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SECURITIES (Tables)
3 Months Ended
Mar. 31, 2022
SECURITIES  
Summary of carrying balances of securities

March 31, 

December 31, 

2022

    

2021

(dollars in thousands)

Debt securities available-for-sale

$

933,922

$

942,168

Debt securities held-to-maturity

438,054

336,185

Equity securities with readily determinable fair value

3,256

3,443

Equity securities with no readily determinable fair value

1,927

1,927

Total securities

$

1,377,159

$

1,283,723

Schedule of gains (losses) on securities

Three Months Ended March 31, 

    

2022

    

2021

(dollars in thousands)

Net realized gains (losses) on sales

$

$

Net unrealized gains (losses) on equity securities:

Readily determinable fair value

(187)

40

No readily determinable fair value

Gains (losses) on securities

$

(187)

$

40

Schedule of certain debt securities from the available-for-sale category to the held-to-maturity category

March 31, 2022

June 30, 2021

March 31, 2021

Amortized

Amortized

Amortized

    

Cost

    

Fair Value

    

Cost

    

Fair Value

    

Cost

    

Fair Value

(dollars in thousands)

U.S. government agency

$

78,841

$

71,048

$

$

$

7,593

$

7,323

Mortgage-backed:

Agency residential

8,175

7,651

8,776

8,536

Agency commercial

27,834

25,432

99,271

99,275

118,792

113,861

Total

$

114,850

$

104,131

$

99,271

$

99,275

$

135,161

$

129,720

Schedule of amortized cost and fair values of securities available-for-sale, with gross unrealized gains and losses

March 31, 2022

    

Amortized
Cost

    

Gross
Unrealized
Gains

    

Gross
Unrealized
Losses

    

Fair Value

Available-for-sale:

(dollars in thousands)

U.S. Treasury

$

169,966

$

$

(7,329)

$

162,637

U.S. government agency

51,182

16

(1,181)

50,017

Municipal

290,714

603

(15,753)

275,564

Mortgage-backed:

Agency residential

244,721

604

(7,797)

237,528

Agency commercial

156,806

124

(7,619)

149,311

Corporate

59,428

657

(1,220)

58,865

Total available-for-sale

972,817

2,004

(40,899)

933,922

Held-to-maturity:

U.S. government agency

83,407

(722)

82,685

Municipal

14,251

350

14,601

Mortgage-backed:

Agency residential

27,100

7

(947)

26,160

Agency commercial

313,296

254

(20,393)

293,157

Total held-to-maturity

438,054

611

(22,062)

416,603

Total debt securities

$

1,410,871

$

2,615

$

(62,961)

$

1,350,525

December 31, 2021

    

Amortized
Cost

    

Gross
Unrealized
Gains

    

Gross
Unrealized
Losses

    

Fair Value

Available-for-sale:

(dollars in thousands)

U.S. Treasury

$

109,002

$

328

$

(354)

$

108,976

U.S. government agency

129,269

1,303

(2,467)

128,105

Municipal

293,837

6,144

(2,904)

297,077

Mortgage-backed:

Agency residential

178,236

2,149

(919)

179,466

Agency commercial

164,875

1,234

(2,048)

164,061

Corporate

63,141

1,638

(296)

64,483

Total available-for-sale

938,360

12,796

(8,988)

942,168

Held-to-maturity:

U.S. government agency

12,349

42

(51)

12,340

Municipal

15,666

809

16,475

Mortgage-backed:

Agency residential

20,555

196

(102)

20,649

Agency commercial

287,615

1,749

(2,801)

286,563

Total held-to-maturity

336,185

2,796

(2,954)

336,027

Total debt securities

$

1,274,545

$

15,592

$

(11,942)

$

1,278,195

Schedule of amortized cost and fair value of securities by contractual maturity

Available-for-Sale

Held-to-Maturity

    

Amortized
Cost

    

Fair Value

    

Amortized
Cost

    

Fair Value

(dollars in thousands)

Due in 1 year or less

$

26,200

$

26,286

$

2,136

$

2,161

Due after 1 year through 5 years

191,896

187,331

14,726

14,663

Due after 5 years through 10 years

268,930

253,700

54,808

54,474

Due after 10 years

84,264

79,766

25,988

25,988

Mortgage-backed:

Agency residential

244,721

237,528

27,100

26,160

Agency commercial

156,806

149,311

313,296

293,157

Total

$

972,817

$

933,922

$

438,054

$

416,603

Schedule of gross unrealized losses and fair value of investments

Investments in a Continuous Unrealized Loss Position

Less than 12 Months

12 Months or More

Total

March 31, 2022

    

Unrealized
Loss

    

Fair Value

    

Unrealized
Loss

    

Fair Value

    

Unrealized
Loss

    

Fair Value

Available-for-sale:

(dollars in thousands)

U.S. Treasury

$

(7,329)

$

162,637

$

$

$

(7,329)

$

162,637

U.S. government agency

(1,181)

42,715

(1,181)

42,715

Municipal

(9,031)

157,069

(6,722)

53,718

(15,753)

210,787

Mortgage-backed:

Agency residential

(7,647)

191,824

(150)

3,931

(7,797)

195,755

Agency commercial

(5,579)

108,665

(2,040)

24,031

(7,619)

132,696

Corporate

(450)

14,550

(770)

4,190

(1,220)

18,740

Total available-for-sale

(31,217)

677,460

(9,682)

85,870

(40,899)

763,330

Held-to-maturity:

U.S. government agency

(722)

11,636

(722)

11,636

Mortgage-backed:

Agency residential

(947)

17,789

(947)

17,789

Agency commercial

(20,148)

255,033

(245)

2,363

(20,393)

257,396

Total held-to-maturity

(21,817)

284,458

(245)

2,363

(22,062)

286,821

Total debt securities

$

(53,034)

$

961,918

$

(9,927)

$

88,233

$

(62,961)

$

1,050,151

Investments in a Continuous Unrealized Loss Position

Less than 12 Months

12 Months or More

Total

December 31, 2021

    

Unrealized
Loss

    

Fair Value

    

Unrealized
Loss

    

Fair Value

    

Unrealized
Loss

    

Fair Value

Available-for-sale:

(dollars in thousands)

U.S. Treasury

$

(354)

$

68,410

$

$

$

(354)

$

68,410

U.S. government agency

(2,183)

80,219

(284)

5,578

(2,467)

85,797

Municipal

(2,018)

89,424

(886)

17,327

(2,904)

106,751

Mortgage-backed:

Agency residential

(851)

91,703

(68)

4,305

(919)

96,008

Agency commercial

(1,921)

113,111

(127)

6,443

(2,048)

119,554

Corporate

(7)

2,737

(289)

4,671

(296)

7,408

Total available-for-sale

(7,334)

445,604

(1,654)

38,324

(8,988)

483,928

Held-to-maturity:

U.S. government agency

(51)

4,949

(51)

4,949

Mortgage-backed:

Agency residential

(102)

14,932

(102)

14,932

Agency commercial

(2,673)

174,428

(128)

2,776

(2,801)

177,204

Total held-to-maturity

(2,826)

194,309

(128)

2,776

(2,954)

197,085

Total debt securities

$

(10,160)

$

639,913

$

(1,782)

$

41,100

$

(11,942)

$

681,013

Schedule of equity securities with initial cost and carrying values of equity securities, with cumulative net unrealized gains and losses

Readily

No Readily

Determinable

Determinable

March 31, 2022

    

Fair Value

    

Fair Value

(dollars in thousands)

Initial cost

$

3,142

$

2,092

Cumulative net unrealized gains (losses)

114

(165)

Carrying value

$

3,256

$

1,927

Readily

No Readily

Determinable

Determinable

December 31, 2021

    

Fair Value

    

Fair Value

(dollars in thousands)

Initial cost

$

3,142

$

2,092

Cumulative net unrealized gains (losses)

301

(165)

Carrying value

$

3,443

$

1,927