XML 41 R28.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Investment Securities (Tables)
3 Months Ended
Mar. 31, 2024
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:
 March 31, 2024December 31, 2023
 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$3,439 $25 $(183)$3,281 $3,565 $47 $(147)$3,465 
Mortgage-Backed Securities – Commercial526,472 1,968 (54,239)474,201 512,979 4,935 (52,521)465,393 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential543,883 911 (70,590)474,204 559,769 3,052 (68,222)494,599 
Other Government-Sponsored Enterprises1,000 — (87)913 1,000 — (85)915 
Obligations of States and Political Subdivisions9,223 — (1,048)8,175 9,226 (1,027)8,202 
Corporate Securities67,007 522 (4,592)62,937 51,886 145 (3,619)48,412 
Total Securities Available for Sale$1,151,024 $3,426 $(130,739)$1,023,711 $1,138,425 $8,182 $(125,621)$1,020,986 
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 March 31, 2024, by contractual maturity, are shown below.
Amortized
Cost
Estimated
Fair Value
 (dollars in thousands)
Due within 1 year$255 $255 
Due after 1 but within 5 years18,023 17,865 
Due after 5 but within 10 years58,952 53,905 
Due after 10 years— — 
77,230 72,025 
Mortgage-Backed Securities (a)1,073,794 951,686 
Total Debt Securities$1,151,024 $1,023,711 
(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 $529.9 million and a fair value of $477.5 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $543.9 million and a fair value of $474.2 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac
[1]
Proceeds from Sale, Gross Gains (Losses) Realized on Sales, Maturities and Other-Than-Temporary Impairment Charges Related to Securities Available for Sale
Proceeds from sales, gross gains (losses) realized on sales and maturities related to securities held to maturity and securities available for sale were as follows for the three months ended March 31:
20242023
 (dollars in thousands)
Proceeds from sales$— $30,686 
Gross gains (losses) realized:
Sales transactions:
Gross gains$— $— 
Gross losses— — 
— — 
Maturities
Gross gains— — 
Gross losses— — 
— — 
Net gains $— $— 
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:
 March 31, 2024December 31, 2023
 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$1,685 $— $(208)$1,477 $1,781 $— $(175)$1,606 
Mortgage-Backed Securities- Commercial123,075 72 (14,961)108,186 69,502 — (14,435)55,067 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential289,247 — (49,030)240,217 296,432 — (47,148)249,284 
Mortgage-Backed Securities – Commercial1,523 — (17)1,506 2,190 — (30)2,160 
Other Government-Sponsored Enterprises22,624 — (4,365)18,259 22,543 — (4,178)18,365 
Obligations of States and Political Subdivisions25,554 — (2,419)23,135 25,561 — (2,412)23,149 
Debt Securities Issued by Foreign Governments1,000 — (31)969 1,000 — (36)964 
Total Securities Held to Maturity$464,708 $72 $(71,031)$393,749 $419,009 $— $(68,414)$350,595 
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 March 31, 2024, 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$660 $656 
Due after 1 but within 5 years12,371 11,776 
Due after 5 but within 10 years35,584 29,483 
Due after 10 years563 448 
49,178 42,363 
Mortgage-Backed Securities (a)415,530 351,386 
Total Debt Securities$464,708 $393,749 
(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 $124.8 million and a fair value of $109.7 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $290.8 million and a fair value of $241.7 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.
[2]
Schedule of Temporary Impairment Losses, Investments
The following table presents the gross unrealized losses and estimated fair values at March 31, 2024 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$— $— $3,208 $(391)$3,208 $(391)
Mortgage-Backed Securities – Commercial22,591 (5)290,862 (69,195)313,453 (69,200)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential3,274 (33)619,587 (119,587)622,861 (119,620)
Mortgage-Backed Securities – Commercial— — 1,507 (17)1,507 (17)
Other Government-Sponsored Enterprises— — 19,172 (4,452)19,172 (4,452)
Obligations of States and Political Subdivisions2,896 (23)28,268 (3,444)31,164 (3,467)
Debt Securities Issued by Foreign Governments199 (1)570 (30)769 (31)
Corporate Securities30,826 (1,261)15,919 (3,331)46,745 (4,592)
Total Securities$59,786 $(1,323)$979,093 $(200,447)$1,038,879 $(201,770)
    
At March 31, 2024, 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 March 31, 2024, 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, 2023 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 – Residential$— $— $3,395 $(322)$3,395 $(322)
Mortgage-Backed Securities - Commercial— — 300,642 (66,956)300,642 (66,956)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential1,124 (3)643,735 (115,367)644,859 (115,370)
Mortgage-Backed Securities – Commercial— — 2,160 (30)2,160 (30)
Other Government-Sponsored Enterprises— — 19,280 (4,263)19,280 (4,263)
Obligation of States and Political Subdivisions2,641 (62)26,887 (3,377)29,528 (3,439)
Debt Securities Issued by Foreign Governments199 (1)765 (35)964 (36)
Corporate Securities11,416 (45)21,426 (3,574)32,842 (3,619)
Total Securities$15,380 $(111)$1,018,290 $(193,924)$1,033,670 $(194,035)
[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 $529.9 million and a fair value of $477.5 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $543.9 million and a fair value of $474.2 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.
[2] 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 $124.8 million and a fair value of $109.7 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $290.8 million and a fair value of $241.7 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.