XML 36 R26.htm IDEA: XBRL DOCUMENT v3.22.2.2
Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2022
Investment Securities [Abstract]  
Schedule of Available-for-Sale Securities Reconciliation Below is an analysis of the amortized cost and estimated fair values of securities available for sale at:
 September 30, 2022December 31, 2021
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential$4,456 $65 $(232)$4,289 $5,242 $420 $— $5,662 
Mortgage-Backed Securities – Commercial334,730 — (51,477)283,253 365,024 1,725 (4,459)362,290 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential545,165 24 (83,676)461,513 632,687 6,308 (9,021)629,974 
Other Government-Sponsored Enterprises1,000 — (127)873 1,000 — (19)981 
Obligations of States and Political Subdivisions9,494 — (1,322)8,172 9,538 89 (103)9,524 
Corporate Securities32,030 161 (2,876)29,315 32,088 973 (112)32,949 
Total Securities Available for Sale$926,875 $250 $(139,710)$787,415 $1,045,579 $9,515 $(13,714)$1,041,380 
Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale
The amortized cost and estimated fair value of debt securities available for sale at September 30, 2022, by contractual maturity, are shown below.
Amortized
Cost		Estimated
Fair Value
 (dollars in thousands)
Due within 1 year$4,999 $4,985 
Due after 1 but within 5 years8,880 8,611 
Due after 5 but within 10 years28,645 24,764 
Due after 10 years— — 
42,524 38,360 
Mortgage-Backed Securities (a)884,351 749,055 
Total Debt Securities$926,875 $787,415 
 
(a)Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $339.2 million and a fair value of $287.5 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $545.2 million and a fair value of $461.5 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac 		[1]
Proceeds from Sale, Gross Gains (Losses) Realized on Sales, Maturities and Other-Than-Temporary Impairment Charges Related to Securities Available for Sale Proceeds from sales, gross gains (losses) realized on sales and maturities related to securities held to maturity and securities available for sale were as follows for the nine months ended September 30:
20222021
 (dollars in thousands)
Proceeds from sales$— $— 
Gross gains (losses) realized:
Sales transactions:
Gross gains$— $— 
Gross losses— — 
— — 
Maturities
Gross gains2 16 
Gross losses— — 
2 16 
Net gains $2 $16 
Debt Securities, Held-to-maturity [Table Text Block] Below is an analysis of the amortized cost and fair values of debt securities held to maturity at:
 September 30, 2022December 31, 2021
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential$2,029 $— $(240)$1,789 $2,409 $101 $— $2,510 
Mortgage-Backed Securities- Commercial77,896 — (14,224)63,672 91,439 305 (1,939)89,805 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential338,959 — (56,872)282,087 387,848 2,800 (5,758)384,890 
Mortgage-Backed Securities – Commercial5,434 — (123)5,311 7,309 148 — 7,457 
Other Government-Sponsored Enterprises22,141 — (4,756)17,385 21,904 — (625)21,279 
Obligations of States and Political Subdivisions27,331 — (3,377)23,954 29,402 414 (103)29,713 
Debt Securities Issued by Foreign Governments1,000 — (38)962 1,000 — (3)997 
Total Securities Held to Maturity$474,790 $— $(79,630)$395,160 $541,311 $3,768 $(8,428)$536,651 
Schedule of Held-to-Maturity Securities by Maturity [Table Text Block]
The amortized cost and estimated fair value of debt securities held to maturity at September 30, 2022, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties.
Amortized
Cost		Estimated
Fair Value
 (dollars in thousands)
Due within 1 year$611 $611 
Due after 1 but within 5 years8,236 7,875 
Due after 5 but within 10 years41,062 33,416 
Due after 10 years563 399 
50,472 42,301 
Mortgage-Backed Securities (a)424,318 352,859 
Total Debt Securities$474,790 $395,160 
(b)Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $79.9 million and a fair value of $65.5 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $344.4 million and a fair value of $287.4 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.
Schedule of Temporary Impairment Losses, Investments
The following table presents the gross unrealized losses and estimated fair values at September 30, 2022 for both available for sale and held to maturity securities by investment category and time frame for which securities have been in a continuous unrealized loss position:
 
 Less Than 12 Months12 Months or MoreTotal
 Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential$3,845 $(472)$— $— $3,845 $(472)
Mortgage-Backed Securities – Commercial188,467 (30,122)158,458 (35,579)346,925 (65,701)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential292,688 (33,319)448,625 (107,229)741,313 (140,548)
Mortgage-Backed Securities – Commercial5,311 (123)— — 5,311 (123)
Other Government-Sponsored Enterprises— — 18,258 (4,883)18,258 (4,883)
Obligations of States and Political Subdivisions24,485 (3,081)7,166 (1,618)31,651 (4,699)
Debt Securities Issued by Foreign Governments962 (38)— — 962 (38)
Corporate Securities23,004 (1,991)4,167 (885)27,171 (2,876)
Total Securities$538,762 $(69,146)$636,674 $(150,194)$1,175,436 $(219,340)
    
At September 30, 2022, fixed income securities issued by the U.S. Government and U.S. Government-sponsored enterprises comprised 96% of total unrealized losses. All unrealized losses are the result of changes in market interest rates. At September 30, 2022, there are 218 debt securities in an unrealized loss position.
The following table presents the gross unrealized losses and estimated fair values at December 31, 2021 by investment category and the time frame for which securities have been in a continuous unrealized loss position:
 Less Than 12 Months12 Months or MoreTotal
 Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Commercial$320,414 $(6,398)$— $— $320,414 $(6,398)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential658,965 (14,779)— — 658,965 (14,779)
Other Government-Sponsored Enterprises22,261 (644)— — 22,261 (644)
Obligation of States and Political Subdivisions11,213 (206)— — 11,213 (206)
Debt Securities Issued by Foreign Governments997 (3)— — 997 (3)
Corporate Securities19,013 (112)— — 19,013 (112)
Total Securities$1,032,863 $(22,142)$— $— $1,032,863 $(22,142)
[1] Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $79.9 million and a fair value of $65.5 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $344.4 million and a fair value of $287.4 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.