XML 24 R9.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Investment Securities | 12 Months Ended
--- | ---
Dec. 31, 2023
Investment Securities |
Investment Securities | (2) Investment Securities Investment securities available for sale at December 31, 2023 and 2022 are as follows:
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2023 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Treasuries |  | $ | 10,974 |  |  |  | - |  |  |  | 830 |  |  |  | 10,144 |
U.S. Government sponsored enterprises |  |  | 11,111 |  |  |  | - |  |  |  | 596 |  |  |  | 10,515 |
GSE - Mortgage-backed securities |  |  | 257,705 |  |  |  | 185 |  |  |  | 22,988 |  |  |  | 234,902 |
Private label mortgage-backed securities |  |  | 33,317 |  |  |  | 16 |  |  |  | 2,063 |  |  |  | 31,270 |
State and political subdivisions |  |  | 129,922 |  |  |  | - |  |  |  | 24,829 |  |  |  | 105,093 |
Total |  | $ | 443,029 |  |  |  | 201 |  |  |  | 51,306 |  |  |  | 391,924 |
(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 |
GSE - Mortgage-backed securities |  |  | 263,712 |  |  |  | 445 |  |  |  | 23,657 |  |  |  | 240,500 |
Private label mortgage-backed securities |  |  | 35,510 |  |  |  | - |  |  |  | 2,172 |  |  |  | 33,338 |
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 debt securities with unrealized losses at December 31, 2023 and 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 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 |  | $ | - |  |  |  | - |  |  |  | 10,144 |  |  |  | 830 |  |  |  | 10,144 |  |  |  | 830 |
U.S. government sponsored enterprises |  |  | - |  |  |  | - |  |  |  | 10,515 |  |  |  | 596 |  |  |  | 10,515 |  |  |  | 596 |
GSE -Mortgage-backed securities |  |  | 24,167 |  |  |  | 546 |  |  |  | 203,234 |  |  |  | 22,442 |  |  |  | 227,401 |  |  |  | 22,988 |
Private label mortgage-backed securities |  |  | 3,416 |  |  |  | 43 |  |  |  | 23,095 |  |  |  | 2,020 |  |  |  | 26,511 |  |  |  | 2,063 |
State and political subdivisions |  |  | - |  |  |  | - |  |  |  | 105,093 |  |  |  | 24,829 |  |  |  | 105,093 |  |  |  | 24,829 |
Total |  | $ | 27,583 |  |  |  | 589 |  |  |  | 352,081 |  |  |  | 50,717 |  |  |  | 379,664 |  |  |  | 51,306 |
|  | 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 |
GSE -Mortgage-backed securities |  |  | 94,903 |  |  |  | 6,568 |  |  |  | 120,464 |  |  |  | 17,089 |  |  |  | 215,367 |  |  |  | 23,657 |
Private label mortgage-backed securities |  |  | 33,338 |  |  |  | 2,172 |  |  |  | - |  |  |  | - |  |  |  | 33,338 |  |  |  | 2,172 |
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 December 31, 2023, unrealized losses in the investment securities portfolio relating to debt securities totaled $51.3 million. The unrealized losses on these debt securities arose due to changing interest rates and are considered to be temporary. From the December 31, 2023 tables above, all three of the U.S. Treasury securities, all 108 of the securities issued by state and political subdivisions contained unrealized losses, all seven of the securities issued by U.S. Government sponsored enterprises (“GSE”), 114 of the 121 GSE mortgage-backed securities, and 12 of the 14 private label mortgage backed securities contained unrealized losses. The Company does not have an allowance for credit losses on available for sale securities at December 31, 2023, as no credit related losses were identified in the Company’s December 31, 2023 CECL analysis. The Company periodically evaluates its investments for credit losses. There were no credit losses on investments in 2023, 2022 or 2021. The amortized cost and estimated fair value of investment securities available for sale at December 31, 2023, by contractual maturity, are shown below. Expected maturities of mortgage-backed securities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties.
December 31, 2023 |  |  |  |  |  |
(Dollars in thousands) |  |  |  |  |  |
|  | Amortized Cost |  |  | Fair Value |
Due within one year |  | $ | 2,998 |  |  |  | 2,989 |
Due from one to five years |  |  | 19,214 |  |  |  | 17,758 |
Due from five to ten years |  |  | 53,239 |  |  |  | 45,184 |
Due after ten years |  |  | 76,556 |  |  |  | 59,821 |
Mortgage-backed securities |  |  | 291,022 |  |  |  | 266,172 |
Total |  | $ | 443,029 |  |  |  | 391,924 |
During 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 2022 and 2021. Securities with a fair value of approximately $132.0 million and $96.0 million at December 31, 2023 and 2022, respectively, were pledged to secure public deposits, FHLB borrowings and for other purposes as required by law. GAAP establishes a framework for measuring fair value and expands disclosures about fair value measurements. There is a three-level fair value hierarchy for fair value measurements. Level 1 inputs are quoted prices in active markets for identical assets or liabilities that a company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The table below presents the balance of securities available for sale, which are measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2023 and 2022.
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2023 |
|  | Fair Value Measurements |  |  | Level 1 Valuation |  |  | Level 2 Valuation |  |  | Level 3 Valuation |
U.S. Treasuries |  | $ | 10,144 |  |  |  | - |  |  |  | 10,144 |  |  |  | - |
U.S. Government sponsored enterprises |  |  | 10,515 |  |  |  | - |  |  |  | 10,515 |  |  |  | - |
GSE - Mortgage-backed securities |  |  | 234,902 |  |  |  | - |  |  |  | 234,902 |  |  |  | - |
Private label mortgage-backed securities |  |  | 31,270 |  |  |  | - |  |  |  | 31,270 |  |  |  | - |
State and political subdivisions |  |  | 105,093 |  |  |  | - |  |  |  | 105,093 |  |  |  | - |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2022 |
|  | Fair Value Measurements |  |  | Level 1 Valuation |  |  | Level 2 Valuation |  |  | Level 3 Valuation |
U.S. Treasuries |  | $ | 9,814 |  |  |  | - |  |  |  | 9,814 |  |  |  | - |
U.S. Government sponsored enterprises |  |  | 11,539 |  |  |  | - |  |  |  | 11,539 |  |  |  | - |
GSE - Mortgage-backed securities |  |  | 240,500 |  |  |  | - |  |  |  | 240,500 |  |  |  | - |
Private label mortgage-backed securities |  |  | 33,338 |  |  |  | - |  |  |  | 33,338 |  |  |  | - |
State and political subdivisions |  |  | 150,203 |  |  |  | - |  |  |  | 150,203 |  |  |  | - |
Fair values of investment securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges when available. If quoted prices are not available, fair value is determined using matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities.

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