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v3.23.3

Securities (Tables) | 9 Months Ended
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Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of Marketable Securities | The following table presents the fair values of our securities portfolio at the dates presented:
(dollars in thousands) |  | September 30, 2023 | December 31, 2022
Debt securities |  | $ | 954,267 |  | $ | 1,001,784 |
Equity securities |  | 995 |  | 994 |
Total Securities Available for Sale |  | $ | 955,262 |  | $ | 1,002,778 |
Schedule of Amortized Cost and Fair Value of Debt Securities | The following tables present the amortized cost and fair value of available-for-sale debt securities as of the dates presented:
| September 30, 2023 |  | December 31, 2022
(dollars in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Treasury securities |  | $ | 144,575 |  |  |  | $ | — |  |  |  | $ | (14,538) |  |  |  | $ | 130,037 |  |  |  | $ | 145,416 |  |  |  | $ | — |  |  |  | $ | (13,721) |  |  |  | $ | 131,695 |
Obligations of U.S. government corporations and agencies |  | 43,377 |  |  |  | — |  |  |  | (1,328) |  |  |  | 42,049 |  |  |  | 43,479 |  |  |  | — |  |  |  | (1,668) |  |  |  | 41,811 |
Collateralized mortgage obligations of U.S. government corporations and agencies |  | 493,359 |  |  |  | — |  |  |  | (63,381) |  |  |  | 429,978 |  |  |  | 482,039 |  |  |  | 203 |  |  |  | (53,835) |  |  |  | 428,407 |
Residential mortgage-backed securities of U.S. government corporations and agencies |  | 45,802 |  |  |  | — |  |  |  | (8,916) |  |  |  | 36,886 |  |  |  | 49,418 |  |  |  | 3 |  |  |  | (7,834) |  |  |  | 41,587 |
Commercial mortgage-backed securities of U.S. government corporations and agencies |  | 312,191 |  |  |  | — |  |  |  | (26,084) |  |  |  | 286,107 |  |  |  | 352,465 |  |  |  | — |  |  |  | (25,152) |  |  |  | 327,313 |
Corporate obligations |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 500 |  |  |  | — |  |  |  | — |  |  |  | 500 |
Obligations of states and political subdivisions |  | 30,391 |  |  |  | — |  |  |  | (1,181) |  |  |  | 29,210 |  |  |  | 30,788 |  |  |  | 55 |  |  |  | (372) |  |  |  | 30,471 |
Total Available-for-Sale Debt Securities(1) |  | $ | 1,069,695 |  |  |  | $ | — |  |  |  | $ | (115,428) |  |  |  | $ | 954,267 |  |  |  | $ | 1,104,105 |  |  |  | $ | 261 |  |  |  | $ | (102,582) |  |  |  | $ | 1,001,784 |
(1) Excludes interest receivable of $3.4 million at September 30, 2023 and $3.7 million at December 31, 2022. Interest receivable is included in other assets in the Consolidated Balance Sheets.
Schedule of Fair Value and Age of Gross Unrealized Losses of Debt Securities | The following tables present the fair value and the age of gross unrealized losses on available-for-sale debt securities by investment category as of the dates presented:
| September 30, 2023
| Less Than 12 Months |  | 12 Months or More |  | Total
(dollars in thousands) | Number of Securities |  | Fair Value |  | Unrealized Losses |  | Number of Securities |  | Fair Value |  | Unrealized Losses |  | Number of Securities |  | Fair Value |  | Unrealized Losses
U.S. Treasury securities | 1 |  | $ | 9,895 |  |  | $ | (203) |  |  | 13 |  | $ | 120,142 |  |  | $ | (14,335) |  |  | 14 |  | $ | 130,037 |  |  | $ | (14,538) |
Obligations of U.S. government corporations and agencies | — |  | — |  |  | — |  |  | 6 |  | 42,049 |  |  | (1,328) |  |  | 6 |  | 42,049 |  |  | (1,328) |
Collateralized mortgage obligations of U.S. government corporations and agencies | 8 |  | 78,608 |  |  | (2,402) |  |  | 57 |  | 351,370 |  |  | (60,979) |  |  | 65 |  | 429,978 |  |  | (63,381) |
Residential mortgage-backed securities of U.S. government corporations and agencies | 12 |  | 319 |  |  | (7) |  |  | 14 |  | 36,567 |  |  | (8,909) |  |  | 26 |  | 36,886 |  |  | (8,916) |
Commercial mortgage-backed securities of U.S. government corporations and agencies | 2 |  | 18,525 |  |  | (591) |  |  | 31 |  | 267,582 |  |  | (25,493) |  |  | 33 |  | 286,107 |  |  | (26,084) |
Obligations of states and political subdivisions | 5 |  | 29,210 |  |  | (1,181) |  |  | — |  | — |  |  | — |  |  | 5 |  | 29,210 |  |  | (1,181) |
Total | 28 |  | $ | 136,557 |  |  | $ | (4,384) |  |  | 121 |  | $ | 817,710 |  |  | $ | (111,044) |  |  | 149 |  | $ | 954,267 |  |  | $ | (115,428) |
| December 31, 2022
| Less Than 12 Months |  | 12 Months or More |  | Total
(dollars in thousands) | Number of Securities |  | Fair Value |  | Unrealized Losses |  | Number of Securities |  | Fair Value |  | Unrealized Losses |  | Number of Securities |  | Fair Value |  | Unrealized Losses
U.S. Treasury securities | 6 |  | $ | 57,057 |  |  | $ | (3,363) |  |  | 8 |  | $ | 74,638 |  |  | $ | (10,358) |  |  | 14 |  | $ | 131,695 |  |  | $ | (13,721) |
Obligations of U.S. government corporations and agencies | 6 |  | 41,811 |  |  | (1,668) |  |  | — |  | — |  |  | — |  |  | 6 |  | 41,811 |  |  | (1,668) |
Collateralized mortgage obligations of U.S. government corporations and agencies | 47 |  | 296,509 |  |  | (28,153) |  |  | 13 |  | 112,902 |  |  | (25,682) |  |  | 60 |  | 409,411 |  |  | (53,835) |
Residential mortgage-backed securities of U.S. government corporations and agencies | 25 |  | 7,143 |  |  | (589) |  |  | 3 |  | 34,223 |  |  | (7,245) |  |  | 28 |  | 41,366 |  |  | (7,834) |
Commercial mortgage-backed securities of U.S. government corporations and agencies | 30 |  | 241,009 |  |  | (11,975) |  |  | 7 |  | 86,304 |  |  | (13,177) |  |  | 37 |  | 327,313 |  |  | (25,152) |
Obligations of states and political subdivisions | 2 |  | 20,127 |  |  | (372) |  |  | — |  | — |  |  | — |  |  | 2 |  | 20,127 |  |  | (372) |
Total | 116 |  | $ | 663,656 |  |  | $ | (46,120) |  |  | 31 |  | $ | 308,067 |  |  | $ | (56,462) |  |  | 147 |  | $ | 971,723 |  |  | $ | (102,582) |
Schedule of Unrealized Gains (Losses) of Debt Securities | The following table presents net unrealized gains and losses, net of tax, on available-for-sale debt securities included in accumulated other comprehensive income (loss), for the periods presented:
| September 30, 2023 |  | December 31, 2022
(dollars in thousands) | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Net Unrealized Losses |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Net Unrealized Losses
Total unrealized gains (losses) on available-for-sale debt securities | $ | — |  |  | $ | (115,428) |  |  | $ | (115,428) |  |  | $ | 261 |  |  | $ | (102,582) |  |  | $ | (102,321) |
Income tax (expense) benefit | — |  |  | 24,567 |  |  | 24,567 |  |  | (56) |  |  | 21,915 |  |  | 21,859 |
Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss) | $ | — |  |  | $ | (90,861) |  |  | $ | (90,861) |  |  | $ | 205 |  |  | $ | (80,667) |  |  | $ | (80,462) |
Schedule of Contractual Maturities of Debt Securities | The amortized cost and fair value of available-for-sale debt securities at September 30, 2023 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
| September 30, 2023
(dollars in thousands) | Amortized Cost |  | Fair Value
Obligations of the U.S. Treasury, U.S. government corporations and agencies and obligations of states and political subdivisions |  |  |
Due in one year or less | $ | 28,010 |  |  | $ | 27,485 |
Due after one year through five years | 162,599 |  |  | 147,194 |
Due after five years through ten years | 16,357 |  |  | 15,835 |
Due after ten years | 11,377 |  |  | 10,782 |
Available-for-Sale Debt Securities With Fixed Maturities | 218,343 |  |  | 201,296 |
Debt Securities without a single maturity date |  |  |
Collateralized mortgage obligations of U.S. government corporations and agencies | 493,359 |  |  | 429,978 |
Residential mortgage-backed securities of U.S. government corporations and agencies | 45,802 |  |  | 36,886 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | 312,191 |  |  | 286,107 |
Total Available-for-Sale Debt Securities | $ | 1,069,695 |  |  | $ | 954,267 |

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