
	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Available-for-Sale:
U.S. Government and agency obligations	$	194,774	$	176	$	(756)	$	—	$	194,194
Municipal bonds	285,235		3,267		(16,238)		—		272,264
Corporate bonds	119,396		383		(2,196)		—		117,583
Mortgage-backed or related securities	2,509,530		2,202		(153,899)		—		2,357,833
Asset-backed securities	206,278		111		(716)		—		205,673

	$	3,315,213	$	6,139	$	(173,805)	$	—	$	3,147,547


	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Allowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations	$	315	$	2	$	(2)	$	315	$	—
Municipal bonds	442,328		2,304		(28,252)		416,380		(191)
Corporate bonds	3,059		—		(18)		3,041		(229)
Mortgage-backed or related securities	570,240		139		(21,575)		548,804		—
	$	1,015,942	$	2,445	$	(49,847)	$	968,540	$	(420)


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Available-for-Sale:
U.S. Government and agency obligations	$	201,101	$	852	$	(621)	$	—	$	201,332
Municipal bonds	293,761		15,171		(320)		—		308,612
Corporate bonds	114,427		3,103		(183)		—		117,347
Mortgage-backed or related securities	2,837,480		17,749		(49,961)		—		2,805,268
Asset-backed securities	206,391		52		(9)		—		206,434

	$	3,653,160	$	36,927	$	(51,094)	$	—	$	3,638,993


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Allowance for Credit Losses
Held-to-Maturity:
U.S. Government and agency obligations	$	316	$	3	$	—	$	319	$	—
Municipal bonds	420,555		20,743		(1,393)		439,905		(203)
Corporate bonds	3,092		—		(3)		3,089		(230)
Mortgage-backed or related securities	97,392		1,171		(23)		98,540		—
	$	521,355	$	21,917	$	(1,419)	$	541,853	$	(433)

Accrued interest receivable on held-to-maturity debt securities was $3.8 million and $3.3 million as of March 31, 2022 and December 31, 2021, respectively, and was $10.1 million on available-for-sale debt securities at both March 31, 2022 and December 31, 2021. Accrued interest receivable on securities is reported in accrued interest receivable on the Consolidated Statements of Financial Condition and is excluded from the calculation of the allowance for credit losses.

At March 31, 2022 and 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):


	March 31, 2022
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available-for-Sale:
U.S. Government and agency obligations	$	101,620	$	(182)	$	26,851	$	(574)	$	128,471	$	(756)



Municipal bonds	159,886		(16,238)		—		—		159,886		(16,238)
Corporate bonds	83,374		(2,196)		—		—		83,374		(2,196)





Mortgage-backed or related securities	1,352,151		(88,005)		633,689		(65,894)		1,985,840		(153,899)



Asset-backed securities	109,187		(716)		—		—		109,187		(716)

	$	1,806,218	$	(107,337)	$	660,540	$	(66,468)	$	2,466,758	$	(173,805)


	December 31, 2021
	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available-for-Sale:
U.S. Government and agency obligations	$	—	$	—	$	71,306	$	(621)	$	71,306	$	(621)



Municipal bonds	40,397		(221)		8,541		(99)		48,938		(320)
Corporate bonds	8,009		(121)		9,938		(62)		17,947		(183)




Mortgage-backed or related securities	1,307,411		(38,028)		721,454		(11,933)		2,028,865		(49,961)



Asset-backed securities	3,382		(9)		—		—		3,382		(9)

	$	1,359,199	$	(38,379)	$	811,239	$	(12,715)	$	2,170,438	$	(51,094)

At March 31, 2022, there were 219 securities—available-for-sale with unrealized losses, compared to 97 at December 31, 2021. Management does not believe that any individual unrealized loss as of March 31, 2022 or December 31, 2021 resulted from credit loss. The decline in fair market value of these securities was generally due to changes in interest rates and changes in market-desired spreads subsequent to their purchase.

There were no sales of securities—trading during the three months ended March 31, 2022 or 2021. There were no securities—trading in a nonaccrual status at March 31, 2022 or December 31, 2021. Net unrealized holding gains of $373,000 were recognized during the three months ended March 31, 2022 compared to $59,000 of net unrealized holding gains recognized during the three months ended March 31, 2021.

During the three months ended March 31, 2022, the Company sold no held-to-maturity securities. There were no sales of securities—held-to-maturity during the three months ended March 31, 2021. There were no securities—held-to-maturity in a nonaccrual status or 30 days or more past due at March 31, 2022 or December 31, 2021.

There were no sales of equity securities during the three months ended March 31, 2022. During the three months ended March 31, 2021, the Company sold a $4.8 million equity security with a resulting net gain of $46,000.

The amortized cost and estimated fair value of securities at March 31, 2022, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties. (in thousands).


	March 31, 2022
	Trading				Available-for-Sale				Held-to-Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturing within one year	$	—	$	—	$	9,100	$	9,126	$	9,664	$	9,670
Maturing after one year through five years	—		—		187,185		187,107		45,900		46,116
Maturing after five years through ten years	—		—		799,161		771,687		26,908		27,091
Maturing after ten years	27,203		27,354		2,319,767		2,179,627		933,470		885,663



	$	27,203	$	27,354	$	3,315,213	$	3,147,547	$	1,015,942	$	968,540

The following table presents, as of March 31, 2022, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands):


	March 31, 2022
	Carrying Value		Amortized Cost		Fair Value
Purpose or beneficiary:
State and local governments public deposits	$	209,143	$	209,922	$	207,100
Interest rate swap counterparties	23,765		23,652		23,767
Repurchase transaction accounts	294,032		309,890		289,235
Other	2,509		2,509		2,503
Total pledged securities	$	529,449	$	545,973	$	522,605

The Company monitors the credit quality of held-to-maturity debt securities through the use of credit ratings which are reviewed and updated quarterly. The Company’s non-rated held-to-maturity debt securities are primarily United States government sponsored enterprise debentures carrying minimal to no credit risk. The non-rated corporate bonds primarily consist of Community Reinvestment Act related bonds secured by loan instruments from low to moderate income borrowers. The remaining non-rated held-to-maturity debt securities balance is comprised of local municipal debt from within the Company’s geographic footprint and is monitored through quarterly or annual financial review. This municipal debt is predominately essential service or unlimited general obligation backed debt. The following tables summarize the amortized cost of held-to-maturity debt securities by credit rating at March 31, 2022 and December 31, 2021 (in thousands):


	March 31, 2022
	U.S. Government and agency obligations		Municipal bonds		Corporate bonds		Mortgage-backed or related securities		Total
AAA/AA/A	$	—	$	429,085	$	500	$	16,826	$	446,411

Not Rated	315		13,243		2,559		553,414		569,531


	$	315	$	442,328	$	3,059	$	570,240	$	1,015,942


	December 31, 2021
	U.S. Government and agency obligations		Municipal bonds		Corporate bonds		Mortgage-backed or related securities		Total
AAA/AA/A	$	—	$	406,363	$	500	$	—	$	406,863

Not Rated	316		14,192		2,592		97,392		114,492
	$	316	$	420,555	$	3,092	$	97,392	$	521,355

The following tables present the activity in the allowance for credit losses for held-to-maturity debt securities by major type for the three months ended March 31, 2022 and March 31, 2021 (in thousands):


	For the Three Months Ended March 31, 2022
	U.S. Government and agency obligations		Municipal bonds		Corporate bonds		Mortgage-backed or related securities		Total
Allowance for credit losses – securities
Beginning Balance	$	—	$	203	$	230	$	—	$	433

Recapture of provision for credit losses	—		(12)		(1)		—		(13)



Ending Balance	$	—	$	191	$	229	$	—	$	420