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INVESTMENT SECURITIES (Tables)

6 Months Ended

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. The 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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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/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-6

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