SECURITIES (Tables)
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6 Months Ended |
Jun. 30, 2022 |
Investments, Debt and Equity Securities [Abstract] |
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Schedule of Amortized Cost and Estimated Fair Value of Securities Available for Sale |
Amortized cost and estimated fair value of securities available for sale are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2022 | | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Estimated Fair Value | U.S. Treasury notes and bonds | | $ | 60,988 | | | $ | — | | | $ | 4,684 | | | $ | 56,304 | | Mortgage-backed securities, residential | | 545,524 | | | 16 | | | 62,264 | | | 483,276 | | Obligations of states and political subdivisions | | 39,948 | | | 10 | | | 992 | | | 38,966 | | Corporate bonds and notes | | 25,750 | | | — | | | 817 | | | 24,933 | | SBA loan pools | | 90,333 | | | 293 | | | 1,110 | | | 89,516 | | | | | | | | | | | Total | | $ | 762,543 | | | $ | 319 | | | $ | 69,867 | | | $ | 692,995 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Estimated Fair Value | U.S. Treasury notes and bonds | | $ | 61,084 | | | $ | 27 | | | $ | 680 | | | $ | 60,431 | | Mortgage-backed securities, residential | | 582,060 | | | 4,032 | | | 8,731 | | | 577,361 | | | | | | | | | | | Obligations of states and political subdivisions | | 40,299 | | | 2,004 | | | — | | | 42,303 | | Corporate bonds and notes | | 22,750 | | | 180 | | | 82 | | | 22,848 | | SBA loan pools | | 89,216 | | | 344 | | | 477 | | | 89,083 | | | | | | | | | | | | | | | | | | | | Total | | $ | 795,409 | | | $ | 6,587 | | | $ | 9,970 | | | $ | 792,026 | |
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Schedule of Amortized Cost and Estimated Fair Value of Securities Held to Maturity |
Amortized cost and estimated fair value of securities held to maturity are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2022 | | | Amortized Cost | | Unrecognized Gains | | Unrecognized Losses | | Estimated Fair Value | Obligations of states and political subdivisions | | $ | 1,981 | | | $ | — | | | $ | — | | | $ | 1,981 | | Time deposits with other financial institutions | | 962 | | | — | | | 5 | | | 957 | | Total | | $ | 2,943 | | | $ | — | | | $ | 5 | | | $ | 2,938 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | | Amortized Cost | | Unrecognized Gains | | Unrecognized Losses | | Estimated Fair Value | Obligations of states and political subdivisions | | $ | 2,157 | | | $ | — | | | $ | — | | | $ | 2,157 | | Time deposits with other financial institutions | | 1,633 | | | 6 | | | — | | | 1,639 | | Total | | $ | 3,790 | | | $ | 6 | | | $ | — | | | $ | 3,796 | |
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Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity |
Securities not due at a single maturity date are shown separately (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2022 | | | Available for Sale | | Held to Maturity | | | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | Within one year | | $ | 1,963 | | | $ | 1,952 | | | $ | 2,672 | | | $ | 2,667 | | After one, but within five years | | 104,071 | | | 98,146 | | | 271 | | | 271 | | After five, but within ten years | | 20,183 | | | 19,673 | | | — | | | — | | After ten years | | 469 | | | 432 | | | — | | | — | | | | 126,686 | | | 120,203 | | | 2,943 | | | 2,938 | | Mortgage-backed securities, residential | | 545,524 | | | 483,276 | | | — | | | — | | | | | | | | | | | SBA loan pools | | 90,333 | | | 89,516 | | | — | | | — | | Total | | $ | 762,543 | | | $ | 692,995 | | | $ | 2,943 | | | $ | 2,938 | |
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Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value |
The following tables summarize the investment securities available for sale with unrealized losses at June 30, 2022 and December 31, 2021 by aggregated major security type and length of time in a continuous unrealized loss position (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or longer | | Total | June 30, 2022 | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | U.S. Treasury notes and bonds | $ | 56,304 | | | $ | 4,684 | | | $ | — | | | $ | — | | | $ | 56,304 | | | $ | 4,684 | | Mortgage-backed securities, residential | 269,606 | | | 26,223 | | | 211,168 | | | 36,041 | | | 480,774 | | | 62,264 | | Obligations of states and political subdivisions | 35,130 | | | 992 | | | — | | | — | | | 35,130 | | | 992 | | Corporate bonds and notes | 12,944 | | | 806 | | | 1,989 | | | 11 | | | 14,933 | | | 817 | | SBA loan pools | 40,324 | | | 914 | | | 29,257 | | | 196 | | | 69,581 | | | 1,110 | | | | | | | | | | | | | | Total temporarily impaired securities | $ | 414,308 | | | $ | 33,619 | | | $ | 242,414 | | | $ | 36,248 | | | $ | 656,722 | | | $ | 69,867 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or longer | | Total | December 31, 2021 | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | U.S. Treasury notes and bonds | $ | 49,084 | | | $ | 680 | | | $ | — | | | $ | — | | | $ | 49,084 | | | $ | 680 | | Mortgage-backed securities, residential | 293,720 | | | 4,502 | | | 122,050 | | | 4,229 | | | 415,770 | | | 8,731 | | | | | | | | | | | | | | Corporate bonds and notes | 4,928 | | | 72 | | | 1,989 | | | 10 | | | 6,917 | | | 82 | | SBA loan pools | 51,235 | | | 296 | | | 13,769 | | | 181 | | | 65,004 | | | 477 | | Total temporarily impaired securities | $ | 398,967 | | | $ | 5,550 | | | $ | 137,808 | | | $ | 4,420 | | | $ | 536,775 | | | $ | 9,970 | |
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