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INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Fair Values of AFS Securities

At March 31, 2023 and December 31, 2022, all investment securities were classified as AFS. The following table summarizes amortized cost, fair value and ACL of investment securities, and the corresponding amounts of gross unrealized gains and losses recognized in AOCI, and the allowance for credit losses at March 31, 2023 and December 31, 2022:

			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Fair Value
March 31, 2023
U.S. Treasury securities			$	20,067					$	—					$	2,374					$	—					$	17,693
U.S. Government Agencies			4,754						218						—						—						4,972
States and political subdivisions			225,309						36						21,743						—						203,602
GSE residential MBSs			63,314						—						3,943						—						59,371
GSE commercial MBSs			5,289						448						—						—						5,737
GSE residential CMOs			73,975						9						5,880						—						68,104
Non-agency CMOs			45,154						213						4,476						—						40,891
Asset-backed			122,776						194						3,478						—						119,492
Other			370						—						—						—						370
Totals			$	561,008					$	1,118					$	41,894					$	—					$	520,232
December 31, 2022
U.S. Treasury securities			$	20,070					$	—					$	2,779					n/a						$	17,291
U.S. Government Agencies			4,907						228						—						n/a						5,135
States and political subdivisions			225,825						19						28,430						n/a						197,414
GSE residential MBSs			63,778						—						4,376						n/a						59,402
GSE residential CMOs			75,446						—						7,068						n/a						68,378
Non-agency CMOs			42,298						243						2,783						n/a						39,758
Asset-backed			130,577						—						4,604						n/a						125,973
Other			377						—						—						n/a						377
Totals			$	563,278					$	490					$	50,040					n/a						$	513,728

Summary of Investment Securities with Unrealized Losses

The following table summarizes investment securities with unrealized losses, for which an ACL has not been recorded at March 31, 2023 and cumulative OTTI expense was not recognized at December 31, 2022, aggregated by major investment security type and the length of time in a continuous unrealized loss position.

			Less Than 12 Months																		12 Months or More																		Total
			# of Securities						Fair Value						Unrealized Losses						# of Securities						Fair Value						Unrealized Losses						# of Securities						Fair Value						Unrealized Losses
March 31, 2023
U.S. Treasury securities			—						$	—					$	—					3						$	17,693					$	2,374					3						$	17,693					$	2,374
States and political subdivisions			10						25,901						883						33						174,145						20,860						43						200,046						21,743
GSE residential MBSs			—						—						—						15						59,371						3,943						15						59,371						3,943
GSE residential CMOs			2						10,157						118						13						57,218						5,762						15						67,375						5,880
Non-agency CMOs			4						25,164						2,347						2						8,050						2,129						6						33,214						4,476
Asset-backed			4						9,534						114						15						93,701						3,364						19						103,235						3,478
Totals			20						$	70,756					$	3,462					81						$	410,178					$	38,432					101						$	480,934					$	41,894
December 31, 2022
U.S. Treasury securities			—						$	—					$	—					3						$	17,291					$	2,779					3						$	17,291					$	2,779
States and political subdivisions			29						135,579						13,809						17						60,102						14,621						46						195,681						28,430
GSE residential MBSs			5						26,100						925						10						33,302						3,451						15						59,402						4,376
GSE residential CMOs			8						28,732						1,884						9						39,646						5,184						17						68,378						7,068
Non-agency CMOs			4						26,555						1,135						2						8,639						1,648						6						35,194						2,783
Asset-backed			17						78,873						2,432						5						47,100						2,172						22						125,973						4,604
Totals			63						$	295,839					$	20,185					46						$	206,080					$	29,855					109						$	501,919					$	50,040

Schedule of Amortized Cost and Fair Values of AFS Securities by Contractual Maturity

The following table summarizes amortized cost and fair value of investment securities by contractual maturity at March 31, 2023. Expected maturities may differ from contractual maturities if borrowers 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.

			Amortized Cost						Fair Value
Due in one year or less			$	249					$	249
Due after one year through five years			21,464						19,415
Due after five years through ten years			68,052						61,125
Due after ten years			160,735						145,848
CMOs and MBSs			187,732						174,103
Asset-backed			122,776						119,492
Totals			$	561,008					$	520,232

Proceeds From Sale of AFS Securities and Gross Gains and Gross Losses

The following table summarizes proceeds from sales of investment securities and gross gains and gross losses for the three months ended March 31, 2023 and 2022:

									Three months ended March 31,
															2023						2022
Proceeds from sale of investment securities															$	—					$	3,075
Gross gains															—						25
Gross losses															8						—

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Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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-Publisher FASB
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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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-Publisher FASB
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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

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