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v3.22.2.2

Securities (Tables) | 9 Months Ended
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Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Amortized cost and fair value of securities available for sale | The amortized cost and fair value of securities available for sale were as follows as of the dates presented in the tables below. There was no allowance for credit losses allocated to any of the Company’s available for sale securities as of September 30, 2022 or December 31, 2021.
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value
September 30, 2022 |  |  |  |  |  |  |  |  |
Obligations of other U.S. Government agencies and corporations | $ | 170,000 |  |  | $ | — |  |  | $ | (5,480) |  |  |  |  | $ | 164,520 |
Obligations of states and political subdivisions | 155,188 |  |  | 88 |  |  | (14,635) |  |  |  |  | 140,641 |
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 528,196 |  |  | 13 |  |  | (59,181) |  |  |  |  | 469,028 |
Government agency collateralized mortgage obligations | 626,821 |  |  | — |  |  | (102,823) |  |  |  |  | 523,998 |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 11,204 |  |  | — |  |  | (957) |  |  |  |  | 10,247 |
Government agency collateralized mortgage obligations | 214,617 |  |  | — |  |  | (25,129) |  |  |  |  | 189,488 |
Other debt securities | 74,888 |  |  | 3 |  |  | (3,571) |  |  |  |  | 71,320 |
| $ | 1,780,914 |  |  | $ | 104 |  |  | $ | (211,776) |  |  |  |  | $ | 1,569,242 |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  |  |  | Fair Value
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 3,007 |  |  | $ | 3 |  |  | $ | — |  |  |  |  |  |  | $ | 3,010 |
Obligations of states and political subdivisions | 153,847 |  |  | 5,532 |  |  | (269) |  |  |  |  |  |  | 159,110 |
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 967,497 |  |  | 7,854 |  |  | (6,816) |  |  |  |  |  |  | 968,535 |
Government agency collateralized mortgage obligations | 1,008,514 |  |  | 457 |  |  | (20,371) |  |  |  |  |  |  | 988,600 |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 14,717 |  |  | 365 |  |  | (1) |  |  |  |  |  |  | 15,081 |
Government agency collateralized mortgage obligations | 216,859 |  |  | 812 |  |  | (3,419) |  |  |  |  |  |  | 214,252 |
Other debt securities | 36,515 |  |  | 1,097 |  |  | (148) |  |  |  |  |  |  | 37,464 |
| $ | 2,400,956 |  |  | $ | 16,120 |  |  | $ | (31,024) |  |  |  |  |  |  | $ | 2,386,052 |
The amortized cost and fair value of securities held to maturity were as follows as of the dates presented:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  |  |  | Fair Value
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 292,769 |  |  | $ | — |  |  | $ | (63,602) |  |  |  |  |  |  | $ | 229,167 |
Residential mortgage backed securities |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 499,348 |  |  | — |  |  | (29,278) |  |  |  |  |  |  | 470,070 |
Government agency collateralized mortgage obligations | 433,407 |  |  | — |  |  | (27,038) |  |  |  |  |  |  | 406,369 |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 17,011 |  |  | — |  |  | (3,429) |  |  |  |  |  |  | 13,582 |
Government agency collateralized mortgage obligations | 45,655 |  |  | — |  |  | (6,200) |  |  |  |  |  |  | 39,455 |
Other debt securities | 65,344 |  |  | — |  |  | (5,331) |  |  |  |  |  |  | 60,013 |
| $ | 1,353,534 |  |  | $ | — |  |  | $ | (134,878) |  |  |  |  |  |  | $ | 1,218,656 |
Allowance for credit losses - held to maturity securities | (32) |  |  |  |  |  |  |  |  |  |  |
Held to maturity securities, net of allowance for credit losses | $ | 1,353,502 |  |  |  |  |  |  |  |  |  |  |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  |  |  | Fair Value
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 267,641 |  |  | $ | 333 |  |  | $ | (685) |  |  |  |  |  |  | $ | 267,289 |
Residential mortgage backed securities |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 60,507 |  |  | 1 |  |  | (198) |  |  |  |  |  |  | 60,310 |
Government agency collateralized mortgage obligations | 24,832 |  |  | — |  |  | (92) |  |  |  |  |  |  | 24,740 |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 1,855 |  |  | — |  |  | — |  |  |  |  |  |  | 1,855 |
Government agency collateralized mortgage obligations | 39,505 |  |  | — |  |  | (117) |  |  |  |  |  |  | 39,388 |
Other debt securities | 22,049 |  |  | — |  |  | (79) |  |  |  |  |  |  | 21,970 |
| $ | 416,389 |  |  | $ | 334 |  |  | $ | (1,171) |  |  |  |  |  |  | $ | 415,552 |
Allowance for credit losses - held to maturity securities | (32) |  |  |  |  |  |  |  |  |  |  |
Held to maturity securities, net of allowance for credit losses | $ | 416,357 |  |  |  |  |  |  |  |  |  |  |
Schedule of realized gain (loss) | Securities sold during the three and nine months ended September 30, 2021 were as set forth in the table below.
| Carrying Value |  | Net Proceeds |  | Gain/(Loss)
Three months ended September 30, 2021 |  |  |  |  |
Residential mortgage backed securities: |  |  |  |  |
Government agency mortgage backed securities | $ | 9,232 |  |  | $ | 9,739 |  |  | $ | 507 |
Government agency collateralized mortgage obligations | 6,736 |  |  | 6,866 |  |  | 130 |
Other debt securities | 4,283 |  |  | 4,410 |  |  | 127 |
| $ | 20,251 |  |  | $ | 21,015 |  |  | $ | 764 |
Nine months ended September 30, 2021 |  |  |  |  |
Obligations of states and political subdivisions | $ | 47 |  |  | $ | 50 |  |  | $ | 3 |
Residential mortgage backed securities: |  |  |  |  |
Government agency mortgage backed securities | 145,572 |  |  | 149,474 |  |  | 3,902 |
Government agency collateralized mortgage obligations | 12,362 |  |  | 12,512 |  |  | 150 |
Trust preferred securities | 12,021 |  |  | 9,960 |  |  | (2,061) |
Other debt securities | 4,283 |  |  | 4,410 |  |  | 127 |
| $ | 174,285 |  |  | $ | 176,406 |  |  | $ | 2,121 |
Gross realized gains and losses on sales of securities available for sale for the three and nine months ended September 30, 2021 were as follows:
|  |  | Three Months Ended |  |  |  | Nine Months Ended
|  |  | September 30, |  |  |  | September 30,
|  |  | 2021 |  |  |  | 2021
Gross gains on sales of securities available for sale |  |  | $ | 825 |  |  |  |  | $ | 4,333 |
Gross losses on sales of securities available for sale |  |  | (61) |  |  |  |  | (2,212) |
Gains on sales of securities available for sale, net |  |  | $ | 764 |  |  |  |  | $ | 2,121 |
Amortized cost and fair value of securities by contractual maturity | The amortized cost and fair value of securities at September 30, 2022 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.
| Held to Maturity |  | Available for Sale
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due within one year | $ | 150 |  |  | $ | 147 |  |  | $ | 8,900 |  |  | $ | 8,864 |
Due after one year through five years | 1,863 |  |  | 1,750 |  |  | 227,785 |  |  | 221,447 |
Due after five years through ten years | 44,350 |  |  | 37,553 |  |  | 77,471 |  |  | 71,942 |
Due after ten years | 246,406 |  |  | 189,717 |  |  | 75,791 |  |  | 65,160 |
Residential mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities | 500,348 |  |  | 471,070 |  |  | 528,196 |  |  | 469,028 |
Government agency collateralized mortgage obligations | 433,407 |  |  | 406,369 |  |  | 626,821 |  |  | 523,998 |
Commercial mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities | 17,011 |  |  | 13,582 |  |  | 11,204 |  |  | 10,247 |
Government agency collateralized mortgage obligations | 45,655 |  |  | 39,455 |  |  | 214,617 |  |  | 189,488 |
Other debt securities | 64,344 |  |  | 59,013 |  |  | 10,129 |  |  | 9,068 |
| $ | 1,353,534 |  |  | $ | 1,218,656 |  |  | $ | 1,780,914 |  |  | $ | 1,569,242 |
Gross unrealized losses and fair value by investment category | The following tables present the age of gross unrealized losses and fair value by investment category for which an allowance for credit losses has not been recorded as of the dates presented:
| Less than 12 Months |  | 12 Months or More |  | Total
| # |  | Fair Value |  | Unrealized Losses |  | # |  | Fair Value |  | Unrealized Losses |  | # |  | Fair Value |  | Unrealized Losses
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of other U.S. Government agencies and corporations | 5 |  | $ | 164,520 |  |  | $ | (5,480) |  |  | — |  | $ | — |  |  | $ | — |  |  | 5 |  | $ | 164,520 |  |  | $ | (5,480) |
Obligations of states and political subdivisions | 95 |  | 100,822 |  |  | (8,433) |  |  | 11 |  | 31,571 |  |  | (6,202) |  |  | 106 |  | 132,393 |  |  | (14,635) |
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 104 |  | 291,428 |  |  | (28,600) |  |  | 22 |  | 176,036 |  |  | (30,581) |  |  | 126 |  | 467,464 |  |  | (59,181) |
Government agency collateralized mortgage obligations | 28 |  | 248,142 |  |  | (39,982) |  |  | 24 |  | 275,856 |  |  | (62,841) |  |  | 52 |  | 523,998 |  |  | (102,823) |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 4 |  | 10,247 |  |  | (957) |  |  | — |  | — |  |  | — |  |  | 4 |  | 10,247 |  |  | (957) |
Government agency collateralized mortgage obligations | 18 |  | 119,176 |  |  | (11,340) |  |  | 11 |  | 70,312 |  |  | (13,789) |  |  | 29 |  | 189,488 |  |  | (25,129) |
Other debt securities | 32 |  | 70,317 |  |  | (3,571) |  |  | — |  | — |  |  | — |  |  | 32 |  | 70,317 |  |  | (3,571) |
Total | 286 |  | $ | 1,004,652 |  |  | $ | (98,363) |  |  | 68 |  | $ | 553,775 |  |  | $ | (113,413) |  |  | 354 |  | $ | 1,558,427 |  |  | $ | (211,776) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | 8 |  | $ | 34,303 |  |  | $ | (216) |  |  | 3 |  | $ | 3,892 |  |  | $ | (53) |  |  | 11 |  | $ | 38,195 |  |  | $ | (269) |
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 41 |  | 727,546 |  |  | (6,312) |  |  | 1 |  | 12,305 |  |  | (504) |  |  | 42 |  | 739,851 |  |  | (6,816) |
Government agency collateralized mortgage obligations | 49 |  | 966,126 |  |  | (20,371) |  |  | — |  | — |  |  | — |  |  | 49 |  | 966,126 |  |  | (20,371) |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 1 |  | 1,791 |  |  | (1) |  |  | 1 |  | 432 |  |  | — |  |  | 2 |  | 2,223 |  |  | (1) |
Government agency collateralized mortgage obligations | 21 |  | 160,919 |  |  | (3,072) |  |  | 2 |  | 9,005 |  |  | (347) |  |  | 23 |  | 169,924 |  |  | (3,419) |
Trust preferred securities | — |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  | — |  | — |  |  | — |
Other debt securities | 1 |  | 8,699 |  |  | (148) |  |  | — |  | — |  |  | — |  |  | 1 |  | 8,699 |  |  | (148) |
Total | 121 |  | $ | 1,899,384 |  |  | $ | (30,120) |  |  | 7 |  | $ | 25,634 |  |  | $ | (904) |  |  | 128 |  | $ | 1,925,018 |  |  | $ | (31,024) |
| Less than 12 Months |  | 12 Months or More |  | Total
| # |  | Fair Value |  | Unrealized Losses |  | # |  | Fair Value |  | Unrealized Losses |  | # |  | Fair Value |  | Unrealized Losses
Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | 125 |  | $ | 212,242 |  |  | $ | (57,474) |  |  | 5 |  | $ | 16,925 |  |  | $ | (6,128) |  |  | 130 |  | $ | 229,167 |  |  | $ | (63,602) |
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 48 |  | 272,247 |  |  | (14,993) |  |  | 23 |  | 197,823 |  |  | (14,285) |  |  | 71 |  | 470,070 |  |  | (29,278) |
Government agency collateralized mortgage obligations | 9 |  | 206,711 |  |  | (12,589) |  |  | 9 |  | 199,658 |  |  | (14,449) |  |  | 18 |  | 406,369 |  |  | (27,038) |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 1 |  | 13,582 |  |  | (3,429) |  |  | — |  | — |  |  | — |  |  | 1 |  | 13,582 |  |  | (3,429) |
Government agency collateralized mortgage obligations | 3 |  | 13,190 |  |  | (1,522) |  |  | 6 |  | 26,265 |  |  | (4,678) |  |  | 9 |  | 39,455 |  |  | (6,200) |
Other debt securities | 10 |  | 60,013 |  |  | (5,331) |  |  | — |  | — |  |  | — |  |  | 10 |  | 60,013 |  |  | (5,331) |
Total | 196 |  | $ | 777,985 |  |  | $ | (95,338) |  |  | 43 |  | $ | 440,671 |  |  | $ | (39,540) |  |  | 239 |  | $ | 1,218,656 |  |  | $ | (134,878) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | 24 |  | $ | 62,131 |  |  | $ | (685) |  |  | — |  | $ | — |  |  | $ | — |  |  | 24 |  | $ | 62,131 |  |  | $ | (685) |
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 50 |  | 53,560 |  |  | (181) |  |  | 1 |  | 5,354 |  |  | (17) |  |  | 51 |  | 58,914 |  |  | (198) |
Government agency collateralized mortgage obligations | 1 |  | 24,740 |  |  | (92) |  |  | — |  | — |  |  | — |  |  | 1 |  | 24,740 |  |  | (92) |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency collateralized mortgage obligations | 7 |  | 39,388 |  |  | (117) |  |  | — |  | — |  |  | — |  |  | 7 |  | 39,388 |  |  | (117) |
Other debt securities | 8 |  | 21,972 |  |  | (79) |  |  | — |  | — |  |  | — |  |  | 8 |  | 21,972 |  |  | (79) |
Total | 90 |  | $ | 201,791 |  |  | $ | (1,154) |  |  | 1 |  | $ | 5,354 |  |  | $ | (17) |  |  | 91 |  | $ | 207,145 |  |  | $ | (1,171) |

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