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INVESTMENT SECURITIES (Tables) | 6 Months Ended
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Jun. 30, 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 gains and losses on HTM debt securities at June 30, 2023 and December 31, 2022 are as follows:
|  | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Fair Value |  | ACL
(dollars in thousands) |  |  |  |  |
June 30, 2023 |  |  |  |  |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 41,898 |  |  | $ | — |  |  | $ | (5,262) |  |  | $ | 36,636 |  |  | $ | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities |  | 608,048 |  |  | — |  |  | (63,462) |  |  | 544,586 |  |  | — |
Total held-to-maturity securities |  | $ | 649,946 |  |  | $ | — |  |  | $ | (68,724) |  |  | $ | 581,222 |  |  | $ | — |
|  | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized 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 |  |  | $ | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities |  | 623,043 |  |  | — |  |  | (63,376) |  |  | 559,667 |  |  | — |
Total held-to-maturity securities |  | $ | 664,883 |  |  | $ | — |  |  | $ | (68,103) |  |  | $ | 596,780 |  |  | $ | — |
The amortized cost, fair value and related ACL, and corresponding gross unrealized gains and losses on AFS debt securities at June 30, 2023 and December 31, 2022 are as follows:
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | ACL
(dollars in thousands) |  |  |  |  |
June 30, 2023 |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 167,314 |  |  | $ | 4 |  |  | $ | (32,146) |  |  | $ | 135,172 |  |  | $ | — |
Corporate securities |  | 35,968 |  |  | — |  |  | (5,248) |  |  | 30,720 |  |  | — |
U.S. Treasury obligations and direct obligations of U.S. Government agencies |  | 24,933 |  |  | 9 |  |  | (2,295) |  |  | 22,647 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities |  | 479,165 |  |  | — |  |  | (73,038) |  |  | 406,127 |  |  | — |
Residential - Non-government agencies |  | 9,512 |  |  | — |  |  | (1,157) |  |  | 8,355 |  |  | — |
Commercial - U.S. Government-sponsored entities |  | 53,142 |  |  | — |  |  | (8,157) |  |  | 44,985 |  |  | — |
Commercial - Non-government agencies |  | 16,559 |  |  | — |  |  | (494) |  |  | 16,065 |  |  | — |
Total available-for-sale securities |  | $ | 786,593 |  |  | $ | 13 |  |  | $ | (122,535) |  |  | $ | 664,071 |  |  | $ | — |
|  | 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 June 30, 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 |  | 41,898 |  |  | 36,636 |  |  | 2.26 |
Mortgage-backed securities: |  |  |  |  |  |
Residential - U.S. Government-sponsored entities |  | 608,048 |  |  | 544,586 |  |  | 1.92 |
Total held-to-maturity securities |  | $ | 649,946 |  |  | $ | 581,222 |  |  | 1.94 | %
Available-for-sale: |  |  |  |  |  |
Debt securities: |  |  |  |  |  |
Due in one year or less |  | $ | 5,000 |  |  | $ | 4,986 |  |  | 3.03 | %
Due after one year through five years |  | 23,629 |  |  | 22,594 |  |  | 3.67 |
Due after five years through ten years |  | 68,204 |  |  | 60,466 |  |  | 2.67 |
Due after ten years |  | 131,382 |  |  | 100,493 |  |  | 2.52 |
Mortgage-backed securities: |  |  |  |  |  |
Residential - U.S. Government-sponsored entities |  | 479,165 |  |  | 406,127 |  |  | 2.02 |
Residential - Non-government agencies |  | 9,512 |  |  | 8,355 |  |  | 3.32 |
Commercial - U.S. Government-sponsored entities |  | 53,142 |  |  | 44,985 |  |  | 2.35 |
Commercial - Non-government agencies |  | 16,559 |  |  | 16,065 |  |  | 5.06 |
Total available-for-sale securities |  | $ | 786,593 |  |  | $ | 664,071 |  |  | 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 investment securities, which were in an unrecognized loss position at June 30, 2023 and December 31, 2022, aggregated by major security type and length of time in a continuous unrecognized 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
June 30, 2023 |  |  |  |  |  |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | — |  |  | $ | — |  |  | $ | 36,636 |  |  | $ | (5,262) |  |  | $ | 36,636 |  |  | $ | (5,262) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities |  | 63,078 |  |  | (3,725) |  |  | 481,508 |  |  | (59,737) |  |  | 544,586 |  |  | (63,462) |
Total temporarily impaired securities |  | $ | 63,078 |  |  | $ | (3,725) |  |  | $ | 518,144 |  |  | $ | (64,999) |  |  | $ | 581,222 |  |  | $ | (68,724) |
|  | 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) |
There were a total of 245 AFS investment securities which were in an unrealized loss position, without an ACL, at June 30, 2023 and 243 at December 31, 2022. Th e following tables summarize AFS investment securities, which were in an unrealized loss position at June 30, 2023 and December 31, 2022, 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, 2023 |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 15,254 |  |  | $ | (187) |  |  | $ | 116,009 |  |  | $ | (31,959) |  |  | $ | 131,263 |  |  | $ | (32,146) |
Corporate securities |  | — |  |  | — |  |  | 30,720 |  |  | (5,248) |  |  | 30,720 |  |  | (5,248) |
U.S. Treasury obligations and direct obligations of U.S Government agencies |  | 3,911 |  |  | (83) |  |  | 16,354 |  |  | (2,212) |  |  | 20,265 |  |  | (2,295) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored entities |  | 9,227 |  |  | (440) |  |  | 396,900 |  |  | (72,598) |  |  | 406,127 |  |  | (73,038) |
Residential - Non-government agencies |  | 2,747 |  |  | (336) |  |  | 5,608 |  |  | (821) |  |  | 8,355 |  |  | (1,157) |
Commercial - U.S. Government-sponsored entities |  | — |  |  | — |  |  | 44,985 |  |  | (8,157) |  |  | 44,985 |  |  | (8,157) |
Commercial - Non-government agencies |  | 14,660 |  |  | (359) |  |  | 1,404 |  |  | (135) |  |  | 16,064 |  |  | (494) |
Total temporarily impaired securities |  | $ | 45,799 |  |  | $ | (1,405) |  |  | $ | 611,980 |  |  | $ | (121,130) |  |  | $ | 657,779 |  |  | $ | (122,535) |
|  | 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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