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v3.23.3

INVESTMENT SECURITIES (Tables) | 9 Months Ended
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Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Amortized Cost and Fair Values of AFS Securities | At September 30, 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 September 30, 2023 and December 31, 2022:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
September 30, 2023 |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 20,060 |  |  | $ | — |  |  | $ | 2,917 |  |  | $ | — |  |  | $ | 17,143 |
U.S. Government Agencies | 4,149 |  |  | 173 |  |  | — |  |  | — |  |  | 4,322 |
States and political subdivisions | 223,807 |  |  | — |  |  | 35,690 |  |  | — |  |  | 188,117 |
GSE residential MBSs | 62,395 |  |  | — |  |  | 5,044 |  |  | — |  |  | 57,351 |
GSE commercial MBSs | 4,413 |  |  | 365 |  |  | — |  |  | — |  |  | 4,778 |
GSE residential CMOs | 80,693 |  |  | — |  |  | 8,656 |  |  | — |  |  | 72,037 |
Non-agency CMOs | 43,772 |  |  | 274 |  |  | 5,067 |  |  | — |  |  | 38,979 |
Asset-backed | 113,813 |  |  | 447 |  |  | 1,945 |  |  | — |  |  | 112,315 |
Other | 120 |  |  | — |  |  | — |  |  | — |  |  | 120 |
Totals | $ | 553,222 |  |  | $ | 1,259 |  |  | $ | 59,319 |  |  | $ | — |  |  | $ | 495,162 |
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 aggregated by major investment security type and the length of time in a continuous unrealized loss position. For these investment securities, no ACL was recorded at September 30, 2023 and no cumulative OTTI expense was recorded at December 31, 2022.
| 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
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | — |  |  | $ | — |  |  | $ | — |  |  | 3 |  |  | $ | 17,143 |  |  | $ | 2,917 |  |  | 3 |  |  | $ | 17,143 |  |  | $ | 2,917 |
States and political subdivisions | 10 |  |  | 4,147 |  |  | 294 |  |  | 41 |  |  | 183,970 |  |  | 35,396 |  |  | 51 |  |  | 188,117 |  |  | 35,690 |
GSE residential MBSs | — |  |  | — |  |  | — |  |  | 15 |  |  | 57,351 |  |  | 5,044 |  |  | 15 |  |  | 57,351 |  |  | 5,044 |
GSE residential CMOs | 5 |  |  | 16,044 |  |  | 581 |  |  | 14 |  |  | 55,993 |  |  | 8,075 |  |  | 19 |  |  | 72,037 |  |  | 8,656 |
Non-agency CMOs | 1 |  |  | 6,024 |  |  | 512 |  |  | 4 |  |  | 15,868 |  |  | 4,555 |  |  | 5 |  |  | 21,892 |  |  | 5,067 |
Asset-backed | 1 |  |  | 892 |  |  | 7 |  |  | 15 |  |  | 77,377 |  |  | 1,938 |  |  | 16 |  |  | 78,269 |  |  | 1,945 |
Totals | 17 |  |  | $ | 27,107 |  |  | $ | 1,394 |  |  | 92 |  |  | $ | 407,702 |  |  | $ | 57,925 |  |  | 109 |  |  | $ | 434,809 |  |  | $ | 59,319 |
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 September 30, 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 | $ | — |  |  | $ | — |
Due after one year through five years | 31,439 |  |  | 27,291 |
Due after five years through ten years | 56,845 |  |  | 49,216 |
Due after ten years | 159,852 |  |  | 133,195 |
CMOs and MBSs | 191,273 |  |  | 173,145 |
Asset-backed | 113,813 |  |  | 112,315 |
Totals | $ | 553,222 |  |  | $ | 495,162 |
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 and nine months ended September 30, 2023 and 2022:
| Three months ended September 30, |  | Nine months ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Proceeds from sale of investment securities | $ | 19,900 |  |  | $ | — |  |  | $ | 19,900 |  |  | $ | 3,075 |
Gross gains | 2 |  |  | — |  |  | 2 |  |  | 25 |
Gross losses | — |  |  | 14 |  |  | 10 |  |  | 17 |

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