XML 38 R28.htm IDEA: XBRL DOCUMENT
v3.23.1

INVESTMENT SECURITIES (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Summary of available for sale and held to maturity investment securities | The amortized cost, fair value and related ACL, and corresponding gross unrecognized or unrealized gains and losses on HTM and AFS debt securities at March 31, 2023 and December 31, 2022 are as follows:
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | ACL
(dollars in thousands) |  |  |  |  |
March 31, 2023 |  |  |  |  |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 41,867 |  |  | $ | — |  |  | $ | (4,746) |  |  | $ | 37,121 |  |  | $ | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities |  | 616,729 |  |  | 145 |  |  | (54,695) |  |  | 562,179 |  |  | — |
Total held-to-maturity securities |  | $ | 658,596 |  |  | $ | 145 |  |  | $ | (59,441) |  |  | $ | 599,300 |  |  | $ | — |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | ACL
(dollars in thousands) |  |  |  |  |
March 31, 2023 |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 170,628 |  |  | $ | 26 |  |  | $ | (31,133) |  |  | $ | 139,521 |  |  | $ | — |
Corporate securities |  | 36,087 |  |  | — |  |  | (4,990) |  |  | 31,097 |  |  | — |
U.S. Treasury obligations and direct obligations of U.S. Government agencies |  | 26,533 |  |  | 5 |  |  | (2,195) |  |  | 24,343 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities |  | 488,550 |  |  | — |  |  | (67,066) |  |  | 421,484 |  |  | — |
Residential - Non-government agencies |  | 9,614 |  |  | — |  |  | (977) |  |  | 8,637 |  |  | — |
Commercial - U.S. Government-sponsored entities |  | 53,597 |  |  | — |  |  | (7,797) |  |  | 45,800 |  |  | — |
Commercial - Non-government agencies |  | 16,497 |  |  | — |  |  | (191) |  |  | 16,306 |  |  | — |
Total available-for-sale securities |  | $ | 801,506 |  |  | $ | 31 |  |  | $ | (114,349) |  |  | $ | 687,188 |  |  | $ | — |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | ACL
(dollars in thousands) |  |  |  |  |
December 31, 2022 |  |  |  |  |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 41,840 |  |  | $ | — |  |  | $ | (4,727) |  |  | $ | 37,113 |  |  | $ | — |
Corporate securities |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
U.S. Treasury obligations and direct obligations of U.S. Government agencies |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities |  | 623,043 |  |  | — |  |  | (63,376) |  |  | 559,667 |  |  | — |
Residential - Non-government agencies |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial - U.S. Government-sponsored entities |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial - Non-government agencies |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total held-to-maturity securities |  | $ | 664,883 |  |  | $ | — |  |  | $ | (68,103) |  |  | $ | 596,780 |  |  | $ | — |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | ACL
(dollars in thousands) |  |  |  |  |
December 31, 2022 |  |  |  |  |
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 |  | 498,989 |  |  | — |  |  | (75,186) |  |  | 423,803 |  |  | — |
Residential - Non-government agencies |  | 9,829 |  |  | — |  |  | (1,167) |  |  | 8,662 |  |  | — |
Commercial - U.S. Government-sponsored entities |  | 54,346 |  |  | — |  |  | (8,202) |  |  | 46,144 |  |  | — |
Commercial - Non-government agencies |  | 1,541 |  |  | — |  |  | (34) |  |  | 1,507 |  |  | — |
Total available-for-sale securities |  | $ | 801,370 |  |  | $ | 6 |  |  | $ | (129,582) |  |  | $ | 671,794 |  |  | $ | — |
Schedule of amortized cost and estimated fair value of investment securities by contractual maturity | The amortized cost, estimated fair value and weighted average yield of our HTM and AFS debt securities at March 31, 2023, by contractual maturity, are shown below. 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.
(dollars in thousands) |  | Amortized Cost |  | Fair Value |  | Weighted Average Yield (1)
Held-to-maturity: |  |  |  |  |  |
Debt securities: |  |  |  |  |  |
Due in one year or less |  | $ | — |  |  | $ | — |  |  | — | %
Due after one year through five years |  | — |  |  | — |  |  | — |
Due after five years through ten years |  | — |  |  | — |  |  | — |
Due after ten years |  | 41,867 |  |  | 37,121 |  |  | 2.26 |
Mortgage-backed securities: |  |  |  |  |  |
Residential - U.S. Government-sponsored entities |  | 616,729 |  |  | 562,179 |  |  | 1.94 |
Total held-to-maturity securities |  | $ | 658,596 |  |  | $ | 599,300 |  |  | 1.96 | %
Available-for-sale: |  |  |  |  |  |
Debt securities: |  |  |  |  |  |
Due in one year or less |  | $ | 5,185 |  |  | $ | 5,171 |  |  | 3.01 | %
Due after one year through five years |  | 16,601 |  |  | 16,323 |  |  | 3.90 |
Due after five years through ten years |  | 76,927 |  |  | 69,210 |  |  | 2.68 |
Due after ten years |  | 134,535 |  |  | 104,257 |  |  | 2.48 |
Mortgage-backed securities: |  |  |  |  |  |
Residential - U.S. Government-sponsored entities |  | 488,550 |  |  | 421,484 |  |  | 2.04 |
Residential - Non-government agencies |  | 9,614 |  |  | 8,637 |  |  | 3.32 |
Commercial - U.S. Government-sponsored entities |  | 53,597 |  |  | 45,800 |  |  | 2.35 |
Commercial - Non-government agencies |  | 16,497 |  |  | 16,306 |  |  | 5.05 |
Total available-for-sale securities |  | $ | 801,506 |  |  | $ | 687,188 |  |  | 2.33 | %
(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 | Th e following tables summarize HTM and AFS investment securities, which were in an unrecognized or unrealized loss position at March 31, 2023 and December 31, 2022, aggregated by major security type and length of time in a continuous unrecognized or unrealized loss position.
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total
(dollars in thousands) |  | Fair Value |  | Unrecognized Losses |  | Fair Value |  | Unrecognized Losses |  | Fair Value |  | Unrecognized Losses
March 31, 2023 |  |  |  |  |  |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | — |  |  | $ | — |  |  | $ | 37,121 |  |  | $ | (4,746) |  |  | $ | 37,121 |  |  | $ | (4,746) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities |  | 305,007 |  |  | (20,724) |  |  | 237,643 |  |  | (33,971) |  |  | 542,650 |  |  | (54,695) |
Total temporarily impaired securities |  | $ | 305,007 |  |  | $ | (20,724) |  |  | $ | 274,764 |  |  | $ | (38,717) |  |  | $ | 579,771 |  |  | $ | (59,441) |
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total
(dollars in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
March 31, 2023 |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 13,008 |  |  | $ | (307) |  |  | $ | 114,337 |  |  | $ | (30,826) |  |  | $ | 127,345 |  |  | $ | (31,133) |
Corporate securities |  | — |  |  | — |  |  | 31,097 |  |  | (4,990) |  |  | 31,097 |  |  | (4,990) |
U.S. Treasury obligations and direct obligations of U.S Government agencies |  | 5,749 |  |  | (140) |  |  | 17,011 |  |  | (2,055) |  |  | 22,760 |  |  | (2,195) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities |  | 9,673 |  |  | (240) |  |  | 411,811 |  |  | (66,826) |  |  | 421,484 |  |  | (67,066) |
Residential - Non-government agencies |  | 2,843 |  |  | (274) |  |  | 5,795 |  |  | (703) |  |  | 8,638 |  |  | (977) |
Commercial - U.S. Government-sponsored entities |  | — |  |  | — |  |  | 45,800 |  |  | (7,797) |  |  | 45,800 |  |  | (7,797) |
Commercial - Non-government agencies |  | 16,306 |  |  | (191) |  |  | — |  |  | — |  |  | 16,306 |  |  | (191) |
Total temporarily impaired securities |  | $ | 47,579 |  |  | $ | (1,152) |  |  | $ | 625,851 |  |  | $ | (113,197) |  |  | $ | 673,430 |  |  | $ | (114,349) |
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total
(dollars in thousands) |  | Fair Value |  | Unrecognized Losses |  | Fair Value |  | Unrecognized Losses |  | Fair Value |  | Unrecognized Losses
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 |  | 559,667 |  |  | (63,376) |  |  | — |  |  | — |  |  | 559,667 |  |  | (63,376) |
Total temporarily impaired securities |  | $ | 596,780 |  |  | $ | (68,103) |  |  | $ | — |  |  | $ | — |  |  | $ | 596,780 |  |  | $ | (68,103) |
|  | 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, 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. Government-sponsored entities |  | 149,624 |  |  | (13,990) |  |  | 274,179 |  |  | (61,196) |  |  | 423,803 |  |  | (75,186) |
Residential - Non-government agencies |  | 2,890 |  |  | (334) |  |  | 5,772 |  |  | (833) |  |  | 8,662 |  |  | (1,167) |
Commercial - U.S. Government-sponsored entities |  | 25,034 |  |  | (1,724) |  |  | 21,110 |  |  | (6,478) |  |  | 46,144 |  |  | (8,202) |
Commercial - Non-government agencies |  | 1,506 |  |  | (34) |  |  | — |  |  | — |  |  | 1,506 |  |  | (34) |
Total temporarily impaired securities |  | $ | 240,949 |  |  | $ | (21,134) |  |  | $ | 425,202 |  |  | $ | (108,448) |  |  | $ | 666,151 |  |  | $ | (129,582) |

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