XML 27 R21.htm IDEA: XBRL DOCUMENT v3.24.3
Securities (Tables)
 9 Months Ended
Sep. 30, 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:

 

 

September 30, 2024

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

(Dollars in thousands)

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Equity securities

$

8,030

 

 

$

332

 

 

$

(546

)

 

$

7,816

 

 

 

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:

 

 

September 30, 2024

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

(Dollars in thousands)

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

Available for Sale:

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

U.S. Treasury notes and bonds

$

89,994

 

 

$

-

 

 

$

(7,762

)

 

$

82,232

 

State and municipal

 

269,780

 

 

 

-

 

 

 

(34,746

)

 

 

235,034

 

Mortgage-backed

 

189,408

 

 

 

59

 

 

 

(18,708

)

 

 

170,759

 

Corporate

 

250

 

 

 

-

 

 

 

(37

)

 

 

213

 

Asset-backed securities

 

9,511

 

 

 

-

 

 

 

(197

)

 

 

9,314

 

Total

$

558,943

 

 

$

59

 

 

$

(61,450

)

 

$

497,552

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

Held to Maturity:

 

 

 

 

 

 

 

 

 

 

 

U.S. Government and federal agency

$

2,977

 

 

$

-

 

 

$

(220

)

 

$

2,757

 

State and municipal

 

196,165

 

 

 

10

 

 

 

(25,013

)

 

 

171,162

 

Mortgage-backed

 

172,476

 

 

 

-

 

 

 

(18,644

)

 

 

153,832

 

Corporate

 

20,036

 

 

 

32

 

 

 

(2,212

)

 

 

17,856

 

Asset-backed securities

 

300

 

 

 

-

 

 

 

(7

)

 

 

293

 

Total

$

391,954

 

 

$

42

 

 

$

(46,096

)

 

$

345,900

 

 

 

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 September 30, 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:

 

 

September 30, 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

$

-

 

$

-

 

$

82,232

 

$

7,762

 

$

82,232

 

$

7,762

 

State and municipal

 

-

 

 

-

 

 

235,034

 

 

34,746

 

 

235,034

 

 

34,746

 

Mortgage-backed

 

-

 

 

-

 

 

158,840

 

 

18,708

 

 

158,840

 

 

18,708

 

Corporate

 

-

 

 

-

 

 

213

 

 

37

 

 

213

 

 

37

 

Asset-backed securities

 

-

 

 

-

 

 

9,314

 

 

197

 

 

9,314

 

 

197

 

     Total temporarily impaired

$

-

 

 

$

-

 

 

$

485,633

 

 

$

61,450

 

 

$

485,633

 

 

$

61,450

 

 

 

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 September 30, 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:

 

September 30, 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

$

-

 

$

-

 

$

2,757

 

$

220

 

$

2,757

 

$

220

 

State and municipal

 

6,818

 

 

1,012

 

 

162,111

 

 

24,001

 

 

168,929

 

 

25,013

 

Mortgage-backed

 

-

 

 

-

 

 

153,832

 

 

18,644

 

 

153,832

 

 

18,644

 

Corporate

 

-

 

 

-

 

 

16,177

 

 

2,212

 

 

16,177

 

 

2,212

 

Asset-backed securities

 

-

 

 

-

 

 

293

 

 

7

 

 

293

 

 

7

 

     Total temporarily impaired

$

6,818

 

$

1,012

 

$

335,170

 

$

45,084

 

$

341,988

 

$

46,096

 

 

 

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 September 30, 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 September 30,

 

(Dollars in thousands)

1 Year

 

 

5 Years

 

 

10 Years

 

 

10 Years

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury notes and bonds

$

-

 

 

$

82,232

 

 

$

-

 

 

$

-

 

 

$

82,232

 

State and municipal

 

1,018

 

 

 

22,377

 

 

 

113,176

 

 

 

98,463

 

 

 

235,034

 

Corporate

 

-

 

 

 

-

 

 

 

213

 

 

 

-

 

 

 

213

 

Asset-backed securities

 

-

 

 

 

6,793

 

 

 

2,521

 

 

 

-

 

 

 

9,314

 

Total debt securities

 

1,018

 

 

 

111,402

 

 

 

115,910

 

 

 

98,463

 

 

 

326,793

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

8,693

 

 

 

65,274

 

 

 

83,639

 

 

 

13,153

 

 

 

170,759

 

Total Available for Sale

$

9,711

 

 

$

176,676

 

 

$

199,549

 

 

$

111,616

 

 

$

497,552

 

 

 

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

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government and federal agency

$

-

 

 

$

2,977

 

 

$

-

 

 

$

-

 

 

$

2,977

 

State and municipal

 

2,972

 

 

 

19,729

 

 

 

98,326

 

 

 

75,138

 

 

 

196,165

 

Corporate

 

-

 

 

 

-

 

 

 

20,036

 

 

 

-

 

 

 

20,036

 

Asset-backed securities

 

300

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

300

 

Total debt securities

 

3,272

 

 

 

22,706

 

 

 

118,362

 

 

 

75,138

 

 

 

219,478

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

13,248

 

 

 

37,077

 

 

 

122,151

 

 

 

-

 

 

 

172,476

 

Total Held to Maturity

$

16,520

 

 

$

59,783

 

 

$

240,513

 

 

$

75,138

 

 

$

391,954

 
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, 2024 and 2023:

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2024

 

 

2023

 

2024

 

 

2023

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

Net gains and (losses) recognized during the period

 

$

277

 

 

$

(205

)

$

241

 

 

$

(527

)

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

 

$

277

 

$

(134

)

$

241

 

$

(456

)