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Investments (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Available-for-sale securities reconciliation

The following table summarizes the amortized cost and fair value of securities available-for-sale and securities held-to-maturity at September 30, 2023 and December 31, 2022 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses (in thousands): 

						September 30, 2023
Available-for-Sale Securities						Amortized Cost			Gross Unrealized  Gains			Gross Unrealized Losses			Allowance for Credit Losses			Estimated  Fair Value
Debt securities:
U.S. Treasury securities						$	9,989		$	—		$	(1,373)		$	—		$	8,616
U.S. Government agencies						103			—			(11)			—			92
Obligations of states and political subdivisions						198,823			—			(32,698)			—			166,125
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						93,303			1			(7,358)			—			85,946
Private label mortgage and asset backed securities						392,514			7			(59,870)			—			332,651
Total available-for-sale						$	694,732		$	8		$	(101,310)		$	—		$	593,430
						September 30, 2023
Held-to-Maturity Securities						Amortized Cost			Gross Unrecognized  Gains			Gross Unrecognized Losses			Estimated  Fair Value			Allowance for Credit Losses
Debt securities:
Obligations of states and political subdivisions						$	192,056		$	75		$	(27,959)		$	164,172		$	15
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						10,675			—			(2,379)			8,296			—
Private label mortgage and asset backed securities						54,943			—			(8,103)			46,840			12
Corporate debt securities						46,058			—			(5,343)			40,715			254
Total held-to-maturity						$	303,732		$	75		$	(43,784)		$	260,023		$	281

						December 31, 2022
Available-for-Sale Securities						Amortized Cost						Gross Unrealized  Gains						Gross Unrealized Losses						Estimated Fair Value
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
Total available-for-sale						$	740,468					$	18					$	(91,661)					$	648,825

						December 31, 2022
Held-to-Maturity Securities						Amortized Cost						Gross Unrecognized  Gains						Gross Unrecognized Losses						Estimated  Fair Value
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
Total held-to-maturity						$	305,107					$	67					$	(33,925)					$	271,249

Realized gains and losses

Proceeds and gross realized gains (losses) from the sales or calls of available-for-sale investment securities for the periods ended September 30, 2023 and 2022 are shown below (in thousands):

						For the Three Months Ended September 30,												For the Nine Months Ended September 30,
Available-for-Sale Securities						2023						2022						2023						2022
Proceeds from sales or calls						$	205					$	275					$	12,580					$	235,645
Gross realized gains from sales or calls						—						—						—						5,123
Gross realized losses from sales or calls						(39)						(14)						(296)						(5,900)

Investment

The following table summarizes the Company’s AFS debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands): 

						September 30, 2023
						Less than 12 Months												12 Months or More												Total
						Fair						Unrealized						Fair						Unrealized						Fair						Unrealized
Available-for-Sale Securities						Value						Losses						Value						Losses						Value						Losses
Debt securities:
U.S. Treasury securities						$	—					$	—					$	8,616					$	(1,373)					$	8,616					$	(1,373)
U.S. Government agencies						—						—						92						(11)						92						(11)
Obligations of states and political subdivisions						—						—						166,125						(32,698)						166,125						(32,698)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						546						(21)						85,400						(7,337)						85,946						(7,358)
Private label mortgage and asset backed securities						44						(2)						332,607						(59,868)						332,651						(59,870)
Total available-for-sale						$	590					$	(23)					$	592,840					$	(101,287)					$	593,430					$	(101,310)

						December 31, 2022
						Less than 12 Months												12 Months or More												Total
						Fair						Unrealized						Fair						Unrealized						Fair						Unrealized
Available-for-Sale Securities						Value						Losses						Value						Losses						Value						Losses
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 mortgage and asset backed securities						126,284						(14,529)						229,152						(41,384)						355,436						(55,913)
Total available-for-sale						$	237,917					$	(27,795)					$	410,654					$	(63,866)					$	648,571					$	(91,661)

Debt Securities, Held-to-maturity, Credit Quality Indicator

The following table summarizes the amortized cost of debt securities held-to-maturity at the dates indicated, aggregated by credit quality indicator. U.S. Government sponsored agencies are not included in the below tables as credit ratings are not applicable.

						September 30, 2023
Debt Securities Held-to-Maturity						AAA/AA/A			BBB			Unrated
Obligations of states and political subdivisions						$	192,056		$	—		$	—
Private label mortgage and asset backed securities						46,411			—			8,532
Corporate debt securities						—			30,163			15,895
Total debt securities held-to-maturity						$	238,467		$	30,163		$	24,427

Schedule of Maturities of Long-Term Debt

The amortized cost and estimated fair value of available-for-sale and held-to maturity investment securities at September 30, 2023 by contractual maturity is shown 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. Securities not due at a single maturity date are shown separately.

						September 30, 2023												December 31, 2022
Available-for-Sale Securities						Amortized Cost						Estimated Fair Value						Amortized Cost						Estimated Fair Value
Within one year						$	—					$	—					$	—					$	—
After one year through five years						9,991						8,618						—						—
After five years through ten years						35,063						28,981						45,918						38,383
After ten years						163,756						137,142						165,710						145,309
						208,810						174,741						211,628						183,692
Investment securities not due at a single maturity date:
U.S. Government agencies						103						92						107						98
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						93,303						85,946						117,292						109,493
Private label mortgage and asset backed securities						392,516						332,651						411,441						355,542
Total available-for-sale						$	694,732					$	593,430					$	740,468					$	648,825

						September 30, 2023												December 31, 2022
Held-to-Maturity Securities						Amortized Cost						Estimated Fair Value						Amortized Cost						Estimated Fair Value
Within one year						$	—					$	—					$	—					$	—
After one year through five years						5,968						5,343						132						129
After five years through ten years						75,645						66,265						51,424						46,143
After ten years						110,443						92,564						140,448						122,633
						192,056						164,172						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						10,675						8,296						10,430						8,668
Private label mortgage and asset backed securities						54,943						46,840						56,691						50,760
Corporate debt securities						46,058						40,715						45,982						42,916
Total held-to-maturity						$	303,732					$	260,023					$	305,107					$	271,249

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- Definition

Tabular disclosure of credit quality indicator for investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
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-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
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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

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-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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