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Securities (Tables)
12 Months Ended
Dec. 31, 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 investment securities available for sale are as follows:
 December 31, 2023
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. Treasury and U.S. government agencies
$339,364 $99 $(19,694)$— $319,769 
Mortgage-backed securities, residential
320,947 16 (34,546)— 286,417 
Collateralized mortgage obligations, residential150,726 — (13,656)— 137,070 
Mortgage-backed securities, multifamily
856 — (180)— 676 
Collateralized mortgage obligations, multifamily46,541 — (4,045)— 42,496 
Asset-backed securities
44,561 — (868)— 43,693 
Obligations of states and political subdivisions
19,699 — (571)— 19,128 
Debt securities112,544 — (15,511)— 97,033 
Total$1,035,238 $115 $(89,071)$— $946,282 
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, residential
351,355 (40,748)— 310,613 
Collateralized mortgage obligations, residential170,502 — (16,444)— 154,058 
Mortgage-backed securities, multifamily
1,000 — (215)— 785 
Collateralized mortgage obligations, multifamily51,108 — (4,775)— 46,333 
Asset-backed securities
54,105 — (1,710)— 52,395 
Obligations of states and political subdivisions
22,112 — (989)(1)21,122 
Debt securities124,394 — (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 investment securities held to maturity are as follows:
 December 31, 2023
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. government agencies$10,406 $$(499)$— $9,914 
Mortgage-backed securities, residential
332,509 82 (52,165)— 280,426 
Collateralized mortgage obligations, residential12,243 — (2,796)— 9,447 
Mortgage-backed securities, multifamily
4,145 — (651)— 3,494 
Obligations of states and political subdivisions
474,220 43 (77,379)(25)396,859 
Debt securities3,000 — (456)(121)2,423 
Total$836,523 $132 $(133,946)$(146)$702,563 
 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, residential
360,683 57 (58,128)— 302,612 
Collateralized mortgage obligations, residential13,026 — (2,570)— 10,456 
Mortgage-backed securities, multifamily
5,094 — (747)— 4,347 
Obligations of states and political subdivisions
530,513 (100,400)(7)430,108 
Debt securities3,000 — (353)(100)2,547 
Total$923,415 $70 $(162,923)$(107)$760,455 
Summary of Contractual Maturities of Investment Securities Classified as Available for Sale and Held to Maturity
The following table lists contractual maturities of investment securities classified as available for sale and held to maturity as of December 31, 2023. 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$90,745 $88,651 $24,853 $24,696 
Due after one year through five years217,816 204,111 33,733 32,023 
Due after five years through ten years107,767 93,372 108,972 95,124 
Due after ten years55,279 49,796 320,068 257,353 
471,607 435,930 487,626 409,196 
Mortgage-backed and asset-backed securities563,631 510,352 348,897 293,367 
Total$1,035,238 $946,282 $836,523 $702,563 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
The following tables indicate the length of time individual securities have been in a continuous unrealized loss position for the periods presented.
December 31, 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
$2,587 $— $308,315 $19,694 59 $310,902 $19,694 
Mortgage-backed securities, residential10 — 284,803 34,546 129 284,813 34,546 
Collateralized mortgage obligations, residential— — 137,070 13,656 100 137,070 13,656 
Mortgage-backed securities, multifamily— — 676 180 676 180 
Collateralized mortgage obligations, multifamily— — 42,496 4,045 20 42,496 4,045 
Asset-backed securities
2,694 25 40,999 843 16 43,693 868 
Obligations of states and political subdivisions
270 — 16,353 571 36 16,623 571 
Debt securities— — 97,033 15,511 46 97,033 15,511 
Total$5,561 $25 $927,745 $89,046 407$933,306 $89,071 
HELD TO MATURITY
U.S. government agencies$— $— $8,956 $499 $8,956 $499 
Mortgage-backed securities, residential$285 $$274,528 $52,163 183 $274,813 $52,165 
Collateralized mortgage obligations, residential— — 9,447 2,796 11 9,447 2,796 
Mortgage-backed securities, multifamily— — 3,494 651 3,494 651 
Obligations of states and political subdivisions3,691 380,787 77,377 341 384,478 77,379 
Debt securities
— — 2,544 456 2,544 456 
Total$3,976 $$679,756 $133,942 542$683,732 $133,946 
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 securities34,871 977 17,524 733 1752,395 1,710 
Obligations of states and political subdivisions
3,771 276 16,746 713 46 20,517 989 
Debt securities88,489 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 
Debt securities
— — 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 investment securities held to maturity at amortized cost for the periods presented.
December 31, 2023 AAA  AA  A BB Not Rated  Total
(in thousands)
U.S. Treasury and U.S. government agencies$10,406 $— $— $— $— $10,406 
Mortgage-backed securities, residential332,509 — — — — 332,509 
Collateralized mortgage obligations, residential12,243 — — — — 12,243 
Mortgage-backed securities, multifamily4,145 — — — — 4,145 
Obligations of states and political subdivisions152,167 309,788 — — 12,265 474,220 
Debt securities— — — 3,000 — 3,000 
Total$511,470 $309,788 $— $3,000 $12,265 $836,523 
December 31, 2022 AAA  AA  A  BBB  Not Rated  Total
(in thousands)
U.S. Treasury and 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 
Debt securities— — — 3,000 — 3,000 
Total$546,563 $317,566 $1,020 $3,000 $55,266 $923,415