XML 27 R18.htm IDEA: XBRL DOCUMENT v3.23.3
Securities (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Securities, Trading, and Equity Securities, FV-NI, Cost [Abstract]  
Schedule of Gross Unrealized Gains and (Losses)

The fair value of equity securities and the related gross unrealized gains and (losses) recognized in noninterest income were as follows:

 

 

September 30, 2023

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

(Dollars in thousands)

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Equity securities

$

7,928

 

 

$

208

 

 

$

(874

)

 

$

7,262

 

 

 

December 31, 2022

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

(Dollars in thousands)

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Equity securities

$

8,982

 

 

$

305

 

 

$

(721

)

 

$

8,566

 
Schedule of Gross Unrealized Gains and Losses on Investment Securities Available for Sale Recognized in Accumulated Other Comprehensive Income (loss)

The following tables present the amortized cost and fair value of securities available for sale and the gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and the amortized cost and fair value of securities held to maturity and the related gross unrealized gains and losses. Mortgage backed security and collateralized mortgage obligation maturities are based on the average life at the prepayment speed and all other security types are based on the pre-refund date, call date, or maturity date:

 

 

September 30, 2023

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

(Dollars in thousands)

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

Available for Sale:

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

U.S. Treasury notes and bonds

$

90,463

 

 

$

-

 

 

$

(13,431

)

 

$

77,032

 

State and municipal

 

260,976

 

 

 

-

 

 

 

(48,262

)

 

 

212,714

 

Mortgage-backed

 

219,113

 

 

 

9

 

 

 

(30,058

)

 

 

189,064

 

Corporate

 

760

 

 

 

-

 

 

 

(51

)

 

 

709

 

Asset-backed securities

 

11,675

 

 

 

-

 

 

 

(390

)

 

 

11,285

 

Total

$

582,987

 

 

$

9

 

 

$

(92,192

)

 

$

490,804

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to Maturity:

 

 

 

 

 

 

 

 

 

 

 

U.S. Government and federal agency

$

2,971

 

 

$

-

 

 

$

(396

)

 

$

2,575

 

State and municipal

 

196,580

 

 

 

3

 

 

 

(42,986

)

 

 

153,597

 

Mortgage-backed

 

194,545

 

 

 

-

 

 

 

(33,599

)

 

 

160,946

 

Corporate

 

20,005

 

 

 

16

 

 

 

(3,117

)

 

 

16,904

 

Asset-backed securities

 

642

 

 

 

-

 

 

 

(39

)

 

 

603

 

Total

$

414,743

 

 

$

19

 

 

$

(80,137

)

 

$

334,625

 

 

 

December 31, 2022

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

(Dollars in thousands)

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

Available for Sale:

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

U.S. Treasury notes and bonds

$

90,810

 

 

$

-

 

 

$

(12,606

)

 

$

78,204

 

State and municipal

 

277,489

 

 

 

-

 

 

 

(47,551

)

 

 

229,938

 

Mortgage-backed

 

236,703

 

 

 

-

 

 

 

(28,140

)

 

 

208,563

 

Corporate

 

757

 

 

 

-

 

 

 

(46

)

 

 

711

 

Asset-backed securities

 

13,031

 

 

 

-

 

 

 

(698

)

 

 

12,333

 

Total

$

618,790

 

 

$

-

 

 

$

(89,041

)

 

$

529,749

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to Maturity:

 

 

 

 

 

 

 

 

 

 

 

U.S. Government and federal agency

$

2,966

 

 

$

-

 

 

$

(421

)

 

$

2,545

 

State and municipal

 

201,890

 

 

 

1

 

 

 

(39,355

)

 

 

162,536

 

Mortgage-backed

 

200,473

 

 

 

-

 

 

 

(29,868

)

 

 

170,605

 

Corporate

 

19,603

 

 

 

-

 

 

 

(2,285

)

 

 

17,318

 

Asset-backed securities

 

974

 

 

 

-

 

 

 

(77

)

 

 

897

 

Total

$

425,906

 

 

$

1

 

 

$

(72,006

)

 

$

353,901

 
Schedule of Available for Sale Securities with Unrealize Losses with unrealized losses as of September 30, 2023 and December 31, 2022, aggregated by investment category and length of time the individual securities have been in an unrealized loss position, were as follows:

 

 

September 30, 2023

 

 

Less than 12 months

 

 

More than 12 months

 

 

Total

 

(Dollars in thousands)

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

Available for Sale:

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

U.S. Treasury notes and bonds

$

-

 

$

-

 

$

77,032

 

$

13,431

 

$

77,032

 

$

13,431

 

State and municipal

 

529

 

 

35

 

 

212,185

 

 

48,227

 

 

212,714

 

 

48,262

 

Mortgage-backed

 

4,099

 

 

160

 

 

174,956

 

 

29,898

 

 

179,055

 

 

30,058

 

Corporate

 

-

 

 

-

 

 

709

 

 

51

 

 

709

 

 

51

 

Asset-backed securities

 

-

 

 

-

 

 

11,285

 

 

390

 

 

11,285

 

 

390

 

     Total temporarily impaired

$

4,628

 

 

$

195

 

 

$

476,167

 

 

$

91,997

 

 

$

480,795

 

 

$

92,192

 

 

 

December 31, 2022

 

 

Less than 12 months

 

 

More than 12 months

 

 

Total

 

(Dollars in thousands)

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

Available for Sale:

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

U.S. Treasury notes and bonds

$

-

 

$

-

 

$

78,204

 

$

12,606

 

$

78,204

 

$

12,606

 

State and municipal

 

89,158

 

 

12,612

 

 

140,390

 

 

34,939

 

 

229,548

 

 

47,551

 

Mortgage-backed

 

63,249

 

 

3,093

 

 

144,318

 

 

25,047

 

 

207,567

 

 

28,140

 

Corporate

 

711

 

 

46

 

 

-

 

 

-

 

 

711

 

 

46

 

Asset-backed securities

 

-

 

 

-

 

 

12,333

 

 

698

 

 

12,333

 

 

698

 

     Total temporarily impaired

$

153,118

 

$

15,751

 

$

375,245

 

$

73,290

 

$

528,363

 

$

89,041

 
Schedule of Held to Maturity Securities with Unrealize Losses

Held to maturity securities with unrealized losses as of September 30, 2023 and December 31, 2022, aggregated by investment category and length of time the individual securities have been in an unrealized loss position, were as follows:

 

September 30, 2023

 

 

Less than 12 months

 

 

More than 12 months

 

 

Total

 

(Dollars in thousands)

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

Held to Maturity:

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

U.S. Government and federal agency

$

-

 

$

-

 

$

2,575

 

$

396

 

$

2,575

 

$

396

 

State and municipal

 

125

 

 

6

 

 

153,293

 

 

42,980

 

 

153,418

 

 

42,986

 

Mortgage-backed

 

-

 

 

-

 

 

160,946

 

 

33,599

 

 

160,946

 

 

33,599

 

Corporate

 

-

 

 

-

 

 

15,251

 

 

3,117

 

 

15,251

 

 

3,117

 

Asset-backed securities

 

-

 

 

-

 

 

603

 

 

39

 

 

603

 

 

39

 

     Total temporarily impaired

$

125

 

$

6

 

$

332,668

 

$

80,131

 

$

332,793

 

$

80,137

 

 

 

December 31, 2022

 

 

Less than 12 months

 

 

More than 12 months

 

 

Total

 

(Dollars in thousands)

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

Held to Maturity:

Value

 

 

Losses

 

 

Value

 

 

Losses

 

 

Value

 

 

Losses

 

U.S. Government and federal agency

$

-

 

 

$

-

 

 

$

2,545

 

 

$

421

 

 

$

2,545

 

$

421

 

State and municipal

 

13,457

 

 

 

1,899

 

 

 

149,016

 

 

 

37,456

 

 

 

162,473

 

 

39,355

 

Mortgage-backed

 

25,582

 

 

 

822

 

 

 

145,024

 

 

 

29,046

 

 

 

170,606

 

 

29,868

 

Corporate

 

5,296

 

 

 

603

 

 

 

10,771

 

 

 

1,682

 

 

 

16,067

 

 

2,285

 

Asset-backed securities

 

-

 

 

 

-

 

 

 

897

 

 

 

77

 

 

 

897

 

 

77

 

     Total temporarily impaired

$

44,335

 

$

3,324

 

$

308,253

 

$

68,682

 

$

352,588

 

$

72,006

 

 

 

 
Schedule of Maturities of Securities

Presented below is a schedule of maturities of securities as of September 30, 2023. Available for sale securities are reported at fair value and held to maturity securities are reported at amortized cost. Callable securities in the money are presumed called and matured at the callable date.

 

 

Available for Sale Securities maturing within:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value

 

 

Less than

 

 

1 Year -

 

 

5 Years -

 

 

More than

 

 

at September 30,

 

(Dollars in thousands)

1 Year

 

 

5 Years

 

 

10 Years

 

 

10 Years

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government and federal agency

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

U.S. Treasury notes and bonds

 

-

 

 

 

55,662

 

 

 

21,370

 

 

 

-

 

 

 

77,032

 

State and municipal

 

1,854

 

 

 

9,677

 

 

 

36,082

 

 

 

165,101

 

 

 

212,714

 

Corporate

 

509

 

 

 

-

 

 

 

200

 

 

 

—

 

 

 

709

 

Asset-backed securities

 

—

 

 

 

8,195

 

 

 

3,090

 

 

 

—

 

 

 

11,285

 

Total debt securities

 

2,363

 

 

 

73,534

 

 

 

60,742

 

 

 

165,101

 

 

 

301,740

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

14,001

 

 

 

59,091

 

 

 

109,991

 

 

 

5,981

 

 

 

189,064

 

Total Available for Sale

$

16,364

 

 

$

132,625

 

 

$

170,733

 

 

$

171,082

 

 

$

490,804

 

 

 

Held to Maturity Securities maturing within:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortized Cost

 

 

Less than

 

 

1 Year -

 

 

5 Years -

 

 

More than

 

 

at September 30,

 

(Dollars in thousands)

1 Year

 

 

5 Years

 

 

10 Years

 

 

10 Years

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government and federal agency

$

—

 

 

$

2,971

 

 

$

-

 

 

$

—

 

 

$

2,971

 

State and municipal

 

1,056

 

 

 

9,425

 

 

 

80,002

 

 

 

106,097

 

 

 

196,580

 

Corporate

 

—

 

 

 

-

 

 

 

20,005

 

 

 

-

 

 

 

20,005

 

Asset-backed securities

 

—

 

 

 

642

 

 

 

—

 

 

 

—

 

 

 

642

 

Total debt securities

 

1,056

 

 

 

13,038

 

 

 

100,007

 

 

 

106,097

 

 

 

220,198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

14,753

 

 

 

30,664

 

 

 

149,128

 

 

 

—

 

 

 

194,545

 

Total Held to Maturity

$

15,809

 

 

$

43,702

 

 

$

249,135

 

 

$

106,097

 

 

$

414,743

 
Schedule of Unrealized Gains and Losses on Equity Securities

Following is information regarding unrealized gains and losses on equity securities for the three and nine months ended September 30, 2023 and 2022:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains and (losses) recognized during the period

 

$

(205

)

 

$

(323

)

 

$

(527

)

 

$

(1,006

)

Less: Net gains and (losses) recognized during the period on securities sold

 

 

(71

)

—

 

 

(71

)

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains and (losses) recognized during the reporting period on securities still held at the reporting date

 

$

(134

)

$

(323

)

$

(456

)

$

(1,006

)