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INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Summary of available for sale and held to maturity investment securities

are as follows:

(dollars in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						ACL
September 30, 2021
Available-for-sale:
Debt securities:
States and political subdivisions			$	210,330					$	3,336					$	(1,799)					$	211,867					$	—
Corporate securities			41,836						133						(719)						41,250						—
U.S. Treasury obligations and direct obligations of U.S Government agencies			38,093						87						(391)						37,789						—
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities			1,118,545						6,771						(13,553)						1,111,763						—
Commercial - U.S. Government agencies and sponsored entities			76,120						1,504						(868)						76,756						—
Residential - Non-government agencies			13,241						493						(79)						13,655						—
Commercial - Non-government agencies			41,323						1,047						—						42,370						—
Total available-for-sale securities			$	1,539,488					$	13,371					$	(17,409)					$	1,535,450					$	—

(dollars in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						ACL
December 31, 2020
Available-for-sale:
Debt securities:
States and political subdivisions			$	163,573					$	5,370					$	(177)					$	168,766					$	—
Corporate securities			47,351						788						(131)						48,008						—
U.S. Treasury obligations and direct obligations of U.S Government agencies			33,413						18						(286)						33,145						—
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities			762,309						16,816						(299)						778,826						—
Commercial - U.S. Government agencies and sponsored entities			85,405						2,564						(500)						87,469						—
Residential - Non-government agencies			22,671						786						(34)						23,423						—
Commercial - Non-government agencies			41,309						1,663						—						42,972						—
Total available-for-sale securities			$	1,156,031					$	28,005					$	(1,427)					$	1,182,609					$	—

The amortized cost and fair value of our equity investment securities is as follows:

(dollars in thousands)			Amortized Cost						Fair Value
September 30, 2021
Equity securities			$	1,225					$	1,593
December 31, 2020
Equity securities			1,068						1,351

Schedule of amortized cost and estimated fair value of investment securities by contractual maturity

The amortized cost and estimated fair value of our AFS debt securities at September 30, 2021 are shown below by contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

 

			September 30, 2021
(dollars in thousands)			Amortized Cost						Fair Value
Available-for-sale:
Due in one year or less			$	15,505					$	15,574
Due after one year through five years			26,208						27,030
Due after five years through ten years			91,076						91,520
Due after ten years			157,470						156,782
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities			1,118,545						1,111,763
Commercial - U.S. Government agencies and sponsored entities			76,120						76,756
Residential - Non-government agencies			13,241						13,655
Commercial - Non-government agencies			41,323						42,370
Total available-for-sale securities			$	1,539,488					$	1,535,450

Schedule of investment securities in an unrealized loss position

There were a total of 130 and 37 AFS debt securities which were in an unrealized loss position, without an ACL, at September 30, 2021 and December 31, 2020, respectively. The following tables summarize AFS debt securities which were in an unrealized loss position at September 30, 2021 and December 31, 2020, aggregated by major security type and length of time in a continuous unrealized loss position.

 

			Less Than 12 Months												12 Months or Longer												Total
(dollars in thousands)			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
September 30, 2021
Debt securities:
States and political subdivisions			$	78,547					$	(1,419)					$	7,960					$	(380)					$	86,507					$	(1,799)
Corporate securities			26,258						(516)						4,797						(203)						31,055						(719)
U.S. Treasury obligations and direct obligations of U.S Government agencies			16,826						(234)						11,903						(157)						28,729						(391)
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities			808,115						(13,553)						—						—						808,115						(13,553)
Residential - Non-government agencies			—						—						928						(79)						928						(79)
Commercial - U.S. Government agencies and sponsored entities			21,230						(868)						—						—						21,230						(868)
Total temporarily impaired securities			$	950,976					$	(16,590)					$	25,588					$	(819)					$	976,564					$	(17,409)

			Less Than 12 Months												12 Months or Longer												Total
(dollars in thousands)			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
December 31, 2020
Debt securities:
States and political subdivisions			$	21,313					$	(177)					$	—					$	—					$	21,313					$	(177)
Corporate securities			4,869						(131)						—						—						4,869						(131)
U.S. Treasury obligations and direct obligations of U.S Government agencies			5,980						(24)						20,925						(262)						26,905						(286)
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities			76,402						(299)						—						—						76,402						(299)
Residential - Non-government agencies			989						(34)						—						—						989						(34)
Commercial - U.S. Government-sponsored entities			16,977						(500)						—						—						16,977						(500)
Total temporarily impaired securities			$	126,530					$	(1,165)					$	20,925					$	(262)					$	147,455					$	(1,427)

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

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Tabular disclosure of the summary of investment holdings.

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