XML 47 R34.htm IDEA: XBRL DOCUMENT v3.22.0.1
SECURITIES (Tables)
12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Schedule of Securities
The amortized cost, gross unrealized gains and losses and estimated fair value of securities at December 31, 2021 and December 31, 2020 are summarized as follows (in thousands):
 December 31, 2021
 Amortized CostFair
Value
Trading:
Corporate bonds$27,203 $26,981 
$27,203 $26,981 
 December 31, 2021
 Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair
Value
Available-for-Sale:
U.S. Government and agency obligations$201,101 $852 $(621)$— $201,332 
Municipal bonds293,761 15,171 (320)— 308,612 
Corporate bonds114,427 3,103 (183)— 117,347 
Mortgage-backed or related securities2,837,480 17,749 (49,961)— 2,805,268 
Asset-backed securities206,391 52 (9)— 206,434 
 $3,653,160 $36,927 $(51,094)$— $3,638,993 

 December 31, 2021
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair
Value
Allowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations$316 $$— $319 $— 
Municipal bonds420,555 20,743 (1,393)439,905 (203)
Corporate bonds3,092 — (3)3,089 (230)
Mortgage-backed or related securities97,392 1,171 (23)98,540 — 
$521,355 $21,917 $(1,419)$541,853 $(433)

December 31, 2020
Amortized CostFair
Value
Trading:
Corporate bonds27,203 $24,980 
$27,203 $24,980 
December 31, 2020
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair
Value
Available-for-Sale:
U.S. Government and agency obligations$141,668 $1,002 $(935)$— $141,735 
Municipal bonds283,997 19,523 (2)— 303,518 
Corporate bonds219,086 2,762 (79)— 221,769 
Mortgage-backed or related securities1,602,033 45,179 (1,060)— 1,646,152 
Asset-backed securities9,405 77 (63)— 9,419 
 $2,256,189 $68,543 $(2,139)$— $2,322,593 

December 31, 2020
Amortized CostGross Unrealized GainsGross Unrealized LossesFair
Value
Allowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations$340 $$— $347 $— 
Municipal bonds370,998 24,130 (94)395,034 (59)
Corporate bonds3,222 — (12)3,210 (35)
Mortgage-backed or related securities47,247 2,843 — 50,090 — 
$421,807 $26,980 $(106)$448,681 $(94)
Schedule of Securities with Continuous Loss Position
At December 31, 2021, the gross unrealized losses and the fair value for securities available-for-sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position were as follows (in thousands):
 December 31, 2021
 Less Than 12 Months12 Months or MoreTotal
 Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Available-for-Sale:
U.S. Government and agency obligations$— $— $71,306 $(621)$71,306 $(621)
Municipal bonds40,397 (221)8,541 (99)48,938 (320)
Corporate bonds8,009 (121)9,938 (62)17,947 (183)
Mortgage-backed or related securities1,307,411 (38,028)721,454 (11,933)2,028,865 (49,961)
Asset-backed securities3,382 (9)— — 3,382 (9)
 $1,359,199 $(38,379)$811,239 $(12,715)$2,170,438 $(51,094)
At December 31, 2020, the gross unrealized losses and the fair value for securities available-for-sale and held-to-maturity aggregated by the length of time that individual securities have been in a continuous unrealized loss position were as follows (in thousands): 
 December 31, 2020
 Less Than 12 Months12 Months or MoreTotal
 Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Available-for-Sale:
U.S. Government and agency obligations$3,126 $(8)$50,603 $(927)$53,729 $(935)
Municipal bonds495 (2)— — 495 (2)
Corporate bonds3,586 (79)— — 3,586 (79)
Mortgage-backed or related securities181,871 (1,046)2,337 (14)184,208 (1,060)
Asset-backed securities— — 5,676 (63)5,676 (63)
 $189,078 $(1,135)$58,616 $(1,004)$247,694 $(2,139)
Schedule of Realized Gain (Loss)
The following table presents gross gains and losses on sales and partial calls of securities available-for-sale (in thousands):

 For the Year Ended December 31,
 202120202019
Available-for-Sale:
Gross Gains$993 $899 $239 
Gross Losses(495)(445)(205)
Balance, end of the period$498 $454 $34 
Schedule of Securities by Contractual Maturity Date
The amortized cost and estimated fair value of securities at December 31, 2021, by contractual maturity, are shown below (in thousands).  Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties.
 December 31, 2021
TradingAvailable-for-SaleHeld-to-Maturity
 Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Maturing within one year$— $— $14,077 $14,174 $12,026 $12,087 
Maturing after one year through five years— — 165,039 170,104 93,652 95,299 
Maturing after five years through ten years— — 849,194 846,399 22,562 23,776 
Maturing after ten years27,203 26,981 2,624,850 2,608,316 393,115 410,691 
$27,203 $26,981 $3,653,160 $3,638,993 $521,355 $541,853 
Schedule of Pledged Securities
The following table presents, as of December 31, 2021, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):
 Carrying ValueAmortized CostFair Value
Purpose or beneficiary:  
State and local governments public deposits$209,304 $208,827 $221,319 
Interest rate swap counterparties24,268 23,723 24,285 
Repurchase transaction accounts292,700 300,441 292,700 
Other2,529 2,529 2,559 
Total pledged securities$528,801 $535,520 $540,863 
Debt Securities, Held-to-maturity, Credit Quality Indicator The following tables summarize the amortized cost of held-to-maturity debt securities by credit rating at December 31, 2021 and December 31, 2020 (in thousands):
December 31, 2021
U.S. Government and agency obligationsMunicipal bondsCorporate bondsMortgage-backed or related securitiesTotal
AAA/AA/A$— $406,363 $500 $— $406,863 
Not Rated316 14,192 2,592 97,392 114,492 
$316 $420,555 $3,092 $97,392 $521,355 

December 31, 2020
U.S. Government and agency obligationsMunicipal bondsCorporate bondsMortgage-backed or related securitiesTotal
AAA/AA/A$— $349,123 $500 $— $349,623 
Not Rated340 21,875 2,722 47,247 72,184 
$340 $370,998 $3,222 $47,247 $421,807 
Debt Securities, Held-to-maturity, Allowance for Credit Loss The following tables present the activity in the allowance for credit losses for held-to-maturity debt securities by major type for the year ended December 31, 2021 and December 31, 2020 (in thousands):
For the Year Ended December 31, 2021
U.S. Government and agency obligationsMunicipal bondsCorporate bondsMortgage-backed or related securitiesTotal
Allowance for credit losses – securities
Beginning Balance$— $59 $35 $— $94 
Provision for credit losses— 144 445 — 589 
Securities charged-off— — (250)— (250)
Ending Balance$— $203 $230 $— $433 

For the Year Ended December 31, 2020
U.S. Government and agency obligationsMunicipal bondsCorporate bondsMortgage-backed or related securitiesTotal
Allowance for credit losses – securities
Beginning Balance$— $— $— $— $— 
Impact of adopting ASC 326— 28 35 — 63 
Provision for credit losses— 31 — — 31 
Ending Balance$— $59 $35 $— $94