XML 19 R9.htm IDEA: XBRL DOCUMENT
v3.23.3

Investment Securities | 9 Months Ended
--- | ---
Sep. 30, 2023
Investment Securities |
Investment Securities |
(2) | Investment Securities
Investment securities available for sale at September 30, 2023 and December 31, 2022 are as follows:
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | September 30, 2023 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S Treasuries |  | $ | 10,968 |  |  |  | - |  |  |  | 1,130 |  |  |  | 9,838 |
U.S. Government sponsored enterprises |  |  | 11,510 |  |  |  | - |  |  |  | 765 |  |  |  | 10,745 |
Mortgage-backed securities |  |  | 292,512 |  |  |  | 70 |  |  |  | 32,715 |  |  |  | 259,867 |
State and political subdivisions |  |  | 130,000 |  |  |  | - |  |  |  | 31,656 |  |  |  | 98,344 |
Total |  | $ | 444,990 |  |  |  | 70 |  |  |  | 66,266 |  |  |  | 378,794 |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2022 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S Treasuries |  | $ | 10,951 |  |  |  | - |  |  |  | 1,137 |  |  |  | 9,814 |
U.S. Government sponsored enterprises |  |  | 12,245 |  |  |  | - |  |  |  | 706 |  |  |  | 11,539 |
Mortgage-backed securities |  |  | 299,222 |  |  |  | 445 |  |  |  | 25,829 |  |  |  | 273,838 |
State and political subdivisions |  |  | 184,768 |  |  |  | 91 |  |  |  | 34,656 |  |  |  | 150,203 |
Total |  | $ | 507,186 |  |  |  | 536 |  |  |  | 62,328 |  |  |  | 445,394 |
The current fair value and associated unrealized losses on investments in securities with unrealized losses at September 30, 2023 and December 31, 2022 are summarized in the tables below, with the length of time the individual securities have been in a continuous loss position.
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | September 30, 2023 |
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. Treasuries |  | $ | - |  |  |  | - |  |  |  | 9,838 |  |  |  | 1,130 |  |  |  | 9,838 |  |  |  | 1,130 |
U.S. Government sponsored enterprises |  |  | - |  |  |  | - |  |  |  | 10,745 |  |  |  | 765 |  |  |  | 10,745 |  |  |  | 765 |
Mortgage-backed securities |  |  | 33,158 |  |  |  | 1,336 |  |  |  | 221,918 |  |  |  | 31,379 |  |  |  | 255,076 |  |  |  | 32,715 |
State and political subdivisions |  |  | - |  |  |  | - |  |  |  | 98,344 |  |  |  | 31,656 |  |  |  | 98,344 |  |  |  | 31,656 |
Total |  | $ | 33,158 |  |  |  | 1,336 |  |  |  | 340,845 |  |  |  | 64,930 |  |  |  | 374,003 |  |  |  | 66,266 |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2022 |
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. Treasuries |  | $ | 2,878 |  |  |  | 104 |  |  |  | 6,936 |  |  |  | 1,033 |  |  |  | 9,814 |  |  |  | 1,137 |
U.S. Government sponsored enterprises |  |  | 2,904 |  |  |  | 87 |  |  |  | 8,635 |  |  |  | 619 |  |  |  | 11,539 |  |  |  | 706 |
Mortgage-backed securities |  |  | 128,241 |  |  |  | 8,740 |  |  |  | 120,464 |  |  |  | 17,089 |  |  |  | 248,705 |  |  |  | 25,829 |
State and political subdivisions |  |  | 65,880 |  |  |  | 7,766 |  |  |  | 76,291 |  |  |  | 26,890 |  |  |  | 142,171 |  |  |  | 34,656 |
Total |  | $ | 199,903 |  |  |  | 16,697 |  |  |  | 212,326 |  |  |  | 45,631 |  |  |  | 412,229 |  |  |  | 62,328 |
At September 30, 2023, unrealized losses in the investment securities portfolio relating to debt securities totaled $66.3 million. The unrealized losses on these debt securities arose due to changing interest rates and are considered to be temporary. From the September 30, 2023 tables above, all three of the U.S. Treasury securities, all 108 of the securities issued by state and political subdivisions, all seven of the securities issued by U.S. Government sponsored enterprises and 129 of the 134 mortgage-backed securities contained unrealized losses. These unrealized losses are not related to credit impairment because of the acceptable financial condition and results of operations of the entities that issued each security and the repayment sources of principal and interest on U.S. Government sponsored enterprises, including mortgage-backed securities. The Company does not have an allowance for credit losses on available for sale securities at September 30, 2023. At December 31, 2022, unrealized losses in the investment securities portfolio relating to debt securities totaled $62.3 million. The unrealized losses on these debt securities arose due to changing interest rates and are considered to be temporary. From the December 31, 2022 tables above, all three of the U.S. Treasury securities, 149 of the 158 securities issued by state and political subdivisions, all seven of the securities issued by U.S. Government sponsored enterprises and 123 of the 133 mortgage-backed securities contained unrealized losses. These unrealized losses are considered temporary because of the acceptable financial condition and results of operations of the entities that issued each security and the repayment sources of principal and interest on U.S. Government sponsored enterprises, including mortgage-backed securities. The amortized cost and estimated fair value of investment securities available for sale at September 30, 2023, presented by contractual maturity, are shown below. Expected maturities of mortgage-backed securities will differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.
September 30, 2023 |  |  |  |  |  |
(Dollars in thousands) |  |  |  |  |  |
|  | Amortized Cost |  |  | Fair Value |
Due within one year |  | $ | 2,994 |  |  |  | 2,956 |
Due from one to five years |  |  | 16,454 |  |  |  | 14,707 |
Due from five to ten years |  |  | 53,180 |  |  |  | 43,382 |
Due after ten years |  |  | 79,850 |  |  |  | 57,882 |
Mortgage-backed securities |  |  | 292,512 |  |  |  | 259,867 |
Total |  | $ | 444,990 |  |  |  | 378,794 |
No securities available for sale were sold during the three months ended September 30, 2023. During the nine months ended September 30, 2023, proceeds from sales of securities available for sale were $51.0 million and resulted in gross losses of $2.7 million and gross gains of $177,000. No securities available for sale were sold during the nine months ended September 30, 2022. Securities with a fair value of approximately $129.8 million and $96.0 million at September 30, 2023 and December 31, 2022, respectively, were pledged to secure public deposits and for other purposes as required by law.

X
- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org//321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org//325/tableOfContent + Details
Name: | us-gaap_InvestmentTextBlock
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