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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

The 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)

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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).

+ 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
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Tabular disclosure of the summary of investment holdings.

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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)
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