XML 34 R25.htm IDEA: XBRL DOCUMENT v3.22.2.2
Investments (Tables)
 9 Months Ended
Sep. 30, 2022
Investments [Abstract]  
Amortized Cost and Fair Value of Investment Securities

The amortized cost, gross unrealized gains and losses, and fair value of investment securities at September 30, 2022 and December 31, 2021 were as follows (in thousands):

September 30, 2022
  
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Fair
Value
  
Available-for-sale securities:
                        
U.S. agency securities
  
$
81,546
    
$
-
    
$
(7,564
)
  
$
73,982
  
U.S. treasury securities
    
162,172
      
-
      
(14,328
)
    
147,844
  
Obligations of state and political subdivisions
    
123,230
      
10
      
(12,790
)
    
110,450
  
Corporate obligations
    
10,346
      
-
      
(908
)
    
9,438
  
Mortgage-backed securities in government sponsored entities
    
118,118
      
19
      
(14,629
)
    
103,508
  
Total available-for-sale securities
  
$
495,412
    
$
29
    
$
(50,219
)
  
$
445,222
  

December 31, 2021
  
               
 
Available-for-sale securities:
                        
U.S. agency securities
  
$
73,803
    
$
976
    
$
(834
)
  
$
73,945
  
U.S. treasury securities
    
116,743
      
63
      
(1,459
)
    
115,347
  
Obligations of state and political subdivisions
    
109,367
      
2,706
      
(52
)
    
112,021
  
Corporate obligations
    
10,378
      
39
      
(84
)
    
10,333
  
Mortgage-backed securities in government sponsored entities
    
101,727
      
597
      
(1,568
)
    
100,756
  
Total available-for-sale securities
  
$
412,018
    
$
4,381
    
$
(3,997
)
  
$
412,402
  
Unrealized Losses and Fair Value of Investments

The following table shows the Company’s gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time, which individual securities have been in a continuous unrealized loss position, at September 30, 2022 and December 31, 2021 (in thousands). As of September 30, 2022, the Company owned 343 securities whose fair value was less than their cost basis.

September 30, 2022
  
Less than Twelve Months
    
Twelve Months or Greater
    
Total
  
   
Fair
Value
    
Gross
Unrealized
Losses
    
Fair
Value
    
Gross
Unrealized
Losses
    
Fair
Value
    
Gross
Unrealized
Losses
  
U.S. agency securities
  
$
48,992
    
$
(2,443
)
  
$
24,990
    
$
(5,121
)
  
$
73,982
    
$
(7,564
)
U.S. treasury securities
    
65,232
      
(3,667
)
    
82,612
      
(10,661
)
    
147,844
      
(14,328
)
Obligations of state and  political subdivisions
    
94,880
      
(11,086
)
    
8,892
      
(1,704
)
    
103,772
      
(12,790
)
Corporate obligations
    
4,474
      
(372
)
    
3,964
      
(536
)
    
8,438
      
(908
)
Mortgage-backed securities in government sponsored entities
    
43,787
      
(4,476
)
    
50,030
      
(10,153
)
    
93,817
      
(14,629
)
Total securities
  
$
257,365
    
$
(22,044
)
  
$
170,488
    
$
(28,175
)
  
$
427,853
    
$
(50,219
)

December 31, 2021
                                    
U.S. agency securities
  
$
26,754
    
$
(387
)
  
$
7,542
    
$
(447
)
  
$
34,296
    
$
(834
)
U.S. treasury securities     106,794       (1,459 )     -       -       106,794       (1,459 )
Obligations of states and political subdivisions
    
10,744
      
(26
)
    
2,899
      
(26
)
    
13,643
      
(52
)
Corporate obligations     6,922       (84 )     -       -       6,922       (84 )
Mortgage-backed securities in government sponsored entities
    
60,182
      
(1,305
)
    
7,975
      
(263
)
    
68,157
      
(1,568
)
Total securities
  
$
211,396
    
$
(3,261
)
  
$
18,416
    
$
(736
)
  
$
229,812
    
$
(3,997
)
Gross Gains and Losses on Available-for-sale Securities

Proceeds from sales of securities available-for-sale for the nine months ended September 30, 2022 and 2021 were $4,492,000 and $29,198,000, respectively. Proceeds from sales of securities available-for-sale for the three months ended September 30, 2022 and 2021 were $4,492,000 and $24,153,000, respectively. The gross gains and losses were as follows (in thousands):

 
Three Months Ended
    
Nine Months Ended
  
   
September 30,
    
September 30,
  
   
2022
    
2021
    
2022
    
2021
  
Gross gains on available for sale securities
  
$
-
    
$
252
    
$
-
    
$
302
  
Gross losses on available for sale securities
    
(6
)
    
(90
)
    
(6
)
    
(90
)
Net gains
  
$
(6
)
  
$
162
    
$
(6
)
  
$
212
  
Unrealized Gains (Losses) Related to Equity Securities

The following table presents the net gains (losses) on the Company’s equity investments recognized in earnings during the three and nine month periods ended September 30, 2022 and 2021, and the portion of unrealized gains for the period that relates to equity investments held at September 30, 2022 and 2021 (in thousands):

 
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
Equity securities
  
2022
    
2021
    
2022
    
2021
  
Net (losses) gains recognized in equity securities during the period
  
$
(19
)
  
$
72
    
$
(198
)
  
$
288
  
Less: Net gains realized on the sale of equity securities during the period
    
4
      
-
      
4
      
-
  
Net unrealized (losses) gains
  
$
(23
)
  
$
72
    
$
(202
)
  
$
288
  
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.   The amortized cost and fair value of debt securities (excludes equity securities) at September 30, 2022, by contractual maturity, are shown below (in thousands):

 
Amortized
Cost
    
Fair Value
  
Available-for-sale debt securities:
            
Due in one year or less
  
$
14,108
    
$
13,996
  
Due after one year through five years
    
199,749
      
184,858
  
Due after five years through ten years
    
110,505
      
97,613
  
Due after ten years
    
171,050
      
148,755
  
Total
  
$
495,412
    
$
445,222