XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Investments Securities | 3 Months Ended
--- | ---
Mar. 31, 2024
Investments [Abstract] |
Investments | Note 4 – Investments The following tables show a comparison of amortized cost and fair values of investment securities at March 31, 2024 and December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Estimated Fair Value
March 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | $ | 7,000 | ​ | $ | — | ​ | $ | 981 | ​ | $ | — | ​ | $ | 6,019
Residential mortgage-backed agencies | ​ | ​ | 24,261 | ​ | ​ | — | ​ | ​ | 4,407 | ​ | ​ | — | ​ | ​ | 19,854
Commercial mortgage-backed agencies | ​ | ​ | 36,082 | ​ | ​ | — | ​ | ​ | 8,166 | ​ | ​ | — | ​ | ​ | 27,916
Collateralized mortgage obligations | ​ | ​ | 19,320 | ​ | ​ | — | ​ | ​ | 3,431 | ​ | ​ | — | ​ | ​ | 15,889
Obligations of states and political subdivisions | ​ | ​ | 10,481 | ​ | ​ | 14 | ​ | ​ | 242 | ​ | ​ | — | ​ | ​ | 10,253
Corporate bonds | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | 237 | ​ | ​ | — | ​ | ​ | 763
Collateralized debt obligations | ​ | ​ | 18,651 | ​ | ​ | — | ​ | ​ | 3,765 | ​ | ​ | — | ​ | ​ | 14,886
Total available for sale | ​ | $ | 116,795 | ​ | $ | 14 | ​ | $ | 21,229 | ​ | $ | — | ​ | $ | 95,580
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Estimated Fair Value |  | Allowance for Credit Losses
March 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to Maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 7,498 | ​ | $ | — | ​ | $ | 14 | ​ | $ | 7,484 | ​ | $ | —
U.S. government agencies | ​ | ​ | 68,085 | ​ | ​ | — | ​ | ​ | 11,443 | ​ | ​ | 56,642 | ​ | ​ | —
Residential mortgage-backed agencies | ​ | ​ | 29,258 | ​ | ​ | 14 | ​ | ​ | 3,389 | ​ | ​ | 25,883 | ​ | ​ | —
Commercial mortgage-backed agencies | ​ | ​ | 21,371 | ​ | ​ | — | ​ | ​ | 5,583 | ​ | ​ | 15,788 | ​ | ​ | —
Collateralized mortgage obligations | ​ | ​ | 52,364 | ​ | ​ | — | ​ | ​ | 10,016 | ​ | ​ | 42,348 | ​ | ​ | —
Obligations of states and political subdivisions | ​ | ​ | 4,605 | ​ | ​ | 148 | ​ | ​ | 673 | ​ | ​ | 4,080 | ​ | ​ | 45
Total held to maturity | ​ | $ | 183,181 | ​ | $ | 162 | ​ | $ | 31,118 | ​ | $ | 152,225 | ​ | $ | 45
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Estimated Fair Value
December 31, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | $ | 7,000 | ​ | $ | — | ​ | $ | 966 | ​ | $ | — | ​ | $ | 6,034
Residential mortgage-backed agencies | ​ | ​ | 24,781 | ​ | ​ | — | ​ | ​ | 4,218 | ​ | ​ | — | ​ | ​ | 20,563
Commercial mortgage-backed agencies | ​ | ​ | 36,258 | ​ | ​ | — | ​ | ​ | 7,841 | ​ | ​ | — | ​ | ​ | 28,417
Collateralized mortgage obligations | ​ | ​ | 19,725 | ​ | ​ | — | ​ | ​ | 3,369 | ​ | ​ | — | ​ | ​ | 16,356
Obligations of states and political subdivisions | ​ | ​ | 10,486 | ​ | ​ | 15 | ​ | ​ | 189 | ​ | ​ | — | ​ | ​ | 10,312
Corporate bonds | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | 222 | ​ | ​ | — | ​ | ​ | 778
Collateralized debt obligations | ​ | ​ | 18,671 | ​ | ​ | — | ​ | ​ | 3,962 | ​ | ​ | — | ​ | ​ | 14,709
Total available for sale | ​ | $ | 117,921 | ​ | $ | 15 | ​ | $ | 20,767 | ​ | $ | — | ​ | $ | 97,169
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Estimated Fair Value |  | Allowance for Credit Losses
December 31, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to Maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 37,462 | ​ | $ | — | ​ | $ | 243 | ​ | $ | 37,219 | ​ | $ | —
U.S. government agencies | ​ | ​ | 68,014 | ​ | ​ | — | ​ | ​ | 10,985 | ​ | ​ | 57,029 | ​ | ​ | —
Residential mortgage-backed agencies | ​ | ​ | 29,588 | ​ | ​ | 42 | ​ | ​ | 2,913 | ​ | ​ | 26,717 | ​ | ​ | —
Commercial mortgage-backed agencies | ​ | ​ | 21,413 | ​ | ​ | — | ​ | ​ | 5,361 | ​ | ​ | 16,052 | ​ | ​ | —
Collateralized mortgage obligations | ​ | ​ | 53,261 | ​ | ​ | — | ​ | ​ | 9,973 | ​ | ​ | 43,288 | ​ | ​ | —
Obligations of states and political subdivisions | ​ | ​ | 4,604 | ​ | ​ | 177 | ​ | ​ | 671 | ​ | ​ | 4,110 | ​ | ​ | 45
Total held to maturity | ​ | $ | 214,342 | ​ | $ | 219 | ​ | $ | 30,146 | ​ | $ | 184,415 | ​ | $ | 45
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ The Corporation utilizes FASB Accounting Standards Codification (“ASC”) 326 to evaluate its available-for-sale (“AFS”) and held-to-maturity (“HTM”) debt security portfolio for expected credit losses. For AFS debt securities in an unrealized loss position, the Corporation first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either criteria is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities that do not meet the aforementioned criteria, the Corporation evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses (“ACL”) is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income, as a non-credit-related impairment. ​ Changes in the ACL are recorded as a provision for (or reversal of) credit losses. Losses are charged against the ACL when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Any impairment not recorded through an allowance for credit loss is recognized in other comprehensive income as a non-credit-related impairment. ​ The Corporation has made the policy election to exclude accrued interest from the amortized cost basis of available-for-sale debt securities and report accrued interest separately in other assets in the Consolidated Balance Sheets. AFS debt securities are placed on nonaccrual status when we no longer expect to receive all contractual amounts due, which is generally at 90 days past due. Accrued interest receivable is reversed against interest income when a security is placed on nonaccrual status. Accordingly, we do not recognize an allowance for credit loss against accrued interest receivable. ​ The Corporation separately evaluates its HTM investment securities for any credit losses. The Corporation pools like securities and calculates expected credit losses through an estimate based on a security’s credit rating, which is recognized as part of the ACL for HTM securities and is included in the balance of HTM securities held to maturity on the Consolidated Balance Sheets. If the Corporation determines that a security indicates evidence of deteriorated credit quality, the security is individually evaluated and a discounted cash flow analysis is performed and compared to the amortized cost basis. ​ The Corporation recorded ACL of approximately $45,000 as of March 31, 2024 and December 31, 2023, related to one bond in its HTM security portfolio. ​ ​ The following table shows the Corporation’s investment securities with gross unrealized and unrecognized losses and fair values at March 31, 2024 and December 31, 2023, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or more
(in thousands) |  | Fair Value |  | Unrealized Losses |  | Number of Investments |  | Fair Value |  | Unrealized Losses |  | Number of Investments
March 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | $ | — | ​ | ​ | — | ​ | — | ​ | ​ | 6,019 | ​ | ​ | 981 | ​ | 2
Residential mortgage-backed agencies | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 19,854 | ​ | ​ | 4,407 | ​ | 3
Commercial mortgage-backed agencies | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 27,916 | ​ | ​ | 8,166 | ​ | 8
Collateralized mortgage obligations | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 15,889 | ​ | ​ | 3,431 | ​ | 9
Obligations of states and political subdivisions | ​ | ​ | 882 | ​ | ​ | 13 | ​ | 2 | ​ | ​ | 7,118 | ​ | ​ | 229 | ​ | 4
Corporate Bonds | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 763 | ​ | ​ | 237 | ​ | 1
Collateralized debt obligations | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 14,886 | ​ | ​ | 3,765 | ​ | 9
Total available for sale | ​ | $ | 882 | ​ | $ | 13 | ​ | 2 | ​ | $ | 92,445 | ​ | $ | 21,216 | ​ | 36
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or more
(in thousands) |  | Fair Value |  | Unrecognized Losses |  | Number of Investments |  | Fair Value |  | Unrecognized Losses |  | Number of Investments
March 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to Maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | — | ​ | ​ | — | ​ | — | ​ | ​ | 7,484 | ​ | ​ | 14 | ​ | 1
U.S. government agencies | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 56,642 | ​ | ​ | 11,443 | ​ | 9
Residential mortgage-backed agencies | ​ | ​ | 1,420 | ​ | ​ | 6 | ​ | 1 | ​ | ​ | 21,829 | ​ | ​ | 3,383 | ​ | 35
Commercial mortgage-backed agencies | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 15,788 | ​ | ​ | 5,583 | ​ | 2
Collateralized mortgage obligations | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 42,348 | ​ | ​ | 10,016 | ​ | 8
Obligations of states and political subdivisions | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 2,204 | ​ | ​ | 673 | ​ | 1
Total held to maturity | ​ | $ | 1,420 | ​ | $ | 6 | ​ | 1 | ​ | $ | 146,295 | ​ | $ | 31,112 | ​ | 56
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or more
(in thousands) |  | Fair Value |  | Unrealized Losses |  | Number of Investments |  | Fair Value |  | Unrealized Losses |  | Number of Investments
December 31, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 6,034 | ​ | $ | 966 | ​ | 2
Residential mortgage-backed agencies | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 20,563 | ​ | ​ | 4,218 | ​ | 3
Commercial mortgage-backed agencies | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 28,417 | ​ | ​ | 7,841 | ​ | 8
Collateralized mortgage obligations | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 16,356 | ​ | ​ | 3,369 | ​ | 9
Obligations of states and political subdivisions | ​ | ​ | 1,445 | ​ | ​ | 20 | ​ | 2 | ​ | ​ | 6,668 | ​ | ​ | 169 | ​ | 3
Corporate Bonds | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 778 | ​ | ​ | 222 | ​ | 1
Collateralized debt obligations | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 14,709 | ​ | ​ | 3,962 | ​ | 9
Total available for sale | ​ | $ | 1,445 | ​ | $ | 20 | ​ | 2 | ​ | $ | 93,525 | ​ | $ | 20,747 | ​ | 35
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or more
(in thousands) |  | Fair Value |  | Unrecognized Losses |  | Number of Investments |  | Fair Value |  | Unrecognized Losses |  | Number of Investments
December 31, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to Maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 37,219 | ​ | $ | 243 | ​ | 4
U.S. government agencies | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 57,029 | ​ | ​ | 10,985 | ​ | 9
Residential mortgage-backed agencies | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 22,613 | ​ | ​ | 2,913 | ​ | 35
Commercial mortgage-backed agencies | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 16,052 | ​ | ​ | 5,361 | ​ | 2
Collateralized mortgage obligations | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 43,288 | ​ | ​ | 9,973 | ​ | 8
Obligations of states and political subdivisions | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 2,205 | ​ | ​ | 671 | ​ | 1
Total held to maturity | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | 178,406 | ​ | $ | 30,146 | ​ | 59
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​ ​ ​ ​ The amortized cost and estimated fair value of securities by contractual maturity at March 31, 2024 are shown in the following table. Actual maturities may 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. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024
(in thousands) |  | Amortized Cost |  | Fair Value
Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​
Due in one year or less | ​ | $ | 2,670 | ​ | $ | 2,651
Due after one year through five years | ​ | ​ | 5,250 | ​ | ​ | 4,943
Due after five years through ten years | ​ | ​ | 4,678 | ​ | ​ | 4,410
Due after ten years | ​ | ​ | 24,534 | ​ | ​ | 19,917
​ | ​ | ​ | 37,132 | ​ | ​ | 31,921
Residential mortgage-backed agencies | ​ | ​ | 24,261 | ​ | ​ | 19,854
Commercial mortgage-backed agencies | ​ | ​ | 36,082 | ​ | ​ | 27,916
Collateralized mortgage obligations | ​ | ​ | 19,320 | ​ | ​ | 15,889
Total available for sale | ​ | $ | 116,795 | ​ | $ | 95,580
Held to Maturity: | ​ | ​ | ​ | ​ | ​ | ​
Due in one year or less | ​ | $ | 7,498 | ​ | $ | 7,485
Due after one year through five years | ​ | ​ | 12,500 | ​ | ​ | 11,759
Due after five years through ten years | ​ | ​ | 40,503 | ​ | ​ | 34,161
Due after ten years | ​ | ​ | 19,687 | ​ | ​ | 14,801
​ | ​ | ​ | 80,188 | ​ | ​ | 68,206
Residential mortgage-backed agencies | ​ | ​ | 29,258 | ​ | ​ | 25,883
Commercial mortgage-backed agencies | ​ | ​ | 21,371 | ​ | ​ | 15,788
Collateralized mortgage obligations | ​ | ​ | 52,364 | ​ | ​ | 42,348
Total held to maturity | ​ | $ | 183,181 | ​ | $ | 152,225
​

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://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) -Publisher SEC Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//946-320/tableOfContent Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//940-320/tableOfContent Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration