Investment Securities (Tables)
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6 Months Ended |
Jun. 30, 2023 |
Investment Securities [Abstract] |
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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: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | | 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 | $ | 3,851 | | | $ | 23 | | | $ | (167) | | | $ | 3,707 | | | $ | 4,127 | | | $ | 37 | | | $ | (181) | | | $ | 3,983 | | Mortgage-Backed Securities – Commercial | 337,197 | | | — | | | (57,545) | | | 279,652 | | | 324,306 | | | — | | | (52,890) | | | 271,416 | | Obligations of U.S. Government-Sponsored Enterprises: | | | | | | | | | | | | | | | | Mortgage-Backed Securities – Residential | 496,213 | | | 34 | | | (77,025) | | | 419,222 | | | 527,777 | | | 59 | | | (78,847) | | | 448,989 | | | | | | | | | | | | | | | | | | Other Government-Sponsored Enterprises | 1,000 | | | — | | | (117) | | | 883 | | | 1,000 | | | — | | | (118) | | | 882 | | Obligations of States and Political Subdivisions | 9,231 | | | — | | | (1,217) | | | 8,014 | | | 9,482 | | | — | | | (1,295) | | | 8,187 | | Corporate Securities | 30,417 | | | — | | | (3,786) | | | 26,631 | | | 32,010 | | | 179 | | | (2,985) | | | 29,204 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Securities Available for Sale | $ | 877,909 | | | $ | 57 | | | $ | (139,857) | | | $ | 738,109 | | | $ | 898,702 | | | $ | 275 | | | $ | (136,316) | | | $ | 762,661 | |
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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 June 30, 2023, by contractual maturity, are shown below. | | | | | | | | | | | | | Amortized Cost | | Estimated Fair Value | | (dollars in thousands) | Due within 1 year | $ | 6,253 | | | $ | 6,179 | | Due after 1 but within 5 years | 2,386 | | | 2,233 | | Due after 5 but within 10 years | 32,009 | | | 27,116 | | Due after 10 years | — | | | — | | | 40,648 | | | 35,528 | | Mortgage-Backed Securities (a) | 837,261 | | | 702,581 | | Total Debt Securities | $ | 877,909 | | | $ | 738,109 | |
(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 $341.0 million and a fair value of $283.4 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $496.2 million and a fair value of $419.2 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac
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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 six months ended June 30: | | | | | | | | | | | | | 2023 | | 2022 | | (dollars in thousands) | Proceeds from sales | $ | 30,686 | | | $ | — | | Gross gains (losses) realized: | | | | Sales transactions: | | | | Gross gains | $ | — | | | $ | — | | Gross losses | — | | | — | | | — | | | — | | Maturities | | | | Gross gains | — | | | 2 | | Gross losses | — | | | — | | | | | | | — | | | 2 | | Net gains | $ | — | | | $ | 2 | |
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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: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | | 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 | $ | 1,819 | | | $ | — | | | $ | (201) | | | $ | 1,618 | | | $ | 2,008 | | | $ | — | | | $ | (224) | | | $ | 1,784 | | Mortgage-Backed Securities- Commercial | 72,274 | | | — | | | (15,641) | | | 56,633 | | | 75,229 | | | — | | | (14,196) | | | 61,033 | | Obligations of U.S. Government-Sponsored Enterprises: | | | | | | | | | | | | | | | | Mortgage-Backed Securities – Residential | 312,326 | | | — | | | (52,201) | | | 260,125 | | | 329,267 | | | — | | | (53,002) | | | 276,265 | | Mortgage-Backed Securities – Commercial | 3,497 | | | — | | | (80) | | | 3,417 | | | 4,794 | | | — | | | (129) | | | 4,665 | | Other Government-Sponsored Enterprises | 22,381 | | | — | | | (4,362) | | | 18,019 | | | 22,221 | | | — | | | (4,501) | | | 17,720 | | Obligations of States and Political Subdivisions | 26,625 | | | — | | | (2,772) | | | 23,853 | | | 26,643 | | | — | | | (2,865) | | | 23,778 | | Debt Securities Issued by Foreign Governments | 1,000 | | | — | | | (50) | | | 950 | | | 1,000 | | | — | | | (40) | | | 960 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Securities Held to Maturity | $ | 439,922 | | | $ | — | | | $ | (75,307) | | | $ | 364,615 | | | $ | 461,162 | | | $ | — | | | $ | (74,957) | | | $ | 386,205 | |
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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 June 30, 2023, 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 | $ | 1,145 | | | $ | 1,140 | | Due after 1 but within 5 years | 11,814 | | | 11,181 | | Due after 5 but within 10 years | 36,484 | | | 30,071 | | Due after 10 years | 563 | | | 430 | | | 50,006 | | | 42,822 | | Mortgage-Backed Securities (a) | 389,916 | | | 321,793 | | Total Debt Securities | $ | 439,922 | | | $ | 364,615 | |
(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 $74.1 million and a fair value of $58.3 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $315.8 million and a fair value of $263.5 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.
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Schedule of Temporary Impairment Losses, Investments |
The following table presents the gross unrealized losses and estimated fair values at June 30, 2023 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 Months | | | 12 Months or More | | | Total | | 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 | $ | 315 | | | $ | (1) | | | | $ | 3,483 | | | $ | (367) | | | | $ | 3,798 | | | $ | (368) | | Mortgage-Backed Securities – Commercial | 24,199 | | | (283) | | | | 312,085 | | | (72,903) | | | | 336,284 | | | (73,186) | | Obligations of U.S. Government-Sponsored Enterprises: | | | | | | | | | | | | | | Mortgage-Backed Securities – Residential | 11,080 | | | (546) | | | | 666,343 | | | (128,680) | | | | 677,423 | | | (129,226) | | Mortgage-Backed Securities – Commercial | — | | | — | | | | 3,418 | | | (80) | | | | 3,418 | | | (80) | | Other Government-Sponsored Enterprises | — | | | — | | | | 18,902 | | | (4,479) | | | | 18,902 | | | (4,479) | | Obligations of States and Political Subdivisions | 9,018 | | | (235) | | | | 22,403 | | | (3,754) | | | | 31,421 | | | (3,989) | | Debt Securities Issued by Foreign Governments | 198 | | | (3) | | | | 753 | | | (47) | | | | 951 | | | (50) | | Corporate Securities | 11,138 | | | (278) | | | | 15,492 | | | (3,508) | | | | 26,630 | | | (3,786) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Securities | $ | 55,948 | | | $ | (1,346) | | | | $ | 1,042,879 | | | $ | (213,818) | | | | $ | 1,098,827 | | | $ | (215,164) | |
At June 30, 2023, 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 June 30, 2023, there are 219 debt securities in an unrealized loss position. The following table presents the gross unrealized losses and estimated fair values at December 31, 2022 by investment category and the time frame for which securities have been in a continuous unrealized loss position: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less Than 12 Months | | | 12 Months or More | | | Total | | 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 | $ | 3,734 | | | $ | (405) | | | | $ | — | | | $ | — | | | | $ | 3,734 | | | $ | (405) | | Mortgage-Backed Securities - Commercial | 92,208 | | | (12,364) | | | | 240,241 | | | (54,722) | | | | 332,449 | | | (67,086) | | Obligations of U.S. Government-Sponsored Enterprises: | | | | | | | | | | | | | | Mortgage-Backed Securities – Residential | 239,760 | | | (21,543) | | | | 482,195 | | | (110,306) | | | | 721,955 | | | (131,849) | | Mortgage-Backed Securities – Commercial | 4,666 | | | (129) | | | | — | | | — | | | | 4,666 | | | (129) | | Other Government-Sponsored Enterprises | — | | | — | | | | 18,603 | | | (4,619) | | | | 18,603 | | | (4,619) | | Obligation of States and Political Subdivisions | 21,234 | | | (1,979) | | | | 9,230 | | | (2,181) | | | | 30,464 | | | (4,160) | | Debt Securities Issued by Foreign Governments | 587 | | | (13) | | | | 373 | | | (27) | | | | 960 | | | (40) | | Corporate Securities | 14,406 | | | (590) | | | | 12,632 | | | (2,395) | | | | 27,038 | | | (2,985) | | | | | | | | | | | | | | | | Total Securities | $ | 376,595 | | | $ | (37,023) | | | | $ | 763,274 | | | $ | (174,250) | | | | $ | 1,139,869 | | | $ | (211,273) | |
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