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Securities (Tables)
6 Months Ended
Jun. 30, 2023
Securities [Abstract]  
Schedule of Available-for-sale Securities Reconciliation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2023
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Approximate
Fair Value
(Dollars in thousands)
Available-for-sale securities
Mortgage-backed - GSE residential
$
297,941
$
216
$
25,224
$
272,933
Collateralized mortgage obligations - GSE residential
10,256
-
740
9,516
State and political subdivisions
504,236
464
51,751
452,949
Corporate bonds
9,749
-
1,247
8,502
Total available-for-sale securities
$
822,182
$
680
$
78,962
$
743,900
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2022
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Approximate
Fair Value
(Dollars in thousands)
Available-for-sale securities
Mortgage-backed - GSE residential
$
197,243
$
232
$
25,166
$
172,309
Collateralized mortgage obligations - GSE residential
11,629
-
743
10,886
State and political subdivisions
551,007
929
57,440
494,496
Corporate bonds
9,762
-
552
9,210
Total available-for-sale securities
$
769,641
$
1,161
$
83,901
$
686,901
Investments Classified by Contractual Maturity Date
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2023
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
$
-
$
14
$
1,053
$
296,874
$
297,941
Estimated fair value
$
-
$
13
$
965
$
271,955
$
272,933
Weighted average yield
(2)
-
%
4.82
%
2.40
%
3.29
%
3.29
%
Collateralized mortgage obligations -
GSE residential
(1)
Amortized cost
$
-
$
-
$
2,296
$
7,960
$
10,256
Estimated fair value
$
-
$
-
$
2,165
$
7,351
$
9,516
Weighted average yield
(2)
-
%
-
%
2.77
%
2.34
%
2.43
%
State and political subdivisions
Amortized cost
$
1,068
$
5,900
$
91,244
$
406,024
$
504,236
Estimated fair value
$
1,076
$
5,966
$
90,275
$
355,632
$
452,949
Weighted average yield
(2)
3.55
%
4.32
%
3.10
%
2.72
%
2.81
%
Corporate bonds
Amortized cost
$
-
$
144
$
9,605
$
-
$
9,749
Estimated fair value
$
-
$
140
$
8,362
$
-
$
8,502
Weighted average yield
(2)
-
%
4.29
%
5.70
%
-
%
5.68
%
Total available-for-sale securities
Amortized cost
$
1,068
$
6,058
$
104,198
$
710,858
$
822,182
Estimated fair value
$
1,076
$
6,119
$
101,767
$
634,938
$
743,900
Weighted average yield
(2)
3.55
%
4.32
%
3.33
%
2.96
%
3.01
%
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 using 30/360 day basis.
 
Tax-exempt securities are not tax effected.
Schedule of Unrealized Loss on Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2023
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
$
100,527
$
1,751
28
$
131,007
$
23,473
41
$
231,534
$
25,224
69
Collateralized
mortgage obligations
- GSE residential
-
-
-
9,515
740
19
9,515
740
19
State and political
subdivisions
123,696
1,366
111
275,023
50,385
195
398,719
51,751
306
Corporate bonds
4,380
621
1
4,122
626
4
8,502
1,247
5
Total temporarily
impaired securities
$
228,603
$
3,738
140
$
419,667
$
75,224
259
$
648,270
$
78,962
399
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 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
$
91,929
$
10,410
41
$
66,036
$
14,756
16
$
157,965
$
25,166
57
Collateralized
mortgage obligations
- GSE residential
10,636
733
18
251
10
1
10,887
743
19
State and political
subdivisions
350,884
36,697
266
52,519
20,743
40
403,403
57,440
306
Corporate bonds
9,210
552
5
-
-
-
9,210
552
5
Total temporarily
impaired securities
$
462,659
$
48,392
330
$
118,806
$
35,509
57
$
581,465
$
83,901
387
Available-for-sale, Net Realized Gain
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended
For the Six Months Ended
June 30, 2023
June 30, 2023
Gross
Realized
Gains
Gross
Realized
Losses
Net
Realized
Gain
 
Gross
Realized
Gains
Gross
Realized
Losses
Net
Realized
Gain
(Dollars in thousands)
Available-for-sale securities
$
74
$
(74)
$
-
$
267
$
(204)
$
63
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended
For the Six Months Ended
June 30, 2022
June 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
$
2
$
(14)
$
(12)
$
3
$
(41)
$
(38)
Gain (Loss) on Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
Six Months Ended
June 30,
 
June 30,
 
2023
2022
2023
2022
(Dollars in thousands)
Net gains (losses) recognized during the reporting period on equity securities
$
6
$
(71)
$
16
$
(174)
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
$
6
$
(71)
$
16
$
(174)