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v3.23.1

SECURITIES AVAILABLE FOR SALE (Tables) | 3 Months Ended
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Mar. 31, 2023
SECURITIES AVAILABLE FOR SALE |
Summary of Securities Available for Sale | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
(in thousands) |  | Amortized Cost |  | Gains |  | Losses |  | Fair Value
March 31, 2023 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Mortgage-backed securities: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
US Government-sponsored enterprises | ​ | $ | 245,482 | ​ | $ | 41 | ​ | $ | (31,223) | ​ | $ | 214,300
US Government agency | ​ |  | 91,092 | ​ |  | 43 | ​ |  | (10,197) | ​ |  | 80,938
Private label | ​ |  | 62,101 | ​ |  | 34 | ​ |  | (3,635) | ​ |  | 58,500
Obligations of states and political subdivisions thereof | ​ |  | 122,686 | ​ |  | 5,543 | ​ |  | (17,064) | ​ |  | 111,165
Corporate bonds | ​ |  | 101,505 | ​ |  | 17 | ​ |  | (9,385) | ​ |  | 92,137
Total securities available for sale | ​ | $ | 622,866 | ​ | $ | 5,678 | ​ | $ | (71,504) | ​ | $ | 557,040
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Unrealized | ​ | Unrealized | ​ | ​ | ​
(in thousands) |  | Amortized Cost |  | Gains |  | Losses |  | Fair Value
December 31, 2022 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Mortgage-backed securities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
US Government-sponsored enterprises | ​ | $ | 249,838 | ​ | $ | 14 | ​ | $ | (34,825) | ​ | $ | 215,027
US Government agency | ​ |  | 93,010 | ​ |  | 21 | ​ |  | (10,765) | ​ |  | 82,266
Private label | ​ |  | 64,056 | ​ |  | 34 | ​ |  | (3,936) | ​ |  | 60,154
Obligations of states and political subdivisions thereof | ​ |  | 121,939 | ​ |  | 7,149 | ​ |  | (21,351) | ​ |  | 107,737
Corporate bonds | ​ |  | 102,505 | ​ |  | 33 | ​ |  | (8,206) | ​ |  | 94,332
Total securities available for sale | ​ | $ | 631,348 | ​ | $ | 7,251 | ​ | $ | (79,083) | ​ | $ | 559,516
​
Schedule of Amortized Cost and Estimated Fair Value of Available for Sale (AFS) Securities, Segregated by Contractual Maturity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Available for sale
(in thousands) |  | Amortized Cost |  | Fair Value
Within 1 year |  | $ | 195 | ​ | $ | 196
Over 1 year to 5 years | ​ |  | 37,278 | ​ |  | 34,483
Over 5 years to 10 years | ​ |  | 57,610 | ​ |  | 57,009
Over 10 years | ​ |  | 129,108 | ​ |  | 111,614
Total bonds and obligations | ​ |  | 224,191 | ​ |  | 203,302
Mortgage-backed securities | ​ |  | 398,675 | ​ |  | 353,738
Total securities available for sale | ​ | $ | 622,866 | ​ | $ | 557,040
​
Schedule of Gains and Losses from Sale of AFS Securities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
(in thousands) |  | 2023 |  | 2022
Gross gains on sales of available for sale securities | ​ | $ | 34 | ​ | $ | 9
Gross losses on sales of available for sale securities | ​ |  | — | ​ |  | —
Net gains on sale of available for sale securities | ​ | $ | 34 | ​ | $ | 9
​
Schedule of Securities with Unrealized Losses, Segregated by the Duration of Continuous Unrealized Loss Positions | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
March 31, 2023 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Mortgage-backed securities: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
US Government-sponsored enterprises | ​ | $ | 1,324 | ​ | $ | 35,076 | ​ | $ | 29,899 | ​ | $ | 174,319 | ​ | $ | 31,223 | ​ | $ | 209,395
US Government agency | ​ |  | 834 | ​ |  | 22,846 | ​ |  | 9,363 | ​ |  | 53,711 | ​ |  | 10,197 | ​ |  | 76,557
Private label | ​ |  | 5 | ​ |  | 94 | ​ |  | 3,630 | ​ |  | 58,372 | ​ |  | 3,635 | ​ |  | 58,466
Obligations of states and political subdivisions thereof | ​ |  | 184 | ​ |  | 9,439 | ​ |  | 16,880 | ​ |  | 94,281 | ​ |  | 17,064 | ​ |  | 103,720
Corporate bonds | ​ |  | 3,877 | ​ |  | 43,045 | ​ |  | 5,508 | ​ |  | 45,992 | ​ |  | 9,385 | ​ |  | 89,037
Total securities available for sale | ​ | $ | 6,224 | ​ | $ | 110,500 | ​ | $ | 65,280 | ​ | $ | 426,675 | ​ | $ | 71,504 | ​ | $ | 537,175
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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, 2022 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Mortgage-backed securities: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
US Government-sponsored enterprises | ​ | $ | 7,005 | ​ | $ | 82,483 | ​ | $ | 27,820 | ​ | $ | 127,745 | ​ | $ | 34,825 | ​ | $ | 210,228
US Government agency | ​ |  | 2,902 | ​ |  | 42,865 | ​ |  | 7,863 | ​ |  | 34,988 | ​ |  | 10,765 | ​ |  | 77,853
Private label | ​ |  | 841 | ​ |  | 15,694 | ​ |  | 3,095 | ​ |  | 44,396 | ​ |  | 3,936 | ​ |  | 60,090
Obligations of states and political subdivisions thereof | ​ |  | 7,990 | ​ |  | 48,799 | ​ |  | 13,361 | ​ |  | 55,702 | ​ |  | 21,351 | ​ |  | 104,501
Corporate bonds | ​ |  | 4,733 | ​ |  | 65,279 | ​ |  | 3,473 | ​ |  | 25,027 | ​ |  | 8,206 | ​ |  | 90,306
Total securities available for sale | ​ | $ | 23,471 | ​ | $ | 255,120 | ​ | $ | 55,612 | ​ | $ | 287,858 | ​ | $ | 79,083 | ​ | $ | 542,978

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- 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/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563 + Details
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