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Securities (Tables)
9 Months Ended
Sep. 30, 2023
Securities [Abstract]  
Schedule of Available-for-sale Securities Reconciliation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2023
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Approximate
Fair Value
(Dollars in thousands)
Available-for-sale securities
U.S. Treasury securities
$
14,797
$
6
$
-
$
14,803
Mortgage-backed - GSE residential
336,020
-
37,976
298,044
Collateralized mortgage obligations - GSE residential
19,780
-
1,056
18,724
State and political subdivisions
489,976
90
79,624
410,442
Corporate bonds
9,740
-
1,266
8,474
Total available-for-sale securities
$
870,313
$
96
$
119,922
$
750,487
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2022
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Approximate
Fair Value
(Dollars in thousands)
Available-for-sale securities
Mortgage-backed - GSE residential
$
197,243
$
232
$
25,166
$
172,309
Collateralized mortgage obligations - GSE residential
11,629
-
743
10,886
State and political subdivisions
551,007
929
57,440
494,496
Corporate bonds
9,762
-
552
9,210
Total available-for-sale securities
$
769,641
$
1,161
$
83,901
$
686,901
Investments Classified by Contractual Maturity Date
Actual maturities may differ from contractual maturities because issuers
 
may have the rights to call or prepay obligations with or
without prepayment penalties.
(2)
Yields are calculated based on amortized cost using 30/360 day basis.
 
Tax-exempt securities are not tax effected.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2023
Within
After One to
After Five to
After
One Year
Five Years
Ten Years
Ten Years
Total
(Dollars in thousands)
Available-for-sale securities
U.S. Treasury securities
(1)
Amortized cost
$
14,797
$
-
$
-
$
-
$
14,797
Estimated fair value
$
14,803
$
-
$
-
$
-
$
14,803
Weighted average yield
(2)
5.11
%
-
%
-
%
-
%
5.11
%
Mortgage-backed - GSE residential
(1)
Amortized cost
$
-
$
14
$
1,007
$
334,999
$
336,020
Estimated fair value
$
-
$
13
$
891
$
297,140
$
298,044
Weighted average yield
(2)
-
%
4.88
%
2.39
%
3.59
%
3.58
%
Collateralized mortgage obligations -
GSE residential
Amortized cost
$
-
$
-
$
2,267
$
17,513
$
19,780
Estimated fair value
$
-
$
-
$
2,117
$
16,607
$
18,724
Weighted average yield
(2)
-
%
-
%
2.77
%
4.93
%
4.68
%
State and political subdivisions
Amortized cost
$
744
$
5,022
$
93,874
$
390,336
$
489,976
Estimated fair value
$
752
$
4,989
$
90,036
$
314,665
$
410,442
Weighted average yield
(2)
3.81
%
4.42
%
3.09
%
2.71
%
2.80
%
Corporate bonds
Amortized cost
$
-
$
143
$
9,597
$
-
$
9,740
Estimated fair value
$
-
$
139
$
8,335
$
-
$
8,474
Weighted average yield
(2)
-
%
4.22
%
5.71
%
-
%
5.69
%
Total available-for-sale securities
Amortized cost
$
15,541
$
5,179
$
106,745
$
742,848
$
870,313
Estimated fair value
$
15,555
$
5,141
$
101,379
$
628,412
$
750,487
Weighted average yield
5.05
%
4.41
%
3.32
%
3.16
%
3.21
%
Schedule of Unrealized Loss on Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2023
Less than 12 Months
12 Months or More
Total
Fair Value
Unrealized
Losses
Number of
Securities
Fair Value
Unrealized
Losses
Number of
Securities
Fair Value
Unrealized
Losses
Number of
Securities
(Dollars in thousands)
Available-for-sale
securities
U.S. Treasury
securities
$
-
$
-
-
$
-
$
-
-
$
-
$
-
-
Mortgage-backed -
GSE residential
166,408
7,398
27
131,637
30,578
56
298,045
37,976
83
Collateralized
mortgage obligations
- GSE residential
5,255
282
2
8,786
774
19
14,041
1,056
21
State and political
subdivisions
119,719
5,433
112
277,722
74,191
213
397,441
79,624
325
Corporate bonds
4,333
667
1
4,141
599
4
8,474
1,266
5
Total temporarily
impaired securities
295,715
$
13,780
142
$
422,286
$
106,142
292
$
718,001
$
119,922
434
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2022
Less than 12 Months
12 Months or More
Total
Fair Value
Unrealized
Losses
Number of
Securities
Fair Value
Unrealized
Losses
Number of
Securities
Fair Value
Unrealized
Losses
Number of
Securities
(Dollars in thousands)
Available-for-sale
securities
Mortgage-backed -
GSE residential
$
91,929
$
10,410
41
$
66,036
$
14,756
16
$
157,965
$
25,166
57
Collateralized
mortgage obligations
- GSE residential
10,636
733
18
251
10
1
10,887
743
19
State and political
subdivisions
350,884
36,697
266
52,519
20,743
40
403,403
57,440
306
Corporate bonds
9,210
552
5
-
-
-
9,210
552
5
Total temporarily
impaired securities
$
462,659
$
48,392
330
$
118,806
$
35,509
57
$
581,465
$
83,901
387
Available-for-sale, Net Realized Gain
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended
For the Nine Months Ended
September 30, 2023
September 30, 2023
Gross
Realized
Gains
Gross
Realized
Losses
Net
Realized
Loss
Gross
Realized
Gains
Gross
Realized
Losses
Net
Realized
Gain
(Dollars in thousands)
Available-for-sale securities
$
68
$
(128)
$
(60)
$
335
$
(332)
 
$
3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended
For the Nine Months Ended
September 30, 2022
September 30, 2022
Gross
Realized
Gains
Gross
Realized
Losses
Net
Realized
Loss
Gross
Realized
Gains
Gross
Realized
Losses
Net
Realized
Loss
(Dollars in thousands)
Available-for-sale securities
$
1
$
(5)
$
(4)
$
3
$
(46)
$
(43)
Gain (Loss) on Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
Nine Months Ended
September 30,
 
September 30,
 
2023
2022
2023
2022
(Dollars in thousands)
Net gains (losses) recognized during the reporting period on equity securities
$
98
$
(87)
$
114
$
(261)
Less: net gains recognized during the reporting period on equity securities sold
during the reporting period
93
-
93
-
Unrealized gains (losses) recognized during the reporting period on equity
securities still held at the reporting date
$
5
$
(87)
$
21
$
(261)