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MARKETABLE SECURITIES (Tables)
3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity Securities

The following tables summarize the amortized cost and fair value of available for sale and held to maturity securities as of March 31, 2023 and December 31, 2022 and the corresponding amounts of gross unrealized gains and losses:

March 31, 2023

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

Available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

29,943

 

 

$

 

 

$

2,302

 

 

$

27,641

 

Municipal securities

 

 

3,186

 

 

 

216

 

 

 

 

 

 

3,402

 

Mortgage-backed securities

 

 

139,187

 

 

 

 

 

 

15,609

 

 

 

123,578

 

Collateralized mortgage obligations

 

 

20,805

 

 

 

3

 

 

 

1,685

 

 

 

19,123

 

Total available for sale

 

$

193,121

 

 

$

219

 

 

$

19,596

 

 

$

173,744

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies

 

$

9,178

 

 

$

 

 

$

1,166

 

 

$

8,012

 

Treasury securities

 

 

113,939

 

 

 

 

 

 

1,915

 

 

 

112,024

 

Municipal securities

 

 

181,986

 

 

 

670

 

 

 

7,575

 

 

 

175,081

 

Mortgage-backed securities

 

 

130,138

 

 

 

 

 

 

14,726

 

 

 

115,412

 

Collateralized mortgage obligations

 

 

40,864

 

 

 

 

 

 

7,089

 

 

 

33,775

 

Total held to maturity

 

$

476,105

 

 

$

670

 

 

$

32,471

 

 

$

444,304

 

 

December 31, 2022

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

Available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

29,964

 

 

$

 

 

$

2,177

 

 

$

27,787

 

Municipal securities

 

 

10,324

 

 

 

326

 

 

 

8

 

 

 

10,642

 

Mortgage-backed securities

 

 

145,896

 

 

 

1

 

 

 

15,556

 

 

 

130,341

 

Collateralized mortgage obligations

 

 

21,981

 

 

 

3

 

 

 

1,827

 

 

 

20,157

 

Total available for sale

 

$

208,165

 

 

$

330

 

 

$

19,568

 

 

$

188,927

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies

 

$

9,141

 

 

$

 

 

$

1,259

 

 

$

7,882

 

Treasury securities

 

 

133,735

 

 

 

 

 

 

2,921

 

 

 

130,814

 

Municipal securities

 

 

191,680

 

 

 

658

 

 

 

8,285

 

 

 

184,053

 

Mortgage-backed securities

 

 

132,693

 

 

 

 

 

 

14,708

 

 

 

117,985

 

Collateralized mortgage obligations

 

 

41,759

 

 

 

 

 

 

7,425

 

 

 

34,334

 

Total held to maturity

 

$

509,008

 

 

$

658

 

 

$

34,598

 

 

$

475,068

 

Schedule of Securities with Gross Unrealized Losses

Information pertaining to securities with gross unrealized losses as of March 31, 2023 and December 31, 2022, for which no allowance for credit losses has been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position is detailed in the following tables:

 

Less Than 12 Months

 

 

12 Months or Longer

 

 

Total

 

March 31, 2023

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

Available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

(550

)

 

$

8,975

 

 

$

(1,752

)

 

$

18,666

 

 

$

(2,302

)

 

$

27,641

 

Mortgage-backed securities

 

 

(441

)

 

 

17,739

 

 

 

(15,168

)

 

 

105,836

 

 

 

(15,609

)

 

 

123,575

 

Collateralized mortgage obligations

 

 

(124

)

 

 

5,037

 

 

 

(1,561

)

 

 

13,927

 

 

 

(1,685

)

 

 

18,964

 

Total available for sale

 

$

(1,115

)

 

$

31,751

 

 

$

(18,481

)

 

$

138,429

 

 

$

(19,596

)

 

$

170,180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies

 

$

 

 

$

 

 

$

(1,166

)

 

$

8,012

 

 

$

(1,166

)

 

$

8,012

 

Treasury securities

 

 

(1,915

)

 

 

112,024

 

 

 

 

 

 

 

 

 

(1,915

)

 

 

112,024

 

Municipal securities

 

 

(1,543

)

 

 

88,278

 

 

 

(6,032

)

 

 

37,920

 

 

 

(7,575

)

 

 

126,198

 

Mortgage-backed securities

 

 

(2,851

)

 

 

47,028

 

 

 

(11,875

)

 

 

68,384

 

 

 

(14,726

)

 

 

115,412

 

Collateralized mortgage obligations

 

 

(384

)

 

 

4,706

 

 

 

(6,705

)

 

 

29,069

 

 

 

(7,089

)

 

 

33,775

 

Total held to maturity

 

$

(6,693

)

 

$

252,036

 

 

$

(25,778

)

 

$

143,385

 

 

$

(32,471

)

 

$

395,421

 

 

 

 

Less Than 12 Months

 

 

12 Months or Longer

 

 

Total

 

December 31, 2022

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

Available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

(1,518

)

 

$

20,323

 

 

$

(659

)

 

$

7,464

 

 

 

(2,177

)

 

 

27,787

 

Municipal securities

 

 

(8

)

 

 

1,659

 

 

 

 

 

 

 

 

 

(8

)

 

 

1,659

 

Mortgage-backed securities

 

 

(6,150

)

 

 

74,146

 

 

 

(9,406

)

 

 

55,826

 

 

 

(15,556

)

 

 

129,972

 

Collateralized mortgage obligations

 

 

(908

)

 

 

16,575

 

 

 

(919

)

 

 

3,411

 

 

 

(1,827

)

 

 

19,986

 

Total available for sale

 

$

(8,584

)

 

$

112,703

 

 

$

(10,984

)

 

$

66,701

 

 

$

(19,568

)

 

$

179,404

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies

 

$

(1,259

)

 

$

7,882

 

 

$

 

 

$

 

 

$

(1,259

)

 

$

7,882

 

Treasury securities

 

 

(2,921

)

 

 

130,814

 

 

 

 

 

 

 

 

 

(2,921

)

 

 

130,814

 

Municipal securities

 

 

(7,071

)

 

 

118,117

 

 

 

(1,214

)

 

 

3,701

 

 

 

(8,285

)

 

 

121,818

 

Mortgage-backed securities

 

 

(8,355

)

 

 

80,556

 

 

 

(6,353

)

 

 

37,429

 

 

 

(14,708

)

 

 

117,985

 

Collateralized mortgage obligations

 

 

(1,031

)

 

 

10,750

 

 

 

(6,394

)

 

 

23,584

 

 

 

(7,425

)

 

 

34,334

 

Total held to maturity

 

$

(20,637

)

 

$

348,119

 

 

$

(13,961

)

 

$

64,714

 

 

$

(34,598

)

 

$

412,833

 

Schedule of Proceeds from Sales of Available for Sale Securities and Associated Gains and Losses

The proceeds from sales of available for sale securities and the associated gains and losses are listed below for the:

 

 

Three Months Ended
March 31,

 

 

 

2023

 

 

2022

 

Proceeds from sales

 

$

7,239

 

 

$

 

Gross gains

 

 

119

 

 

 

 

Gross losses

 

 

(26

)

 

 

 

Investments Classified by Contractual Maturity Date

The contractual maturities at March 31, 2023 of available for sale and held to maturity securities at carrying value and estimated fair value are shown below. The Company invests in mortgage-backed securities and collateralized mortgage obligations that have expected maturities that differ from their contractual maturities. These differences arise because borrowers and/or issuers may have the right to call or prepay their obligation with or without call or prepayment penalties.

 

 

Available for Sale

 

 

Held to Maturity

 

March 31, 2023

 

Amortized
Cost

 

 

Estimated
Fair
Value

 

 

Amortized
Cost

 

 

Estimated
Fair
Value

 

Due within one year

 

$

 

 

$

 

 

$

74,980

 

 

$

73,848

 

Due after one year through five years

 

 

11,063

 

 

 

10,578

 

 

 

70,556

 

 

 

69,126

 

Due after five years through ten years

 

 

18,880

 

 

 

17,063

 

 

 

86,353

 

 

 

83,208

 

Due after ten years

 

 

3,186

 

 

 

3,402

 

 

 

73,214

 

 

 

68,935

 

Mortgage-backed securities

 

 

139,187

 

 

 

123,578

 

 

 

130,138

 

 

 

115,412

 

Collateralized mortgage obligations

 

 

20,805

 

 

 

19,123

 

 

 

40,864

 

 

 

33,775

 

Total securities

 

$

193,121

 

 

$

173,744

 

 

$

476,105

 

 

$

444,304