Securities (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Amortized cost and fair value of securities available for sale

The amortized cost and fair value of securities available for sale were as follows as of the dates presented in the tables below.

There was no allowance for credit losses allocated to any of the Company’s available for sale securities as of September 30, 2022 or December 31, 2021.


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2022

Obligations of other U.S. Government agencies and corporations	$	170,000	$	—	$	(5,480)	$	164,520
Obligations of states and political subdivisions	155,188		88		(14,635)		140,641
Residential mortgage backed securities:
Government agency mortgage backed securities	528,196		13		(59,181)		469,028
Government agency collateralized mortgage obligations	626,821		—		(102,823)		523,998
Commercial mortgage backed securities:
Government agency mortgage backed securities	11,204		—		(957)		10,247
Government agency collateralized mortgage obligations	214,617		—		(25,129)		189,488

Other debt securities	74,888		3		(3,571)		71,320

	$	1,780,914	$	104	$	(211,776)	$	1,569,242


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2021
U.S. Treasury securities	$	3,007	$	3	$	—	$	3,010

Obligations of states and political subdivisions	153,847		5,532		(269)		159,110
Residential mortgage backed securities:
Government agency mortgage backed securities	967,497		7,854		(6,816)		968,535
Government agency collateralized mortgage obligations	1,008,514		457		(20,371)		988,600
Commercial mortgage backed securities:
Government agency mortgage backed securities	14,717		365		(1)		15,081
Government agency collateralized mortgage obligations	216,859		812		(3,419)		214,252

Other debt securities	36,515		1,097		(148)		37,464

	$	2,400,956	$	16,120	$	(31,024)	$	2,386,052

The amortized cost and fair value of securities held to maturity were as follows as of the dates presented:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2022
Obligations of states and political subdivisions	$	292,769	$	—	$	(63,602)	$	229,167
Residential mortgage backed securities
Government agency mortgage backed securities	499,348		—		(29,278)		470,070
Government agency collateralized mortgage obligations	433,407		—		(27,038)		406,369
Commercial mortgage backed securities:
Government agency mortgage backed securities	17,011		—		(3,429)		13,582
Government agency collateralized mortgage obligations	45,655		—		(6,200)		39,455
Other debt securities	65,344		—		(5,331)		60,013
	$	1,353,534	$	—	$	(134,878)	$	1,218,656
Allowance for credit losses - held to maturity securities	(32)
Held to maturity securities, net of allowance for credit losses	$	1,353,502


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2021
Obligations of states and political subdivisions	$	267,641	$	333	$	(685)	$	267,289
Residential mortgage backed securities
Government agency mortgage backed securities	60,507		1		(198)		60,310
Government agency collateralized mortgage obligations	24,832		—		(92)		24,740
Commercial mortgage backed securities:
Government agency mortgage backed securities	1,855		—		—		1,855
Government agency collateralized mortgage obligations	39,505		—		(117)		39,388
Other debt securities	22,049		—		(79)		21,970
	$	416,389	$	334	$	(1,171)	$	415,552
Allowance for credit losses - held to maturity securities	(32)
Held to maturity securities, net of allowance for credit losses	$	416,357

Schedule of realized gain (loss)

Securities sold during the three and nine months ended September 30, 2021 were as set forth in the table below.


	Carrying Value		Net Proceeds		Gain/(Loss)
Three months ended September 30, 2021


Residential mortgage backed securities:
Government agency mortgage backed securities	$	9,232	$	9,739	$	507
Government agency collateralized mortgage obligations	6,736		6,866		130




Other debt securities	4,283		4,410		127

	$	20,251	$	21,015	$	764
Nine months ended September 30, 2021

Obligations of states and political subdivisions	$	47	$	50	$	3
Residential mortgage backed securities:
Government agency mortgage backed securities	145,572		149,474		3,902
Government agency collateralized mortgage obligations	12,362		12,512		150



Trust preferred securities	12,021		9,960		(2,061)
Other debt securities	4,283		4,410		127

	$	174,285	$	176,406	$	2,121

Gross realized gains and losses on sales of securities available for sale for the three and nine months ended September 30, 2021 were as follows:


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2021		2021
Gross gains on sales of securities available for sale	$	825	$	4,333
Gross losses on sales of securities available for sale	(61)		(2,212)
Gains on sales of securities available for sale, net	$	764	$	2,121

Amortized cost and fair value of securities by contractual maturity

The amortized cost and fair value of securities at September 30, 2022 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.


	Held to Maturity				Available for Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	150	$	147	$	8,900	$	8,864
Due after one year through five years	1,863		1,750		227,785		221,447
Due after five years through ten years	44,350		37,553		77,471		71,942
Due after ten years	246,406		189,717		75,791		65,160
Residential mortgage backed securities:
Government agency mortgage backed securities	500,348		471,070		528,196		469,028
Government agency collateralized mortgage obligations	433,407		406,369		626,821		523,998
Commercial mortgage backed securities:
Government agency mortgage backed securities	17,011		13,582		11,204		10,247
Government agency collateralized mortgage obligations	45,655		39,455		214,617		189,488
Other debt securities	64,344		59,013		10,129		9,068

	$	1,353,534	$	1,218,656	$	1,780,914	$	1,569,242

Gross unrealized losses and fair value by investment category

The following tables present the age of gross unrealized losses and fair value by investment category for which an allowance for credit losses has not been recorded as of the dates presented:


	Less than 12 Months					12 Months or More					Total
	#	Fair Value		Unrealized Losses		#	Fair Value		Unrealized Losses		#	Fair Value		Unrealized Losses
Available for Sale:
September 30, 2022
Obligations of other U.S. Government agencies and corporations	5	$	164,520	$	(5,480)	—	$	—	$	—	5	$	164,520	$	(5,480)
Obligations of states and political subdivisions	95	100,822		(8,433)		11	31,571		(6,202)		106	132,393		(14,635)
Residential mortgage backed securities:
Government agency mortgage backed securities	104	291,428		(28,600)		22	176,036		(30,581)		126	467,464		(59,181)
Government agency collateralized mortgage obligations	28	248,142		(39,982)		24	275,856		(62,841)		52	523,998		(102,823)
Commercial mortgage backed securities:
Government agency mortgage backed securities	4	10,247		(957)		—	—		—		4	10,247		(957)
Government agency collateralized mortgage obligations	18	119,176		(11,340)		11	70,312		(13,789)		29	189,488		(25,129)

Other debt securities	32	70,317		(3,571)		—	—		—		32	70,317		(3,571)
Total	286	$	1,004,652	$	(98,363)	68	$	553,775	$	(113,413)	354	$	1,558,427	$	(211,776)
December 31, 2021

Obligations of states and political subdivisions	8	$	34,303	$	(216)	3	$	3,892	$	(53)	11	$	38,195	$	(269)
Residential mortgage backed securities:
Government agency mortgage backed securities	41	727,546		(6,312)		1	12,305		(504)		42	739,851		(6,816)
Government agency collateralized mortgage obligations	49	966,126		(20,371)		—	—		—		49	966,126		(20,371)
Commercial mortgage backed securities:
Government agency mortgage backed securities	1	1,791		(1)		1	432		—		2	2,223		(1)
Government agency collateralized mortgage obligations	21	160,919		(3,072)		2	9,005		(347)		23	169,924		(3,419)
Trust preferred securities	—	—		—		—	—		—		—	—		—
Other debt securities	1	8,699		(148)		—	—		—		1	8,699		(148)

Total	121	$	1,899,384	$	(30,120)	7	$	25,634	$	(904)	128	$	1,925,018	$	(31,024)


	Less than 12 Months					12 Months or More					Total
	#	Fair Value		Unrealized Losses		#	Fair Value		Unrealized Losses		#	Fair Value		Unrealized Losses
Held to Maturity:
September 30, 2022
Obligations of states and political subdivisions	125	$	212,242	$	(57,474)	5	$	16,925	$	(6,128)	130	$	229,167	$	(63,602)
Residential mortgage backed securities:
Government agency mortgage backed securities	48	272,247		(14,993)		23	197,823		(14,285)		71	470,070		(29,278)
Government agency collateralized mortgage obligations	9	206,711		(12,589)		9	199,658		(14,449)		18	406,369		(27,038)
Commercial mortgage backed securities:
Government agency mortgage backed securities	1	13,582		(3,429)		—	—		—		1	13,582		(3,429)
Government agency collateralized mortgage obligations	3	13,190		(1,522)		6	26,265		(4,678)		9	39,455		(6,200)
Other debt securities	10	60,013		(5,331)		—	—		—		10	60,013		(5,331)
Total	196	$	777,985	$	(95,338)	43	$	440,671	$	(39,540)	239	$	1,218,656	$	(134,878)
December 31, 2021
Obligations of states and political subdivisions	24	$	62,131	$	(685)	—	$	—	$	—	24	$	62,131	$	(685)
Residential mortgage backed securities:
Government agency mortgage backed securities	50	53,560		(181)		1	5,354		(17)		51	58,914		(198)
Government agency collateralized mortgage obligations	1	24,740		(92)		—	—		—		1	24,740		(92)
Commercial mortgage backed securities:
Government agency collateralized mortgage obligations	7	39,388		(117)		—	—		—		7	39,388		(117)
Other debt securities	8	21,972		(79)		—	—		—		8	21,972		(79)
Total	90	$	201,791	$	(1,154)	1	$	5,354	$	(17)	91	$	207,145	$	(1,171)