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Investment Securities (Tables)
9 Months Ended
Sep. 30, 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:
September 30, 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$36,609 $ $1,878 $34,731 
Mortgage-backed U.S. government agencies173,060  24,416 148,644 
State and political subdivision obligations4,338  1,026 3,312 
Corporate debt securities35,729  4,352 31,377 
Total available-for-sale debt securities249,736  31,672 218,064 
Held-to-maturity
U.S. Treasury and U.S. government agencies$245,771 $ $40,363 $205,408 
Mortgage-backed U.S. government agencies45,374  7,614 37,760 
State and political subdivision obligations84,942  11,330 73,612 
Corporate debt securities25,474  1,248 24,226 
Total held-to-maturity debt securities401,561  60,555 341,006 
Total$651,297 $ $92,227 $559,070 
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 $586,383 
Schedule of Fair Value and Unrealized Loss on Debt Security Investments in a Continuous Unrealized Loss Position
The following tables present gross unrealized losses and fair value of debt investment securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented:
(Dollars in thousands)Less Than 12 Months12 Months or MoreTotal
September 30, 2023Number
of
Securities
Estimated
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Estimated
Fair
Value
Gross
Unrealized
Losses
Number
of
Securities
Estimated
Fair
Value
Gross
Unrealized
Losses
Available-for-sale debt securities:
U.S. Treasury and U.S. government agencies$ $ 19$34,731 $1,878 19$34,731 $1,878 
Mortgage-backed U.S. government agencies11,455 122 92147,189 24,294 93148,644 24,416 
State and political subdivision obligations  83,312 1,026 83,312 1,026 
Corporate debt securities  1831,377 4,352 1831,377 4,352 
Total available-for-sale debt securities1$1,455 $122 137$216,609 $31,550 138$218,064 $31,672 
Held-to-maturity debt securities:
U.S. Treasury and U.S. government agencies45,627 858 141199,781 39,505 145205,408 40,363 
Mortgage-backed U.S. government agencies2971 61 6236,789 7,553 6437,760 7,614 
State and political subdivision obligations51,568 463 19472,044 10,867 19973,612 11,330 
Corporate debt securities  1524,226 1,248 1524,226 1,248 
Total held-to-maturity debt securities118,166 1,382 412332,840 59,173 423341,006 60,555 
Total12$9,621 $1,504 549$549,449 $90,723 561$559,070 $92,227 
(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
September 30, 2023Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in 1 year or less$6,995 $6,878 $8,076 $7,960 
Due after 1 year but within 5 years37,872 36,109 94,702 86,955 
Due after 5 years but within 10 years29,472 24,686 209,213 172,101 
Due after 10 years2,337 1,747 44,196 36,230 
76,676 69,420 356,187 303,246 
Mortgage-backed securities173,060 148,644 45,374 37,760 
$249,736 $218,064 $401,561 $341,006