XML 34 R25.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Investments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2022
Investments [Abstract] |
Amortized Cost and Fair Value of Investment Securities | The amortized cost, gross unrealized gains and losses, and fair value of investment securities at September 30, 2022 and December 31, 2021 were as follows (in thousands):
September 30, 2022 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 81,546 |  |  | $ | - |  |  | $ | (7,564 | ) |  | $ | 73,982 |
U.S. treasury securities |  |  | 162,172 |  |  |  | - |  |  |  | (14,328 | ) |  |  | 147,844 |
Obligations of state and political subdivisions |  |  | 123,230 |  |  |  | 10 |  |  |  | (12,790 | ) |  |  | 110,450 |
Corporate obligations |  |  | 10,346 |  |  |  | - |  |  |  | (908 | ) |  |  | 9,438 |
Mortgage-backed securities in government sponsored entities |  |  | 118,118 |  |  |  | 19 |  |  |  | (14,629 | ) |  |  | 103,508 |
Total available-for-sale securities |  | $ | 495,412 |  |  | $ | 29 |  |  | $ | (50,219 | ) |  | $ | 445,222 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 73,803 |  |  | $ | 976 |  |  | $ | (834 | ) |  | $ | 73,945 |
U.S. treasury securities |  |  | 116,743 |  |  |  | 63 |  |  |  | (1,459 | ) |  |  | 115,347 |
Obligations of state and political subdivisions |  |  | 109,367 |  |  |  | 2,706 |  |  |  | (52 | ) |  |  | 112,021 |
Corporate obligations |  |  | 10,378 |  |  |  | 39 |  |  |  | (84 | ) |  |  | 10,333 |
Mortgage-backed securities in government sponsored entities |  |  | 101,727 |  |  |  | 597 |  |  |  | (1,568 | ) |  |  | 100,756 |
Total available-for-sale securities |  | $ | 412,018 |  |  | $ | 4,381 |  |  | $ | (3,997 | ) |  | $ | 412,402 |
Unrealized Losses and Fair Value of Investments | The following table shows the Company’s gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time, which individual securities have been in a continuous unrealized loss position, at September 30, 2022 and December 31, 2021 (in thousands). As of September 30, 2022, the Company owned 343 securities whose fair value was less than their cost basis.
September 30, 2022 |  | Less than Twelve Months |  |  | Twelve Months or Greater |  |  | Total |
|  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
U.S. agency securities |  | $ | 48,992 |  |  | $ | (2,443 | ) |  | $ | 24,990 |  |  | $ | (5,121 | ) |  | $ | 73,982 |  |  | $ | (7,564 | )
U.S. treasury securities |  |  | 65,232 |  |  |  | (3,667 | ) |  |  | 82,612 |  |  |  | (10,661 | ) |  |  | 147,844 |  |  |  | (14,328 | )
Obligations of state and political subdivisions |  |  | 94,880 |  |  |  | (11,086 | ) |  |  | 8,892 |  |  |  | (1,704 | ) |  |  | 103,772 |  |  |  | (12,790 | )
Corporate obligations |  |  | 4,474 |  |  |  | (372 | ) |  |  | 3,964 |  |  |  | (536 | ) |  |  | 8,438 |  |  |  | (908 | )
Mortgage-backed securities in government sponsored entities |  |  | 43,787 |  |  |  | (4,476 | ) |  |  | 50,030 |  |  |  | (10,153 | ) |  |  | 93,817 |  |  |  | (14,629 | )
Total securities |  | $ | 257,365 |  |  | $ | (22,044 | ) |  | $ | 170,488 |  |  | $ | (28,175 | ) |  | $ | 427,853 |  |  | $ | (50,219 | )
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 26,754 |  |  | $ | (387 | ) |  | $ | 7,542 |  |  | $ | (447 | ) |  | $ | 34,296 |  |  | $ | (834 | )
U.S. treasury securities |  |  | 106,794 |  |  |  | (1,459 | ) |  |  | - |  |  |  | - |  |  |  | 106,794 |  |  |  | (1,459 | )
Obligations of states and political subdivisions |  |  | 10,744 |  |  |  | (26 | ) |  |  | 2,899 |  |  |  | (26 | ) |  |  | 13,643 |  |  |  | (52 | )
Corporate obligations |  |  | 6,922 |  |  |  | (84 | ) |  |  | - |  |  |  | - |  |  |  | 6,922 |  |  |  | (84 | )
Mortgage-backed securities in government sponsored entities |  |  | 60,182 |  |  |  | (1,305 | ) |  |  | 7,975 |  |  |  | (263 | ) |  |  | 68,157 |  |  |  | (1,568 | )
Total securities |  | $ | 211,396 |  |  | $ | (3,261 | ) |  | $ | 18,416 |  |  | $ | (736 | ) |  | $ | 229,812 |  |  | $ | (3,997 | )
Gross Gains and Losses on Available-for-sale Securities | Proceeds from sales of securities available-for-sale for the nine months ended September 30, 2022 and 2021 were $4,492,000 and $29,198,000, respectively. Proceeds from sales of securities available-for-sale for the three months ended September 30, 2022 and 2021 were $4,492,000 and $24,153,000, respectively. The gross gains and losses were as follows (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Gross gains on available for sale securities |  | $ | - |  |  | $ | 252 |  |  | $ | - |  |  | $ | 302 |
Gross losses on available for sale securities |  |  | (6 | ) |  |  | (90 | ) |  |  | (6 | ) |  |  | (90 | )
Net gains |  | $ | (6 | ) |  | $ | 162 |  |  | $ | (6 | ) |  | $ | 212 |
Unrealized Gains (Losses) Related to Equity Securities | The following table presents the net gains (losses) on the Company’s equity investments recognized in earnings during the three and nine month periods ended September 30, 2022 and 2021, and the portion of unrealized gains for the period that relates to equity investments held at September 30, 2022 and 2021 (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
Equity securities |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Net (losses) gains recognized in equity securities during the period |  | $ | (19 | ) |  | $ | 72 |  |  | $ | (198 | ) |  | $ | 288 |
Less: Net gains realized on the sale of equity securities during the period |  |  | 4 |  |  |  | - |  |  |  | 4 |  |  |  | - |
Net unrealized (losses) gains |  | $ | (23 | ) |  | $ | 72 |  |  | $ | (202 | ) |  | $ | 288 |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The amortized cost and fair value of debt securities (excludes equity securities) at September 30, 2022, by contractual maturity, are shown below (in thousands):
|  | Amortized Cost |  |  | Fair Value |
Available-for-sale debt securities: |  |  |  |  |  |
Due in one year or less |  | $ | 14,108 |  |  | $ | 13,996 |
Due after one year through five years |  |  | 199,749 |  |  |  | 184,858 |
Due after five years through ten years |  |  | 110,505 |  |  |  | 97,613 |
Due after ten years |  |  | 171,050 |  |  |  | 148,755 |
Total |  | $ | 495,412 |  |  | $ | 445,222 |

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 realized gains and losses on investments reported in the statement of income. + References No definition available. + Details
Name: | us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
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 For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of unrealized gains and losses on investments. + References No definition available. + Details
Name: | us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration