ | 226,930 | ​ | $ | 8,683 | ​ | $ | (441) | ​ | $ | 235,172
US Government agency | ​ |  | 92,517 | ​ |  | 3,413 | ​ |  | (145) | ​ |  | 95,785
Private label | ​ |  | 20,142 | ​ |  | 40 | ​ |  | (579) | ​ |  | 19,603
Obligations of states and political subdivisions thereof | ​ |  | 149,890 | ​ |  | 4,267 | ​ |  | — | ​ |  | 154,157
Corporate bonds | ​ |  | 99,786 | ​ |  | 1,713 | ​ |  | (1,687) | ​ |  | 99,812
Total securities available for sale | ​ | $ | 589,265 | ​ | $ | 18,116 | ​ | $ | (2,852) | ​ | $ | 604,529
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
(in thousands) |  | Amortized Cost |  | Gains |  | Losses |  | Fair Value
December 31, 2019 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Debt securities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Mortgage-backed securities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
US Government-sponsored enterprises | ​ | $ | 319,064 | ​ | $ | 4,985 | ​ | $ | (2,080) | ​ | $ | 321,969
US Government agency | ​ |  | 98,568 | ​ |  | 1,640 | ​ |  | (547) | ​ |  | 99,661
Private label | ​ |  | 20,212 | ​ |  | 68 | ​ |  | (747) | ​ |  | 19,533
Obligations of states and political subdivisions thereof | ​ |  | 139,240 | ​ |  | 3,034 | ​ |  | (268) | ​ |  | 142,006
Corporate bonds | ​ |  | 78,804 | ​ |  | 1,478 | ​ |  | (221) | ​ |  | 80,061
Total securities available for sale | ​ | $ | 655,888 | ​ | $ | 11,205 | ​ | $ | (3,863) | ​ | $ | 663,230
​ The amortized cost and estimated fair value of available for sale (“AFS”) securities segregated by contractual maturity at September 30, 2020 are presented below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Mortgage-backed securities are shown in total, as their maturities are highly variable. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Available for sale
(in thousands) |  | Amortized Cost |  | Fair Value
Within 1 year |  | $ | — | ​ | $ | —
Over 1 year to 5 years | ​ |  | 25,596 | ​ |  | 25,849
Over 5 years to 10 years | ​ |  | 81,687 | ​ |  | 79,979
Over 10 years | ​ |  | 142,393 | ​ |  | 148,141
Total bonds and obligations | ​ |  | 249,676 | ​ |  | 253,969
Mortgage-backed securities | ​ |  | 339,589 | ​ |  | 350,560
Total securities available for sale | ​ | $ | 589,265 | ​ | $ | 604,529
​ The following table presents the gains and losses from the sale of AFS securities for the periods presented: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
(In thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Gross gains on sales of available for sale securities | ​ | $ | — | ​ | $ | 716 | ​ | $ | 1,508 | ​ | $ | 716
Gross losses on sales of available for sale securities | ​ |  | — | ​ |  | (559) | ​ |  | (22) | ​ |  | (559)
Net gains on sale of available for sale securities | ​ | $ | — | ​ | $ | 157 | ​ | $ | 1,486 | ​ | $ | 157
​ Securities with unrealized losses, segregated by the duration of their continuous unrealized loss positions, are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less Than Twelve Months | ​ | Over Twelve Months | ​ | Total
​ | ​ | Gross |  | ​ | ​ |  | Gross |  | ​ | ​ |  | Gross |  | ​ | ​
​ | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair
(In thousands) |  | Losses |  | Value |  | Losses |  | Value |  | Losses |  | Value
September 30, 2020 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Debt securities: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Mortgage-backed securities: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
US Government-sponsored enterprises | ​ | $ | 193 | ​ | $ | 35,087 | ​ | $ | 248 | ​ | $ | 4,027 | ​ | $ | 441 | ​ | $ | 39,114
US Government agency | ​ |  | 68 | ​ |  | 8,671 | ​ |  | 77 | ​ |  | 3,458 | ​ |  | 145 | ​ |  | 12,129
Private label | ​ |  | 1 | ​ |  | 108 | ​ |  | 578 | ​ |  | 19,398 | ​ |  | 579 | ​ |  | 19,506
Obligations of states and political subdivisions thereof | ​ |  | — | ​ |  | 247 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 247
Corporate bonds | ​ |  | 1,687 | ​ |  | 41,260 | ​ |  | — | ​ |  | — | ​ |  | 1,687 | ​ |  | 41,260
Total securities available for sale | ​ | $ | 1,949 | ​ | $ | 85,373 | ​ | $ | 903 | ​ | $ | 26,883 | ​ | $ | 2,852 | ​ | $ | 112,256
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less Than Twelve Months | ​ | Over Twelve Months | ​ | Total
​ |  | Gross |  | ​ | ​ |  | Gross |  | ​ | ​ |  | Gross |  | ​ | ​
​ | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair
(In thousands) | ​ | Losses | ​ | Value | ​ | Losses | ​ | Value | ​ | Losses | ​ | Value
December 31, 2019 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Debt securities: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Mortgage-backed securities: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
US Government-sponsored enterprises | ​ | $ | 1,074 | ​ | $ | 43,429 | ​ | $ | 1,006 | ​ | $ | 49,712 | ​ | $ | 2,080 | ​ | $ | 93,141
US Government agency | ​ |  | 432 | ​ |  | 19,717 | ​ |  | 115 | ​ |  | 9,120 | ​ |  | 547 | ​ |  | 28,837
Private label | ​ |  | 380 | ​ |  | 9,843 | ​ |  | 367 | ​ |  | 9,411 | ​ |  | 747 | ​ |  | 19,254
Obligations of states and political subdivisions thereof | ​ |  | 137 | ​ |  | 29,355 | ​ |  | 131 | ​ |  | 1,682 | ​ |  | 268 | ​ |  | 31,037
Corporate bonds | ​ |  | 142 | ​ |  | 9,888 | ​ |  | 79 | ​ |  | 12,276 | ​ |  | 221 | ​ |  | 22,164
Total securities available for sale | ​ | $ | 2,165 | ​ | $ | 112,232 | ​ | $ | 1,698 | ​ | $ | 82,201 | ​ | $ | 3,863 | ​ | $ | 194,433
​ Securities Impairment: As a part of the Company’s ongoing security monitoring process, the Company identifies securities in an unrealized loss position that could potentially be other-than-temporarily impaired. For the three and nine months ended September 30, 2020 and 2019 the Company did not record any other-than-temporary impairment (“OTTI”) losses. ​ The following table presents the changes in estimated credit losses recognized by the Company for the periods presented: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019
Estimated credit losses as of prior year-end | ​ | $ | 1,697 | ​ | $ | 1,697 | ​ | $ | 1,697 | ​ | $ | 1,697
Reductions for securities paid off during the period | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Estimated credit losses at end of the period | ​ | $ | 1,697 | ​ | $ | 1,697 | ​ | $ | 1,697 | ​ | $ | 1,697
​ The Company expects to recover its amortized cost basis on all securities in its AFS portfolio. Furthermore, the Company does not intend to sell nor does it anticipate that it will be required to sell any of its securities in an unrealized loss position as of September 30, 2020, prior to this recovery. The Company’s ability and intent to hold these securities until recovery is supported by the Company’s strong capital and liquidity positions as well as its historically low portfolio turnover. ​ The following summarizes, by investment security type, the basis for the conclusion that securities in an unrealized loss position were not OTTI at September 30, 2020: ​ US Government-sponsored enterprises ​ 36 out of the total 611 securities in the Company’s portfolios of AFS US Government-sponsored enterprises were in unrealized loss positions. Aggregate unrealized losses represented 1.12% of the amortized cost of securities in unrealized loss positions. The Federal National Mortgage Association and Federal Home Loan Mortgage Corporation guarantee the contractual cash flows of all of the Company’s US Government-sponsored enterprises. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. All securities are performing. ​ US Government agency ​ 14 out of the total 166 securities in the Company’s portfolios of AFS US Government agency securities were in unrealized loss positions. Aggregate unrealized losses represented 1.18% of the amortized cost of securities in unrealized loss positions. The Government National Mortgage Association guarantees the contractual cash flows of all of the Company’s US Government agency securities. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. All securities are performing. ​ Private label ​ 11 of the total 16 securities in the Company’s portfolio of AFS private label mortgage-backed securities were in unrealized loss positions. Aggregate unrealized losses represented 2.88% of the amortized cost of securities in unrealized loss positions. Based upon the expectation that the Company will receive all of the future contractual cash flows related to the amortized cost on these securities, the Company does not consider there to be any additional other-than-temporary impairment with respect to these securities. ​ Obligations of states and political subdivisions thereof ​ 1 of the total 177 securities in the Company’s portfolio of AFS municipal bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 0.08% of the amortized cost of securities in unrealized loss positions. The Company continually monitors the municipal bond sector of the market carefully and periodically evaluates the appropriate level of exposure to the market. At this time, the Company feels the bonds in this portfolio carry minimal risk of default and the Company is appropriately compensated for the risk. There were no material underlying credit downgrades during the quarter. All securities are performing. ​ Corporate bonds ​ 13 out of the total 34 securities in the Company’s portfolio of AFS corporate bonds were in an unrealized loss position. The aggregate unrealized loss represents 3.97% of the amortized cost of bonds in unrealized loss positions. The Company reviews the financial strength of all of these bonds and has concluded that the amortized cost remains supported by the expected future cash flows of these securities. The most recent review includes all bond issuers and their current credit ratings, financial performance and capitalization.

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 The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration