XML 27 R13.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Investment Securities | 12 Months Ended
--- | ---
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities The following table summarizes the Company’s available for sale and held to maturity investment securities at December 31, 2023 and 2022.
(dollars in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2023 |  |  |  |  |  | Less Than 1 Year |  | Over 1 Year |  |
Available for sale: |  |  |  |  |  |  |  |  |  |
U.S. agency mortgage-backed |  | $ | 314,569 |  |  | $ | 91 |  |  | $ | 10 |  |  | $ | 30,797 |  |  | $ | 283,853 |
Collateralized mortgage obligations |  | 82,764 |  |  | 1 |  |  | — |  |  | 3,503 |  |  | 79,262 |
Municipal bonds |  | 53,891 |  |  | 4 |  |  | 3 |  |  | 7,218 |  |  | 46,674 |
U.S. government agency |  | 19,151 |  |  | — |  |  | 117 |  |  | 985 |  |  | 18,049 |
Corporate bonds |  | 6,982 |  |  | — |  |  | — |  |  | 894 |  |  | 6,088 |
Total available for sale |  | $ | 477,357 |  |  | $ | 96 |  |  | $ | 130 |  |  | $ | 43,397 |  |  | $ | 433,926 |
Held to maturity: |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | 1,065 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,066 |
Total held to maturity |  | $ | 1,065 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,066 |
(dollars in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2022 |  |  |  |  |  | Less Than 1 Year |  | Over 1 Year |  |
Available for sale: |  |  |  |  |  |  |  |  |  |
U.S. agency mortgage-backed |  | $ | 355,014 |  |  | $ | 63 |  |  | $ | 14,828 |  |  | $ | 23,417 |  |  | $ | 316,832 |
Collateralized mortgage obligations |  | 91,217 |  |  | 1 |  |  | 4,860 |  |  | 13 |  |  | 86,345 |
Municipal bonds |  | 67,476 |  |  | 50 |  |  | 3,245 |  |  | 6,656 |  |  | 57,625 |
U.S. government agency |  | 20,600 |  |  | — |  |  | 1,259 |  |  | 8 |  |  | 19,333 |
Corporate bonds |  | 6,980 |  |  | — |  |  | 247 |  |  | 350 |  |  | $ | 6,383 |
Total available for sale |  | $ | 541,287 |  |  | $ | 114 |  |  | $ | 24,439 |  |  | $ | 30,444 |  |  | $ | 486,518 |
Held to maturity: |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | 1,075 |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | 1,072 |
Total held to maturity |  | $ | 1,075 |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | 1,072 |
Management evaluates securities for impairment from credit losses at least quarterly, and more frequently when economic and market conditions warrant such evaluations. Consideration is given to numerous factors including, but not limited to, the extent to which the fair value is less than the amortized cost basis; adverse conditions causing changes in the financial condition of the issuer of the security or underlying loan guarantors; changes to the rating of the security by a rating agency; and the Company’s intent to sell a security or whether it is more likely than not the Company will be required to sell the security before the recovery of its amortized cost, which may extend to maturity. The Company performs a process to determine whether the decline in the fair value of securities has resulted from credit losses or other factors. This process involves evaluating each security for impairment by monitoring credit performance, collateral type, collateral geography, bond credit support, loan-to-value ratios, credit scores, loss severity levels, pricing levels, downgrades by rating agencies, cash flow projections and other factors as indicators of potential credit issues. If this evaluation indicates the existence of credit losses, the Company compares the present value of cash flows expected to be collected from the security with the amortized cost basis. If the present value of expected cash flows is less than the amortized cost basis, an ACL is recorded, limited by the amount that the fair value of the security is less than its amortized cost. The Company's investment securities with unrealized losses, aggregated by type and length of time that individual securities have been in a continuous loss position, are summarized in the following tables.
(dollars in thousands) |  | Less Than 1 Year |  | Over 1 Year |  | Total
December 31, 2023 |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Available for sale: |  |  |  |  |  |  |  |  |  |  |
U.S. agency mortgage-backed |  | $ | 4,033 |  |  | $ | 10 |  |  | $ | 273,128 |  |  | $ | 30,797 |  |  | $ | 277,161 |  |  | $ | 30,807 |
Collateralized mortgage obligations |  | — |  |  | — |  |  | 79,253 |  |  | 3,503 |  |  | 79,253 |  |  | 3,503 |
Municipal bonds |  | 519 |  |  | 3 |  |  | 44,195 |  |  | 7,218 |  |  | 44,714 |  |  | 7,221 |
U.S. government agency |  | 3,760 |  |  | 117 |  |  | 14,289 |  |  | 985 |  |  | 18,049 |  |  | 1,102 |
Corporate bonds |  | — |  |  | — |  |  | 6,088 |  |  | 894 |  |  | 6,088 |  |  | 894 |
Total available for sale |  | $ | 8,312 |  |  | $ | 130 |  |  | $ | 416,953 |  |  | $ | 43,397 |  |  | $ | 425,265 |  |  | $ | 43,527 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total held to maturity |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(dollars in thousands) |  | Less Than 1 Year |  | Over 1 Year |  | Total
December 31, 2022 |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Available for sale: |  |  |  |  |  |  |  |  |  |  |
U.S. agency mortgage-backed |  | $ | 184,896 |  |  | $ | 14,828 |  |  | $ | 129,248 |  |  | $ | 23,417 |  |  | $ | 314,144 |  |  | $ | 38,245 |
Collateralized mortgage obligations |  | 85,715 |  |  | 4,860 |  |  | 620 |  |  | 13 |  |  | 86,335 |  |  | 4,873 |
Municipal bonds |  | 28,710 |  |  | 3,245 |  |  | 24,100 |  |  | 6,656 |  |  | 52,810 |  |  | 9,901 |
U.S. government agency |  | 18,718 |  |  | 1,259 |  |  | 615 |  |  | 8 |  |  | 19,333 |  |  | 1,267 |
Corporate bonds |  | 3,233 |  |  | 247 |  |  | 3,150 |  |  | 350 |  |  | 6,383 |  |  | 597 |
Total available for sale |  | $ | 321,272 |  |  | $ | 24,439 |  |  | $ | 157,733 |  |  | $ | 30,444 |  |  | $ | 479,005 |  |  | $ | 54,883 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | 1,072 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,072 |  |  | $ | 3 |
Total held to maturity |  | $ | 1,072 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,072 |  |  | $ | 3 |
At December 31, 2023, 290 of the Company’s debt securities had unrealized losses totaling 9.3% of the individual securities’ amortized cost basis and 9.1% of the Company’s total amortized cost basis of the investment securities portfolio. At such date, 284 of the 290 securities had been in a continuous loss position for over 12 months. Management has determined that the declines in the fair value of these securities were not attributable to credit losses. As a result, no ACL was recorded for available for sale investment securities at December 31, 2023. At December 31, 2023 and December 31, 2022, it was determined that no ACL was required for the Company's held to maturity investment securities. The Company monitors credit quality of debt securities held to maturity through the use of credit ratings. The following tables present the amortized cost of the Company's held to maturity securities by credit quality rating at December 31, 2023 and December 31, 2022.
|  | Credit Ratings |  |
(dollars in thousands) |  | AAA/AA/A |  | BBB/BB/B |  | Total
December 31, 2023 |  |  |  |  |  |
Held to maturity: |  |  |  |  |  |
Municipal bonds |  | $ | 1,065 |  |  | $ | — |  |  | $ | 1,065 |
|  | Credit Ratings |  |
(dollars in thousands) |  | AAA/AA/A |  | BBB/BB/B |  | Total
December 31, 2022 |  |  |  |  |  |
Held to maturity: |  |  |  |  |  |
Municipal bonds |  | $ | 1,075 |  |  | $ | — |  |  | $ | 1,075 |
The amortized cost and estimated fair value by maturity of the Company’s investment securities as of December 31, 2023 are shown in the following tables. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. The expected maturity of a security may differ from its contractual maturity because of the exercise of call options and potential paydowns. Accordingly, actual maturities may differ from contractual maturities.
(dollars in thousands) |  | One Year or Less |  | After One Year through Five Years |  | After Five Years through Ten Years |  | After Ten Years |  | Total
Fair Value |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |
U.S. agency mortgage-backed |  | $ | 234 |  |  | $ | 76,274 |  |  | $ | 79,811 |  |  | $ | 127,534 |  |  | $ | 283,853 |
Collateralized mortgage obligations |  | 430 |  |  | 60,299 |  |  | 548 |  |  | 17,985 |  |  | 79,262 |
Municipal bonds |  | — |  |  | 1,754 |  |  | 24,584 |  |  | 20,336 |  |  | 46,674 |
U.S. government agency |  | — |  |  | 5,198 |  |  | 12,598 |  |  | 253 |  |  | 18,049 |
Corporate bonds |  | — |  |  | — |  |  | 6,088 |  |  | — |  |  | 6,088 |
Total securities available for sale |  | $ | 664 |  |  | $ | 143,525 |  |  | $ | 123,629 |  |  | $ | 166,108 |  |  | $ | 433,926 |
Held to maturity: |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | — |  |  | $ | 1,066 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,066 |
Total securities held to maturity |  | $ | — |  |  | $ | 1,066 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,066 |
(dollars in thousands) |  | One Year or Less |  | After One Year through Five Years |  | After Five Years through Ten Years |  | After Ten Years |  | Total
Amortized Cost |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |
U.S. agency mortgage-backed |  | $ | 236 |  |  | $ | 82,757 |  |  | $ | 85,306 |  |  | $ | 146,270 |  |  | $ | 314,569 |
Collateralized mortgage obligations |  | 432 |  |  | 62,779 |  |  | 576 |  |  | 18,977 |  |  | 82,764 |
Municipal bonds |  | — |  |  | 1,889 |  |  | 28,161 |  |  | 23,841 |  |  | 53,891 |
U.S. government agency |  | — |  |  | 5,232 |  |  | 13,664 |  |  | 255 |  |  | 19,151 |
Corporate bonds |  | — |  |  | — |  |  | 6,982 |  |  | — |  |  | 6,982 |
Total securities available for sale |  | $ | 668 |  |  | $ | 152,657 |  |  | $ | 134,689 |  |  | $ | 189,343 |  |  | $ | 477,357 |
Held to maturity: |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | — |  |  | $ | 1,065 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,065 |
Total securities held to maturity |  | $ | — |  |  | $ | 1,065 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,065 |
For the year ended December 31, 2023, the Company recorded gross gains of $98,000 and gross losses of $347,000 related to the sale of investment securities. For the year ended December 31, 2022, the Company recorded no gross gains and losses related to the sale of investment securities. For the year ended December 31, 2021, the Company recorded gross gains and losses recorded related to the sale of investment securities of $5,300 and $5,200, respectively, related to the sale of investment securities. As of December 31, 2023 and 2022, the Company had accrued interest receivable for investment securities of $1,563,000 and $1,798,000, respectively. These amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition. As of December 31, 2023 and 2022, the Company had $127,172,000 and $170,036,000, respectively, of securities pledged to secure public deposits. At December 31, 2023, the Company had pledged securities with a collateral value of $103.4 million against our Bank Term Funding Program ("BTFP") facility.

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