XML 20 R11.htm IDEA: XBRL DOCUMENT
v3.23.3

Investment securities | 9 Months Ended
--- | ---
Sep. 30, 2023
Investment securities |
Investment securities | 4. Investment securities: ​ The amortized cost and fair value of investment securities aggregated by investment category at September 30, 2023 and December 31, 2022 are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023 | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair |
(Dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Value |
Available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 197,833 | ​ | $ | ​ | ​ | $ | 18,687 | ​ | $ | 179,146 | ​
U.S. government-sponsored enterprises | ​ | ​ | 2,542 | ​ | ​ | ​ | ​ | ​ | 504 | ​ | ​ | 2,038 | ​
State and municipals: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ |  | 67,866 | ​ | ​ | ​ | ​ | ​ | 13,879 | ​ |  | 53,987 | ​
Tax-exempt | ​ |  | 76,343 | ​ |  | ​ | ​ | ​ | 14,545 | ​ |  | 61,798 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ |  | 796 | ​ |  | ​ | ​ | ​ | 47 | ​ |  | 749 | ​
U.S. government-sponsored enterprises | ​ |  | 91,814 | ​ |  | ​ | ​ |  | 22,398 | ​ |  | 69,416 | ​
Commercial mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ |  | 12,054 | ​ |  | ​ | ​ |  | 578 | ​ |  | 11,476 | ​
Corporate debt securities | ​ | ​ | 4,000 | ​ | ​ | ​ | ​ | ​ | 383 | ​ | ​ | 3,617 | ​
Total | ​ | $ | 453,248 | ​ | $ | ​ | ​ | $ | 71,021 | ​ | $ | 382,227 | ​
Held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax-exempt state and municipals | ​ | $ | 11,210 | ​ | $ | ​ | ​ | $ | 1,304 | ​ | $ | 9,906 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ |  | 15,752 | ​ |  | ​ | ​ | ​ | 3,344 | ​ |  | 12,408 | ​
U.S. government-sponsored enterprises | ​ |  | 59,284 | ​ |  | ​ | ​ | ​ | 12,790 | ​ |  | 46,494 | ​
Total | ​ | $ | 86,246 | ​ | $ | ​ | ​ | $ | 17,438 | ​ | $ | 68,808 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022 |
​ | ​ | ​ | ​ | ​ | Gross |  | Gross | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair |
(Dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Value |
Available for sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 199,937 | ​ | $ | ​ | ​ | $ | 19,640 | ​ | $ | 180,297 | ​
U.S. government-sponsored enterprises | ​ | ​ | 16,955 | ​ | ​ | ​ | ​ | ​ | 585 | ​ |  | 16,370 | ​
State and municipals: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ |  | 68,946 | ​ |  | ​ | ​ | ​ | 13,588 | ​ |  | 55,358 | ​
Tax-exempt | ​ |  | 99,774 | ​ |  | 93 | ​ |  | 11,460 | ​ |  | 88,407 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ |  | 982 | ​ |  | ​ | ​ |  | 40 | ​ |  | 942 | ​
U.S. government-sponsored enterprises | ​ |  | 141,231 | ​ |  | ​ | ​ |  | 20,112 | ​ |  | 121,119 | ​
Commercial mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ | ​ | 12,128 | ​ | ​ | ​ | ​ | ​ | 544 | ​ | ​ | 11,584 | ​
Corporate debt securities | ​ | ​ | 4,000 | ​ | ​ | ​ | ​ | ​ | 374 | ​ | ​ | 3,626 | ​
Total | ​ | $ | 543,953 | ​ | $ | 93 | ​ | $ | 66,343 | ​ | $ | 477,703 | ​
Held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax-exempt state and municipals | ​ | $ | 11,237 | ​ | $ | 1 | ​ | $ | 841 | ​ | $ | 10,397 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | ​ | 17,304 | ​ |  | ​ | ​ | ​ | 3,016 | ​ |  | 14,288 | ​
U.S. government-sponsored enterprises | ​ |  | 62,638 | ​ |  | ​ | ​ | ​ | 10,760 | ​ |  | 51,878 | ​
Total | ​ | $ | 91,179 | ​ | $ | 1 | ​ | $ | 14,617 | ​ | $ | 76,563 | ​
​ The Company had net unrealized losses on available for sale securities of $55.7 million net of deferred income taxes of $15.3 million at September 30, 2023 and net unrealized losses on available for sale securities of $52.0 million net of deferred income taxes of $14.3 million at December 31, 2022. During the nine month period ended September 30, 2023, investment securities, including U.S. Treasury bonds and mortgage-backed securities, with a par value of $65.6 million were sold at a net gain of $81 thousand. The proceeds were used to pay-down higher cost short-term borrowings. ​ The maturity distribution of the fair value, which is the net carrying amount, of the debt securities classified as available for sale at September 30, 2023, is summarized as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | Fair |
(Dollars in thousands) |  | Value |
Within one year | ​ | $ | 9,592 | ​
After one but within five years | ​ |  | 182,610 | ​
After five but within ten years | ​ |  | 45,829 | ​
After ten years | ​ |  | 60,516 | ​
​ | ​ |  | 298,547 | ​
Mortgage-backed and other amortizing securities | ​ |  | 83,680 | ​
Total | ​ | $ | 382,227 | ​
​ The maturity distribution of the amortized cost and fair value, of debt securities classified as held to maturity at September 30, 2023, is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Fair |
(Dollars in thousands) |  | Cost |  | Value |
After one but within five years | ​ | $ | 569 | ​ | $ | 510 | ​
After five but within ten years | ​ | ​ | 9,451 | ​ | ​ | 8,420 | ​
After ten years | ​ | ​ | 1,190 | ​ | ​ | 976 | ​
​ | ​ |  | 11,210 | ​ |  | 9,906 | ​
Mortgage-backed securities | ​ |  | 75,036 | ​ |  | 58,902 | ​
Total | ​ | $ | 86,246 | ​ | $ | 68,808 | ​
​ Securities with a carrying value of $137.9 million and $168.0 million at September 30, 2023 and December 31, 2022, respectively, were pledged to secure public deposits and certain other deposits as required or permitted by law. ​ Securities and short-term investment activities are conducted with a diverse group of government entities, corporations and state and local municipalities. The counterparty’s creditworthiness and type of collateral is evaluated on a case-by-case basis. At September 30, 2023 and December 31, 2022, there were no significant concentrations of credit risk from any one issuer, with the exception of U.S. government agencies and sponsored enterprises, which exceeded 10.0 percent of stockholders’ equity. ​ The fair value and gross unrealized losses of investment securities with unrealized losses at September 30, 2023 and December 31, 2022, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023 | ​
​ | ​ | Less Than 12 Months | ​ | 12 Months or Greater | ​ | Total | ​
​ | ​ | Number of | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Number of | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Number of | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Securities in a | ​ | Fair | ​ | Unrealized | ​ | Securities in a | ​ | Fair | ​ | Unrealized | ​ | Securities in a | ​ | Fair | ​ | Unrealized | ​
(Dollars in thousands) |  | Loss Position |  | Value |  | Losses |  | Loss Position |  | Value |  | Losses |  | Loss Position |  | Value |  | Losses | ​
U.S. Treasury securities | ​ | ​ | ​ | $ | ​ | ​ | $ | ​ | ​ | 43 | ​ | $ | 179,146 | ​ | $ | 18,687 | ​ | 43 | ​ | $ | 179,146 | ​ | $ | 18,687 | ​
U.S. government-sponsored enterprises | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ | 2,038 | ​ | ​ | 504 | ​ | 2 | ​ | ​ | 2,038 | ​ | ​ | 504 | ​
State and municipals: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ | 1 | ​ | ​ | 985 | ​ | ​ | 16 | ​ | 65 | ​ | ​ | 53,002 | ​ | ​ | 13,863 | ​ | 66 | ​ | ​ | 53,987 | ​ | ​ | 13,879 | ​
Tax-exempt | ​ | 10 | ​ | ​ | 5,083 | ​ | ​ | 265 | ​ | 103 | ​ | ​ | 66,465 | ​ | ​ | 15,584 | ​ | 113 | ​ | ​ | 71,548 | ​ | ​ | 15,849 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 8 | ​ | ​ | 13,157 | ​ | ​ | 3,391 | ​ | 8 | ​ | ​ | 13,157 | ​ | ​ | 3,391 | ​
U.S. government-sponsored enterprises | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 41 | ​ | ​ | 115,911 | ​ | ​ | 35,188 | ​ | 41 | ​ | ​ | 115,911 | ​ |  | 35,188 | ​
Commercial mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4 | ​ | ​ | 11,476 | ​ | ​ | 578 | ​ | 4 | ​ |  | 11,476 | ​ |  | 578 | ​
Corporate debt securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 6 | ​ | ​ | 3,617 | ​ | ​ | 383 | ​ | 6 | ​ | ​ | 3,617 | ​ | ​ | 383 | ​
Total | ​ | 11 | ​ | $ | 6,068 | ​ | $ | 281 | ​ | 272 | ​ | $ | 444,812 | ​ | $ | 88,178 | ​ | 283 | ​ | $ | 450,880 | ​ | $ | 88,459 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​
​ | ​ | Less Than 12 Months | ​ | 12 Months or Greater | ​ | Total | ​
​ | ​ | Number of | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Number of | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Number of | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Securities in a | ​ | Fair | ​ | Unrealized | ​ | Securities in a | ​ | Fair | ​ | Unrealized | ​ | Securities in a | ​ | Fair | ​ | Unrealized | ​
(Dollars in thousands) |  | Loss Position |  | Value |  | Losses |  | Loss Position |  | Value |  | Losses |  | Loss Position |  | Value |  | Losses | ​
U.S. Treasury securities | ​ | 5 | ​ | $ | 23,700 | ​ | $ | 1,887 | ​ | 40 | ​ | $ | 156,597 | ​ | $ | 17,753 | ​ | 45 | ​ | $ | 180,297 | ​ | $ | 19,640 | ​
U.S. government-sponsored enterprises | ​ | 4 | ​ | ​ | 14,104 | ​ | ​ | 197 | ​ | 1 | ​ | ​ | 2,266 | ​ | ​ | 388 | ​ | 5 | ​ | ​ | 16,370 | ​ | ​ | 585 | ​
State and municipals: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Taxable | ​ | 21 | ​ | ​ | 19,919 | ​ | ​ | 2,908 | ​ | 45 | ​ | ​ | 34,464 | ​ | ​ | 10,680 | ​ | 66 | ​ | ​ | 54,383 | ​ | ​ | 13,588 | ​
Tax-exempt | ​ | 39 | ​ |  | 30,973 | ​ |  | 1,690 | ​ | 84 | ​ | ​ | 59,664 | ​ |  | 10,611 | ​ | 123 | ​ |  | 90,637 | ​ |  | 12,301 | ​
Residential mortgage-backed securities: | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | 5 | ​ | ​ | 904 | ​ |  | 39 | ​ | 4 | ​ | ​ | 14,326 | ​ | ​ | 3,017 | ​ | 9 | ​ |  | 15,230 | ​ |  | 3,056 | ​
U.S. government-sponsored enterprises | ​ | 19 | ​ |  | 57,166 | ​ |  | 2,029 | ​ | 25 | ​ | ​ | 115,831 | ​ | ​ | 28,843 | ​ | 44 | ​ |  | 172,997 | ​ |  | 30,872 | ​
Commercial mortgage-backed securities: | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises | ​ | 4 | ​ | ​ | 11,584 | ​ | ​ | 544 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4 | ​ |  | 11,584 | ​ |  | 544 | ​
Corporate debt securities | ​ | 1 | ​ |  | 953 | ​ |  | 47 | ​ | 5 | ​ | ​ | 2,673 | ​ | ​ | 327 | ​ | 6 | ​ |  | 3,626 | ​ |  | 374 | ​
Total | ​ | 98 | ​ | $ | 159,303 | ​ | $ | 9,341 | ​ | 204 | ​ | $ | 385,821 | ​ | $ | 71,619 | ​ | 302 | ​ | $ | 545,124 | ​ | $ | 80,960 | ​
​ ​ As described in Note 1, on January 1, 2023 the Company adopted amended accounting guidance that requires an allowance for credit losses be deducted from the amortized cost basis of financial assets, including investment securities held to maturity, to present the net carrying value at the amount that is expected to be collected over the contractual term of the asset. The Company estimated no allowance for credit losses for its investment securities classified as held to maturity at January 1, 2023 or September 30, 2023, as the portfolio of held to maturity securities consists entirely of U.S. government sponsored enterprises, agencies and states and political subdivisions investments. ​ The unrealized losses on securities are primarily due to the changes in market interest rates subsequent to purchase. In addition, the Company does not intend to sell and does not believe that it is more likely than not that it will be required to sell these investments until there is a full recovery of the unrealized loss, which may be at maturity. The Company estimated no allowance for credit losses for its investment securities classified as available for sale debt securities at January 1, 2023 or September 30, 2023.

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://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) -Publisher SEC Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//946-320/tableOfContent Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//940-320/tableOfContent Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration