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Securities (Tables)
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Summary of Amortized Cost and Fair Values of Securities Available-for-sale, and Held to Maturity

The following tables summarize the amortized cost and fair values of securities available-for-sale and securities held-to-maturity as of the dates shown and the corresponding amounts of gross unrealized gains and losses:

June 30, 2023

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Notes

 

$

42,516

 

 

$

—

 

 

$

(1,798

)

 

$

40,718

 

U.S. Government agencies

 

 

148,297

 

 

 

68

 

 

 

(19,847

)

 

 

128,518

 

Obligations of states, municipalities, and
   political subdivisions

 

 

67,922

 

 

 

11

 

 

 

(5,203

)

 

 

62,730

 

Residential mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

673,096

 

 

 

—

 

 

 

(107,416

)

 

 

565,680

 

Non-agency

 

 

126,144

 

 

 

—

 

 

 

(24,264

)

 

 

101,880

 

Commercial mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

188,308

 

 

 

—

 

 

 

(36,068

)

 

 

152,240

 

Corporate securities

 

 

42,767

 

 

 

—

 

 

 

(6,824

)

 

 

35,943

 

Asset-backed securities

 

 

39,785

 

 

 

—

 

 

 

(1,794

)

 

 

37,991

 

Total

 

$

1,328,835

 

 

$

79

 

 

$

(203,214

)

 

$

1,125,700

 

 

June 30, 2023

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Held-to-maturity

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of states, municipalities, and
   political subdivisions

 

$

2,158

 

 

$

—

 

 

$

(26

)

 

$

2,132

 

Total

 

$

2,158

 

 

$

—

 

 

$

(26

)

 

$

2,132

 

December 31, 2022

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Notes

 

$

42,430

 

 

$

2

 

 

$

(1,709

)

 

$

40,723

 

U.S. Government agencies

 

 

150,524

 

 

 

116

 

 

 

(20,276

)

 

 

130,364

 

Obligations of states, municipalities, and
   political subdivisions

 

 

68,019

 

 

 

9

 

 

 

(6,152

)

 

 

61,876

 

Residential mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

707,157

 

 

 

—

 

 

 

(111,361

)

 

 

595,796

 

Non-agency

 

 

130,654

 

 

 

—

 

 

 

(24,405

)

 

 

106,249

 

Commercial mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

191,172

 

 

 

—

 

 

 

(34,142

)

 

 

157,030

 

Corporate securities

 

 

45,302

 

 

 

—

 

 

 

(3,866

)

 

 

41,436

 

Asset-backed securities

 

 

43,085

 

 

 

—

 

 

 

(2,128

)

 

 

40,957

 

Total

 

$

1,378,343

 

 

$

127

 

 

$

(204,039

)

 

$

1,174,431

 

December 31, 2022

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Held-to-maturity

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of states, municipalities, and political
   subdivisions

 

$

2,705

 

 

$

—

 

 

$

(33

)

 

$

2,672

 

Total

 

$

2,705

 

 

$

—

 

 

$

(33

)

 

$

2,672

 
Summary of Gross Unrealized Losses and Fair Values, Aggregated by Investment Category and Length of Individual Securities Continuous Unrealized Loss Position Available-for-sale and Held to Maturity

Gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2023 and December 31, 2022, are summarized as follows:

 

 

 

 

Less than 12 Months

 

 

12 Months or Longer

 

 

Total

 

June 30, 2023

 

Number of
Securities

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Notes

 

 

8

 

 

14,318

 

 

 

(340

)

 

 

26,400

 

 

 

(1,458

)

 

$

40,718

 

 

$

(1,798

)

U.S. Government agencies

 

 

17

 

 

4,771

 

 

 

(182

)

 

 

110,830

 

 

 

(19,665

)

 

 

115,601

 

 

 

(19,847

)

Obligations of states,
   municipalities and political
   subdivisions

 

 

61

 

 

14,969

 

 

 

(271

)

 

 

43,898

 

 

 

(4,932

)

 

 

58,867

 

 

 

(5,203

)

Residential mortgage-backed
   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

99

 

 

24,706

 

 

 

(1,406

)

 

 

540,974

 

 

 

(106,010

)

 

 

565,680

 

 

 

(107,416

)

Non-agency

 

 

19

 

 

—

 

 

 

—

 

 

 

101,880

 

 

 

(24,264

)

 

 

101,880

 

 

 

(24,264

)

Commercial mortgage-backed
   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

49

 

 

6,799

 

 

 

(1,549

)

 

 

145,441

 

 

 

(34,519

)

 

 

152,240

 

 

 

(36,068

)

Corporate securities

 

 

23

 

 

3,972

 

 

 

(516

)

 

 

31,971

 

 

 

(6,308

)

 

 

35,943

 

 

 

(6,824

)

Asset-backed securities

 

 

7

 

 

3,380

 

 

 

(49

)

 

 

34,611

 

 

 

(1,745

)

 

 

37,991

 

 

 

(1,794

)

Total

 

 

283

 

$

72,915

 

 

$

(4,313

)

 

$

1,036,005

 

 

$

(198,901

)

 

$

1,108,920

 

 

$

(203,214

)

Held-to-maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of states,
  municipalities, and
  political subdivisions

 

 

3

 

$

597

 

 

$

(10

)

 

$

1,535

 

 

$

(16

)

 

$

2,132

 

 

$

(26

)

Total

 

 

3

 

$

597

 

 

$

(10

)

 

$

1,535

 

 

$

(16

)

 

$

2,132

 

 

$

(26

)

 

 

 

 

 

Less than 12 Months

 

 

12 Months or Longer

 

 

Total

 

December 31, 2022

 

Number of
Securities

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Notes

 

 

6

 

 

$

21,720

 

 

$

(1,078

)

 

$

9,339

 

 

$

(631

)

 

$

31,059

 

 

$

(1,709

)

U.S. Government agencies

 

 

17

 

 

 

44,508

 

 

 

(4,782

)

 

 

70,609

 

 

 

(15,494

)

 

 

115,117

 

 

 

(20,276

)

Obligations of states,
   municipalities and
   political subdivisions

 

 

58

 

 

 

50,216

 

 

 

(3,858

)

 

 

7,185

 

 

 

(2,294

)

 

 

57,401

 

 

 

(6,152

)

Residential mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

101

 

 

 

117,598

 

 

 

(11,045

)

 

 

478,198

 

 

 

(100,316

)

 

 

595,796

 

 

 

(111,361

)

Non-agency

 

 

19

 

 

 

35,486

 

 

 

(7,569

)

 

 

70,763

 

 

 

(16,836

)

 

 

106,249

 

 

 

(24,405

)

Commercial mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

47

 

 

 

76,193

 

 

 

(11,840

)

 

 

74,315

 

 

 

(22,302

)

 

 

150,508

 

 

 

(34,142

)

Corporate securities

 

 

24

 

 

 

37,130

 

 

 

(3,128

)

 

 

4,306

 

 

 

(738

)

 

 

41,436

 

 

 

(3,866

)

Asset-backed securities

 

 

8

 

 

 

25,455

 

 

 

(503

)

 

 

15,502

 

 

 

(1,625

)

 

 

40,957

 

 

 

(2,128

)

Total

 

 

280

 

 

$

408,306

 

 

$

(43,803

)

 

$

730,217

 

 

$

(160,236

)

 

$

1,138,523

 

 

$

(204,039

)

Held-to-maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of states, municipalities and
   political subdivisions

 

 

4

 

 

$

2,672

 

 

$

(33

)

 

$

—

 

 

$

—

 

 

$

2,672

 

 

$

(33

)

Total

 

 

4

 

 

$

2,672

 

 

$

(33

)

 

$

—

 

 

$

—

 

 

$

2,672

 

 

$

(33

)

 
Summary of Proceeds From Sales of Securities Available-for-sale and Associated Gains and Losses

The proceeds from all sales of securities available-for-sale, and the associated gains and losses on sales and calls of securities, for the three and six months ended June 30, 2023 and 2022 are listed below:

 

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Proceeds

 

$

—

 

 

$

13,006

 

 

$

—

 

 

$

13,006

 

Gross gains

 

 

—

 

 

 

62

 

 

 

—

 

 

 

62

 

Gross losses

 

 

—

 

 

 

10

 

 

 

—

 

 

 

10

 
Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

At June 30, 2023, the amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers 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.

 

 

 

Amortized
Cost

 

 

Fair
Value

 

Available-for-sale

 

 

 

 

 

 

Due in one year or less

 

$

2,954

 

 

$

2,924

 

Due from one to five years

 

 

118,502

 

 

 

110,541

 

Due from five to ten years

 

 

174,431

 

 

 

152,013

 

Due after ten years

 

 

45,400

 

 

 

40,422

 

Mortgage-backed securities

 

 

987,548

 

 

 

819,800

 

Total

 

$

1,328,835

 

 

$

1,125,700

 

Held-to-maturity

 

 

 

 

 

 

Due in one year or less

 

$

1,551

 

 

$

1,535

 

Due from one to five years

 

 

607

 

 

 

597

 

Total

 

$

2,158

 

 

$

2,132