XML 39 R30.htm IDEA: XBRL DOCUMENT v3.23.3
Investment Securities (Tables)
9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Reconciliation of Available-for-Sale Securities
The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's available for sale securities are as follows:
 September 30, 2023
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. Treasury and U.S. government agencies$347,515 $114 $(26,741)$— $320,888 
Mortgage-backed securities, residential328,434 — (49,151)— 279,283 
Collateralized mortgage obligations, residential155,532 — (17,499)— 138,033 
Mortgage-backed securities, multifamily861 — (221)— 640 
Collateralized mortgage obligations, multifamily49,588 — (5,452)— 44,136 
Asset-backed securities46,681 — (857)— 45,824 
Obligations of states and political subdivisions20,387 — (1,385)— 19,002 
Corporate bonds112,598 — (17,894)— 94,704 
Total$1,061,596 $114 $(119,200)$— $942,510 
 December 31, 2022
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. Treasury and U.S. government agencies$383,958 $100 $(28,419)$— $355,639 
Mortgage-backed securities, residential351,355 (40,748)— 310,613 
Collateralized mortgage obligations, residential170,502 — (16,444)— 154,058 
Mortgage-backed securities, multifamily1,000 — (215)— 785 
Collateralized mortgage obligations, multifamily51,108 — (4,775)— 46,333 
Asset-backed securities54,105 — (1,710)— 52,395 
Obligations of states and political subdivisions22,112 — (989)(1)21,122 
Corporate bonds124,394 — (10,718)(309)113,367 
Total$1,158,534 $106 $(104,018)$(310)$1,054,312 
Reconciliation of Held-to-Maturity Securities
The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's held to maturity investment securities are as follows:
 September 30, 2023
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. government agencies$10,598 $$(690)$— $9,917 
Mortgage-backed securities, residential339,427 — (71,117)— 268,310 
Collateralized mortgage obligations, residential12,474 — (3,062)— 9,412 
Mortgage-backed securities, multifamily5,024 — (883)— 4,141 
Obligations of states and political subdivisions477,322 15 (114,639)(25)362,673 
Corporate bonds3,000 — (607)(121)2,272 
Total$847,845 $24 $(190,998)$(146)$656,725 
 December 31, 2022
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. government agencies$11,099 $11 $(725)$— $10,385 
Mortgage-backed securities, residential360,683 57 (58,128)— 302,612 
Collateralized mortgage obligations, residential13,026 — (2,570)— 10,456 
Mortgage-backed securities, multifamily5,094 — (747)— 4,347 
Obligations of states and political subdivisions530,513 (100,400)(7)430,108 
Corporate bonds3,000 — (353)(100)2,547 
Total$923,415 $70 $(162,923)$(107)$760,455 
Summary of Investment Securities by Stated Maturity
The following table lists contractual maturities of investment securities classified as available for sale and held to maturity as of September 30, 2023. Mortgage-backed and asset-backed securities are not shown by maturity because expected maturities may differ from contractual maturities due to underlying loan prepayments of the issuer. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 Available for SaleHeld to Maturity
(in thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in one year or less$57,725 $56,140 $19,963 $19,882 
Due after one year through five years228,358 211,652 36,981 34,401 
Due after five years through ten years136,143 115,478 96,873 78,179 
Due after ten years58,274 51,324 337,103 242,400 
480,500 434,594 490,920 374,862 
Mortgage-backed and asset-backed securities581,096 507,916 356,925 281,863 
Total$1,061,596 $942,510 $847,845 $656,725 
Reconciliation of Available-for-Sale and Held-to-Maturity Securities in Continuous Unrealized Loss Position
The following tables indicate the length of time individual securities have been in a continuous unrealized loss position for the periods presented:
September 30, 2023Less Than 12 Months12 Months or LongerTotal
(dollars in thousands)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Number of
Securities
Fair ValueUnrealized
Losses
Available for Sale
U.S. Treasury and U.S. government agencies
$11,753 $20 $296,137 $26,721 59 $307,890 $26,741 
Mortgage-backed securities, residential860 278,423 49,145 132 279,283 49,151 
Collateralized mortgage obligations, residential— — 138,033 17,499 100 138,033 17,499 
Mortgage-backed securities, multifamily— — 640 221 640 221 
Collateralized mortgage obligations, multifamily— — 44,136 5,452 20 44,136 5,452 
Asset-backed securities
2,899 27 42,925 830 17 45,824 857 
Obligations of states and political subdivisions
2,075 40 16,927 1,345 46 19,002 1,385 
Corporate bonds— — 94,703 17,894 46 94,703 17,894 
Total$17,587 $93 $911,924 $119,107 421 $929,511 $119,200 
Held to Maturity
U.S. government agencies$— $— $8,833 $690 $8,833 $690 
Mortgage-backed securities, residential11,286 493 257,024 70,624 191 268,310 71,117 
Collateralized mortgage obligations, residential— — 9,412 3,062 11 9,412 3,062 
Mortgage-backed securities, multifamily— — 4,141 883 4,141 883 
Obligations of states and political subdivisions
7,579 92 344,587 114,547 350 352,166 114,639 
Corporate bonds— — 2,393 607 2,393 607 
Total$18,865 $585 $626,390 $190,413 560 $645,255 $190,998 
December 31, 2022Less Than 12 Months12 Months or LongerTotal
(dollars in thousands)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Number of
Securities
Fair ValueUnrealized
Losses
Available for Sale
U.S. Treasury and U.S. government agencies
$114,514 $5,856 $229,094 $22,563 67 $343,608 $28,419 
Mortgage-backed securities, residential127,363 12,399 182,079 28,349 135 309,442 40,748 
Collateralized mortgage obligations, residential66,316 3,958 87,742 12,486 104 154,058 16,444 
Mortgage-backed securities, multifamily— — 786 215 786 215 
Collateralized mortgage obligations, multifamily37,407 2,861 8,926 1,914 20 46,333 4,775 
Asset-backed securities
34,871 977 17,524 733 17 52,395 1,710 
Obligations of states and political subdivisions
3,771 276 16,746 713 46 20,517 989 
Corporate bonds88,489 7,437 22,880 3,281 49 111,369 10,718 
Total$472,731 $33,764 $565,777 $70,254 439 $1,038,508 $104,018 
Held to Maturity
U.S. government agencies$6,671 $336 $2,412 $389 $9,083 $725 
Mortgage-backed securities, residential$32,549 $2,275 $264,035 $55,853 182 $296,584 $58,128 
Collateralized mortgage obligations, residential4,668 516 5,787 2,054 12 10,455 2,570 
Mortgage-backed securities, multifamily2,671 376 1,676 371 4,347 747 
Obligations of states and political subdivisions
82,459 3,689 341,076 96,711 379 423,535 100,400 
Corporate bonds— — 2,647 353 2,647 353 
Total$129,018 $7,192 $617,633 $155,731 581 $746,651 $162,923 
Debt Securities, Held-to-maturity, Credit Quality Indicator
The tables below indicate the credit profile of the Company's held to maturity investment securities at amortized cost:
September 30, 2023 AAA  AA  A BB Not Rated  Total
(in thousands)
U.S. government agencies$10,598 $— $— $— $— $10,598 
Mortgage-backed securities, residential339,427 — — — — 339,427 
Collateralized mortgage obligations, residential12,474 — — — — 12,474 
Mortgage-backed securities, multifamily5,024 — — — — 5,024 
Obligations of states and political subdivisions152,795 311,224 — — 13,303 477,322 
Corporate bonds— — — 3,000 — 3,000 
Total$520,318 $311,224 $— $3,000 $13,303 $847,845 
December 31, 2022 AAA  AA  A  BBB  Not Rated  Total
(in thousands)
U.S. government agencies$11,099 $— $— $— $— $11,099 
Mortgage-backed securities, residential360,683 — — — — 360,683 
Collateralized mortgage obligations, residential13,026 — — — — 13,026 
Mortgage-backed securities, multifamily5,094 — — — — 5,094 
Obligations of states and political subdivisions156,661 317,566 1,020 — 55,266 530,513 
Corporate bonds— — — 3,000 — 3,000 
Total$546,563 $317,566 $1,020 $3,000 $55,266 $923,415