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SECURITIES (Tables)
3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-For-Sale Securities
Information related to the amortized cost, fair value and allowance for credit losses of securities available-for-sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) is provided in the table below.
(dollars in thousands)Amortized
Cost
Gross Unrealized GainGross Unrealized LossesAllowance for Credit LossesFair Value
March 31, 2024
U.S. government sponsored agencies$144,693 $0 $(28,241)$0 $116,452 
Mortgage-backed securities: residential511,037 86 (79,105)0 432,018 
State and municipal securities548,685 21 (82,695)0 466,011 
Total$1,204,415 $107 $(190,041)$0 $1,014,481 
December 31, 2023
U.S. government sponsored agencies$146,692 $$(27,213)$$119,479 
Mortgage-backed securities: residential522,275 118 (74,551)447,842 
State and municipal securities557,352 65 (73,010)484,407 
Total$1,226,319 $183 $(174,774)$$1,051,728 
Schedule of Debt Securities, Held-to-Maturity
Information related to the amortized cost, fair value and allowance for credit losses of securities held-to-maturity and the related gross unrealized gains and losses is presented in the table below.
(dollars in thousands)Amortized
Cost
Gross Unrealized GainGross Unrealized LossesAllowance for Credit LossesFair Value
March 31, 2024
State and municipal securities$130,335 $0 $(14,868)$0 $115,467 
December 31, 2023
State and municipal securities$129,918 $$(10,703)$$119,215 
Schedule of Available-For-Sale Securities By Maturity
Information regarding the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by maturity as of March 31, 2024 is presented below. Maturity information is based on contractual maturity for all securities other than mortgage-backed securities. Actual maturities of securities may differ from contractual maturities because borrowers may have the right to prepay the obligation without a prepayment penalty.
Available-for-SaleHeld-to-Maturity
(dollars in thousands)Amortized CostFair
Value
Amortized CostFair
Value
Due in one year or less$695 $695 $0 $0 
Due after one year through five years7,805 7,149 0 0 
Due after five years through ten years46,433 43,245 0 0 
Due after ten years638,445 531,374 130,335 115,467 
693,378 582,463 130,335 115,467 
Mortgage-backed securities511,037 432,018 0 0 
Total debt securities$1,204,415 $1,014,481 $130,335 $115,467 
Schedule of Sales of Securities Available For Sale
Available-for-sale securities proceeds, gross gains and gross losses are presented below.
Three Months Ended March 31,
(dollars in thousands)20242023
Sales of securities available-for-sale
Proceeds$7,136 $87,471 
Gross gains0 411 
Gross losses(46)(395)
Number of securities15 81 
Schedule of Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
Information regarding available-for-sale securities with unrealized losses as of March 31, 2024 and December 31, 2023 is presented on the following page. The tables divide the securities between those with unrealized losses for less than twelve months and those with unrealized losses for twelve months or more.
Less than 12 months12 months or moreTotal
(dollars in thousands)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
March 31, 2024            
U.S. government sponsored agencies$0 $0 $116,452 $28,241 $116,452 $28,241 
Mortgage-backed securities: residential1,325 11 427,086 79,094 428,411 79,105 
State and municipal securities18,355 430 440,893 82,265 459,248 82,695 
Total available-for-sale$19,680 $441 $984,431 $189,600 $1,004,111 $190,041 
December 31, 2023
U.S. government sponsored agencies$$$119,479 $27,213 $119,479 $27,213 
Mortgage-backed securities: residential52 442,765 74,551 442,817 74,551 
State and municipal securities31,345 440 440,446 72,570 471,791 73,010 
Total available-for-sale$31,397 $440 $1,002,690 $174,334 $1,034,087 $174,774 
Schedule of Debt Securities, Held-To-Maturity, Unrealized Loss Position, Fair Value
Information regarding held-to-maturity securities with unrealized losses as of March 31, 2024 and December 31, 2023 is presented below. The table divides the securities between those with unrealized losses for less than twelve months and those with unrealized losses for twelve months or more.
Less than 12 months12 months or moreTotal
(dollars in thousands)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
March 31, 2024
State and municipal securities$0 $0 $115,467 $14,868 $115,467 $14,868 
December 31, 2023
State and municipal securities$$$119,215 $10,703 $119,215 $10,703 
Schedule of Quantitative Disclosure of Available-For-Sale Securities
The total number of securities with unrealized losses as of March 31, 2024 and December 31, 2023 is presented below.
Available-for-SaleHeld-to-Maturity
Less than
12 months
12 months
or more
TotalLess than
12 months
12 months
or more
Total
March 31, 2024    
U.S. government sponsored agencies0 17 17 0 0 0 
Mortgage-backed securities: residential4 126 130 0 0 0 
State and municipal securities24 384 408 0 41 41 
Total temporarily impaired28 527 555 0 41 41 
December 31, 2023
U.S. government sponsored agencies17 17 
Mortgage-backed securities: residential126 127 
State and municipal securities40 370 410 41 41 
Total temporarily impaired41 513 554 41 41