XML 21 R11.htm IDEA: XBRL DOCUMENT v3.23.2
INVESTMENTS
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Investments available-for-sale and held-to-maturity
The amortized cost and estimated fair values of investments available-for-sale and held-to-maturity at the dates indicated are presented in the following table:
 June 30, 2023December 31, 2022
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Available-for-sale debt securities:
U.S. treasuries and government agencies$101,299 $— $(6,954)$94,345 $100,926 $— $(7,304)$93,622 
State and municipal318,815 1 (50,565)268,251 322,519 4 (56,526)265,997 
Mortgage-backed and asset-backed868,704 40 (87,652)781,092 943,398 73 (88,552)854,919 
Total available-for-sale debt securities$1,288,818 $41 $(145,171)$1,143,688 $1,366,843 $77 $(152,382)$1,214,538 
Held-to-maturity debt securities:
Mortgage-backed and asset-backed247,814 — (39,152)208,662 259,452 — (39,329)220,123 
Total held-to-maturity debt securities$247,814 $— $(39,152)$208,662 $259,452 $— $(39,329)$220,123 
Total debt securities$1,536,632 $41 $(184,323)$1,352,350 $1,626,295 $77 $(191,711)$1,434,661 
 
Any unrealized losses in the U.S. treasuries and government agencies, state and municipal, mortgage-backed and asset-backed available-for-sale debt securities at June 30, 2023 are due to changes in interest rates and not credit-related events. As such, no allowance for credit losses is required at June 30, 2023. Unrealized losses on available-for-sale debt securities are expected to recover over time as these securities approach maturity. The Company does not intend to sell, nor is it more likely than not it will be required to sell, these securities and has sufficient liquidity to hold these securities for an adequate period of time, which may be maturity, to allow for any anticipated recovery in fair value.

All held-to-maturity investments are either issued by a direct governmental entity or a government-sponsored entity and have no historical evidence supporting expected credit losses. Therefore, the Company has estimated these losses at zero and will monitor this assumption in the future for any economic or governmental policies that could affect this assumption.

The available-for-sale and held-to-maturity mortgage-backed securities portfolio at June 30, 2023 is composed entirely of either the most senior tranches of GNMA, FNMA or FHLMC collateralized mortgage obligations ($466.7 million), GNMA, FNMA or FHLMC mortgage-backed securities ($611.3 million) or SBA asset-backed securities ($38.5 million).
 
Gross unrealized losses and fair value by length of time that the individual available-for-sale debt securities have been in an unrealized loss position at the dates indicated are presented in the following tables:
 June 30, 2023
 Number
of
Securities		Less Than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. treasuries and government agencies10 $— $— $94,345 $6,954 $94,345 $6,954 
State and municipal127 17,222 488 249,495 50,077 266,717 50,565 
Mortgage-backed and asset-backed327 158,418 6,042 613,216 81,610 771,634 87,652 
Total464 $175,640 $6,530 $957,056 $138,641 $1,132,696 $145,171 
 December 31, 2022
 Number
of
Securities		Less Than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. treasuries and government agencies10 $53,139 $3,653 $40,483 $3,651 $93,622 $7,304 
State and municipal130 200,439 30,803 62,482 25,723 262,921 56,526 
Mortgage-backed and asset-backed324 526,387 44,952 297,216 43,600 823,603 88,552 
Total464 $779,965 $79,408 $400,181 $72,974 $1,180,146 $152,382 
 
The Company has allocated mortgage-backed securities into the four maturity groupings reflected in the following tables using the expected average life of the individual securities based on statistics provided by independent third-party industry sources. Expected maturities will differ from contractual maturities as borrowers may have the right to prepay obligations with or without prepayment penalties.

The estimated fair values and amortized costs of available-for-sale and held-to-maturity debt securities by contractual maturity are provided in the following tables.

June 30, 2023December 31, 2022
(In thousands)Fair ValueAmortized CostFair ValueAmortized Cost
Available-for-sale debt securities
U.S. treasuries and government agencies:
One year or less$14,580 $14,984 $— $— 
One to five years79,765 86,315 93,622 100,926 
Five to ten years— — — — 
After ten years— — — — 
State and municipal:
One year or less6,799 6,842 8,694 8,783 
One to five years53,557 55,926 51,576 53,948 
Five to ten years36,343 43,156 28,806 34,042 
After ten years171,552 212,891 176,921 225,746 
Mortgage-backed and asset-backed:
One year or less4,692 4,744 7,622 7,704 
One to five years47,004 48,742 45,366 46,802 
Five to ten years274,805 305,295 303,697 335,285 
After ten years454,591 509,923 498,234 553,607 
Total available-for-sale debt securities$1,143,688 $1,288,818 $1,214,538 $1,366,843 

June 30, 2023December 31, 2022
(In thousands)Fair ValueAmortized CostFair ValueAmortized Cost
Held-to-maturity debt securities
Mortgage-backed and asset-backed:
One year or less$— $— $— $— 
One to five years— — — — 
Five to ten years32,997 36,828 35,304 39,213 
After ten years175,665 210,986 184,819 220,239 
Total held-to-maturity debt securities$208,662 $247,814 $220,123 $259,452 

At June 30, 2023 and December 31, 2022, available-for-sale and held-to-maturity debt securities with a book value of $776.8 million and $533.9 million, respectively, were pledged and designated as collateral for certain government deposits, public and trust funds, securities sold under repurchase agreements and other purposes as required or permitted by law. The outstanding balance of no single issuer, except for U.S. Agencies securities, exceeded ten percent of stockholders' equity at June 30, 2023 and December 31, 2022.
 
Other investments
Other investments are presented in the following table:
(In thousands)June 30, 2023December 31, 2022
Federal Reserve Bank stock, at cost$38,961 $38,873 
Federal Home Loan Bank of Atlanta stock, at cost32,414 29,668 
Other677 677 
Total other investments, at cost$72,052 $69,218