Investment Securities (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Investment securities at June 30, 2022 and December 31, 2021, were as follows:


Debt securities AFS (In thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
June 30, 2022:
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	39,000	$	—	$	1,016	$	37,984
Obligations of states and political subdivisions	425,119		1,388		19,728		406,779
U.S. Government sponsored entities' asset-backed securities	922,864		331		59,461		863,734
Collateralized loan obligations	535,644		—		21,537		514,107
Corporate debt securities	17,250		—		751		16,499
Total	$	1,939,877	$	1,719	$	102,493	$	1,839,103


Debt securities AFS (In thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value
December 31, 2021:
Obligations of states and political subdivisions	$	366,933	$	22,682	$	24	$	389,591
U.S. Government sponsored entities' asset-backed securities	849,114		13,437		8,088		854,463
Collateralized loan obligations	500,066		3		1,395		498,674
Corporate debt securities	11,250		169		7		11,412
Total	$	1,727,363	$	36,291	$	9,514	$	1,754,140

Schedule Of Unrealized Loss On Securities

Investment securities in an unrealized loss position at June 30, 2022, were as follows:


	Unrealized loss position for less than 12 months				Unrealized loss position for 12 months or longer				Total
(In thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Debt securities AFS:
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	37,984	$	1,016	$	—	$	—	$	37,984	$	1,016
Obligations of states and political subdivisions	275,874		19,728		—		—		275,874		19,728
U.S. Government sponsored entities' asset-backed securities	681,442		38,975		138,318		20,486		819,760		59,461
Collateralized loan obligations	489,904		20,637		24,203		900		514,107		21,537
Corporate debt securities	9,499		751		—		—		9,499		751
Total	$	1,494,703	$	81,107	$	162,521	$	21,386	$	1,657,224	$	102,493

Investment securities in an unrealized loss position at December 31, 2021, were as follows:


	Unrealized loss position for less than 12 months				Unrealized loss position for 12 months or longer				Total
(In thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Debt securities AFS:
Obligations of states and political subdivisions	$	1,834	$	24	$	—	$	—	$	1,834	$	24
U.S. Government sponsored entities' asset-backed securities	333,653		4,996		73,431		3,092		407,084		8,088
Collateralized loan obligations	429,671		1,395		—		—		429,671		1,395
Corporate debt securities	2,243		7		—		—		2,243		7
Total	$	767,401	$	6,422	$	73,431	$	3,092	$	840,832	$	9,514

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of investments in debt securities AFS at June 30, 2022, are shown in the following table by contractual maturity, except for asset-backed securities and collateral loan obligations, which are shown as a single

total, due to the unpredictability of the timing of principal repayments. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.


(In thousands)	Amortized cost		Fair value		Tax equivalent yield (1)
Debt Securities AFS
Obligations of U.S. Treasury and other U.S. Government sponsored entities
Due one through five years	$	39,000	$	37,984	2.37	%

Obligations of state and political subdivisions:
Due five through ten years	$	251,333	$	250,713	3.68	%
Due over ten years	173,786		156,066		3.21	%
Total (1)	$	425,119	$	406,779	3.49	%

U.S. Government sponsored entities' asset-backed securities	$	922,864	$	863,734	1.96	%

Collateralized loan obligations	$	535,644	$	514,107	3.06	%

Corporate debt securities
Due five through ten years	$	17,250	$	16,499	3.79	%