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SECURITIES (Tables)
3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-For-Sale Securities
Information related to the amortized cost, fair value and allowance for credit losses of securities available-for-sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) is provided in the table below.
(dollars in thousands)Amortized
Cost
Gross Unrealized GainGross Unrealized LossesAllowance for Credit LossesFair Value
March 31, 2023
U.S. Treasury securities$3,363 $2 $(13)$0 $3,352 
U.S. government sponsored agencies153,928 0 (25,933)0 127,995 
Mortgage-backed securities: residential561,865 81 (77,484)0 484,462 
State and municipal securities577,603 93 (85,224)0 492,472 
Total$1,296,759 $176 $(188,654)$0 $1,108,281 
December 31, 2022
U.S. Treasury securities$3,057 $$(23)$$3,034 
U.S. government sponsored agencies156,184 (29,223)126,961 
Mortgage-backed securities: residential578,175 67 (85,934)492,308 
State and municipal securities663,367 157 (100,299)563,225 
Total$1,400,783 $224 $(215,479)$$1,185,528 
Debt Securities, Held-to-Maturity
Information related to the amortized cost, fair value and allowance for credit losses of securities held-to-maturity and the related gross unrealized gains and losses is presented in the table below.
(dollars in thousands)Amortized
Cost
Gross Unrealized GainGross Unrealized LossesAllowance for Credit LossesFair Value
March 31, 2023
State and municipal securities$128,651 $0 $(13,118)$0 $115,533 
December 31, 2022
State and municipal securities$128,242 $$(17,213)$$111,029 
Schedule of Available-For-Sale Securities By Maturity
Information regarding the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by maturity as of March 31, 2023 is presented below. Maturity information is based on contractual maturity for all securities other than mortgage-backed securities. Actual maturities of securities may differ from contractual maturities because borrowers may have the right to prepay the obligation without a prepayment penalty.
Available-for-SaleHeld-to-Maturity
(dollars in thousands)Amortized CostFair
Value
Amortized CostFair
Value
Due in one year or less$3,275 $3,265 $0 $0 
Due after one year through five years4,727 4,729 0 0 
Due after five years through ten years35,349 33,808 0 0 
Due after ten years691,543 582,017 128,651 115,533 
734,894 623,819 128,651 115,533 
Mortgage-backed securities561,865 484,462 0 0 
Total debt securities$1,296,759 $1,108,281 $128,651 $115,533 
Schedule of Sales of Securities Available For Sale
Available-for-sale securities proceeds, gross gains and gross losses are presented below.
Three Months Ended March 31,Three Months Ended March 31,
(dollars in thousands)20232022
Sales of securities available-for-sale
Proceeds$87,471 $0 
Gross gains411 0 
Gross losses(395)0 
Number of securities81 0 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value Information regarding available-for-sale securities with unrealized losses as of March 31, 2023 and December 31, 2022 is presented on the following page. The tables divide the securities between those with unrealized losses for less than twelve months and those with unrealized losses for twelve months or more.
Less than 12 months12 months or moreTotal
(dollars in thousands)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
March 31, 2023            
U.S. Treasury securities$1,373 $6 $791 $7 $2,164 $13 
U.S. government sponsored agencies0 0 127,995 25,933 127,995 25,933 
Mortgage-backed securities: residential29,080 1,120 452,186 76,364 481,266 77,484 
State and municipal securities48,383 1,431 421,798 83,793 470,181 85,224 
Total available-for-sale$78,836 $2,557 $1,002,770 $186,097 $1,081,606 $188,654 
December 31, 2022
U.S. Treasury securities$3,034 $23 $$$3,034 $23 
U.S. government sponsored agencies8,420 1,350 118,541 27,873 126,961 29,223 
Mortgage-backed securities: residential165,897 18,637 323,727 67,297 489,624 85,934 
State and municipal securities277,967 33,405 244,436 66,894 522,403 100,299 
Total available-for-sale$455,318 $53,415 $686,704 $162,064 $1,142,022 $215,479 
Debt Securities, Held-To-Maturity, Unrealized Loss Position, Fair Value
Information regarding held-to-maturity securities with unrealized losses as of March 31, 2023 is presented below. The table divides the securities between those with unrealized losses for less than twelve months and those with unrealized losses for twelve months or more.
Less than 12 months12 months or moreTotal
(dollars in thousands)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
March 31, 2023
State and municipal securities$0 $0 $115,533 $13,118 $115,533 $13,118 
December 31, 2022
State and municipal securities$$$111,029 $17,213 $111,029 $17,213 
Schedule of Quantitative Disclosure of Available-For-Sale Securities
The total number of securities with unrealized losses as of March 31, 2023 and December 31, 2022 is presented below.
Available-for-saleHeld-to-maturity
Less than
12 months
12 months
or more
TotalLess than
12 months
12 months
or more
Total
March 31, 2023    
U.S. Treasury securities3 2 5 0 0 0 
U.S. government sponsored agencies0 17 17 0 0 0 
Mortgage-backed securities: residential32 98 130 0 0 0 
State and municipal securities57 363 420 0 41 41 
Total temporarily impaired92 480 572 0 41 41 
December 31, 2022
U.S. Treasury securities
U.S. government sponsored agencies16 17 
Mortgage-backed securities: residential95 41 136 
State and municipal securities269 223 492 41 41 
Total temporarily impaired372 280 652 41 41