XML 42 R29.htm IDEA: XBRL DOCUMENT v3.22.4

Investment Securities (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Available-for-sale securities reconciliation

he following tables summarize the amortized cost and fair value of securities available-for-sale and securities held-for-maturity at December 31, 2022 and 2021 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive (loss) income and gross unrecognized gains and losses:

			December 31, 2022
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Available-for-Sale Securities
Debt Securities:
U.S. Treasury securities			$	9,990					$	—					$	(1,283)					$	8,707
U.S. Government agencies			107						—						(9)						98
Obligations of states and political subdivisions			201,638						—						(26,653)						174,985
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations			117,292						4						(7,803)						109,493
Private label mortgage and asset backed securities			411,441						14						(55,913)						355,542
			$	740,468					$	18					$	(91,661)					$	648,825

			December 31, 2022
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Held to Maturity
Debt Securities:
Obligations of states and political subdivisions			$	192,004					$	67					$	(23,166)					$	168,905
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations			10,430						—						(1,762)						8,668
Private label mortgage and asset backed securities			56,691						—						(5,931)						50,760
Corporate debt securities			45,982						—						(3,066)						42,916
			$	305,107					$	67					$	(33,925)					$	271,249

			December 31, 2021
			Amortized Cost						Gross Unrealized  Gains						Gross Unrealized Losses						Estimated  Fair Value
Available-for-Sale Securities
Debt Securities:
U.S. Treasury securities			$	9,988					$	—					$	(63)					$	9,925
U.S. Government agencies			373						6						—						379
Obligations of states and political subdivisions			512,952						16,703						(3,188)						526,467
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations			213,471						2,245						(1,277)						214,439
Private label mortgage and asset backed securities			317,089						824						(4,693)						313,220
Corporate debt securities			44,500						595						(317)						44,778
`			$	1,098,373					$	20,373					$	(9,538)					$	1,109,208

Realized gains and losses

Proceeds and gross realized (losses)/gains on investment securities for the years ended December 31, 2022, 2021, and 2020 are shown below (in thousands):

						Years Ended December 31,
						2022						2021						2020
Available-for-Sale Securities
Proceeds from sales or calls						$	252,331					$	26,222					$	283,956
Gross realized gains from sales or calls						$	5,235					$	580					$	7,123
Gross realized losses from sales or calls						$	(6,965)					$	(79)					$	(2,871)

Investments by contractual maturity

The amortized cost and estimated fair value of available-for-sale and held-to-maturity investment securities at December 31, 2022 and 2021 by contractual maturity are shown in the two tables below (in thousands).  Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.

						December 31, 2022												December 31, 2021
Available-for-Sale Securities						Amortized  Cost						Estimated  Fair Value						Amortized  Cost						Estimated  Fair Value
Within one year						$	—					$	—					$	—					$	—
After one year through five years						—						—						3,690						4,038
After five years through ten years						45,918						38,383						99,615						101,498
After ten years						165,710						145,309						419,635						430,856
						211,628						183,692						522,940						536,392
Investment securities not due at a single maturity date:
U.S. Government agencies						107						98						373						379
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						117,292						109,493						213,471						214,439
Private label mortgage and asset backed securities						411,441						355,542						317,089						313,220
Corporate debt securities						—						—						44,500						44,778
						$	740,468					$	648,825					$	1,098,373					$	1,109,208
						December 31, 2022												December 31, 2021
Held-to-Maturity Securities						Amortized  Cost						Estimated  Fair Value						Amortized  Cost						Estimated  Fair Value
Within one year						$	—					$	—					$	—					$	—
After one year through five years						132						129						—						—
After five years through ten years						51,424						46,143						—						—
After ten years						140,448						122,633						—						—
						192,004						168,905						—						—
Investment securities not due at a single maturity date:
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						10,430						8,668						—						—
Private label mortgage and asset backed securities						56,691						50,760						—						—
Corporate debt securities						45,982						42,916						—						—
						$	305,107					$	271,249					$	—					$	—

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

Investment securities with unrealized losses at December 31, 2022 and 2021 are summarized and classified according to the duration of the loss period as follows (in thousands):

			December 31, 2022
			Less than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Available-for-Sale Securities
Debt Securities:
U.S. Treasury securities			$	—					$	—					$	8,707					$	(1,283)					$	8,707					$	(1,283)
U.S. Government agencies			—						—						98						(9)						98						(9)
Obligations of states and political subdivisions			90,808						(12,208)						84,177						(14,445)						174,985						(26,653)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations			20,825						(1,058)						88,520						(6,745)						109,345						(7,803)
Private label residential mortgage and asset backed securities			126,284						(14,529)						229,152						(41,384)						355,436						(55,913)
			$	237,917					$	(27,795)					$	410,654					$	(63,866)					$	648,571					$	(91,661)

			December 31, 2022
			Less than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Held-to-Maturity Securities
Debt Securities:
Obligations of states and political subdivisions			$	48,311					$	(5,505)					$	118,026					$	(17,661)					$	166,337					$	(23,166)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations			—						—						8,668						(1,762)						8,668						(1,762)
Private label residential mortgage and asset backed securities			19,393						(1,916)						31,367						(4,015)						50,760						(5,931)
Corporate debt securities			23,997						(1,561)						18,919						(1,505)						42,916						(3,066)
			$	91,701					$	(8,982)					$	176,980					$	(24,943)					$	268,681					$	(33,925)

 

			December 31, 2021
			Less than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Available-for-Sale Securities
Debt Securities:
U.S. Treasury securities			$	9,925					$	(63)					$	—					$	—					$	9,925					$	(63)
Obligations of states and political subdivisions			143,336						(2,896)						6,336						(292)						149,672						(3,188)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations			91,385						(905)						40,365						(372)						131,750						(1,277)
Private label residential mortgage backed securities			230,987						(3,661)						28,908						(1,032)						259,895						(4,693)
Corporate debt securities			21,183						(317)						—						—						21,183						(317)
			$	496,816					$	(7,842)					$	75,609					$	(1,696)					$	572,425					$	(9,538)

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

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

Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27357-111563

+ Details

Name:	us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration