XML 24 R18.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Securities (Tables)
 3 Months Ended
Mar. 31, 2024
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:

 

 

March 31, 2024

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

(Dollars in thousands)

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Equity securities

$

7,980

 

 

$

292

 

 

$

(712

)

 

$

7,560

 

 

 

December 31, 2023

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

(Dollars in thousands)

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Equity securities

$

7,960

 

 

$

212

 

 

$

(667

)

 

$

7,505

 
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:

 

 

March 31, 2024

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

(Dollars in thousands)

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

Available for Sale:

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

U.S. Treasury notes and bonds

$

90,229

 

 

$

-

 

 

$

(10,953

)

 

$

79,276

 

State and municipal

 

263,439

 

 

 

-

 

 

 

(32,511

)

 

 

230,928

 

Mortgage-backed

 

207,478

 

 

 

29

 

 

 

(23,757

)

 

 

183,750

 

Corporate

 

250

 

 

 

-

 

 

 

(46

)

 

 

204

 

Asset-backed securities

 

10,729

 

 

 

-

 

 

 

(251

)

 

 

10,478

 

Total

$

572,125

 

 

$

29

 

 

$

(67,518

)

 

$

504,636

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

Held to Maturity:

 

 

 

 

 

 

 

 

 

 

 

U.S. Government and federal agency

$

2,974

 

 

$

-

 

 

$

(322

)

 

$

2,652

 

State and municipal

 

195,710

 

 

 

9

 

 

 

(31,086

)

 

 

164,633

 

Mortgage-backed

 

178,818

 

 

 

-

 

 

 

(24,692

)

 

 

154,126

 

Corporate

 

20,021

 

 

 

20

 

 

 

(2,679

)

 

 

17,362

 

Asset-backed securities

 

458

 

 

 

-

 

 

 

(21

)

 

 

437

 

Total

$

397,981

 

 

$

29

 

 

$

(58,800

)

 

$

339,210

 

 

 

December 31, 2023

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

(Dollars in thousands)

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

Available for Sale:

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

U.S. Treasury notes and bonds

$

90,345

 

 

$

-

 

 

$

(10,151

)

 

$

80,194

 

State and municipal

 

269,918

 

 

 

-

 

 

 

(35,236

)

 

 

234,682

 

Mortgage-backed

 

212,392

 

 

 

14

 

 

 

(23,905

)

 

 

188,501

 

Corporate

 

250

 

 

 

-

 

 

 

(46

)

 

 

204

 

Asset-backed securities

 

11,334

 

 

 

-

 

 

 

(317

)

 

 

11,017

 

Total

$

584,239

 

 

$

14

 

 

$

(69,655

)

 

$

514,598

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

Held to Maturity:

 

 

 

 

 

 

 

 

 

 

 

U.S. Government and federal agency

$

2,972

 

 

$

-

 

 

$

(293

)

 

$

2,679

 

State and municipal

 

196,098

 

 

 

14

 

 

 

(30,220

)

 

 

165,892

 

Mortgage-backed

 

188,329

 

 

 

-

 

 

 

(25,796

)

 

 

162,533

 

Corporate

 

20,013

 

 

 

21

 

 

 

(2,864

)

 

 

17,170

 

Asset-backed securities

 

547

 

 

 

-

 

 

 

(30

)

 

 

517

 

Total

$

407,959

 

 

$

35

 

 

$

(59,203

)

 

$

348,791

 
Schedule of Available for Sale Securities with Unrealize Losses

Available for sale securities with unrealized losses as of March 31, 2024 and December 31, 2023, aggregated by investment category and length of time the individual securities have been in an unrealized loss position, were as follows:

 

 

March 31, 2024

 

 

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

$

-

 

$

-

 

$

79,276

 

$

10,953

 

$

79,276

 

$

10,953

 

State and municipal

 

-

 

 

-

 

 

230,928

 

 

32,511

 

 

230,928

 

 

32,511

 

Mortgage-backed

 

777

 

 

3

 

 

169,823

 

 

23,754

 

 

170,600

 

 

23,757

 

Corporate

 

-

 

 

-

 

 

204

 

 

46

 

 

204

 

 

46

 

Asset-backed securities

 

-

 

 

-

 

 

10,478

 

 

251

 

 

10,478

 

 

251

 

     Total temporarily impaired

$

777

 

 

$

3

 

 

$

490,709

 

 

$

67,515

 

 

$

491,486

 

 

$

67,518

 

 

 

December 31, 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

$

-

 

$

-

 

 

$

80,194

 

 

$

10,151

 

 

$

80,194

 

 

$

10,151

 

State and municipal

 

557

 

 

6

 

 

234,125

 

 

35,230

 

 

234,682

 

 

35,236

 

Mortgage-backed

 

1,255

 

 

23

 

 

176,400

 

 

23,882

 

 

177,655

 

 

23,905

 

Corporate

 

-

 

 

-

 

 

204

 

 

46

 

 

204

 

 

46

 

Asset-backed securities

 

-

 

 

-

 

 

11,017

 

 

317

 

 

11,017

 

 

317

 

     Total temporarily impaired

$

1,812

 

$

29

 

$

501,940

 

$

69,626

 

$

503,752

 

$

69,655

 
Schedule of Held to Maturity Securities with Unrealize Losses

Held to maturity securities with unrealized losses as of March 31, 2024 and December 31, 2023, aggregated by investment category and length of time the individual securities have been in an unrealized loss position, were as follows:

 

March 31, 2024

 

 

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

$

-

 

$

-

 

$

2,652

 

$

322

 

$

2,652

 

$

322

 

State and municipal

 

6,540

 

 

1,332

 

 

157,833

 

 

29,754

 

 

164,373

 

 

31,086

 

Mortgage-backed

 

871

 

 

2

 

 

153,255

 

 

24,690

 

 

154,126

 

 

24,692

 

Corporate

 

-

 

 

-

 

 

15,699

 

 

2,679

 

 

15,699

 

 

2,679

 

Asset-backed securities

 

-

 

 

-

 

 

437

 

 

21

 

 

437

 

 

21

 

     Total temporarily impaired

$

7,411

 

$

1,334

 

$

329,876

 

$

57,466

 

$

337,287

 

$

58,800

 

 

 

December 31, 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

$

-

 

 

$

-

 

 

$

2,679

 

 

$

293

 

 

$

2,679

 

$

293

 

State and municipal

 

23

 

 

 

-

 

 

 

165,526

 

 

 

30,220

 

 

 

165,549

 

 

30,220

 

Mortgage-backed

 

-

 

 

 

-

 

 

 

162,533

 

 

 

25,796

 

 

 

162,533

 

 

25,796

 

Corporate

 

-

 

 

 

-

 

 

 

15,509

 

 

 

2,864

 

 

 

15,509

 

 

2,864

 

Asset-backed securities

 

-

 

 

 

-

 

 

 

517

 

 

 

30

 

 

 

517

 

 

30

 

     Total temporarily impaired

$

23

 

$

-

 

$

346,764

 

$

59,203

 

$

346,787

 

$

59,203

 

 

 

 
Schedule of Maturities of Securities

Presented below is a schedule of maturities of securities as of March 31, 2024. 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 March 31,

 

(Dollars in thousands)

1 Year

 

 

5 Years

 

 

10 Years

 

 

10 Years

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury notes and bonds

$

-

 

 

$

66,720

 

 

$

12,556

 

 

$

-

 

 

$

79,276

 

State and municipal

 

-

 

 

 

11,272

 

 

 

105,237

 

 

 

114,419

 

 

 

230,928

 

Corporate

 

-

 

 

 

-

 

 

 

204

 

 

 

-

 

 

 

204

 

Asset-backed securities

 

-

 

 

 

7,643

 

 

 

2,835

 

 

 

-

 

 

 

10,478

 

Total debt securities

 

-

 

 

 

85,635

 

 

 

120,832

 

 

 

114,419

 

 

 

320,886

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

18,808

 

 

 

59,528

 

 

 

74,514

 

 

 

30,900

 

 

 

183,750

 

Total Available for Sale

$

18,808

 

 

$

145,163

 

 

$

195,346

 

 

$

145,319

 

 

$

504,636

 

 

 

Held to Maturity Securities maturing within:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortized Cost

 

 

Less than

 

 

1 Year -

 

 

5 Years -

 

 

More than

 

 

at March 31,

 

(Dollars in thousands)

1 Year

 

 

5 Years

 

 

10 Years

 

 

10 Years

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government and federal agency

$

-

 

 

$

2,974

 

 

$

-

 

 

$

-

 

 

$

2,974

 

State and municipal

 

1,006

 

 

 

14,455

 

 

 

99,920

 

 

 

80,329

 

 

 

195,710

 

Corporate

 

-

 

 

 

-

 

 

 

20,021

 

 

 

-

 

 

 

20,021

 

Asset-backed securities

 

458

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

458

 

Total debt securities

 

1,464

 

 

 

17,429

 

 

 

119,941

 

 

 

80,329

 

 

 

219,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

17,426

 

 

 

17,116

 

 

 

144,276

 

 

 

-

 

 

 

178,818

 

Total Held to Maturity

$

18,890

 

 

$

34,545

 

 

$

264,217

 

 

$

80,329

 

 

$

397,981

 
Schedule of Unrealized Gains and Losses on Equity Securities

Following is information regarding unrealized gains and losses on equity securities for the three months ended March 31, 2024 and 2023:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2024

 

 

2023

 

(Dollars in thousands)

 

 

 

 

 

 

Net gains and (losses) recognized during the period

 

$

35

 

 

$

63

 

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

 

 

-

 

 

-

 

 

 

 

 

 

 

 

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

 

$

35

 

$

63