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SECURITIES (Tables)
9 Months Ended
Sep. 30, 2024
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
September 30, 2024
U.S. government sponsored agencies$139,998 $0 $(23,330)$0 $116,668 
Mortgage-backed securities: residential485,128 158 (62,219)0 423,067 
State and municipal securities546,037 55 (69,178)0 476,914 
Total$1,171,163 $213 $(154,727)$0 $1,016,649 
December 31, 2023
U.S. government sponsored agencies$146,692 $$(27,213)$$119,479 
Mortgage-backed securities: residential522,275 118 (74,551)447,842 
State and municipal securities557,352 65 (73,010)484,407 
Total$1,226,319 $183 $(174,774)$$1,051,728 
Schedule of Debt Securities, Held-to-Maturity
Information related to the amortized cost, fair value and allowance for credit losses of securities held-to-maturity and the related gross unrealized gains and losses is presented in the table below.
(dollars in thousands)Amortized
Cost
Gross Unrealized GainGross Unrealized LossesAllowance for Credit LossesFair Value
September 30, 2024
State and municipal securities$131,157 $0 $(12,296)$0 $118,861 
December 31, 2023
State and municipal securities$129,918 $$(10,703)$$119,215 
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 September 30, 2024 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$440 $439 $0 $0 
Due after one year through five years8,366 7,907 0 0 
Due after five years through ten years54,524 50,804 0 0 
Due after ten years622,705 534,432 131,157 118,861 
686,035 593,582 131,157 118,861 
Mortgage-backed securities485,128 423,067 0 0 
Total debt securities$1,171,163 $1,016,649 $131,157 $118,861 
Schedule of Sales of Securities Available For Sale
Available-for-sale securities proceeds, gross gains and gross losses are presented below.
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2024202320242023
Sales of securities available-for-sale
Proceeds$0 $2,876 $7,136 $102,827 
Gross gains0 0 439 
Gross losses0 (35)(46)(455)
Number of securities0 15 109 
Schedule of Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
Information regarding available-for-sale securities with unrealized losses as of September 30, 2024 and December 31, 2023 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
September 30, 2024            
U.S. government sponsored agencies$0 $0 $116,668 $23,330 $116,668 $23,330 
Mortgage-backed securities: residential35 1 418,148 62,218 418,183 62,219 
State and municipal securities19,621 395 450,442 68,783 470,063 69,178 
Total available-for-sale$19,656 $396 $985,258 $154,331 $1,004,914 $154,727 
December 31, 2023
U.S. government sponsored agencies$$$119,479 $27,213 $119,479 $27,213 
Mortgage-backed securities: residential52 442,765 74,551 442,817 74,551 
State and municipal securities31,345 440 440,446 72,570 471,791 73,010 
Total available-for-sale$31,397 $440 $1,002,690 $174,334 $1,034,087 $174,774 
Schedule of Debt Securities, Held-To-Maturity, Unrealized Loss Position, Fair Value
Information regarding held-to-maturity securities with unrealized losses as of September 30, 2024 and December 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
September 30, 2024
State and municipal securities$0 $0 $118,861 $12,296 $118,861 $12,296 
December 31, 2023
State and municipal securities$$$119,215 $10,703 $119,215 $10,703 
Schedule of Quantitative Disclosure of Available-For-Sale Securities
The total number of securities with unrealized losses as of September 30, 2024 and December 31, 2023 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
September 30, 2024    
U.S. government sponsored agencies0 17 17 0 0 0 
Mortgage-backed securities: residential1 124 125 0 0 0 
State and municipal securities27 382 409 0 41 41 
Total temporarily impaired28 523 551 0 41 41 
December 31, 2023
U.S. government sponsored agencies17 17 
Mortgage-backed securities: residential126 127 
State and municipal securities40 370 410 41 41 
Total temporarily impaired41 513 554 41 41