XML 39 R29.htm IDEA: XBRL DOCUMENT v3.23.3
SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost and fair values of securities available-for-sale, with gross unrealized gains and losses
The amortized cost and fair values of debt securities, with gross unrealized gains and losses and allowance for credit losses, are as follows:
September 30, 2023
(dollars in thousands)Amortized Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair Value
Available-for-sale:
U.S. Treasury$169,751$—$(15,357)$—$154,394
U.S. government agency55,483—(4,768)—50,715
Municipal231,4441(36,244)—195,201
Mortgage-backed:
Agency residential197,5499(20,508)—177,050
Agency commercial142,9202(18,593)—124,329
Corporate57,649—(6,175)—51,474
Total available-for-sale$854,796$12$(101,645)$—$753,163
September 30, 2023
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAllowance for Credit Losses
Held-to-maturity:
U.S. government agency$88,442$—$(12,392)$76,050$—
Municipal39,3446(1,686)37,664—
Mortgage-backed:
Agency residential98,115—(9,281)88,834—
Agency commercial301,243—(53,478)247,765—
Total held-to-maturity$527,144$6$(76,837)$450,313$—
December 31, 2022
(dollars in thousands)
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Available-for-sale:
U.S. Treasury$169,860 $— $(15,345)$154,515 
U.S. government agency59,291 — (4,134)55,157 
Municipal275,972 46 (32,189)243,829 
Mortgage-backed:
Agency residential213,676 5 (18,240)195,441 
Agency commercial150,060 — (17,172)132,888 
Corporate65,597 55 (3,958)61,694 
Total available-for-sale$934,456 $106 $(91,038)$843,524 
December 31, 2022
(dollars in thousands)
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Held-to-maturity:
U.S. government agency$88,424 $— $(9,728)$78,696 
Municipal42,167 195 (314)42,048 
Mortgage-backed:
Agency residential102,728 — (6,470)96,258 
Agency commercial308,281 — (46,482)261,799 
Total held-to-maturity$541,600 $195 $(62,994)$478,801 
Schedule of certain debt securities from the available-for-sale category to the held-to-maturity category The following is a summary of the amortized cost and fair value of securities transferred to the held-to-maturity category:
March 31, 2022
(dollars in thousands)Amortized
Cost		Fair Value
U.S. government agency$78,841$71,048
Mortgage-backed:
Agency residential8,1757,651
Agency commercial27,83425,432
Total$114,850$104,131
Schedule of amortized cost and fair value of securities by contractual maturity
The amortized cost and fair value of debt securities by contractual maturity, as of September 30, 2023, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Available-for-SaleHeld-to-Maturity
(dollars in thousands)
Amortized
Cost
Fair Value
Amortized
Cost
Fair Value
Due in 1 year or less$34,149 $33,546 $2,643 $2,634 
Due after 1 year through 5 years213,534 197,634 34,215 31,718 
Due after 5 years through 10 years217,279 180,780 85,250 74,459 
Due after 10 years49,365 39,824 5,678 4,903 
Mortgage-backed:
Agency residential197,549 177,050 98,115 88,834 
Agency commercial142,920 124,329 301,243 247,765 
Total$854,796 $753,163 $527,144 $450,313 
Schedule of gross unrealized losses and fair value of investments
The following table presents gross unrealized losses and fair value of debt securities available-for-sale that do not have an associated allowance for credit losses as of September 30, 2023, aggregated by category and length of time that individual debt securities have been in a continuous unrealized loss position:
September 30, 2023
Investments in a Continuous Unrealized Loss Position
Less than 12 Months12 Months or MoreTotal
(dollars in thousands)
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Available-for-sale:
U.S. Treasury$— $— $(15,357)$154,394 $(15,357)$154,394 
U.S. government agency(5)1,380 (4,763)49,298 (4,768)50,678 
Municipal(282)10,479 (35,962)183,720 (36,244)194,199 
Mortgage-backed:
Agency residential(725)13,924 (19,783)160,778 (20,508)174,702 
Agency commercial(86)3,645 (18,507)120,593 (18,593)124,238 
Corporate(443)6,317 (5,732)45,156 (6,175)51,473 
Total available-for-sale$(1,541)$35,745 $(100,104)$713,939 $(101,645)$749,684 
The following table presents gross unrealized losses and fair value of debt securities, aggregated by category and length of time that individual debt securities have been in a continuous unrealized loss position, as of December 31, 2022:
December 31, 2022
Investments in a Continuous Unrealized Loss Position
Less than 12 Months12 Months or MoreTotal
(dollars in thousands)
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Available-for-sale:
U.S. Treasury$(8,401)$92,445 $(6,944)$62,070 $(15,345)$154,515 
U.S. government agency(2,980)47,370 (1,154)7,787 (4,134)55,157 
Municipal(10,906)149,261 (21,283)87,794 (32,189)237,055 
Mortgage-backed:
Agency residential(8,332)127,288 (9,908)65,692 (18,240)192,980 
Agency commercial(4,764)62,672 (12,408)70,216 (17,172)132,888 
Corporate(2,594)52,190 (1,364)5,600 (3,958)57,790 
Total available-for-sale(37,977)531,226 (53,061)299,159 (91,038)830,385 
Held-to-maturity:
U.S. government agency(1,754)15,751 (7,974)62,945 (9,728)78,696 
Municipal(314)23,433 — — (314)23,433 
Mortgage-backed:
Agency residential(4,039)78,452 (2,431)17,806 (6,470)96,258 
Agency commercial(16,716)103,298 (29,766)158,501 (46,482)261,799 
Total held-to-maturity(22,823)220,934 (40,171)239,252 (62,994)460,186 
Total debt securities$(60,800)$752,160 $(93,232)$538,411 $(154,032)$1,290,571 
Schedule of sales of debt securities
Sales of debt securities were as follows during the three and nine months ended September 30:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2023202220232022
Proceeds from sales$39,436$—$185,280$—
Gross realized gains————
Gross realized losses(813)—(1,820)—
Schedule of equity securities with initial cost and carrying values of equity securities, with cumulative net unrealized gains and losses
The initial cost and carrying values of equity securities, with cumulative net unrealized gains and losses are as follows:
September 30, 2023
(dollars in thousands)Readily
Determinable
Fair Value		No Readily
Determinable
Fair Value
Initial cost$3,142$2,603
Cumulative net unrealized gains (losses)(36)(303)
Carrying value$3,106$2,300
December 31, 2022
(dollars in thousands)Readily
Determinable
Fair Value		No Readily
Determinable
Fair Value
Initial cost$3,142$2,142
Cumulative net unrealized gains (losses)(113)(165)
Carrying value$3,029$1,977
Schedule of unrealized gains (losses) on equity securities Unrealized gains (losses) on equity securities were as follows during the three and nine months ended September 30, 2023 and 2022:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2023202220232022
Readily determinable fair value$(46)$(107)$77$(447)
No readily determinable fair value——(138)—
Unrealized gains (losses) on equity securities$(46)$(107)$(61)$(447)