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SECURITIES
 9 Months Ended
Sep. 30, 2022
SECURITIES [Abstract]  
SECURITIES
2.  SECURITIES

The amortized cost and fair value of securities, with gross unrealized gains and losses, at the dates indicated follows (dollars in thousands):

 
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Fair
Value
  
September 30, 2022
                        
Available for sale:
                        
State and municipal
  
$
260,281
    
$
14
    
$
(40,142
)
  
$
220,153
  
Mortgage-backed securities
    
445,312
      
—
      
(71,340
)
    
373,972
  
Collateralized mortgage obligations
    
86,120
      
—
      
(310
)
    
85,810
  
Asset-backed and other amortizing securities
    
22,166
      
—
      
(2,066
)
    
20,100
  
Other securities
    
12,000
      
—
      
(623
)
    
11,377
  
   
$
825,879
    
$
14
    
$
(114,481
)
  
$
711,412
  

 
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Fair
Value
  
December 31, 2021
                        
Available for sale:
                        
State and municipal
   $
265,143
     $
10,615
     $
(86
)
   $
275,672
  
Mortgage-backed securities
    
302,973
      
4,230
      
(4,114
)
    
303,089
  
Collateralized mortgage obligations
    
106,733
      
—
      
(413
)
    
106,320
  
Asset-backed and other amortizing securities
    
26,046
      
1,108
      
(218
)
    
26,936
  
Other securities
    
12,000
      
487
      
—
      
12,487
  
   
$
712,895
    
$
16,440
    
$
(4,831
)
  
$
724,504
  

The amortized cost and fair value of securities at September 30, 2022 are presented below by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Other securities are shown separately since they are not due at a single maturity date.

 
Available for Sale
  
   
Amortized
Cost
    
Fair
Value
  
Within 1 year
  
$
1,901
    
$
1,906
  
After 1 year through 5 years
    
8,704
      
8,499
  
After 5 years through 10 years
    
19,532
      
18,582
  
After 10 years
    
242,144
      
202,543
  
Other
    
553,598
      
479,882
  
   
$
825,879
    
$
711,412
  

At both September 30, 2022 and December 31, 2021, there were no holdings of securities of any one issuer, other than the U.S. government, its agencies, or its sponsored enterprises, in an amount greater than 10% of stockholders’ equity.

Securities with a carrying value of approximately $449.9 million and $474.5 million at September 30, 2022 and December 31, 2021, respectively, were pledged to collateralize public deposits and for other purposes as required or permitted by law.

The following table segregates securities with unrealized losses at the periods indicated, by the duration they have been in a loss position (dollars in thousands):

 
Less than 12 Months
    
12 Months or More
    
Total
  
   
Fair
Value
    
Unrealized
Loss
    
Fair
Value
    
Unrealized
Loss
    
Fair
Value
    
Unrealized
Loss
  
September 30, 2022
                                    
State and municipal
   $
206,001
     $
37,371
     $
11,222
     $
2,771
     $
217,223
     $
40,142
  
Mortgage-backed securities
    
283,240
      
44,093
      
90,731
      
27,247
      
373,971
      
71,340
  
Collateralized mortgage obligations
    
85,810
      
310
      
—
      
—
      
85,810
      
310
  
Asset-backed and other amortizing securities
    
20,100
      
2,066
      
—
      
—
      
20,100
      
2,066
  
Other securities
    
11,378
      
623
      
—
      
—
      
11,378
      
623
  
   
$
606,529
    
$
84,463
    
$
101,953
    
$
30,018
    
$
708,482
    
$
114,481
  
                                                 
December 31, 2021
                                                
State and municipal
   $
21,255
     $
86
     $
—
     $
—
     $
21,255
     $
86
  
Mortgage-backed securities
    
56,398
      
1,197
      
64,764
      
2,917
      
121,162
      
4,114
  
Collateralized mortgage obligations
    
106,320
      
413
      
—
      
—
      
106,320
      
413
  
Asset-backed and other amortizing securities
    
1,624
      
218
      
—
      
—
      
1,624
      
218
  
Other securities
    
—
      
—
      
—
      
—
      
—
      
—
  
   
$
185,597
    
$
1,914
    
$
64,764
    
$
2,917
    
$
250,361
    
$
4,831
  

There were 174 securities with an unrealized loss at September 30, 2022, generally due to increases in market rates. Management does not believe that these losses are other than temporary as there is no intent to sell any of these securities before recovery and it is not probable the Company will be required to sell any of these securities before recovery, and credit loss, if any, is not material. These unrealized losses are largely due to significant increases in market interest rates experienced during the first nine months of 2022 over the yields available at the time the underlying securities were purchased, which was attributed to the Federal Open Market Committee (“FOMC”) of the Board of Governors of the Federal Reserve System (the “Federal Reserve”) repeatedly raising their target benchmark interest rate in the first nine months of 2022, resulting in subsequent prime rate increases of 300 basis points between March and September of 2022. The fair value is expected to recover as the securities approach their maturity date or if market yields for such investments decline in future periods. Management does not believe any of the securities are impaired due to reasons of credit quality. Accordingly, as of September 30, 2022, management believes the impairments detailed in the table above are temporary and no impairment loss has been realized in the Company’s combined financial statements.