| Summary of Amortized Cost and Fair Values of Securities Available-for-sale, and Held to Maturity |
The following tables summarize the amortized cost and fair values of securities available-for-sale and securities held-to-maturity as of the dates shown and the corresponding amounts of gross unrealized gains and losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
Available-for-sale |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Notes |
|
$ |
42,516 |
|
|
$ |
— |
|
|
$ |
(1,798 |
) |
|
$ |
40,718 |
|
U.S. Government agencies |
|
|
148,297 |
|
|
|
68 |
|
|
|
(19,847 |
) |
|
|
128,518 |
|
Obligations of states, municipalities, and
political subdivisions |
|
|
67,922 |
|
|
|
11 |
|
|
|
(5,203 |
) |
|
|
62,730 |
|
Residential mortgage-backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
Agency |
|
|
673,096 |
|
|
|
— |
|
|
|
(107,416 |
) |
|
|
565,680 |
|
Non-agency |
|
|
126,144 |
|
|
|
— |
|
|
|
(24,264 |
) |
|
|
101,880 |
|
Commercial mortgage-backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
Agency |
|
|
188,308 |
|
|
|
— |
|
|
|
(36,068 |
) |
|
|
152,240 |
|
Corporate securities |
|
|
42,767 |
|
|
|
— |
|
|
|
(6,824 |
) |
|
|
35,943 |
|
Asset-backed securities |
|
|
39,785 |
|
|
|
— |
|
|
|
(1,794 |
) |
|
|
37,991 |
|
Total |
|
$ |
1,328,835 |
|
|
$ |
79 |
|
|
$ |
(203,214 |
) |
|
$ |
1,125,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
Held-to-maturity |
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states, municipalities, and
political subdivisions |
|
$ |
2,158 |
|
|
$ |
— |
|
|
$ |
(26 |
) |
|
$ |
2,132 |
|
Total |
|
$ |
2,158 |
|
|
$ |
— |
|
|
$ |
(26 |
) |
|
$ |
2,132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
Available-for-sale |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Notes |
|
$ |
42,430 |
|
|
$ |
2 |
|
|
$ |
(1,709 |
) |
|
$ |
40,723 |
|
U.S. Government agencies |
|
|
150,524 |
|
|
|
116 |
|
|
|
(20,276 |
) |
|
|
130,364 |
|
Obligations of states, municipalities, and
political subdivisions |
|
|
68,019 |
|
|
|
9 |
|
|
|
(6,152 |
) |
|
|
61,876 |
|
Residential mortgage-backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
Agency |
|
|
707,157 |
|
|
|
— |
|
|
|
(111,361 |
) |
|
|
595,796 |
|
Non-agency |
|
|
130,654 |
|
|
|
— |
|
|
|
(24,405 |
) |
|
|
106,249 |
|
Commercial mortgage-backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
Agency |
|
|
191,172 |
|
|
|
— |
|
|
|
(34,142 |
) |
|
|
157,030 |
|
Corporate securities |
|
|
45,302 |
|
|
|
— |
|
|
|
(3,866 |
) |
|
|
41,436 |
|
Asset-backed securities |
|
|
43,085 |
|
|
|
— |
|
|
|
(2,128 |
) |
|
|
40,957 |
|
Total |
|
$ |
1,378,343 |
|
|
$ |
127 |
|
|
$ |
(204,039 |
) |
|
$ |
1,174,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
Held-to-maturity |
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states, municipalities, and political
subdivisions |
|
$ |
2,705 |
|
|
$ |
— |
|
|
$ |
(33 |
) |
|
$ |
2,672 |
|
Total |
|
$ |
2,705 |
|
|
$ |
— |
|
|
$ |
(33 |
) |
|
$ |
2,672 |
|
|
| Summary of Gross Unrealized Losses and Fair Values, Aggregated by Investment Category and Length of Individual Securities Continuous Unrealized Loss Position Available-for-sale and Held to Maturity |
Gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2023 and December 31, 2022, are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than 12 Months |
|
|
12 Months or Longer |
|
|
Total |
|
June 30, 2023 |
|
Number of
Securities |
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
Available-for-sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Notes |
|
|
8 |
|
|
14,318 |
|
|
|
(340 |
) |
|
|
26,400 |
|
|
|
(1,458 |
) |
|
$ |
40,718 |
|
|
$ |
(1,798 |
) |
U.S. Government agencies |
|
|
17 |
|
|
4,771 |
|
|
|
(182 |
) |
|
|
110,830 |
|
|
|
(19,665 |
) |
|
|
115,601 |
|
|
|
(19,847 |
) |
Obligations of states,
municipalities and political
subdivisions |
|
|
61 |
|
|
14,969 |
|
|
|
(271 |
) |
|
|
43,898 |
|
|
|
(4,932 |
) |
|
|
58,867 |
|
|
|
(5,203 |
) |
Residential mortgage-backed
securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency |
|
|
99 |
|
|
24,706 |
|
|
|
(1,406 |
) |
|
|
540,974 |
|
|
|
(106,010 |
) |
|
|
565,680 |
|
|
|
(107,416 |
) |
Non-agency |
|
|
19 |
|
|
— |
|
|
|
— |
|
|
|
101,880 |
|
|
|
(24,264 |
) |
|
|
101,880 |
|
|
|
(24,264 |
) |
Commercial mortgage-backed
securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency |
|
|
49 |
|
|
6,799 |
|
|
|
(1,549 |
) |
|
|
145,441 |
|
|
|
(34,519 |
) |
|
|
152,240 |
|
|
|
(36,068 |
) |
Corporate securities |
|
|
23 |
|
|
3,972 |
|
|
|
(516 |
) |
|
|
31,971 |
|
|
|
(6,308 |
) |
|
|
35,943 |
|
|
|
(6,824 |
) |
Asset-backed securities |
|
|
7 |
|
|
3,380 |
|
|
|
(49 |
) |
|
|
34,611 |
|
|
|
(1,745 |
) |
|
|
37,991 |
|
|
|
(1,794 |
) |
Total |
|
|
283 |
|
$ |
72,915 |
|
|
$ |
(4,313 |
) |
|
$ |
1,036,005 |
|
|
$ |
(198,901 |
) |
|
$ |
1,108,920 |
|
|
$ |
(203,214 |
) |
Held-to-maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states,
municipalities, and
political subdivisions |
|
|
3 |
|
$ |
597 |
|
|
$ |
(10 |
) |
|
$ |
1,535 |
|
|
$ |
(16 |
) |
|
$ |
2,132 |
|
|
$ |
(26 |
) |
Total |
|
|
3 |
|
$ |
597 |
|
|
$ |
(10 |
) |
|
$ |
1,535 |
|
|
$ |
(16 |
) |
|
$ |
2,132 |
|
|
$ |
(26 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than 12 Months |
|
|
12 Months or Longer |
|
|
Total |
|
December 31, 2022 |
|
Number of
Securities |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
Available-for-sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Notes |
|
|
6 |
|
|
$ |
21,720 |
|
|
$ |
(1,078 |
) |
|
$ |
9,339 |
|
|
$ |
(631 |
) |
|
$ |
31,059 |
|
|
$ |
(1,709 |
) |
U.S. Government agencies |
|
|
17 |
|
|
|
44,508 |
|
|
|
(4,782 |
) |
|
|
70,609 |
|
|
|
(15,494 |
) |
|
|
115,117 |
|
|
|
(20,276 |
) |
Obligations of states,
municipalities and
political subdivisions |
|
|
58 |
|
|
|
50,216 |
|
|
|
(3,858 |
) |
|
|
7,185 |
|
|
|
(2,294 |
) |
|
|
57,401 |
|
|
|
(6,152 |
) |
Residential mortgage-backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency |
|
|
101 |
|
|
|
117,598 |
|
|
|
(11,045 |
) |
|
|
478,198 |
|
|
|
(100,316 |
) |
|
|
595,796 |
|
|
|
(111,361 |
) |
Non-agency |
|
|
19 |
|
|
|
35,486 |
|
|
|
(7,569 |
) |
|
|
70,763 |
|
|
|
(16,836 |
) |
|
|
106,249 |
|
|
|
(24,405 |
) |
Commercial mortgage-backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency |
|
|
47 |
|
|
|
76,193 |
|
|
|
(11,840 |
) |
|
|
74,315 |
|
|
|
(22,302 |
) |
|
|
150,508 |
|
|
|
(34,142 |
) |
Corporate securities |
|
|
24 |
|
|
|
37,130 |
|
|
|
(3,128 |
) |
|
|
4,306 |
|
|
|
(738 |
) |
|
|
41,436 |
|
|
|
(3,866 |
) |
Asset-backed securities |
|
|
8 |
|
|
|
25,455 |
|
|
|
(503 |
) |
|
|
15,502 |
|
|
|
(1,625 |
) |
|
|
40,957 |
|
|
|
(2,128 |
) |
Total |
|
|
280 |
|
|
$ |
408,306 |
|
|
$ |
(43,803 |
) |
|
$ |
730,217 |
|
|
$ |
(160,236 |
) |
|
$ |
1,138,523 |
|
|
$ |
(204,039 |
) |
Held-to-maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states, municipalities and
political subdivisions |
|
|
4 |
|
|
$ |
2,672 |
|
|
$ |
(33 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,672 |
|
|
$ |
(33 |
) |
Total |
|
|
4 |
|
|
$ |
2,672 |
|
|
$ |
(33 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,672 |
|
|
$ |
(33 |
) |
|
| Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity |
At June 30, 2023, the amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
|
|
|
|
|
|
|
|
|
|
|
Amortized
Cost |
|
|
Fair
Value |
|
Available-for-sale |
|
|
|
|
|
|
Due in one year or less |
|
$ |
2,954 |
|
|
$ |
2,924 |
|
Due from one to five years |
|
|
118,502 |
|
|
|
110,541 |
|
Due from five to ten years |
|
|
174,431 |
|
|
|
152,013 |
|
Due after ten years |
|
|
45,400 |
|
|
|
40,422 |
|
Mortgage-backed securities |
|
|
987,548 |
|
|
|
819,800 |
|
Total |
|
$ |
1,328,835 |
|
|
$ |
1,125,700 |
|
Held-to-maturity |
|
|
|
|
|
|
Due in one year or less |
|
$ |
1,551 |
|
|
$ |
1,535 |
|
Due from one to five years |
|
|
607 |
|
|
|
597 |
|
Total |
|
$ |
2,158 |
|
|
$ |
2,132 |
|
|