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Securities (Tables)
12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities Available for Sale
The amortized cost and estimated fair value of securities AFS and securities HTM are summarized in the following tables:
December 31, 2023
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Securities AFS:
Mortgage-backed securities$288,793 $395 $(31,228)$257,960 
Municipal bonds211,848 13 (27,732)184,129 
U.S. Treasury securities92,054 — (1,912)90,142 
U.S. agency securities39,563 (1,707)37,861 
Total Securities AFS$632,258 $413 $(62,579)$570,092 
Securities HTM:
Mortgage-backed securities$140,314 $— $(22,098)$118,216 
U.S. agency securities922 — (109)813 
Total Securities HTM$141,236 $— $(22,207)$119,029 
December 31, 2022
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Securities AFS:
Mortgage-backed securities$272,253 $— $(31,272)$240,981 
Municipal bonds219,305 (35,219)184,092 
U.S. Treasury securities176,380 — (5,902)170,478 
U.S. agency securities20,601 — (1,745)18,856 
Total Securities AFS$688,539 $$(74,138)$614,407 
Securities HTM:
Mortgage-backed securities$150,771 $— $(19,142)$131,629 
U.S. agency securities912 — (134)778 
Total Securities HTM$151,683 $— $(19,276)$132,407 
Schedule of Debt Securities Held-to-Maturity
The amortized cost and estimated fair value of securities AFS and securities HTM are summarized in the following tables:
December 31, 2023
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Securities AFS:
Mortgage-backed securities$288,793 $395 $(31,228)$257,960 
Municipal bonds211,848 13 (27,732)184,129 
U.S. Treasury securities92,054 — (1,912)90,142 
U.S. agency securities39,563 (1,707)37,861 
Total Securities AFS$632,258 $413 $(62,579)$570,092 
Securities HTM:
Mortgage-backed securities$140,314 $— $(22,098)$118,216 
U.S. agency securities922 — (109)813 
Total Securities HTM$141,236 $— $(22,207)$119,029 
December 31, 2022
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Securities AFS:
Mortgage-backed securities$272,253 $— $(31,272)$240,981 
Municipal bonds219,305 (35,219)184,092 
U.S. Treasury securities176,380 — (5,902)170,478 
U.S. agency securities20,601 — (1,745)18,856 
Total Securities AFS$688,539 $$(74,138)$614,407 
Securities HTM:
Mortgage-backed securities$150,771 $— $(19,142)$131,629 
U.S. agency securities912 — (134)778 
Total Securities HTM$151,683 $— $(19,276)$132,407 
Schedule of Maturities of Securities Available for Sale
The amortized cost and estimated fair value of securities AFS and securities HTM as of December 31, 2023, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers have the right to call or repay obligations with or without call or prepayment penalties.
December 31, 2023
(in thousands)Amortized
Cost
Fair
Value
Securities AFS:
Within one year$82,041 $80,724 
After one year but within five years52,531 50,789 
After five years but within ten years95,362 89,073 
After ten years402,324 349,506 
Total Securities AFS$632,258 $570,092 
Securities HTM:
Within one year$— $— 
After one year but within five years— — 
After five years but within ten years922 813 
After ten years140,314 118,216 
Total Securities HTM$141,236 $119,029 
Schedule of Debt Securities Available for Sale in Unrealized Loss Position
Information pertaining to securities AFS and securities HTM with gross unrealized losses as of December 31, 2023 and 2022, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is described as follows:
December 31, 2023
Less than twelve monthsTwelve months or more
(in thousands)Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Securities AFS:
Mortgage-backed securities$(35)$19,383 $(31,193)$206,518 
Municipal bonds(83)4,815 (27,649)176,098 
U.S. Treasury securities— — (1,912)90,142 
U.S. agency securities(82)19,301 (1,625)14,475 
Total Securities AFS$(200)$43,499 $(62,379)$487,233 
Securities HTM:
Mortgage-backed securities$— $— $(22,098)$118,216 
U.S. agency securities— — (109)813 
Total Securities HTM$— $— $(22,207)$119,029 
December 31, 2022
Less than twelve monthsTwelve months or more
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Securities AFS:
Mortgage-backed securities$(10,214)$105,030 $(21,058)$135,607 
Municipal bonds(11,340)84,691 (23,879)98,607 
U.S. Treasury securities(3,852)131,107 (2,050)39,371 
U.S. agency securities(608)10,289 (1,137)8,564 
Total Securities AFS$(26,014)$331,117 $(48,124)$282,149 
Securities HTM:
Mortgage-backed securities$(19,142)$131,629 $— $— 
U.S. agency securities(134)778 — — 
Total Securities HTM$(19,276)$132,407 $— $— 
Schedule of Debt Securities Held-to-Maturity in Unrealized Loss Position
Information pertaining to securities AFS and securities HTM with gross unrealized losses as of December 31, 2023 and 2022, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is described as follows:
December 31, 2023
Less than twelve monthsTwelve months or more
(in thousands)Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Securities AFS:
Mortgage-backed securities$(35)$19,383 $(31,193)$206,518 
Municipal bonds(83)4,815 (27,649)176,098 
U.S. Treasury securities— — (1,912)90,142 
U.S. agency securities(82)19,301 (1,625)14,475 
Total Securities AFS$(200)$43,499 $(62,379)$487,233 
Securities HTM:
Mortgage-backed securities$— $— $(22,098)$118,216 
U.S. agency securities— — (109)813 
Total Securities HTM$— $— $(22,207)$119,029 
December 31, 2022
Less than twelve monthsTwelve months or more
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Securities AFS:
Mortgage-backed securities$(10,214)$105,030 $(21,058)$135,607 
Municipal bonds(11,340)84,691 (23,879)98,607 
U.S. Treasury securities(3,852)131,107 (2,050)39,371 
U.S. agency securities(608)10,289 (1,137)8,564 
Total Securities AFS$(26,014)$331,117 $(48,124)$282,149 
Securities HTM:
Mortgage-backed securities$(19,142)$131,629 $— $— 
U.S. agency securities(134)778 — — 
Total Securities HTM$(19,276)$132,407 $— $— 
Schedule of Realized Gain (Loss)
The proceeds from sales and calls of debt securities and their gross gain (loss) for the years ended December 31, 2023, 2022, and 2021, are shown below:
Years Ended December 31,
(in thousands)202320222021
Proceeds (1)
$— $41,234 $120,374 
Gross gain— 64 859 
Gross loss— (123)(665)
(1)The proceeds include the gross gain and loss.