SECURITIES (Tables)

3 Months Ended

Mar. 31, 2023

SECURITIES [Abstract]

Amortized Cost and Fair Value of Securities with Gross Unrealized Gains and Losses

The amortized cost, related gross unrealized gains and losses, allowance for credit losses, and estimated fair value of securities available for sale at the dates indicated follows (dollars in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value
March 31, 2023
Available for sale:
State and municipal	$	258,575	$	26	$	(27,424	)	$	—	$	231,177
Residential mortgage-backed securities		380,008		946		(53,431	)		—		327,523
Commercial mortgage-backed securities		48,843		—		(6,176	)		—		42,667
Commercial collateralized mortgage obligations		73,024		—		(5,473	)		—		67,551
Asset-backed and other amortizing securities		20,263		—		(1,594	)		—		18,669
Other securities		12,000		—		(1,008	)		—		10,992
	$	792,713	$	972	$	(95,106	)	$	—	$	698,579

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2022
Available for sale:
State and municipal	$	259,429	$	27	$	(34,401	)	$	225,055
Residential mortgage-backed securities		386,783		—		(57,938	)		328,845
Commercial mortgage-backed securities		49,161		—		(7,194	)		41,967
Commercial collateralized mortgage obligations		76,189		—		(551	)		75,638
Asset-backed and other amortizing securities		20,907		—		(1,813	)		19,094
Other securities		12,000		—		(888	)		11,112
	$	804,469	$	27	$	(102,785	)	$	701,711

Amortized Cost and Fair Value of Securities by Contractual Maturity

The amortized cost and estimated fair value of securities at March 31, 2023 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	$	3,897	$	3,900
After 1 year through 5 years		9,454		9,250
After 5 years through 10 years		17,901		16,868
After 10 years		239,323		212,151
Other		522,138		456,410
	$	792,713	$	698,579

Securities with Unrealized Losses Segregated by the Period in a Loss Position

The following table segregates securities with unrealized losses at the periods indicated, by the duration they have been in a loss position for which an allowance for credit losses has not been recorded (dollars in thousands):

	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
March 31, 2023
State and municipal	$	6,903	$	24	$	216,567	$	27,400	$	223,470	$	27,424
Residential mortgage-backed securities		1		—		322,389		53,431		322,390		53,431
Commercial mortgage-backed securities		—		—		42,667		6,176		42,667		6,176
Commercial collateralized mortgage obligations		67,551		5,473		—		—		67,551		5,473
Asset-backed and other amortizing securities		—		—		18,669		1,594		18,669		1,594
Other securities		9,636		864		1,356		144		10,992		1,008
	$	84,091	$	6,361	$	601,648	$	88,745	$	685,739	$	95,106
December 31, 2022
State and municipal	$	162,746	$	23,538	$	57,675	$	10,863	$	220,421	$	34,401
Residential mortgage-backed securities		220,752		27,967		108,080		29,971		328,832		57,938
Commercial mortgage-backed securities		41,966		7,194		—		—		41,966		7,194
Commercial collateralized mortgage obligations		75,638		551		—		—		75,638		551
Asset-backed and other amortizing securities		19,094		1,813		—		—		19,094		1,813
Other securities		11,112		888		—		—		11,112		888
	$	531,308	$	61,951	$	165,755	$	40,834	$	697,063	$	102,785