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Securities | 9 Months Ended
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Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities (In Thousands, Except Number of Securities) 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 |  |  |  |  |  |  |  |  |  |  |
During the third quarter, the Company transferred, at fair value, $882,927 of securities from the available for sale portfolio to the held to maturity portfolio as the Company has no intention to sell these securities. The related net unrealized loss of $99,675 (after tax losses of $74,307) remained in accumulated other comprehensive income (loss) and will be amortized over the remaining life of the securities, offsetting the related amortization of discount on the transferred securities. No gains or losses were recognized at the time of transfer. There were no securities sold during the three and nine months ended September 30, 2022. 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 |
At September 30, 2022 and December 31, 2021, securities with a carrying value of $804,161 and $607,681, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $17,472 and $21,493 were pledged as collateral for short-term borrowings and derivative instruments at September 30, 2022 and December 31, 2021, respectively. 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 |
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) |
The Company evaluates its investment portfolio for impairment related to credit losses on a quarterly basis. Impairment is assessed at the individual security level. The Company considers an investment security impaired if the fair value of the security is less than its cost or amortized cost basis. If the Company intends to sell the investment security or if the Company does not expect to recover the entire amortized cost basis of the security before the Company is required to sell the security or before the security’s maturity, the security is impaired and written down to fair value with all losses recognized in earnings. The Company does not intend to sell any securities in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be at maturity. Furthermore, even though a number of these securities have been in a continuous unrealized loss position for a period longer than twelve months, the Company is collecting principal and interest payments from the respective issuers as scheduled. Based upon its review of securities with unrealized losses as of September 30, 2022, the Company determined that all such losses resulted from factors not deemed credit related. As such, the Company did not record any impairment for the first nine months of 2022. The allowance for credit losses on held to maturity securities was $32 at September 30, 2022 and December 31, 2021. The Company monitors the credit quality of debt securities held to maturity using bond investment grades assigned by third party ratings agencies. Updated investment grades are obtained as they become available from agencies. As of September 30, 2022, 99.99% of the amortized cost of debt securities held to maturity were rated A or higher by the ratings agencies.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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