SECURITIES (Tables)

9 Months Ended

Sep. 30, 2024

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
September 30, 2024
Available for sale:
State and municipal	$	200,215	$	2	$	(19,293	)	$	—	$	180,924
Residential mortgage-backed securities		328,928		—		(41,183	)		—		287,745
Commercial mortgage-backed securities		46,932		—		(4,637	)		—		42,295
Commercial collateralized mortgage obligations		69,027		—		(142	)		—		68,885
Asset-backed and other amortizing securities		16,858		—		(1,003	)		—		15,855
Other securities		12,000		—		(815	)		—		11,185
	$	673,960	$	2	$	(67,073	)	$	—	$	606,889

December 31, 2023
Available for sale:
State and municipal	$	202,814	$	2	$	(22,241	)	$	—	$	180,575
Residential mortgage-backed securities		351,251		—		(50,547	)		—		300,704
Commercial mortgage-backed securities		47,898		—		(6,150	)		—		41,748
Commercial collateralized mortgage obligations		72,391		—		(461	)		—		71,930
Asset-backed and other amortizing securities		18,476		—		(1,436	)		—		17,040
Other securities		12,000		—		(1,235	)		—		10,765
	$	704,830	$	2	$	(82,070	)	$	—	$	622,762

Amortized Cost and Fair Value of Securities by Contractual Maturity

The amortized cost and estimated fair value of securities at September 30, 2024 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. Declining-balance securities are shown separately since they are not due at a single maturity date.

	Available for Sale
	Amortized Cost		Fair Value
Within 1 year	$	2,541	$	2,521
After 1 year through 5 years		4,521		4,427
After 5 years through 10 years		15,801		14,963
After 10 years		189,352		170,198
Declining-balance securities		461,745		414,780
	$	673,960	$	606,889

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
September 30, 2024
State and municipal	$	283	$	3	$	178,648	$	19,290	$	178,931	$	19,293
Residential mortgage-backed securities		—		—		287,736		41,183		287,736		41,183
Commercial mortgage-backed securities		—		—		42,296		4,637		42,296		4,637
Commercial collateralized mortgage obligations		30,337		28		38,548		114		68,885		142
Asset-backed and other amortizing securities		—		—		15,855		1,003		15,855		1,003
Other securities		—		—		11,185		815		11,185		815
	$	30,620	$	31	$	574,268	$	67,042	$	604,888	$	67,073
December 31, 2023
State and municipal	$	207	$	—	$	177,908	$	22,241	$	178,115	$	22,241
Residential mortgage-backed securities		9		—		300,695		50,547		300,704		50,547
Commercial mortgage-backed securities		—		—		41,748		6,150		41,748		6,150
Commercial collateralized mortgage obligations		—		—		71,930		461		71,930		461
Asset-backed and other amortizing securities		—		—		17,040		1,436		17,040		1,436
Other securities		3,286		214		7,479		1,021		10,765		1,235
	$	3,502	$	214	$	616,800	$	81,856	$	620,302	$	82,070