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INVESTMENT SECURITIES (Tables) | 3 Months Ended
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Mar. 31, 2024
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 ACL on available-for-sale ("AFS") and held-to-maturity ("HTM") debt securities at March 31, 2024 and December 31, 2023 are as follows:
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | ACL
(dollars in thousands) |  |  |  |  |
March 31, 2024 |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 152,393 |  |  | $ | 8 |  |  | $ | (29,378) |  |  | $ | 123,023 |  |  | $ | — |
Corporate securities |  | 35,611 |  |  | — |  |  | (4,213) |  |  | 31,398 |  |  | — |
U.S. Treasury and other government-sponsored entities and agencies |  | 41,849 |  |  | 147 |  |  | (2,090) |  |  | 39,906 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Residential - U.S. government-sponsored entities and agencies |  | 412,443 |  |  | 7 |  |  | (62,813) |  |  | 349,637 |  |  | — |
Residential - Non-government agencies |  | 18,893 |  |  | 129 |  |  | (1,081) |  |  | 17,941 |  |  | — |
Commercial - U.S. government-sponsored entities and agencies |  | 99,213 |  |  | — |  |  | (15,334) |  |  | 83,879 |  |  | — |
Commercial - Non-government agencies |  | 15,206 |  |  | — |  |  | (157) |  |  | 15,049 |  |  | — |
Total available-for-sale investment securities |  | $ | 775,608 |  |  | $ | 291 |  |  | $ | (115,066) |  |  | $ | 660,833 |  |  | $ | — |
|  | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Fair Value |  | ACL
(dollars in thousands) |  |  |  |  |
March 31, 2024 |  |  |  |  |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 41,984 |  |  | $ | — |  |  | $ | (7,324) |  |  | $ | 34,660 |  |  | $ | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Residential - U.S. government-sponsored entities and agencies |  | 582,964 |  |  | — |  |  | (75,939) |  |  | 507,025 |  |  | — |
Total held-to-maturity investment securities |  | $ | 624,948 |  |  | $ | — |  |  | $ | (83,263) |  |  | $ | 541,685 |  |  | $ | — |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | ACL
(dollars in thousands) |  |  |  |  |
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 and other government-sponsored entities and agencies |  | 28,105 |  |  | 33 |  |  | (1,941) |  |  | 26,197 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Residential - U.S. government-sponsored entities and agencies |  | 441,898 |  |  | 95 |  |  | (63,607) |  |  | 378,386 |  |  | — |
Residential - Non-government agencies |  | 19,322 |  |  | 366 |  |  | (980) |  |  | 18,708 |  |  | — |
Commercial - U.S. government-sponsored entities and agencies |  | 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 |  |  | $ | — |
|  | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Fair Value |  | ACL
(dollars in thousands) |  |  |  |  |
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 entities and agencies |  | 590,379 |  |  | 61 |  |  | (60,515) |  |  | 529,925 |  |  | — |
Total held-to-maturity investment securities |  | $ | 632,338 |  |  | $ | 61 |  |  | $ | (67,221) |  |  | $ | 565,178 |  |  | $ | — |
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 AFS and HTM debt securities at March 31, 2024, 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)
Available-for-sale: |  |  |  |  |  |
Debt securities: |  |  |  |  |  |
Due in one year or less |  | $ | 1,715 |  |  | $ | 1,707 |  |  | 2.86 | %
Due after one year through five years |  | 44,426 |  |  | 40,450 |  |  | 2.61 |
Due after five years through ten years |  | 57,777 |  |  | 54,822 |  |  | 3.78 |
Due after ten years |  | 125,935 |  |  | 97,348 |  |  | 2.49 |
Mortgage-backed securities: |  |  |  |  |  |
Residential - U.S. government-sponsored entities and agencies |  | 412,443 |  |  | 349,637 |  |  | 2.12 |
Residential - Non-government agencies |  | 18,893 |  |  | 17,941 |  |  | 4.58 |
Commercial - U.S. government-sponsored entities and agencies |  | 99,213 |  |  | 83,879 |  |  | 2.77 |
Commercial - Non-government agencies |  | 15,206 |  |  | 15,049 |  |  | 4.98 |
Total available-for-sale securities |  | $ | 775,608 |  |  | $ | 660,833 |  |  | 2.56 | %
(dollars in thousands) |  | Amortized Cost |  | Fair Value |  | Weighted Average Yield (1)
Held-to-maturity: |  |  |  |  |  |
Debt securities: |  |  |  |  |  |
Due after ten years |  | $ | 41,984 |  |  | $ | 34,660 |  |  | 2.26 | %
Mortgage-backed securities: |  |  |  |  |  |
Residential - U.S. government-sponsored entities and agencies |  | 582,964 |  |  | 507,025 |  |  | 1.92 |
Total held-to-maturity securities |  | $ | 624,948 |  |  | $ | 541,685 |  |  | 1.95 | %
(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 AFS and HTM investment securities, which were in a loss position as of the dates presented, aggregated by major security type and length of time in a continuous loss position. There were a total of 220 and 208 AFS investment securities which were in an unrealized loss position, without an ACL, at March 31, 2024 and December 31, 2023, respectively. There were a total of 83 and 82 HTM investment securities which were in an unrecognized loss position, without an ACL, at March 31, 2024 and December 31, 2023, respectively.
|  | 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, 2024 |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 5,888 |  |  | $ | (46) |  |  | $ | 111,345 |  |  | $ | (29,332) |  |  | $ | 117,233 |  |  | $ | (29,378) |
Corporate securities |  | — |  |  | — |  |  | 31,398 |  |  | (4,213) |  |  | 31,398 |  |  | (4,213) |
U.S. Treasury and other government-sponsored entities and agencies |  | 6,813 |  |  | (57) |  |  | 16,134 |  |  | (2,033) |  |  | 22,947 |  |  | (2,090) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential - U.S. government-sponsored entities and agencies |  | 9,802 |  |  | (56) |  |  | 334,758 |  |  | (62,757) |  |  | 344,560 |  |  | (62,813) |
Residential - Non-government agencies |  | 5,709 |  |  | (82) |  |  | 8,020 |  |  | (999) |  |  | 13,729 |  |  | (1,081) |
Commercial - U.S. government-sponsored entities and agencies |  | 20,122 |  |  | (274) |  |  | 63,757 |  |  | (15,060) |  |  | 83,879 |  |  | (15,334) |
Commercial - Non-government agencies |  | — |  |  | — |  |  | 15,049 |  |  | (157) |  |  | 15,049 |  |  | (157) |
Total |  | $ | 48,334 |  |  | $ | (515) |  |  | $ | 580,461 |  |  | $ | (114,551) |  |  | $ | 628,795 |  |  | $ | (115,066) |
|  | 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, 2024 |  |  |  |  |  |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | — |  |  | $ | — |  |  | $ | 34,660 |  |  | $ | (7,324) |  |  | $ | 34,660 |  |  | $ | (7,324) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential - U.S. government-sponsored entities and agencies |  | 16,324 |  |  | (112) |  |  | 490,701 |  |  | (75,827) |  |  | 507,025 |  |  | (75,939) |
Total |  | $ | 16,324 |  |  | $ | (112) |  |  | $ | 525,361 |  |  | $ | (83,151) |  |  | $ | 541,685 |  |  | $ | (83,263) |
|  | 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, 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 and other government-sponsored entities and agencies |  | 2,893 |  |  | (87) |  |  | 16,286 |  |  | (1,854) |  |  | 19,179 |  |  | (1,941) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential - U.S. government-sponsored entities and agencies |  | — |  |  | — |  |  | 367,887 |  |  | (63,607) |  |  | 367,887 |  |  | (63,607) |
Residential - Non-government agencies |  | — |  |  | — |  |  | 8,169 |  |  | (980) |  |  | 8,169 |  |  | (980) |
Commercial - U.S. government-sponsored entities and agencies |  | 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
(dollars in thousands) |  | Fair Value |  | Unrecognized Losses |  | Fair Value |  | Unrecognized Losses |  | Fair Value |  | Unrecognized Losses
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 entities and agencies |  | 8,853 |  |  | (33) |  |  | 512,378 |  |  | (60,482) |  |  | 521,231 |  |  | (60,515) |
Total |  | $ | 8,853 |  |  | $ | (33) |  |  | $ | 547,631 |  |  | $ | (67,188) |  |  | $ | 556,484 |  |  | $ | (67,221) |

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