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INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024 and December 31, 2023 are as follows:

						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						ACL
(dollars in thousands)
September 30, 2024
Available-for-sale:
Debt securities:
States and political subdivisions						$	147,833					$	18					$	(24,670)					$	123,181					$	—
Corporate securities						35,373						—						(2,819)						32,554						—
U.S. Treasury and other government-sponsored entities and agencies						59,632						1,323						(1,725)						59,230						—
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies						433,493						857						(48,054)						386,296						—
Residential - Non-government agencies						18,085						471						(722)						17,834						—
Commercial - U.S. government-sponsored entities and agencies						101,018						425						(12,414)						89,029						—
Commercial - Non-government agencies						15,331						5						(7)						15,329						—
Total available-for-sale investment securities						$	810,765					$	3,099					$	(90,411)					$	723,453					$	—

						Amortized Cost						Gross Unrecognized Gains						Gross Unrecognized Losses						Fair Value						ACL
(dollars in thousands)
September 30, 2024
Held-to-maturity:
Debt securities:
States and political subdivisions						$	42,013					$	—					$	(7,283)					$	34,730					$	—
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies						564,104						63						(51,907)						512,260						—
Total held-to-maturity investment securities						$	606,117					$	63					$	(59,190)					$	546,990					$	—

						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 September 30, 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						$	4,287					$	4,300					5.88		%
Due after one year through five years						58,844						56,071						2.78
Due after five years through ten years						58,523						57,627						3.92
Due after ten years						121,184						96,967						2.43
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies						433,493						386,296						2.27
Residential - Non-government agencies						18,085						17,834						5.59
Commercial - U.S. government-sponsored entities and agencies						101,018						89,029						2.73
Commercial - Non-government agencies						15,331						15,329						4.55
Total available-for-sale securities						$	810,765					$	723,453					2.67		%

(dollars in thousands)						Amortized Cost						Fair Value						Weighted Average Yield (1)
Held-to-maturity:
Debt securities:
Due after ten years						$	42,013					$	34,730					2.26		%
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies						564,104						512,260						1.90
Total held-to-maturity securities						$	606,117					$	546,990					1.92		%

(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 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 212 and 208 AFS investment securities which were in an unrealized loss position, without an ACL, at September 30, 2024 and December 31, 2023, respectively. There were a total of 82 HTM investment securities which were in an unrecognized loss position, without an ACL, at September 30, 2024 and December 31, 2023.

						Less Than 12 Months												12 Months or Longer												Total
(dollars in thousands)						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
September 30, 2024
Available-for-sale:
Debt securities:
States and political subdivisions						$	4,600					$	(33)					$	111,552					$	(24,637)					$	116,152					$	(24,670)
Corporate securities						—						—						32,554						(2,819)						32,554						(2,819)
U.S. Treasury and other government-sponsored entities and agencies						1,308						(26)						14,498						(1,699)						15,806						(1,725)
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies						23,295						(183)						329,454						(47,871)						352,749						(48,054)
Residential - Non-government agencies						—						—						7,992						(722)						7,992						(722)
Commercial - U.S. government-sponsored entities and agencies						1,275						(107)						68,444						(12,307)						69,719						(12,414)
Commercial - Non-government agencies						—						—						5,425						(7)						5,425						(7)
Total						$	30,478					$	(349)					$	569,919					$	(90,062)					$	600,397					$	(90,411)

						Less Than 12 Months												12 Months or Longer												Total
(dollars in thousands)						Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses
September 30, 2024
Held-to-maturity:
Debt securities:
States and political subdivisions						$	—					$	—					$	34,730					$	(7,283)					$	34,730					$	(7,283)
Mortgage-backed securities:
Residential - U.S. government-sponsored entities and agencies						—						—						504,405						(51,907)						504,405						(51,907)
Total						$	—					$	—					$	539,135					$	(59,190)					$	539,135					$	(59,190)

						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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- Definition

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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