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INVESTMENT SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Summary of available for sale and held to maturity investment securities
The amortized cost, fair value and related ACL, and corresponding gross unrecognized gains and losses on held-to-maturity ("HTM") debt securities at September 30, 2023 and December 31, 2022 are as follows:

Amortized CostGross Unrecognized GainsGross Unrecognized LossesFair ValueACL
(dollars in thousands)
September 30, 2023
Held-to-maturity:
Debt securities:
States and political subdivisions$41,930 $— $(9,892)$32,038 $— 
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises598,123 — (98,274)499,849 — 
Total held-to-maturity securities$640,053 $— $(108,166)$531,887 $— 

Amortized CostGross Unrecognized GainsGross Unrecognized LossesFair ValueACL
(dollars in thousands)
December 31, 2022
Held-to-maturity:
Debt securities:
States and political subdivisions$41,840 $— $(4,727)$37,113 $— 
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises623,043 — (63,376)559,667 — 
Total held-to-maturity securities$664,883 $— $(68,103)$596,780 $— 

The amortized cost, fair value and related ACL, and corresponding gross unrealized gains and losses on available-for-sale ("AFS") debt securities at September 30, 2023 and December 31, 2022 are as follows:

Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueACL
(dollars in thousands)
September 30, 2023
Available-for-sale:    
Debt securities:    
States and political subdivisions$164,527 $— $(39,550)$124,977 $— 
Corporate securities35,850 — (5,830)30,020 — 
U.S. Treasury obligations and direct obligations of U.S. Government agencies23,812 5 (2,325)21,492 — 
Mortgage-backed securities:    
Residential - U.S. Government-sponsored enterprises467,300 — (88,428)378,872 — 
Residential - Non-government agencies13,536 — (1,457)12,079 — 
Commercial - U.S. Government-sponsored enterprises52,263 — (9,215)43,048 — 
Commercial - Non-government agencies15,081 — (316)14,765 — 
Total available-for-sale securities$772,369 $5 $(147,121)$625,253 $— 
Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueACL
(dollars in thousands)
December 31, 2022
Available-for-sale:    
Debt securities:    
States and political subdivisions$172,427 $6 $(36,681)$135,752 $— 
Corporate securities36,206 — (5,995)30,211 — 
U.S. Treasury obligations and direct obligations of U.S. Government agencies28,032 — (2,317)25,715 — 
Mortgage-backed securities: 
Residential - U.S. Government-sponsored enterprises498,989 — (75,186)423,803 — 
Residential - Non-government agencies9,829 — (1,167)8,662 — 
Commercial - U.S. Government-sponsored enterprises54,346 — (8,202)46,144 — 
Commercial - Non-government agencies1,541 — (34)1,507 — 
Total available-for-sale securities$801,370 $6 $(129,582)$671,794 $— 
Schedule of amortized cost and estimated fair value of investment securities by contractual maturity
The amortized cost, estimated fair value and weighted average yield of our HTM and AFS debt securities, by contractual maturity, at September 30, 2023 are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

(dollars in thousands)Amortized CostFair Value
Weighted Average Yield (1)
Held-to-maturity:  
Debt securities:
Due in one year or less$— $— — %
Due after one year through five years— — — 
Due after five years through ten years— — — 
Due after ten years41,930 32,038 2.26 
Mortgage-backed securities:  
Residential - U.S. Government-sponsored enterprises598,123 499,849 1.91 
Total held-to-maturity securities$640,053 $531,887 1.93 %
(dollars in thousands)Amortized CostFair Value
Weighted Average Yield (1)
Available-for-sale:  
Debt securities:
Due in one year or less$4,496 $4,470 3.15 %
Due after one year through five years38,959 34,892 2.94 
Due after five years through ten years49,724 43,695 2.99 
Due after ten years131,010 93,432 2.54 
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises467,300 378,872 2.01 
Residential - Non-government agencies13,536 12,079 3.86 
Commercial - U.S. Government-sponsored enterprises52,263 43,048 2.29 
Commercial - Non-government agencies15,081 14,765 5.10 
Total available-for-sale securities$772,369 $625,253 2.35 %
(1)Weighted-average yields are computed on an annual basis, and yields on tax-exempt obligations are computed on a taxable-equivalent basis using a federal statutory tax rate of 21%
Schedule of investment securities in an unrealized loss position
The following tables present HTM investment securities, which were in an unrecognized loss position as of the dates presented, aggregated by major security type and length of time in a continuous unrecognized loss position. There were a total of 83 HTM investment securities which were in an unrecognized loss position, without an ACL, at both September 30, 2023 and December 31, 2022.

Less Than 12 Months12 Months or LongerTotal
(dollars in thousands)Fair ValueUnrecognized LossesFair ValueUnrecognized LossesFair ValueUnrecognized Losses
September 30, 2023
Held-to-maturity:
Debt securities:
States and political subdivisions$— $— $32,038 $(9,892)$32,038 $(9,892)
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises17,533 (469)482,316 (97,805)499,849 (98,274)
Total$17,533 $(469)$514,354 $(107,697)$531,887 $(108,166)
Less Than 12 Months12 Months or LongerTotal
(dollars in thousands)Fair ValueUnrecognized LossesFair ValueUnrecognized LossesFair ValueUnrecognized Losses
December 31, 2022
Held-to-maturity:
Debt securities:
States and political subdivisions$37,113 $(4,727)$— $— $37,113 $(4,727)
Mortgage-backed securities:
Residential - U.S. Government-sponsored enterprises559,667 (63,376)— — 559,667 (63,376)
Total$596,780 $(68,103)$— $— $596,780 $(68,103)

The following tables summarize AFS investment securities, which were in an unrealized loss position as of the dates presented, aggregated by major security type and length of time in a continuous unrealized loss position. There were a total of 245 and 243 AFS investment securities which were in an unrealized loss position, without an ACL, at September 30, 2023 and December 31, 2022, respectively.

Less Than 12 Months12 Months or LongerTotal
(dollars in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
September 30, 2023
Available-for-sale:
Debt securities:      
States and political subdivisions$13,958 $(393)$111,019 $(39,157)$124,977 $(39,550)
Corporate securities— — 30,019 (5,830)30,019 (5,830)
U.S. Treasury obligations and direct obligations of U.S Government agencies4,236 (110)16,076 (2,215)20,312 (2,325)
Mortgage-backed securities:      
Residential - U.S. Government-sponsored enterprises— — 378,873 (88,428)378,873 (88,428)
Residential - Non-government agencies6,706 (487)5,373 (970)12,079 (1,457)
Commercial - U.S. Government-sponsored enterprises— — 43,048 (9,215)43,048 (9,215)
Commercial - Non-government agencies14,765 (316)— — 14,765 (316)
Total$39,665 $(1,306)$584,408 $(145,815)$624,073 $(147,121)
Less Than 12 Months12 Months or LongerTotal
(dollars in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
December 31, 2022
Available-for-sale:
Debt securities:      
States and political subdivisions$52,244 $(4,807)$78,389 $(31,874)$130,633 $(36,681)
Corporate securities— — 30,211 (5,995)30,211 (5,995)
U.S. Treasury obligations and direct obligations of U.S Government agencies9,651 (245)15,541 (2,072)25,192 (2,317)
Mortgage-backed securities:      
Residential - U.S. Government-sponsored enterprises149,624 (13,990)274,179 (61,196)423,803 (75,186)
Residential - Non-government agencies2,890 (334)5,772 (833)8,662 (1,167)
Commercial - U.S. Government-sponsored enterprises25,034 (1,724)21,110 (6,478)46,144 (8,202)
Commercial - Non-government agencies1,506 (34)— — 1,506 (34)
Total$240,949 $(21,134)$425,202 $(108,448)$666,151 $(129,582)