XML 63 R38.htm IDEA: XBRL DOCUMENT v3.22.4

INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of available for sale and held to maturity investment securities

The amortized cost, gross unrealized gains and losses, fair value and related allowance for credit losses on held-to-maturity ("HTM") and available-for-sale ("AFS") investment securities as of December 31, 2022 and 2021 are as follows:

(Dollars in thousands)			Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses						Fair Value						ACL
December 31, 2022
Held-to-Maturity:
Debt securities:
States and political subdivisions			$	41,840					$	—					$	(4,727)					$	37,113					$	—
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities ("GSEs")			623,043						—						(63,376)						559,667						—
Total held-to-maturity investment securities			$	664,883					$	—					$	(68,103)					$	596,780					$	—
(Dollars in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						ACL
Available-for-Sale:
Debt securities:
States and political subdivisions			$	172,427					$	6					$	(36,681)					$	135,752					$	—
Corporate securities			36,206						—						(5,995)						30,211						—
U.S. Treasury obligations and direct obligations of U.S Government agencies			28,032						—						(2,317)						25,715						—
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities ("GSEs")			498,989						—						(75,186)						423,803						—
Residential - Non-government sponsored entities ("Non-GSEs")			9,829						—						(1,167)						8,662						—
Commercial - U.S. GSEs and agencies			54,346						—						(8,202)						46,144						—
Commercial - Non-GSEs			1,541						—						(34)						1,507						—
Total available-for-sale investment securities			$	801,370					$	6					$	(129,582)					$	671,794					$	—

(Dollars in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						ACL
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. GSEs			1,213,910						4,899						(19,993)						1,198,816						—
Residential - 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					$	—

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, 2022 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, 2022
(Dollars in thousands)			Amortized Cost						Fair Value						Weighted Average Yield (1)
Held-to-Maturity:
Due in one year or less			$	—					$	—					—		%
Due after one year through five years			—						—						—
Due after five years through ten years			—						—						—
Due after ten years			41,840						37,113						2.26
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities ("GSEs")			623,043						559,667						1.93
Total held-to-maturity investment securities			$	664,883					$	596,780					1.95		%
Available-for-Sale:
Due in one year or less			$	5,774					$	5,751					2.91		%
Due after one year through five years			15,816						15,458						3.75
Due after five years through ten years			79,803						70,558						2.60
Due after ten years			135,272						99,911						2.43
Mortgage-backed securities
Residential - U.S. GSEs			498,989						423,803						2.03
Residential - Non-GSEs			9,829						8,662						3.33
Commercial - U.S. GSEs and agencies			54,346						46,144						2.35
Commercial - Non-GSEs			1,541						1,507						4.10
Total available-for-sale investment securities			$	801,370					$	671,794					2.24		%
Total investment securities			$	1,466,253					$	1,268,574					2.10		%

(1)Weighted-average yields are computed on an annual basis, and yields on tax-exempt obligations are computed on a taxable-equivalent basis using a federal statutory tax rate of 21%.

Schedule of investment securities in an unrealized loss position

The following table summarizes HTM and AFS securities which were in an unrealized or unrecognized loss position at December 31, 2022 and 2021, 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						Unrecognized Losses						Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses
			(Dollars in thousands)
December 31, 2022
Held-to-Maturity:
Debt securities:
States and political subdivisions			$	37,113					$	(4,727)					$	—					$	—					$	37,113					$	(4,727)
Mortgage-backed securities:
Residential - U.S. Government-sponsored entities ("GSEs")			559,667						(63,376)						—						—						559,667						(63,376)
Total temporarily impaired HTM investment securities			$	596,780					$	(68,103)					$	—					$	—					$	596,780					$	(68,103)

			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, 2022
Available-for-Sale:
Debt securities:
States and political subdivisions			$	52,244					$	(4,807)					$	78,389					$	(31,874)					$	130,633					$	(36,681)
Corporate securities			—						—						30,211						(5,995)						30,211						(5,995)
U.S. Treasury obligations and direct obligations of U.S Government agencies			9,651						(245)						15,541						(2,072)						25,192						(2,317)
Mortgage-backed securities:
Residential - U.S. GSEs			149,624						(13,990)						274,179						(61,196)						423,803						(75,186)
Residential - Non-GSEs			2,890						(334)						5,772						(833)						8,662						(1,167)
Commercial - U.S. GSEs and agencies			25,034						(1,724)						21,110						(6,478)						46,144						(8,202)
Commercial - Non-GSEs			1,506						(34)						—						—						1,506						(34)
Total temporarily impaired AFS investment securities			$	240,949					$	(21,134)					$	425,202					$	(108,448)					$	666,151					$	(129,582)

			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
Available-for-Sale:
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 AFS investment securities			$	1,036,979					$	(17,990)					$	175,681					$	(6,743)					$	1,212,660					$	(24,733)

X

- Definition

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

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

+ Details

Name:	us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the summary of investment holdings.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B)
-URI https://asc.fasb.org/extlink&oid=122147990&loc=d3e611197-123010

+ Details

Name:	us-gaap_SummaryInvestmentHoldingsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration