Investment Securities (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Investment securities at September 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
September 30, 2022:
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	39,000	$	—	$	878	$	38,122
Obligations of states and political subdivisions	424,193		100		30,375		393,918
U.S. Government sponsored entities' asset-backed securities	877,435		—		92,572		784,863
Collateralized loan obligations	535,575		—		26,517		509,058
Corporate debt securities	17,250		—		1,088		16,162
Total	$	1,893,453	$	100	$	151,430	$	1,742,123


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 September 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	$	38,122	$	878	$	—	$	—	$	38,122	$	878
Obligations of states and political subdivisions	369,881		30,375		—		—		369,881		30,375
U.S. Government sponsored entities' asset-backed securities	548,839		46,623		236,024		45,949		784,863		92,572
Collateralized loan obligations	361,935		19,046		147,123		7,471		509,058		26,517
Corporate debt securities	9,162		1,088		—		—		9,162		1,088
Total	$	1,327,939	$	98,010	$	383,147	$	53,420	$	1,711,086	$	151,430

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 September 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	$	38,122	2.37	%

Obligations of state and political subdivisions:
Due five through ten years	$	257,514	$	251,544	3.67	%
Due over ten years	166,679		142,374		3.20	%
Total (1)	$	424,193	$	393,918	3.49	%

U.S. Government sponsored entities' asset-backed securities	$	877,435	$	784,863	1.92	%

Collateralized loan obligations	$	535,575	$	509,058	4.54	%

Corporate debt securities
Due five through ten years	$	15,250	$	14,393	3.88	%
Due over ten years	$	2,000	$	1,769	3.13	%
Total	$	17,250	$	16,162	3.79	%