Securities (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of the Amortized Cost and Fair Value of Available-for-Sale Investment Securities Corresponding Amounts of Unrealized Gains and Losses

The following table summarizes the amortized cost and fair value of the available for sale investment securities portfolio at June 30, 2022 and December 31, 2021 and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income (loss):

			Gross		Gross
	Amortized		Unrealized		Unrealized
(In Thousands of Dollars)	Cost		Gains		Losses			Fair Value
June 30, 2022
U.S. Treasury and U.S. government sponsored entities	$	112,703	$	0	$	(13,530	)	$	99,173
State and political subdivisions		687,506		958		(100,107	)		588,357
Corporate bonds		4,392		1		(186	)		4,207
Mortgage-backed securities - residential		703,946		25		(90,663	)		613,308
Collateralized mortgage obligations - residential		54,653		11		(2,388	)		52,276
Small Business Administration		4,627		0		(266	)		4,361
Totals	$	1,567,827	$	995	$	(207,140	)	$	1,361,682

			Gross		Gross
	Amortized		Unrealized		Unrealized
(In Thousands of Dollars)	Cost		Gains		Losses			Fair Value
December 31, 2021
U.S. Treasury and U.S. government sponsored entities	$	93,137	$	32	$	(2,338	)	$	90,831
State and political subdivisions		636,724		23,296		(1,205	)		658,815
Corporate bonds		4,009		50		(29	)		4,030
Mortgage-backed securities - residential		663,405		1,875		(10,094	)		655,186
Collateralized mortgage obligations - residential		13,303		153		(71	)		13,385
Small Business Administration		5,381		49		0			5,430
Totals	$	1,415,959	$	25,455	$	(13,737	)	$	1,427,677

Amortized Cost and Fair Value of the Debt Securities Maturity

The amortized cost and fair value of the debt securities portfolio are shown in the table below by expected maturity. Expected maturities may differ from contractual maturities if issuers 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.

	June 30, 2022
(In Thousands of Dollars)	Amortized Cost		Fair Value
Maturity
Within one year	$	752	$	750
One to five years		15,558		15,606
Five to ten years		154,732		139,750
Beyond ten years		633,559		535,631
Mortgage-backed, collateralized mortgage obligations and Small Business Administration securities		763,226		669,945
Total	$	1,567,827	$	1,361,682

Available for Sale Investment Securities with Unrealized Losses

The following table summarizes the available for sale investment securities with unrealized losses at June 30, 2022 and December 31, 2021, aggregated by major security type and length of time in a continuous unrealized loss position.

	Less than 12 Months					12 Months or Longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(In Thousands of Dollars)	Value		Loss			Value		Loss			Value		Loss
June 30, 2022
U.S. Treasury and U.S. government sponsored entities	$	71,491	$	(9,691	)	$	27,682	$	(3,839	)	$	99,173	$	(13,530	)
State and political subdivisions		507,354		(95,392	)		14,938		(4,715	)		522,292		(100,107	)
Corporate bonds		3,269		(86	)		638		(100	)		3,907		(186	)
Mortgage-backed securities - residential		497,183		(70,416	)		114,385		(20,247	)		611,568		(90,663	)
Collateralized mortgage obligations - residential		50,712		(2,388	)		0		0			50,712		(2,388	)
Small Business Administration		4,361		(266	)		0		0			4,361		(266	)
Total temporarily impaired	$	1,134,370	$	(178,239	)	$	157,643	$	(28,901	)	$	1,292,013	$	(207,140	)

	Less than 12 Months					12 Months or Longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(In Thousands of Dollars)	Value		Loss			Value		Loss			Value		Loss
December 31, 2021
U.S. Treasury and U.S. government sponsored entities	$	81,236	$	(1,960	)	$	8,271	$	(378	)	$	89,507	$	(2,338	)
State and political subdivisions		103,651		(1,020	)		10,020		(185	)		113,671		(1,205	)
Corporate bonds		418		(2	)		715		(27	)		1,133		(29	)
Mortgage-backed securities - residential		525,792		(7,872	)		55,569		(2,222	)		581,361		(10,094	)
Collateralized mortgage obligations - residential		7,270		(71	)		0		0			7,270		(71	)
Total temporarily impaired	$	718,367	$	(10,925	)	$	74,575	$	(2,812	)	$	792,942	$	(13,737	)