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v3.22.2

INVESTMENT SECURITIES (Tables) | 6 Months Ended
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Jun. 30, 2022
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
June 30, 2022 |  |  |  |  |  |  |  |  |
Held-to-maturity: |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |
States and political subdivisions | $ | 41,769 |  |  | $ | — |  |  | $ | (2,855) |  |  | $ | 38,914 |  |  | $ | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities | 621,596 |  |  | 120 |  |  | (25,065) |  |  | 596,651 |  |  | — |
Total held-to-maturity securities | $ | 663,365 |  |  | $ | 120 |  |  | $ | (27,920) |  |  | $ | 635,565 |  |  | $ | — |
Available-for-sale: |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |
States and political subdivisions | $ | 177,182 |  |  | $ | 165 |  |  | $ | (28,234) |  |  | $ | 149,113 |  |  | $ | — |
Corporate securities | 36,443 |  |  | — |  |  | (5,299) |  |  | 31,144 |  |  | — |
U.S. Treasury obligations and direct obligations of U.S. Government agencies | 31,398 |  |  | 12 |  |  | (1,725) |  |  | 29,685 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities | 525,996 |  |  | 55 |  |  | (53,955) |  |  | 472,096 |  |  | — |
Residential - Non-government agencies | 10,499 |  |  | — |  |  | (616) |  |  | 9,883 |  |  | — |
Commercial - U.S. Government-sponsored entities | 59,918 |  |  | — |  |  | (5,756) |  |  | 54,162 |  |  | — |
Commercial - Non-government agencies | 41,337 |  |  | 3 |  |  | (50) |  |  | 41,290 |  |  | — |
Total available-for-sale securities | $ | 882,773 |  |  | $ | 235 |  |  | $ | (95,635) |  |  | $ | 787,373 |  |  | $ | — |
(dollars in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | ACL
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 | 1,213,910 |  |  | 4,899 |  |  | (19,993) |  |  | 1,198,816 |  |  | — |
Residential - Non-government agencies | 11,942 |  |  | 335 |  |  | (64) |  |  | 12,213 |  |  | — |
Commercial - U.S. Government-sponsored entities | 66,287 |  |  | 756 |  |  | (1,194) |  |  | 65,849 |  |  | — |
Commercial - Non-government agencies | 41,328 |  |  | 685 |  |  | — |  |  | 42,013 |  |  | — |
Total available-for-sale securities | $ | 1,646,508 |  |  | $ | 9,924 |  |  | $ | (24,733) |  |  | $ | 1,631,699 |  |  | $ | — |
Schedule of amortized cost and estimated fair value of investment securities by contractual maturity | The amortized cost and estimated fair value of our HTM and AFS debt securities at June 30, 2022 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.
| June 30, 2022
(dollars in thousands) | Amortized Cost |  | Fair Value
Held-to-maturity: |  |  |
Debt securities: |  |  |
Due after ten years | $ | 41,769 |  |  | $ | 38,914 |
Mortgage-backed securities: |  |  |
Residential - U.S. Government-sponsored entities | 621,596 |  |  | 596,651 |
Total held-to-maturity securities | $ | 663,365 |  |  | $ | 635,565 |
Available-for-sale: |  |  |
Debt securities: |  |  |
Due in one year or less | $ | 5,696 |  |  | $ | 5,702 |
Due after one year through five years | 20,068 |  |  | 20,062 |
Due after five years through ten years | 81,722 |  |  | 74,303 |
Due after ten years | 137,537 |  |  | 109,875 |
Mortgage-backed securities: |  |  |
Residential - U.S. Government-sponsored entities | 525,996 |  |  | 472,096 |
Residential - Non-government agencies | 10,499 |  |  | 9,883 |
Commercial - U.S. Government-sponsored entities | 59,918 |  |  | 54,162 |
Commercial - Non-government agencies | 41,337 |  |  | 41,290 |
Total available-for-sale securities | $ | 882,773 |  |  | $ | 787,373 |
Schedule of investment securities in an unrealized loss position | There were a total of 237 and 153 debt securities which were in an unrealized loss position, without an ACL, at June 30, 2022 and December 31, 2021, respectively. Th e following tables summarize AFS debt securities which were in an unrealized loss position at June 30, 2022 and December 31, 2021, 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
June 30, 2022 |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions | $ | 114,446 |  |  | $ | (24,159) |  |  | $ | 12,088 |  |  | $ | (4,075) |  |  | $ | 126,534 |  |  | $ | (28,234) |
Corporate securities | 4,460 |  |  | (560) |  |  | 26,684 |  |  | (4,739) |  |  | 31,144 |  |  | (5,299) |
U.S. Treasury obligations and direct obligations of U.S Government agencies | 8,914 |  |  | (109) |  |  | 17,874 |  |  | (1,616) |  |  | 26,788 |  |  | (1,725) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities | 447,161 |  |  | (51,051) |  |  | 14,439 |  |  | (2,904) |  |  | 461,600 |  |  | (53,955) |
Residential - Non-government agencies | 9,100 |  |  | (408) |  |  | 782 |  |  | (208) |  |  | 9,882 |  |  | (616) |
Commercial - U.S. Government-sponsored entities | 40,647 |  |  | (2,128) |  |  | 13,515 |  |  | (3,628) |  |  | 54,162 |  |  | (5,756) |
Commercial - Non-government agencies | 36,292 |  |  | (50) |  |  | — |  |  | — |  |  | 36,292 |  |  | (50) |
Total temporarily impaired securities | $ | 661,020 |  |  | $ | (78,465) |  |  | $ | 85,382 |  |  | $ | (17,170) |  |  | $ | 746,402 |  |  | $ | (95,635) |
| 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, 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. Government-sponsored entities | 926,570 |  |  | (15,883) |  |  | 114,747 |  |  | (4,110) |  |  | 1,041,317 |  |  | (19,993) |
Residential - Non-government agencies | — |  |  | — |  |  | 938 |  |  | (64) |  |  | 938 |  |  | (64) |
Commercial - U.S. Government-sponsored entities | 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) |

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