XML 33 R20.htm IDEA: XBRL DOCUMENT v3.23.1
INVESTMENT SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale
The amortized cost and estimated fair value of securities available-for-sale along with gross unrealized gains and losses are summarized as follows:

(dollars in thousands)
Securities available-for-sale
Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
March 31, 2023
U.S. Treasuries$776,583 $— $911 $(11,365)$766,129 
U.S. government-sponsored agencies1,032 — — (45)987 
State, county and municipal securities33,965 — 21 (773)33,213 
Corporate debt securities16,397 (82)— (705)15,610 
SBA pool securities26,942 — 3 (1,603)25,342 
Mortgage-backed securities686,223 — 317 (30,985)655,555 
Total debt securities available-for-sale$1,541,142 $(82)$1,252 $(45,476)$1,496,836 
December 31, 2022
U.S. Treasuries$775,784 $— $131 $(16,381)$759,534 
U.S. government-sponsored agencies1,036 — — (57)979 
State, county and municipal securities35,358 — 17 (1,180)34,195 
Corporate debt securities16,397 (75)— (396)15,926 
SBA pool securities29,422 — 3 (2,027)27,398 
Mortgage-backed securities701,008 — 113 (39,093)662,028 
Total debt securities available-for-sale$1,559,005 $(75)$264 $(59,134)$1,500,060 
Amortized Cost and Estimated Fair Value of Debt Securities Held-to-Maturity
The amortized cost and estimated fair value of securities held-to-maturity along with gross unrealized gains and losses are summarized as follows:

(dollars in thousands)
Securities held-to-maturity
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
March 31, 2023
State, county and municipal securities$31,905 $— $(4,575)$27,330 
Mortgage-backed securities102,270 — (13,507)88,763 
Total debt securities held-to-maturity$134,175 $— $(18,082)$116,093 
December 31, 2022
State, county and municipal securities$31,905 $— $(5,380)$26,525 
Mortgage-backed securities102,959 — (14,946)88,013 
Total debt securities held-to-maturity$134,864 $— $(20,326)$114,538 
Amortized Cost and Estimated Fair Value of Debt Securities, Classified by Contractual Maturity Date The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of March 31, 2023, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because
the mortgages underlying these securities may be called or repaid without penalty. Therefore, these securities are not included in the maturity categories in the following maturity summary:

Available-for-SaleHeld-to-Maturity
(dollars in thousands)
Amortized
Cost		Estimated Fair ValueAmortized
Cost		Estimated Fair Value
Due in one year or less$76,191 $75,649 $— $— 
Due from one year to five years732,862 722,272 — — 
Due from five to ten years23,108 22,363 — — 
Due after ten years22,758 20,997 31,905 27,330 
Mortgage-backed securities686,223 655,555 102,270 88,763 
 $1,541,142 $1,496,836 $134,175 $116,093 
Schedule of Available-for-Sale Securities with Unrealized Losses
The following table shows the gross unrealized losses and estimated fair value of available-for-sale securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at March 31, 2023 and December 31, 2022:

 Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)
Securities available-for-sale
Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses
March 31, 2023      
U.S. Treasuries$509,696 $(9,501)$73,070 $(1,864)$582,766 $(11,365)
U.S. government-sponsored agencies— — 987 (45)987 (45)
State, county and municipal securities11,374 (174)12,223 (599)23,597 (773)
Corporate debt securities888 (10)13,223 (695)14,111 (705)
SBA pool securities472 (20)24,660 (1,583)25,132 (1,603)
Mortgage-backed securities369,445 (14,305)261,152 (16,680)630,597 (30,985)
Total debt securities available-for-sale$891,875 $(24,010)$385,315 $(21,466)$1,277,190 $(45,476)
December 31, 2022      
U.S. Treasuries$725,250 $(16,381)$— $— $725,250 $(16,381)
U.S. government sponsored agencies979 (57)— — 979 (57)
State, county and municipal securities27,438 (1,180)— — 27,438 (1,180)
Corporate debt securities13,271 (126)1,155 (270)14,426 (396)
SBA pool securities17,806 (1,298)9,329 (729)27,135 (2,027)
Mortgage-backed securities620,544 (37,774)16,847 (1,319)637,391 (39,093)
Total debt securities available-for-sale$1,405,288 $(56,816)$27,331 $(2,318)$1,432,619 $(59,134)
Schedule of Held-to-Maturity Securities with Unrealized Losses
The following table shows the gross unrealized losses and estimated fair value of held-to-maturity securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at March 31, 2023 and December 31, 2022:

 Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)
Securities held-to-maturity
Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses
March 31, 2023
State, county and municipal securities$7,746 $(254)$19,584 $(4,321)$27,330 $(4,575)
Mortgage-backed securities32,750 (1,650)56,013 (11,857)88,763 (13,507)
Total debt securities held-to-maturity$40,496 $(1,904)$75,597 $(16,178)$116,093 $(18,082)
December 31, 2022
State, county and municipal securities$16,512 $(1,488)$10,013 $(3,892)$26,525 $(5,380)
Mortgage-backed securities32,471 (1,925)55,542 (13,021)88,013 (14,946)
Total debt securities held-to-maturity$48,983 $(3,413)$65,555 $(16,913)$114,538 $(20,326)
Schedule of Investments Available-for-sale, Allowance for Credit Loss The remaining $45.5 million in unrealized loss was determined to be from factors other than credit.
(dollars in thousands)Three Months Ended March 31,
Allowance for credit losses
20232022
Beginning balance$75 $— 
Provision for other credit losses7 — 
Ending balance$82 $— 
Schedule of Gain (Loss) on Investments
Total net gain (loss) on securities reported on the consolidated statements of income and comprehensive income is comprised of the following for the three months ended March 31, 2023 and 2022:

Three Months Ended March 31,
(dollars in thousands)20232022
Unrealized holding gains (losses) on equity securities$6 $(27)
Net gain (loss) on securities$6 $(27)