XML 21 R12.htm IDEA: XBRL DOCUMENT v3.22.2.2
Securities
 9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Securities Securities
The fair value of securities is as follows:
September 30, 2022
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available for sale
U.S. Treasury and federal agencies$293,974 $— $(27,720)$266,254 
State and municipal505,975 — (90,729)415,246 
Federal agency collateralized mortgage obligations36,269 — (1,645)34,624 
Federal agency mortgage-backed pools226,785 — (32,144)194,641 
Corporate notes84,464 209 (9,783)74,890 
Total available for sale investment securities$1,147,467 $209 $(162,021)$985,655 
Held to maturity
U.S. Treasury and federal agencies$295,363 $— $(47,355)$248,008 
State and municipal1,128,034 10 (242,141)885,903 
Federal agency collateralized mortgage obligations57,972 — (8,292)49,680 
Federal agency mortgage-backed pools349,875 — (57,359)292,516 
Private labeled mortgage-backed pools36,171 — (5,404)30,767 
Corporate notes164,121 — (30,406)133,715 
Total held to maturity investment securities$2,031,536 $10 $(390,957)$1,640,589 
December 31, 2021
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available for sale
U.S. Treasury and federal agencies$118,595 $82 $(1,698)$116,979 
State and municipal632,652 12,802 (5,708)639,746 
Federal agency collateralized mortgage obligations60,600 989 (12)61,577 
Federal agency mortgage-backed pools257,185 1,914 (1,408)257,691 
Corporate notes84,579 1,013 (773)84,819 
Total available for sale investment securities$1,153,611 $16,800 $(9,599)$1,160,812 
Held to maturity
U.S. Treasury and federal agencies$195,429 $12 $(1,215)$194,226 
State and municipal862,461 20,719 (4,263)878,917 
Federal agency collateralized mortgage obligations48,482 3 (1,020)47,465 
Federal agency mortgage-backed pools247,937 209 (4,010)244,136 
Private labeled mortgage-backed pools40,447 — (442)40,005 
Corporate notes157,687 11 (2,456)155,242 
Total held to maturity investment securities$1,552,443 $20,954 $(13,406)$1,559,991 
The amortized cost and fair value of securities available for sale and held to maturity at September 30, 2022 and December 31, 2021, by contractual maturity, are 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.
September 30, 2022December 31, 2021
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Available for sale
Within one year$1,043 $1,030 $22,980 $22,984 
One to five years313,400 287,251 156,677 156,397 
Five to ten years261,596 224,407 315,630 316,125 
After ten years308,374 243,702 340,539 346,038 
884,413 756,390 835,826 841,544 
Federal agency collateralized mortgage obligations36,269 34,624 60,600 61,577 
Federal agency mortgage–backed pools226,785 194,641 257,185 257,691 
Total available for sale investment securities$1,147,467 $985,655 $1,153,611 $1,160,812 
Held to maturity
Within one year$32,861 $32,489 $5,222 $5,265 
One to five years209,055 195,644 65,739 66,982 
Five to ten years339,857 290,173 273,720 275,308 
After ten years1,005,745 749,320 870,896 880,830 
1,587,518 1,267,626 1,215,577 1,228,385 
Federal agency collateralized mortgage obligations57,972 49,680 48,482 47,465 
Federal agency mortgage–backed pools349,875 292,516 247,937 244,136 
Private labeled mortgage–backed pools36,171 30,767 40,447 40,005 
Total held to maturity investment securities$2,031,536 $1,640,589 $1,552,443 $1,559,991 
The following table shows the gross unrealized losses and the fair value of the Company’s investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
September 30, 2022
Less than 12 Months12 Months or MoreTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Investment Securities
U.S. Treasury and federal agencies$326,455 $(34,174)$187,559 $(40,901)$514,014 $(75,075)
State and municipal924,192 (198,105)369,729 (134,765)1,293,921 (332,870)
Federal agency collateralized mortgage obligations47,014 (2,897)37,291 (7,040)84,305 (9,937)
Federal agency mortgage–backed pools275,203 (42,992)211,935 (46,511)487,138 (89,503)
Private labeled mortgage–backed pools4,398 (730)26,369 (4,674)30,767 (5,404)
Corporate notes64,091 (11,425)143,638 (28,764)207,729 (40,189)
Total temporarily impaired securities$1,641,353 $(290,323)$976,521 $(262,655)$2,617,874 $(552,978)
December 31, 2021
Less than 12 Months12 Months or MoreTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Investment Securities
U.S. Treasury and federal agencies$268,732 $(2,483)$15,820 $(430)$284,552 $(2,913)
State and municipal539,882 (9,389)19,461 (582)559,343 (9,971)
Federal agency collateralized mortgage obligations56,027 (1,032)— — 56,027 (1,032)
Federal agency mortgage–backed pools406,540 (5,418)— — 406,540 (5,418)
Private labeled mortgage–backed pools40,005 (442)— — 40,005 (442)
Corporate notes189,500 (3,229)— — 189,500 (3,229)
Total temporarily impaired securities$1,500,686 $(21,993)$35,281 $(1,012)$1,535,967 $(23,005)
No allowance for credit losses for available for sale debt securities or held to maturity securities was needed at September 30, 2022 or December 31, 2021. Accrued interest receivable on available for sale debt securities and held to maturity securities totaled $17.4 million at September 30, 2022 and $14.6 million at December 31, 2021 and is excluded from the estimate of credit losses.
The U.S. government sponsored entities and agencies and mortgage–backed securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major credit rating agencies, and have a long history of no credit losses. Therefore, for those securities, we do not record expected credit losses.
Based on an evaluation of available evidence, management believes the unrealized losses on state and municipal securities, private labeled mortgage–backed pools and corporate notes were due to changes in interest rates. Due to the contractual terms, the issuers of state and municipal securities are not allowed to settle for less than the amortized cost of the security. In addition, the Company does not intend to sell these securities prior to the recovery of the amortized cost, which may not occur until maturity.
Information regarding security proceeds, gross gains and gross losses are presented below.
Three Months EndedNine Months Ended
September 30September 30
2022202120222021
Sales of securities available for sale
Proceeds$— $— $— $27,514 
Gross gains— — — 914 
Gross losses— — — —