Securities (Tables)

9 Months Ended

Sep. 30, 2022

Securities [Abstract]

Schedule of Available-for-sale Securities Reconciliation

September 30, 2022

Amortized

Cost

Gross

Unrealized

Gains

Gross

Unrealized

Losses

Approximate

Fair Value

(Dollars in thousands)

Available-for-sale securities

Mortgage-backed - GSE residential

$

178,287

$

-

$

27,761

$

150,526

Collateralized mortgage obligations - GSE residential

12,489

-

752

11,737

State and political subdivisions

568,863

299

79,696

489,466

Corporate bonds

5,110

13

325

4,798

Total available-for-sale securities

$

764,749

$

312

$

108,534

$

656,527

December 31, 2021

Amortized

Cost

Gross

Unrealized

Gains

Gross

Unrealized

Losses

Approximate

Fair Value

(Dollars in thousands)

Available-for-sale securities

Mortgage-backed - GSE residential

$

161,675

$

1,809

$

1,774

$

161,710

Collateralized mortgage obligations - GSE residential

18,130

311

10

18,431

State and political subdivisions

532,906

29,329

767

561,468

Corporate bonds

4,241

119

-

4,360

Total available-for-sale securities

$

716,952

$

31,568

$

2,551

$

745,969

Investments Classified by Contractual Maturity Date

September 30, 2022

Within

After One to

After Five to

After

One Year

Five Years

Ten Years

Ten Years

Total

(Dollars in thousands)

Available-for-sale securities

Mortgage-backed - GSE residential

(1)

Amortized cost

$

-

$

24

$

105

$

178,158

$

178,287

Estimated fair value

$

-

$

23

$

101

$

150,402

$

150,526

Weighted average yield

(2)

-

%

4.78

%

4.01

%

2.06

%

2.06

%

Collateralized mortgage obligations -

GSE residential

(1)

Amortized cost

$

-

$

-

$

2,365

$

10,124

$

12,489

Estimated fair value

$

-

$

-

$

2,241

$

9,496

$

11,737

Weighted average yield

(2)

-

%

-

%

2.77

%

2.27

%

2.37

%

State and political subdivisions

Amortized cost

$

1,127

$

5,028

$

112,642

$

450,066

$

568,863

Estimated fair value

$

1,131

$

5,070

$

110,310

$

372,955

$

489,466

Weighted average yield

(2)

3.37

%

3.88

%

3.26

%

2.73

%

2.85

%

Corporate bonds

Amortized cost

$

-

$

498

$

4,612

$

-

$

5,110

Estimated fair value

$

-

$

501

$

4,297

$

-

$

4,798

Weighted average yield

(2)

-

%

6.22

%

4.31

%

-

%

4.49

%

Total available-for-sale securities

Amortized cost

$

1,127

$

5,550

$

119,724

$

638,348

$

764,749

Estimated fair value

$

1,131

$

5,594

$

116,949

$

532,853

$

656,527

Weighted average yield

(2)

3.37

%

4.09

%

3.29

%

2.53

%

2.66

%

Actual maturities may differ from contractual maturities because issuers may have the rights to call or prepay obligations with or

without prepayment penalties.

(2)

Yields are calculated based on amortized cost.

Schedule of Unrealized Loss on Investments

September 30, 2022

Less than 12 Months

12 Months or More

Total

Fair Value

Unrealized

Losses

Number of

Securities

Fair Value

Unrealized

Losses

Number of

Securities

Fair Value

Unrealized

Losses

Number of

Securities

(Dollars in thousands)

Available-for-sale

securities

Mortgage-backed -

GSE residential

$

104,743

$

16,106

43

$

45,783

$

11,655

14

$

150,526

$

27,761

57

Collateralized

mortgage obligations

- GSE residential

11,430

740

18

307

12

1

11,737

752

19

State and political

subdivisions

410,905

55,588

344

48,255

24,108

39

459,160

79,696

383

Corporate bonds

4,535

325

4

-

-

-

4,535

325

4

Total temporarily

impaired securities

$

531,613

$

72,759

409

$

94,345

$

35,775

54

$

625,958

$

108,534

463

December 31, 2021

Less than 12 Months

12 Months or More

Total

Fair Value

Unrealized

Losses

Number of

Securities

Fair Value

Unrealized

Losses

Number of

Securities

Fair Value

Unrealized

Losses

Number of

Securities

(Dollars in thousands)

Available-for-sale

securities

Mortgage-backed -

GSE residential

$

87,306

$

1,774

16

$

-

$

-

-

$

87,306

$

1,774

16

Collateralized

mortgage obligations

- GSE residential

803

10

2

-

-

-

803

10

2

State and political

subdivisions

72,915

762

39

1,310

5

4

74,225

767

43

Corporate bonds

-

-

-

-

-

-

-

-

-

Total temporarily

impaired securities

$

161,024

$

2,546

57

$

1,310

$

5

4

$

162,334

$

2,551

61

Available-for-sale, Net Realized Gain

For the Three Months Ended

For the Nine Months Ended

September 30, 2022

September 30, 2022

Gross

Realized

Gains

Gross

Realized

Losses

Net

Realized

Loss

Gross

Realized

Gains

Gross

Realized

Losses

Net

Realized

Loss

(Dollars in thousands)

Available-for-sale securities

$

1

$

(5)

$

(4)

$

3

$

(46)

$

(43)

For the Three Months Ended

For the Nine Months Ended

September 30, 2021

September 30, 2021

Gross

Realized

Gains

Gross

Realized

Losses

Net

Realized

Loss

Gross

Realized

Gains

Gross

Realized

Losses

Net

Realized

Loss

(Dollars in thousands)

Available-for-sale securities

$

1,125

$

(79)

$

1,046

$

1,151

$

(108)

$

1,043

Gain (Loss) on Securities

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

2022

2021

2022

2021

(Dollars in thousands)

Net gains (losses) recognized during the reporting period on equity securities

$

(87)

$

(6,210)

$

(261)

$

(6,243)

Less: net gains recognized during the reporting period on equity securities sold

during the reporting period

-

-

-

-

Unrealized gains (losses) recognized during the reporting period on equity

securities still held at the reporting date

$

(87)

$

(6,210)

$

(261)

$

(6,243)