XML 21 R11.htm IDEA: XBRL DOCUMENT
v3.22.2.2

SECURITIES | 9 Months Ended
--- | ---
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
SECURITIES | SECURITIES Amortized cost and estimated fair value of securities available for sale are as follows (in thousands):
|  | September 30, 2022
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
U.S. Treasury notes and bonds |  | $ | 61,791 |  |  | $ | — |  |  | $ | 6,741 |  |  | $ | 55,050 |
Mortgage-backed securities, residential |  | 530,372 |  |  | — |  |  | 89,738 |  |  | 440,634 |
Obligations of states and political subdivisions |  | 39,916 |  |  | — |  |  | 3,036 |  |  | 36,880 |
Corporate bonds and notes |  | 25,750 |  |  | — |  |  | 1,513 |  |  | 24,237 |
SBA loan pools |  | 85,337 |  |  | 204 |  |  | 1,990 |  |  | 83,551 |
Total |  | $ | 743,166 |  |  | $ | 204 |  |  | $ | 103,018 |  |  | $ | 640,352 |
|  | December 31, 2021
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
U.S. Treasury notes and bonds |  | $ | 61,084 |  |  | $ | 27 |  |  | $ | 680 |  |  | $ | 60,431 |
Mortgage-backed securities, residential |  | 582,060 |  |  | 4,032 |  |  | 8,731 |  |  | 577,361 |
Obligations of states and political subdivisions |  | 40,299 |  |  | 2,004 |  |  | — |  |  | 42,303 |
Corporate bonds and notes |  | 22,750 |  |  | 180 |  |  | 82 |  |  | 22,848 |
SBA loan pools |  | 89,216 |  |  | 344 |  |  | 477 |  |  | 89,083 |
Total |  | $ | 795,409 |  |  | $ | 6,587 |  |  | $ | 9,970 |  |  | $ | 792,026 |
Amortized cost and estimated fair value of securities held to maturity are as follows (in thousands):
|  | September 30, 2022
|  | Amortized Cost |  | Unrecognized Gains |  | Unrecognized Losses |  | Estimated Fair Value
Obligations of states and political subdivisions |  | $ | 1,981 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,981 |
Time deposits with other financial institutions |  | 1,229 |  |  | — |  |  | 5 |  |  | 1,224 |
Total |  | $ | 3,210 |  |  | $ | — |  |  | $ | 5 |  |  | $ | 3,205 |
|  | December 31, 2021
|  | Amortized Cost |  | Unrecognized Gains |  | Unrecognized Losses |  | Estimated Fair Value
Obligations of states and political subdivisions |  | $ | 2,157 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,157 |
Time deposits with other financial institutions |  | 1,633 |  |  | 6 |  |  | — |  |  | 1,639 |
Total |  | $ | 3,790 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 3,796 |
The amortized cost and estimated fair value of debt securities are shown below by expected maturity. Expected maturities may differ from contractual maturities if borrowers 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 (in thousands):
|  | September 30, 2022
|  | Available for Sale |  | Held to Maturity
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Within one year |  | $ | 2,937 |  |  | $ | 2,862 |  |  | $ | 2,204 |  |  | $ | 2,199 |
After one, but within five years |  | 103,872 |  |  | 93,767 |  |  | 1,006 |  |  | 1,006 |
After five, but within ten years |  | 20,178 |  |  | 19,142 |  |  | — |  |  | — |
After ten years |  | 470 |  |  | 396 |  |  | — |  |  | — |
|  | 127,457 |  |  | 116,167 |  |  | 3,210 |  |  | 3,205 |
Mortgage-backed securities, residential |  | 530,372 |  |  | 440,634 |  |  | — |  |  | — |
SBA loan pools |  | 85,337 |  |  | 83,551 |  |  | — |  |  | — |
Total |  | $ | 743,166 |  |  | $ | 640,352 |  |  | $ | 3,210 |  |  | $ | 3,205 |
There were no proceeds from sales and calls of securities resulting in gains or losses for the three and nine month periods ended September 30, 2022 and 2021. The following tables summarize the investment securities available for sale with unrealized losses at September 30, 2022 and December 31, 2021 by aggregated major security type and length of time in a continuous unrealized loss position (in thousands):
| Less than 12 months |  | 12 months or longer |  | Total
September 30, 2022 | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Treasury notes and bonds | $ | 18,733 |  |  | $ | 2,155 |  |  | $ | 36,317 |  |  | $ | 4,586 |  |  | $ | 55,050 |  |  | $ | 6,741 |
Mortgage-backed securities, residential | 137,623 |  |  | 17,742 |  |  | 303,011 |  |  | 71,996 |  |  | 440,634 |  |  | 89,738 |
Obligations of states and political subdivisions | 36,685 |  |  | 3,036 |  |  | — |  |  | — |  |  | 36,685 |  |  | 3,036 |
Corporate bonds and notes | 9,615 |  |  | 1,135 |  |  | 4,621 |  |  | 378 |  |  | 14,236 |  |  | 1,513 |
SBA loan pools | 26,290 |  |  | 982 |  |  | 38,214 |  |  | 1,008 |  |  | 64,504 |  |  | 1,990 |
Total temporarily impaired securities | $ | 228,946 |  |  | $ | 25,050 |  |  | $ | 382,163 |  |  | $ | 77,968 |  |  | $ | 611,109 |  |  | $ | 103,018 |
| Less than 12 months |  | 12 months or longer |  | Total
December 31, 2021 | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Treasury notes and bonds | $ | 49,084 |  |  | $ | 680 |  |  | $ | — |  |  | $ | — |  |  | $ | 49,084 |  |  | $ | 680 |
Mortgage-backed securities, residential | 293,720 |  |  | 4,502 |  |  | 122,050 |  |  | 4,229 |  |  | 415,770 |  |  | 8,731 |
Corporate bonds and notes | 4,928 |  |  | 72 |  |  | 1,989 |  |  | 10 |  |  | 6,917 |  |  | 82 |
SBA loan pools | 51,235 |  |  | 296 |  |  | 13,769 |  |  | 181 |  |  | 65,004 |  |  | 477 |
Total temporarily impaired securities | $ | 398,967 |  |  | $ | 5,550 |  |  | $ | 137,808 |  |  | $ | 4,420 |  |  | $ | 536,775 |  |  | $ | 9,970 |
Other-Than-Temporary Impairment As of September 30, 2022, the majority of the Corporation's unrealized losses in the investment securities portfolio related to mortgage-backed securities. At September 30, 2022, all of the unrealized losses related to mortgage-backed securities were issued by U.S. government sponsored entities, Fannie Mae and Freddie Mac. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Corporation does not have the intent to sell these securities and it is not likely that it will be required to sell these securities before their anticipated recovery, the Corporation does not consider these securities to be other-than-temporarily impaired at September 30, 2022.

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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration