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INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 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
September 30, 2022
Held-to-maturity:
Debt securities:
States and political subdivisions			$	41,808					$	—					$	(5,679)					$	36,129					$	—
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities			621,019						—						(66,268)						554,751						—
Total held-to-maturity securities			$	662,827					$	—					$	(71,947)					$	590,880					$	—
Available-for-sale:
Debt securities:
States and political subdivisions			$	176,133					$	11					$	(36,668)					$	139,476					$	—
Corporate securities			36,324						—						(6,826)						29,498						—
U.S. Treasury obligations and direct obligations of U.S. Government agencies			29,666						15						(2,173)						27,508						—
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities			511,171						—						(78,886)						432,285						—
Residential - Non-government agencies			10,088						—						(1,155)						8,933						—
Commercial - U.S. Government-sponsored entities			55,012						—						(7,550)						47,462						—
Commercial - Non-government agencies			1,542						—						(23)						1,519						—
Total available-for-sale securities			$	819,936					$	26					$	(133,281)					$	686,681					$	—

(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 September 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.

			September 30, 2022
(dollars in thousands)			Amortized Cost						Fair Value
Held-to-maturity:
Debt securities:
Due after ten years			$	41,808					$	36,129
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities			621,019						554,751
Total held-to-maturity securities			$	662,827					$	590,880
Available-for-sale:
Debt securities:
Due in one year or less			$	6,016					$	5,992
Due after one year through five years			19,268						18,786
Due after five years through ten years			80,816						70,528
Due after ten years			136,023						101,176
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities			511,171						432,285
Residential - Non-government agencies			10,088						8,933
Commercial - U.S. Government-sponsored entities			55,012						47,462
Commercial - Non-government agencies			1,542						1,519
Total available-for-sale securities			$	819,936					$	686,681

Schedule of investment securities in an unrealized loss position

There were a total of 256 and 153 debt securities which were in an unrealized loss position, without an ACL, at September 30, 2022 and December 31, 2021, respectively. The following tables summarize AFS debt securities which were in an unrealized loss position at September 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
September 30, 2022
Debt securities:
States and political subdivisions			$	102,107					$	(22,280)					$	33,382					$	(14,388)					$	135,489					$	(36,668)
Corporate securities			4,257						(762)						25,241						(6,064)						29,498						(6,826)
U.S. Treasury obligations and direct obligations of U.S Government agencies			6,448						(93)						16,037						(2,080)						22,485						(2,173)
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities			224,937						(30,730)						207,348						(48,156)						432,285						(78,886)
Residential - Non-government agencies			8,198						(906)						735						(249)						8,933						(1,155)
Commercial - U.S. Government-sponsored entities			29,489						(2,137)						17,972						(5,413)						47,461						(7,550)
Commercial - Non-government agencies			1,519						(23)						—						—						1,519						(23)
Total temporarily impaired securities			$	376,955					$	(56,931)					$	300,715					$	(76,350)					$	677,670					$	(133,281)

			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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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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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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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-SubTopic 10
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Tabular disclosure of the summary of investment holdings.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
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