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INVESTMENT SECURITIES (Tables) | 12 Months Ended
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Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Summary of available for sale and held to maturity investment securities | A summary of our available-for-sale investment securities as of December 31, 2021 and 2020 are as follows:
(Dollars in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  |
December 31, 2021 |  |  |  |  |  |  |  |  |
Available-for-Sale: |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |
States and political subdivisions | $ | 235,521 |  |  | $ | 3,156 |  |  | $ | (1,849) |  |  | $ | 236,828 |  |  |
Corporate securities | 41,687 |  |  | 24 |  |  | (1,065) |  |  | 40,646 |  |  |
U.S. Treasury obligations and direct obligations of U.S Government agencies | 35,833 |  |  | 69 |  |  | (568) |  |  | 35,334 |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities ("GSEs") | 1,213,910 |  |  | 4,899 |  |  | (19,993) |  |  | 1,198,816 |  |  |
Residential - Non-government sponsored entities ("Non-GSEs") | 11,942 |  |  | 335 |  |  | (64) |  |  | 12,213 |  |  |
Commercial - U.S. GSEs and agencies | 66,287 |  |  | 756 |  |  | (1,194) |  |  | 65,849 |  |  |
Commercial - Non-GSEs | 41,328 |  |  | 685 |  |  | — |  |  | 42,013 |  |  |
Total available-for-sale investment securities | $ | 1,646,508 |  |  | $ | 9,924 |  |  | $ | (24,733) |  |  | $ | 1,631,699 |  |  |
Equity securities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
(Dollars in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
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. GSEs | 762,309 |  |  | 16,816 |  |  | (299) |  |  | 778,826 |
Residential - Non-GSEs | 22,671 |  |  | 786 |  |  | (34) |  |  | 23,423 |
Commercial - U.S. GSEs and agencies | 85,405 |  |  | 2,564 |  |  | (500) |  |  | 87,469 |
Commercial - Non-GSEs | 41,309 |  |  | 1,663 |  |  | — |  |  | 42,972 |
Total available-for-sale investment securities | $ | 1,156,031 |  |  | $ | 28,005 |  |  | $ | (1,427) |  |  | $ | 1,182,609 |
Equity securities | $ | 1,068 |  |  | $ | 283 |  |  | $ | — |  |  | $ | 1,351 |
Amortized Cost and Fair Value of Equity Investment Securities | The amortized cost and fair value of our equity investment securities is as follows:
(Dollars in thousands) | Amortized Cost |  | Fair Value
December 31, 2021 |  |  |
Equity securities | $ | — |  |  | $ | — |
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 investment securities at December 31, 2021 by contractual maturity are shown below. Actual maturities may differ from contractual maturities as issuers 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.
| December 31, 2021
(Dollars in thousands) | Amortized Cost |  | Fair Value
Available-for-Sale: |  |  |
Due in one year or less | $ | 18,958 |  |  | $ | 19,002 |
Due after one year through five years | 21,579 |  |  | 22,190 |
Due after five years through ten years | 84,715 |  |  | 84,411 |
Due after ten years | 187,789 |  |  | 187,205 |
Mortgage-backed securities |  |  |
Residential - U.S. GSEs | 1,213,910 |  |  | 1,198,816 |
Residential - Non-GSEs | 11,942 |  |  | 12,213 |
Commercial - U.S. GSEs and agencies | 66,287 |  |  | 65,849 |
Commercial - Non-GSEs | 41,328 |  |  | 42,013 |
Total available-for-sale investment securities | $ | 1,646,508 |  |  | $ | 1,631,699 |
Equity securities | $ | — |  |  | $ | — |
Schedule of investment securities in an unrealized loss position | The following table summarizes securities which were in an unrealized or unrecognized loss position at December 31, 2021 and 2020, aggregated by major security type and length of time in a continuous unrealized or unrecognized loss position:
| Less Than 12 Months |  | 12 Months or Longer |  | Total
Description of Securities | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
| (Dollars in thousands)
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions | $ | 79,360 |  |  | $ | (1,252) |  |  | $ | 10,864 |  |  | $ | (597) |  |  | $ | 90,224 |  |  | $ | (1,849) |
Corporate securities | 8,633 |  |  | (235) |  |  | 21,960 |  |  | (830) |  |  | 30,593 |  |  | (1,065) |
U.S. Treasury obligations and direct obligations of U.S Government agencies | 16,103 |  |  | (415) |  |  | 10,891 |  |  | (153) |  |  | 26,994 |  |  | (568) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential - U.S. GSEs | 926,570 |  |  | (15,883) |  |  | 114,747 |  |  | (4,110) |  |  | 1,041,317 |  |  | (19,993) |
Residential - Non-GSEs | — |  |  | — |  |  | 938 |  |  | (64) |  |  | 938 |  |  | (64) |
Commercial - U.S. GSEs and agencies | 6,313 |  |  | (205) |  |  | 16,281 |  |  | (989) |  |  | 22,594 |  |  | (1,194) |
Total temporarily impaired securities | $ | 1,036,979 |  |  | $ | (17,990) |  |  | $ | 175,681 |  |  | $ | (6,743) |  |  | $ | 1,212,660 |  |  | $ | (24,733) |
| Less Than 12 Months |  | 12 Months or Longer |  | Total
Description of Securities | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
| (Dollars in thousands)
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions | $ | 21,313 |  |  | $ | (177) |  |  | $ | — |  |  | $ | — |  |  | $ | 21,313 |  |  | $ | (177) |
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. GSEs | 76,402 |  |  | (299) |  |  | — |  |  | — |  |  | 76,402 |  |  | (299) |
Residential - Non-GSEs | 989 |  |  | (34) |  |  | — |  |  | — |  |  | 989 |  |  | (34) |
Commercial - U.S. GSEs and agencies | 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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