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v3.23.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 were as follows (in thousands):
March 31, 2023 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Allowance For Credit Losses |  |  | Fair Value |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 77,060 |  |  | $ | - |  |  | $ | (6,211 | ) |  | $ | - |  |  | $ | 70,849 |
U.S. treasury securities |  |  | 162,300 |  |  |  | - |  |  |  | (10,590 | ) |  |  | - |  |  |  | 151,710 |
Obligations of state and political subdivisions |  |  | 120,128 |  |  |  | 66 |  |  |  | (8,656 | ) |  |  | - |  |  |  | 111,538 |
Corporate obligations |  |  | 10,324 |  |  |  | - |  |  |  | (972 | ) |  |  | - |  |  |  | 9,352 |
Mortgage-backed securities in government sponsored entities |  |  | 112,112 |  |  |  | 12 |  |  |  | (12,158 | ) |  |  | - |  |  |  | 99,966 |
Total available-for-sale securities |  | $ | 481,924 |  |  | $ | 78 |  |  | $ | (38,587 | ) |  | $ | - |  |  | $ | 443,415 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 78,556 |  |  | $ | - |  |  | $ | (7,879 | ) |  | $ | - |  |  | $ | 70,677 |
U.S. treasury securities |  |  | 162,236 |  |  |  | - |  |  |  | (13,666 | ) |  |  | - |  |  |  | 148,570 |
Obligations of state and political subdivisions |  |  | 120,562 |  |  |  | 35 |  |  |  | (10,297 | ) |  |  | - |  |  |  | 110,300 |
Corporate obligations |  |  | 10,335 |  |  |  | - |  |  |  | (952 | ) |  |  | - |  |  |  | 9,383 |
Mortgage-backed securities in government sponsored entities |  |  | 115,304 |  |  |  | 15 |  |  |  | (14,743 | ) |  |  | - |  |  |  | 100,576 |
Total available-for-sale securities |  | $ | 486,993 |  |  | $ | 50 |  |  | $ | (47,537 | ) |  | $ | - |  |  | $ | 439,506 |
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 for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time, which individual securities have been in a continuous unrealized loss position, at March 31, 2023 and December 31, 2022 (in thousands). As of March 31, 2023, the Company owned 340 securities whose fair value was less than their cost basis.
March 31, 2023 |  | 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 |  | $ | 23,681 |  |  | $ | (388 | ) |  | $ | 47,167 |  |  | $ | (5,823 | ) |  | $ | 70,848 |  |  | $ | (6,211 | )
U.S. treasury securities |  |  | 4,503 |  |  |  | (112 | ) |  |  | 147,207 |  |  |  | (10,478 | ) |  |  | 151,710 |  |  |  | (10,590 | )
Obligations of state and political subdivisions |  |  | 11,731 |  |  |  | (189 | ) |  |  | 87,625 |  |  |  | (8,467 | ) |  |  | 99,356 |  |  |  | (8,656 | )
Corporate obligations |  |  | 1,241 |  |  |  | (9 | ) |  |  | 8,111 |  |  |  | (963 | ) |  |  | 9,352 |  |  |  | (972 | )
Mortgage-backed securities in government sponsored entities |  |  | 11,008 |  |  |  | (203 | ) |  |  | 86,241 |  |  |  | (11,955 | ) |  |  | 97,249 |  |  |  | (12,158 | )
Total securities |  | $ | 52,164 |  |  | $ | (901 | ) |  | $ | 376,351 |  |  | $ | (37,686 | ) |  | $ | 428,515 |  |  | $ | (38,587 | )
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 39,729 |  |  | $ | (1,892 | ) |  | $ | 30,948 |  |  | $ | (5,987 | ) |  | $ | 70,677 |  |  | $ | (7,879 | )
U.S. treasury securities |  |  | 32,673 |  |  |  | (1,337 | ) |  |  | 115,897 |  |  |  | (12,329 | ) |  |  | 148,570 |  |  |  | (13,666 | )
Obligations of states and political subdivisions |  |  | 66,725 |  |  |  | (4,887 | ) |  |  | 35,782 |  |  |  | (5,410 | ) |  |  | 102,507 |  |  |  | (10,297 | )
Corporate obligations |  |  | 2,165 |  |  |  | (165 | ) |  |  | 6,218 |  |  |  | (787 | ) |  |  | 8,383 |  |  |  | (952 | )
Mortgage-backed securities in government sponsored entities |  |  | 40,270 |  |  |  | (3,367 | ) |  |  | 57,319 |  |  |  | (11,376 | ) |  |  | 97,589 |  |  |  | (14,743 | )
Total securities |  | $ | 181,562 |  |  | $ | (11,648 | ) |  | $ | 246,164 |  |  | $ | (35,889 | ) |  | $ | 427,726 |  |  | $ | (47,537 | )
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 month periods ended March 31, 2023 and 2022, and the portion of unrealized gains for the period that relates to equity investments held at March 31, 2023 and 2022 (in thousands):
|  | Three Months Ended March 31, |
Equity securities |  |  | 2023 |  |  |  | 2022 |
Net losses recognized in equity securities during the period |  | $ | (218 | ) |  | $ | (45 | )
Less: Net gains realized on the sale of equity securities during the period |  |  | 5 |  |  |  | - |
Net unrealized losses |  | $ | (223 | ) |  | $ | (45 | )
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 at March 31, 2023, by contractual maturity, are shown below (in thousands):
|  | Amortized Cost |  |  | Fair Value |
Available-for-sale debt securities: |  |  |  |  |  |
Due in one year or less |  | $ | 33,318 |  |  | $ | 32,672 |
Due after one year through five years |  |  | 186,057 |  |  |  | 174,441 |
Due after five years through ten years |  |  | 99,003 |  |  |  | 90,031 |
Due after ten years |  |  | 163,546 |  |  |  | 146,271 |
Total |  | $ | 481,924 |  |  | $ | 443,415 |

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- 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
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