Investment Securities |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Investments Securities [Abstract] | |
Investment Securities | 2. The following value of investment securities at the dates indicated (in thousands): For the year 26 sale 74.4 $ 63.8 10.6 was included in accumulated other comprehensive income Transfers of debt securities into the HTM category from the AFS category are made at fair value at the date of transfer. The unrealized gain or loss at the the carrying value of the held-to-maturity securities. Such amounts are the year from AFS to HTM was $ 120 108 The following debt securities for the years ended December 31, 2022 and The indicated (in thousands). call or prepay separately. At December 31, stockholders’ obligations 2021. Information pertaining length of dates (in thousands): The unrealized losses 134.7 HTM portfolio represent unrealized in the cost basis upon transfer between portfolios. The Company performs a review any changes in the than-temporary (“OTTI”) basis. Management considers several factors in their analysis including (i) severity and duration of the impairment, (ii) credit than not that it will be required to (v) underlying guarantor of the securities. At 53.7 collateralized 294.6 attributable contractual cash flows entities. The municipal bonds are of high credit the assessment of are a expects to recover the entire amortized cost basis of these securities. At December 31, 2022, the it is not more than likely than not that the Company will be required to sell cost basis. Therefore, 31, 2022. As of December 31, 2022, the Company maintains a master repurchase agreement with a public banking institution for up 20.0 variable interest rate no t have any securities pledged under this agreement. In 2018, the Company became a Qualified Public Depositor (“QPD”) with the State of Florida. As a QPD, the Company has the are secured by securities 25 % of the The Company must also maintain a minimum At December 31, 2022, eighteen 49.0 Florida under the public funds program. The Company 204.2 At December eleven 20.4 Florida under the public funds program. The Company 37.3 December 31, 2022 Available-for-sale: Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. Government Agency $ 10,177 $ - $ (1,522) $ 8,655 Collateralized mortgage obligations 118,951 - (23,410) 95,541 Mortgage-backed securities - Residential 73,838 - (12,959) 60,879 Mortgage-backed securities - Commercial 32,244 15 (4,305) 27,954 Municipal securities 25,084 - (6,601) 18,483 Bank subordinated debt securities 15,964 5 (1,050) 14,919 Corporate bonds 4,037 - (328) 3,709 $ 280,295 $ 20 $ (50,175) $ 230,140 Held-to-maturity: U.S. Government Agency $ 44,914 $ 25 $ (5,877) $ 39,062 U.S. Treasury 9,841 - (13) 9,828 Collateralized mortgage obligations 68,727 28 (7,830) 60,925 Mortgage-backed securities - Residential 42,685 372 (4,574) 38,483 Mortgage-backed securities - Commercial 11,442 - (665) 10,777 Corporate bonds 11,090 - (1,077) 10,013 $ 188,699 $ 425 $ (20,036) $ 169,088 December 31, 2021 Available-for-sale: Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. Government Agency $ 10,564 $ 6 $ (50) $ 10,520 Collateralized mortgage obligations 160,506 22 (3,699) 156,829 Mortgage-backed securities - Residential 120,643 228 (2,029) 118,842 Mortgage-backed securities - Commercial 49,905 820 (608) 50,117 Municipal securities 25,164 6 (894) 24,276 Bank subordinated debt securities 27,003 1,418 (13) 28,408 Corporate bonds 12,068 482 - 12,550 $ 405,853 $ 2,982 $ (7,293) $ 401,542 Held-to-maturity: U.S. Government Agency $ 34,505 $ 14 $ (615) $ 33,904 Collateralized mortgage obligations 44,820 - (1,021) 43,799 Mortgage-backed securities - Residential 26,920 - (568) 26,352 Mortgage-backed securities - Commercial 3,103 - (90) 3,013 Corporate bonds 13,310 - (221) 13,089 $ 122,658 $ 14 $ (2,515) $ 120,157 Available-for-sale: 2022 2021 Proceeds from sales and call of securities $ 60,649 $ 51,974 Gross Gains $ 217 $ 545 Gross Losses (2,746) (331) Net realized gains (losses) $ (2,529) $ 214 Available-for-sale Held-to-maturity December 31, 2022: Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ - $ - $ 1,515 $ 1,475 Due after one year through five years 4,037 3,709 9,575 8,539 Due after five years through ten years 16,964 15,722 - - Due after ten years 24,084 17,680 - - U.S. Government Agency 10,177 8,655 44,914 39,061 U.S. Treasury - - 9,841 9,828 Collateralized mortgage obligations 118,951 95,541 68,727 60,925 Mortgage-backed securities - Residential 73,838 60,879 42,685 38,483 Mortgage-backed securities - Commercial 32,244 27,954 11,442 10,777 $ 280,295 $ 230,140 $ 188,699 $ 169,088 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. Government Agency $ 11,407 (1,093) 36,310 (7,616) $ 47,717 $ (8,709) U.S. Treasury 9,828 (13) - - 9,828 $ (13) Collateralized mortgage obligations 16,500 (963) 139,965 (34,962) 156,465 $ (35,925) Mortgage-backed securities - Residential 5,059 (564) 91,742 (19,348) 96,801 $ (19,912) Mortgage-backed securities - Commercial 10,052 (1,173) 26,823 (5,300) 36,875 $ (6,473) Municipal securities - - 18,483 (6,601) 18,483 $ (6,601) Bank subordinated debt securities 11,295 (670) 2,619 (381) 13,914 $ (1,051) Corporate bonds 13,723 (926) - - 13,723 $ (926) $ 77,864 $ (5,402) $ 315,942 $ (74,208) $ 393,806 $ (79,610) December 31, 2021 Less than 12 months 12 months or more Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government Agency $ 25,951 $ (254) $ 15,477 $ (516) $ 41,428 $ (770) Collateralized mortgage obligations 155,668 (3,223) 38,459 (1,497) 194,127 $ (4,720) Mortgage-backed securities - Residential 88,772 (1,178) 37,373 (1,274) 126,145 $ (2,452) Mortgage-backed securities - Commercial 25,289 (318) 7,507 (309) 32,796 $ (627) Municipal securities 11,292 (395) 11,978 (499) 23,270 $ (894) Bank subordinated debt securities 4,487 (13) - - 4,487 $ (13) $ 311,459 $ (5,381) $ 110,794 $ (4,095) $ 422,253 $ (9,476) |