INVESTMENTS (Tables)
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12 Months Ended |
Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] |
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Amortized Cost and Estimated Fair Values of Investments Available-for-sale |
The amortized cost and estimated fair values of investments available-for-sale at December 31 are presented in the following table:
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(In thousands) | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | U.S. treasuries and government agencies | | $ | 68,487 | | | $ | 202 | | | $ | (150) | | | $ | 68,539 | | | $ | 42,750 | | | $ | 549 | | | $ | (2) | | | $ | 43,297 | | State and municipal | | 323,286 | | | 6,561 | | | (3,445) | | | 326,402 | | | 377,108 | | | 13,470 | | | (211) | | | 390,367 | | Mortgage-backed and asset-backed | | 1,074,577 | | | 8,203 | | | (11,825) | | | 1,070,955 | | | 881,201 | | | 24,078 | | | (847) | | | 904,432 | | Corporate debt | | — | | | — | | | — | | | — | | | 9,100 | | | 825 | | | — | | | 9,925 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total investments available-for-sale | | $ | 1,466,350 | | | $ | 14,966 | | | $ | (15,420) | | | $ | 1,465,896 | | | $ | 1,310,159 | | | $ | 38,922 | | | $ | (1,060) | | | $ | 1,348,021 | |
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Gross Unrealized Losses and Fair Value by Length of Time |
Gross unrealized losses and fair values by length of time that individual available-for-sale securities have been in an unrealized loss position at December 31 are presented in the following tables:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | | Number of Securities | | Less Than 12 Months | | 12 Months or More | | Total | (Dollars in thousands) | | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | U.S. treasuries and government agencies | | 5 | | | $ | 49,695 | | | $ | 150 | | | $ | — | | | $ | — | | | $ | 49,695 | | | $ | 150 | | State and municipal | | 32 | | | 63,206 | | | 2,288 | | | 21,740 | | | 1,157 | | | 84,946 | | | 3,445 | | Mortgage-backed and asset-backed | | 104 | | | 665,813 | | | 10,145 | | | 37,857 | | | 1,680 | | | 703,670 | | | 11,825 | | | | | | | | | | | | | | | | | Total | | 141 | | | $ | 778,714 | | | $ | 12,583 | | | $ | 59,597 | | | $ | 2,837 | | | $ | 838,311 | | | $ | 15,420 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2020 | | | Number of Securities | | Less Than 12 Months | | 12 Months or More | | Total | (Dollars in thousands) | | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | U.S. treasuries and government agencies | | 2 | | | $ | 25,369 | | | $ | 2 | | | $ | — | | | $ | — | | | $ | 25,369 | | | $ | 2 | | State and municipal | | 8 | | | 22,753 | | | 211 | | | — | | | — | | | 22,753 | | | 211 | | Mortgage-backed and asset-backed | | 24 | | | 44,746 | | | 154 | | | 76,879 | | | 693 | | | 121,625 | | | 847 | | Total | | 34 | | | $ | 92,868 | | | $ | 367 | | | $ | 76,879 | | | $ | 693 | | | $ | 169,747 | | | $ | 1,060 | |
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Estimated Fair Values of Debt Securities Available-for-sale by Contractual Maturity |
The estimated fair values and amortized costs of debt securities available-for-sale by contractual maturity at December 31 are provided in the following table:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | December 31, 2020 | | | (In thousands) | | Fair Value | | Amortized Cost | | Fair Value | | Amortized Cost | | | U.S. treasuries and government agencies: | | | | | | | | | | | One year or less | | $ | 12,029 | | | $ | 11,995 | | | $ | 33,963 | | | $ | 33,833 | | | | One to five years | | 56,510 | | | 56,492 | | | 9,334 | | | 8,917 | | | | Five to ten years | | — | | | — | | | — | | | — | | | | After ten years | | — | | | — | | | — | | | — | | | | State and municipal: | | | | | | | | | | | One year or less | | 12,821 | | | 12,709 | | | 16,581 | | | 16,458 | | | | One to five years | | 27,408 | | | 26,637 | | | 44,910 | | | 43,857 | | | | Five to ten years | | 42,960 | | | 42,661 | | | 59,059 | | | 56,130 | | | | After ten years | | 243,213 | | | 241,279 | | | 269,817 | | | 260,663 | | | | Mortgage-backed and asset-backed: | | | | | | | | | | | One year or less | | 9,272 | | | 9,239 | | | 1 | | | 1 | | | | One to five years | | 14,752 | | | 14,575 | | | 21,637 | | | 21,229 | | | | Five to ten years | | 388,918 | | | 390,569 | | | 74,142 | | | 72,481 | | | | After ten years | | 658,013 | | | 660,194 | | | 808,652 | | | 787,490 | | | | Corporate debt: | | | | | | | | | | | One year or less | | — | | | — | | | — | | | — | | | | One to five years | | — | | | — | | | 2,318 | | | 2,100 | | | | Five to ten years | | — | | | — | | | 7,607 | | | 7,000 | | | | After ten years | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total available-for-sale debt securities | | $ | 1,465,896 | | | $ | 1,466,350 | | | $ | 1,348,021 | | | $ | 1,310,159 | | | |
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Other Equity Securities |
Other equity securities at the dates indicated are presented in the following table: | | | | | | | | | | | | | | | (In thousands) | | 2021 | | 2020 | Federal Reserve Bank stock | | $ | 34,097 | | | $ | 38,650 | | Federal Home Loan Bank of Atlanta stock | | 6,392 | | | 26,433 | | Other equity securities | | 677 | | | 677 | | Total equity securities | | $ | 41,166 | | | $ | 65,760 | |
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Gross Realized Gains and Losses on All Investments |
Gross realized gains and losses on all investments for the years ended December 31 are presented in the following table:
| | | | | | | | | | | | | | | | | | | | | (In thousands) | | 2021 | | 2020 | | 2019 | Gross realized gains from sales of investments available-for-sale | | $ | 3,588 | | | $ | 1,297 | | | $ | 14 | | Gross realized losses from sales of investments available-for-sale | | (3,478) | | | (1,068) | | | (2) | | Net gains from calls of investments available-for-sale | | 102 | | | 238 | | | 65 | | | | | | | | | Net investment securities gains | | $ | 212 | | | $ | 467 | | | $ | 77 | |
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