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Investment Securities (Tables)
3 Months Ended
Mar. 31, 2023
Securities Financing Transactions Disclosures [Abstract]  
Unrealized Gain (Loss) on Investments
The amortized cost and estimated fair value of investment securities for the periods presented:
March 31, 2023
(In thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross Unrealized
Losses
Estimated
Fair Value
Available-for-sale
U.S. Treasury and U.S. government agencies$36,554 $ $1,304 $35,250 
Mortgage-backed U.S. government agencies182,196  16,592 165,604 
State and political subdivision obligations4,349  652 3,697 
Corporate debt securities35,471  3,413 32,058 
Total available-for-sale debt securities258,570  21,961 236,609 
Held-to-maturity
U.S. Treasury and U.S. government agencies$245,703 $ $30,853 $214,850 
Mortgage-backed U.S. government agencies49,050  6,061 42,989 
State and political subdivision obligations87,048 33 6,324 80,757 
Corporate debt securities14,983  1,125 13,858 
Total held-to-maturity debt securities396,784 33 44,363 352,454 
Total$655,354 $33 $66,324 $589,063 
December 31, 2022
(In thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross Unrealized
Losses
Estimated
Fair Value
Available-for-sale
U.S. Treasury and U.S. government agencies$36,528 $— $1,614 $34,914 
Mortgage-backed U.S. government agencies185,993 — 19,078 166,915 
State and political subdivision obligations4,354 — 815 3,539 
Corporate debt securities35,467 — 2,957 32,510 
Total available-for-sale debt securities$262,342 $— $24,464 $237,878 
Held-to-maturity     
U.S. Treasury and U.S. government agencies$245,671 $— $34,834 $210,837 
Mortgage-backed U.S. government agencies50,710 — 6,676 44,034 
State and political subdivision obligations87,125 — 8,345 78,780 
Corporate debt securities15,988 — 1,134 14,854 
Total held-to-maturity debt securities399,494 — 50,989 348,505 
Total$661,836 $— $75,453 $586,383 
Schedule of Fair Value and Unrealized Loss on Debt Security Investments in a Continuous Unrealized Loss Position
The following tables present gross unrealized losses and fair value of debt investment securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented:
(Dollars in thousands)Less Than 12 Months12 Months or MoreTotal
March 31, 2023Number
of
Securities
Estimated
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Estimated
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Estimated
Fair
Value
Gross
Unrealized
Losses
Available-for-sale debt securities:
U.S. Treasury and U.S. government agencies15$28,440 $615 4$6,810 $689 19$35,250 $1,304 
Mortgage-backed U.S. government agencies3577,144 2,903 5888,460 13,689 93165,604 16,592 
State and political subdivision obligations  83,697 652 83,697 652 
Corporate debt securities917,768 1,452 711,040 1,961 1628,808 3,413 
Total available-for-sale debt securities59$123,352 $4,970 77$110,007 $16,991 136$233,359 $21,961 
Held-to-maturity debt securities:
U.S. Treasury and U.S. government agencies2338,341 1,272 122176,509 29,581 145214,850 30,853 
Mortgage-backed U.S. government agencies5875 33 5942,114 6,028 6442,989 6,061 
State and political subdivision obligations7326,077 576 11448,360 5,748 18774,437 6,324 
Corporate debt securities22,760 232 67,149 893 89,909 1,125 
Total held-to-maturity debt securities10368,053 2,113 301274,132 42,250 404342,185 44,363 
Total162$191,405 $7,083 378$384,139 $59,241 540$575,544 $66,324 
(Dollars in thousands)Less Than 12 Months12 Months or MoreTotal
December 31, 2022Number
of
Securities
Estimated
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Estimated
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Estimated
Fair
Value
Gross
Unrealized
Losses
Available-for-sale securities:
U.S. Treasury and U.S. government agencies19$34,914 $1,614 $— $— 19$34,914 $1,614 
Mortgage-backed U.S. government agencies69131,879 11,876 2435,036 7,202 93166,915 19,078 
State and political subdivision obligations62,521 671 21,018 144 83,539 815 
Corporate debt securities1225,063 2,153 44,196 804 1629,259 2,957 
Total available-for-sale securities106194,377 16,314 3040,250 8,150 136234,627 24,464 
Held-to-maturity securities:
U.S. Treasury and U.S. government agencies54$84,946 $10,093 91$125,891 $24,741 145$210,837 $34,834 
Mortgage-backed U.S. government agencies4013,866 1,071 2430,168 5,605 6444,034 6,676 
State and political subdivision obligations18573,735 7,413 184,616 932 20378,351 8,345 
Corporate debt securities45,721 317 55,182 817 910,903 1,134 
Total held to maturity securities283178,268 18,894 138165,857 32,095 421344,125 50,989 
Total389$372,645 $35,208 168$206,107 $40,245 557$578,752 $75,453 
Investments Classified by Contractual Maturity Date
The table below illustrates the contractual maturity of debt investment securities at amortized cost and estimated fair value. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay with or without call or prepayment penalties.
(In thousands)Available-for-saleHeld-to-maturity
March 31, 2023Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in 1 year or less$250 $250 $3,339 $3,322 
Due after 1 year but within 5 years42,815 41,209 92,148 87,515 
Due after 5 years but within 10 years30,444 27,141 210,891 183,926 
Due after 10 years2,865 2,405 41,356 34,702 
76,374 71,005 347,734 309,465 
Mortgage-backed securities182,196 165,604 49,050 42,989 
$258,570 $236,609 $396,784 $352,454