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INVESTMENT SECURITIES (Tables) | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Summary of available for sale and held to maturity investment securities | The amortized cost, gross unrecognized/unrealized gains and losses, fair value and related allowance for credit losses on available-for-sale ("AFS") and held-to-maturity ("HTM") investment securities as of December 31, 2023 and 2022 are as follows:
(Dollars in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | ACL
December 31, 2023 |  |  |  |  |  |  |  |  |
Available-for-Sale: |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |
States and political subdivisions | $ | 156,432 |  |  | $ | 13 |  |  | $ | (29,810) |  |  | $ | 126,635 |  |  | $ | — |
Corporate securities | 35,731 |  |  | — |  |  | (4,317) |  |  | 31,414 |  |  | — |
U.S. Treasury obligations and direct obligations of U.S Government agencies | 28,105 |  |  | 33 |  |  | (1,941) |  |  | 26,197 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored enterprises | 441,898 |  |  | 95 |  |  | (63,607) |  |  | 378,386 |  |  | — |
Residential - Non-government agencies | 19,322 |  |  | 366 |  |  | (980) |  |  | 18,708 |  |  | — |
Commercial - U.S. Government-sponsored enterprises | 58,318 |  |  | — |  |  | (7,404) |  |  | 50,914 |  |  | — |
Commercial - Non-government agencies | 15,144 |  |  | — |  |  | (188) |  |  | 14,956 |  |  | — |
Total available-for-sale investment securities | $ | 754,950 |  |  | $ | 507 |  |  | $ | (108,247) |  |  | $ | 647,210 |  |  | $ | — |
(Dollars in thousands) | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Fair Value |  | ACL
December 31, 2023 |  |  |  |  |  |  |  |  |
Held-to-Maturity: |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |
States and political subdivisions | $ | 41,959 |  |  | $ | — |  |  | $ | (6,706) |  |  | $ | 35,253 |  |  | $ | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored enterprises | 590,379 |  |  | 61 |  |  | (60,515) |  |  | 529,925 |  |  | — |
Total held-to-maturity investment securities | $ | 632,338 |  |  | $ | 61 |  |  | $ | (67,221) |  |  | $ | 565,178 |  |  | $ | — |
(Dollars in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | ACL
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 enterprises | 498,989 |  |  | — |  |  | (75,186) |  |  | 423,803 |  |  | — |
Residential - Non-government agencies | 9,829 |  |  | — |  |  | (1,167) |  |  | 8,662 |  |  | — |
Commercial - U.S. Government-sponsored enterprises | 54,346 |  |  | — |  |  | (8,202) |  |  | 46,144 |  |  | — |
Commercial - Non-government agencies | 1,541 |  |  | — |  |  | (34) |  |  | 1,507 |  |  | — |
Total available-for-sale investment securities | $ | 801,370 |  |  | $ | 6 |  |  | $ | (129,582) |  |  | $ | 671,794 |  |  | $ | — |
(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 enterprises | 623,043 |  |  | — |  |  | (63,376) |  |  | 559,667 |  |  | — |
Total held-to-maturity investment securities | $ | 664,883 |  |  | $ | — |  |  | $ | (68,103) |  |  | $ | 596,780 |  |  | $ | — |
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 investment securities at December 31, 2023 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, 2023
(Dollars in thousands) | Amortized Cost |  | Fair Value |  | Weighted Average Yield (1)
Available-for-Sale: |  |  |  |  |
Debt securities: |  |  |  |  |
Due in one year or less | $ | 1,759 |  |  | $ | 1,749 |  |  | 3.00 | %
Due after one year through five years | 38,487 |  |  | 35,227 |  |  | 2.77 |
Due after five years through ten years | 44,078 |  |  | 40,442 |  |  | 3.10 |
Due after ten years | 135,944 |  |  | 106,828 |  |  | 2.81 |
Mortgage-backed securities |  |  |  |  |
Residential - U.S. Government-sponsored enterprises | 441,898 |  |  | 378,386 |  |  | 2.05 |
Residential - Non-government agencies | 19,322 |  |  | 18,708 |  |  | 4.64 |
Commercial - U.S. Government-sponsored enterprises | 58,318 |  |  | 50,914 |  |  | 2.74 |
Commercial - Non-government agencies | 15,144 |  |  | 14,956 |  |  | 5.04 |
Total available-for-sale investment securities | $ | 754,950 |  |  | $ | 647,210 |  |  | 2.48 | %
Held-to-Maturity: |  |  |  |  |
Debt securities: |  |  |  |  |
Due after ten years | $ | 41,959 |  |  | $ | 35,253 |  |  | 2.26 | %
Mortgage-backed securities: |  |  |  |  |
Residential - U.S. Government-sponsored enterprises | 590,379 |  |  | 529,925 |  |  | 1.92 |
Total held-to-maturity investment securities | $ | 632,338 |  |  | $ | 565,178 |  |  | 1.95 | %
Total investment securities | $ | 1,387,288 |  |  | $ | 1,212,388 |  |  | 2.22 | %
(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 AFS and HTM securities which were in an unrealized or unrecognized loss position at December 31, 2023 and 2022, 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 |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
| (Dollars in thousands)
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions | $ | 534 |  |  | $ | (1) |  |  | $ | 114,601 |  |  | $ | (29,809) |  |  | $ | 115,135 |  |  | $ | (29,810) |
Corporate securities | — |  |  | — |  |  | 31,414 |  |  | (4,317) |  |  | 31,414 |  |  | (4,317) |
U.S. Treasury obligations and direct obligations of U.S Government agencies | 2,893 |  |  | (87) |  |  | 16,286 |  |  | (1,854) |  |  | 19,179 |  |  | (1,941) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored enterprises | — |  |  | — |  |  | 367,887 |  |  | (63,607) |  |  | 367,887 |  |  | (63,607) |
Residential - Non-government agencies | — |  |  | — |  |  | 8,169 |  |  | (980) |  |  | 8,169 |  |  | (980) |
Commercial - U.S. Government-sponsored enterprises | 6,467 |  |  | (1) |  |  | 44,447 |  |  | (7,403) |  |  | 50,914 |  |  | (7,404) |
Commercial - Non-government agencies | 9,663 |  |  | (130) |  |  | 5,293 |  |  | (58) |  |  | 14,956 |  |  | (188) |
Total | $ | 19,557 |  |  | $ | (219) |  |  | $ | 588,097 |  |  | $ | (108,028) |  |  | $ | 607,654 |  |  | $ | (108,247) |
| 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, 2023 |  |  |  |  |  |  |  |  |  |  |
Held-to-Maturity: |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions | $ | — |  |  | $ | — |  |  | $ | 35,253 |  |  | $ | (6,706) |  |  | $ | 35,253 |  |  | $ | (6,706) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-sponsored enterprises | 8,853 |  |  | (33) |  |  | 512,378 |  |  | (60,482) |  |  | 521,231 |  |  | (60,515) |
Total | $ | 8,853 |  |  | $ | (33) |  |  | $ | 547,631 |  |  | $ | (67,188) |  |  | $ | 556,484 |  |  | $ | (67,221) |
| 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. Government-sponsored enterprises | 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 enterprises | 25,034 |  |  | (1,724) |  |  | 21,110 |  |  | (6,478) |  |  | 46,144 |  |  | (8,202) |
Commercial - Non-government agencies | 1,506 |  |  | (34) |  |  | — |  |  | — |  |  | 1,506 |  |  | (34) |
Total | $ | 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 |  | 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 enterprises | 559,667 |  |  | (63,376) |  |  | — |  |  | — |  |  | 559,667 |  |  | (63,376) |
Total | $ | 596,780 |  |  | $ | (68,103) |  |  | $ | — |  |  | $ | — |  |  | $ | 596,780 |  |  | $ | (68,103) |

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