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SECURITIES
 3 Months Ended
Mar. 31, 2022
Investments Debt And Equity Securities [Abstract]  
SECURITIES

NOTE 2 – SECURITIES

The amortized cost and fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are listed below.

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Allowance

for Credit

Losses

 

 

Fair

Value

 

March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored entities

 

$

123,724

 

 

$

—

 

 

$

(8,489

)

 

$

—

 

 

$

115,235

 

U.S. Treasury securities

 

 

257,151

 

 

 

—

 

 

 

(13,895

)

 

 

—

 

 

 

243,256

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored residential mortgage-backed securities

 

 

625,214

 

 

 

896

 

 

 

(29,595

)

 

 

—

 

 

 

596,515

 

Private label residential mortgage-backed securities

 

 

207,043

 

 

 

—

 

 

 

(10,761

)

 

 

—

 

 

 

196,282

 

Corporate

 

 

56,576

 

 

 

322

 

 

 

(559

)

 

 

—

 

 

 

56,339

 

Small Business Administration loan pools

 

 

15,708

 

 

 

—

 

 

 

(435

)

 

 

—

 

 

 

15,273

 

State and political subdivisions

 

 

134,469

 

 

 

877

 

 

 

(5,352

)

 

 

—

 

 

 

129,994

 

 

 

$

1,419,885

 

 

$

2,095

 

 

$

(69,086

)

 

$

—

 

 

$

1,352,894

 

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Allowance

for Credit

Losses

 

 

Fair

Value

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored entities

 

$

124,898

 

 

$

13

 

 

$

(1,504

)

 

$

—

 

 

$

123,407

 

U.S. Treasury securities

 

 

157,289

 

 

 

—

 

 

 

(1,687

)

 

 

—

 

 

 

155,602

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored residential mortgage-backed securities

 

 

661,584

 

 

 

10,215

 

 

 

(6,912

)

 

 

—

 

 

 

664,887

 

Private label residential mortgage-backed securities

 

 

173,717

 

 

 

—

 

 

 

(2,029

)

 

 

—

 

 

 

171,688

 

Corporate

 

 

52,555

 

 

 

1,437

 

 

 

(215

)

 

 

—

 

 

 

53,777

 

Small Business Administration loan pools

 

 

16,568

 

 

 

13

 

 

 

(106

)

 

 

—

 

 

 

16,475

 

State and political subdivisions

 

 

138,404

 

 

 

3,618

 

 

 

(416

)

 

 

—

 

 

 

141,606

 

 

 

$

1,325,015

 

 

$

15,296

 

 

$

(12,869

)

 

$

—

 

 

$

1,327,442

 

 

 

The fair value and amortized cost of debt securities at March 31, 2022, by contractual maturity, is shown below.  Expected maturities will 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, primarily mortgage-backed securities, are shown separately.

 

 

 

Available-for-Sale

 

 

 

Amortized

Cost

 

 

Fair

Value

 

Within one year

 

$

6,325

 

 

$

6,363

 

One to five years

 

 

235,854

 

 

 

227,053

 

Five to ten years

 

 

263,257

 

 

 

248,913

 

After ten years

 

 

82,192

 

 

 

77,768

 

Mortgage-backed securities

 

 

832,257

 

 

 

792,797

 

Total debt securities

 

$

1,419,885

 

 

$

1,352,894

 

 

The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was approximately $844,630 at March 31, 2022, and $892,182 at December 31, 2021.

The following tables show gross unrealized losses and fair value, aggregated by investment category, and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2022, and December 31, 2021.

 

 

 

Less Than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Fair

Value

 

 

Unrealized

Loss

 

 

Fair

Value

 

 

Unrealized

Loss

 

 

Fair

Value

 

 

Unrealized

Loss

 

March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored entities

 

$

115,235

 

 

$

(8,489

)

 

$

—

 

 

$

—

 

 

$

115,235

 

 

$

(8,489

)

U.S. Treasury securities

 

 

243,256

 

 

 

(13,895

)

 

 

—

 

 

 

—

 

 

 

243,256

 

 

 

(13,895

)

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored residential mortgage-backed securities

 

 

433,989

 

 

 

(19,841

)

 

 

97,065

 

 

 

(9,754

)

 

 

531,054

 

 

 

(29,595

)

Private label residential mortgage-backed securities

 

 

191,560

 

 

 

(10,490

)

 

 

4,722

 

 

 

(271

)

 

 

196,282

 

 

 

(10,761

)

Corporate

 

 

26,441

 

 

 

(559

)

 

 

—

 

 

 

—

 

 

 

26,441

 

 

 

(559

)

Small Business Administration loan pools

 

 

6,431

 

 

 

(374

)

 

 

8,842

 

 

 

(61

)

 

 

15,273

 

 

 

(435

)

State and political subdivisions

 

 

61,392

 

 

 

(5,352

)

 

 

—

 

 

 

—

 

 

 

61,392

 

 

 

(5,352

)

Total temporarily impaired securities

 

$

1,078,304

 

 

$

(59,000

)

 

$

110,629

 

 

$

(10,086

)

 

$

1,188,933

 

 

$

(69,086

)

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government-sponsored entities

 

$

117,618

 

 

$

(1,504

)

 

$

—

 

 

$

—

 

 

$

117,618

 

 

$

(1,504

)

U.S. Treasury securities

 

 

155,601

 

 

 

(1,687

)

 

 

—

 

 

 

—

 

 

 

155,601

 

 

 

(1,687

)

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored residential mortgage-backed securities

 

 

378,057

 

 

 

(6,860

)

 

 

2,868

 

 

 

(52

)

 

 

380,925

 

 

 

(6,912

)

Private label residential mortgage-backed securities

 

 

159,381

 

 

 

(1,978

)

 

 

2,208

 

 

 

(51

)

 

 

161,589

 

 

 

(2,029

)

Corporate

 

 

4,785

 

 

 

(215

)

 

 

—

 

 

 

—

 

 

 

4,785

 

 

 

(215

)

Small Business Administration loan pools

 

 

15,459

 

 

 

(106

)

 

 

—

 

 

 

—

 

 

 

15,459

 

 

 

(106

)

State and political subdivisions

 

 

28,443

 

 

 

(416

)

 

 

—

 

 

 

—

 

 

 

28,443

 

 

 

(416

)

Total temporarily impaired securities

 

$

859,344

 

 

$

(12,766

)

 

$

5,076

 

 

$

(103

)

 

$

864,420

 

 

$

(12,869

)

 

 

As of March 31, 2022, the Company held 413 available-for-sale securities in an unrealized loss position.

Unrealized losses on securities have not been recognized into income because the security issuers are of high credit quality, management does not intend to sell, it is more likely than not that the Company will not be required to sell the securities prior to their anticipated recovery and the decline in fair value is largely due to changes in interest rates.  The fair value is expected to recover as the securities approach maturity.

The proceeds from sales and the associated gains and losses on available-for-sale securities reclassified from other comprehensive income to income are listed below.

 

 

Three Months Ended

March 31,

 

 

 

2022

 

Proceeds

 

$

3,265

 

Gross gain

 

 

115

 

Gross losses

 

 

36

 

Income tax expense on net realized gains

 

 

20

 

There were no proceeds from sales of available-for-sale securities during the three months ended March 31, 2021.