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Securities | 9 Months Ended
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Sep. 30, 2023
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, 2023 or December 31, 2022.
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value
September 30, 2023 |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 38,200 |  |  | $ | 71 |  |  | $ | (4,732) |  |  |  |  | $ | 33,539 |
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 321,245 |  |  | 2 |  |  | (49,799) |  |  |  |  | 271,448 |
Government agency collateralized mortgage obligations | 501,793 |  |  | — |  |  | (108,896) |  |  |  |  | 392,897 |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 6,036 |  |  | — |  |  | (908) |  |  |  |  | 5,128 |
Government agency collateralized mortgage obligations | 165,812 |  |  | — |  |  | (27,071) |  |  |  |  | 138,741 |
Other debt securities | 72,386 |  |  | 207 |  |  | (5,238) |  |  |  |  | 67,355 |
| $ | 1,105,472 |  |  | $ | 280 |  |  | $ | (196,644) |  |  |  |  | $ | 909,108 |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  |  |  | Fair Value
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Obligations of other U.S. Government agencies and corporations | $ | 170,000 |  |  | $ | — |  |  | $ | (5,340) |  |  |  |  |  |  | $ | 164,660 |
Obligations of states and political subdivisions | 154,066 |  |  | 204 |  |  | (9,368) |  |  |  |  |  |  | 144,902 |
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 508,415 |  |  | 37 |  |  | (52,036) |  |  |  |  |  |  | 456,416 |
Government agency collateralized mortgage obligations | 605,033 |  |  | — |  |  | (103,864) |  |  |  |  |  |  | 501,169 |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 11,166 |  |  | — |  |  | (1,053) |  |  |  |  |  |  | 10,113 |
Government agency collateralized mortgage obligations | 211,435 |  |  | — |  |  | (25,589) |  |  |  |  |  |  | 185,846 |
Other debt securities | 74,885 |  |  | — |  |  | (4,049) |  |  |  |  |  |  | 70,836 |
| $ | 1,735,000 |  |  | $ | 241 |  |  | $ | (201,299) |  |  |  |  |  |  | $ | 1,533,942 |
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, 2023 |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 289,053 |  |  | $ | — |  |  | $ | (57,660) |  |  |  |  |  |  | $ | 231,393 |
Residential mortgage backed securities |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 440,227 |  |  | — |  |  | (41,350) |  |  |  |  |  |  | 398,877 |
Government agency collateralized mortgage obligations | 395,441 |  |  | — |  |  | (49,030) |  |  |  |  |  |  | 346,411 |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 16,989 |  |  | — |  |  | (3,800) |  |  |  |  |  |  | 13,189 |
Government agency collateralized mortgage obligations | 44,725 |  |  | — |  |  | (8,235) |  |  |  |  |  |  | 36,490 |
Other debt securities | 59,192 |  |  | — |  |  | (6,429) |  |  |  |  |  |  | 52,763 |
| $ | 1,245,627 |  |  | $ | — |  |  | $ | (166,504) |  |  |  |  |  |  | $ | 1,079,123 |
Allowance for credit losses - held to maturity securities | (32) |  |  |  |  |  |  |  |  |  |  |
Held to maturity securities, net of allowance for credit losses | $ | 1,245,595 |  |  |  |  |  |  |  |  |  |  |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  |  |  | Fair Value
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 291,886 |  |  | $ | 17 |  |  | $ | (48,325) |  |  |  |  |  |  | $ | 243,578 |
Residential mortgage backed securities |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 483,560 |  |  | — |  |  | (24,432) |  |  |  |  |  |  | 459,128 |
Government agency collateralized mortgage obligations | 423,315 |  |  | — |  |  | (30,706) |  |  |  |  |  |  | 392,609 |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 17,006 |  |  | — |  |  | (3,261) |  |  |  |  |  |  | 13,745 |
Government agency collateralized mortgage obligations | 45,430 |  |  | — |  |  | (6,559) |  |  |  |  |  |  | 38,871 |
Other debt securities | 62,875 |  |  | — |  |  | (4,266) |  |  |  |  |  |  | 58,609 |
| $ | 1,324,072 |  |  | $ | 17 |  |  | $ | (117,549) |  |  |  |  |  |  | $ | 1,206,540 |
Allowance for credit losses - held to maturity securities | (32) |  |  |  |  |  |  |  |  |  |  |
Held to maturity securities, net of allowance for credit losses | $ | 1,324,040 |  |  |  |  |  |  |  |  |  |  |
Securities sold were as follows for the nine months ended September 30, 2023. There were no securities sold during the third quarter of 2023 nor the three and nine months ended September 30, 2022.
| Carrying Value |  | Net Proceeds |  | (Loss)
Nine months ended September 30, 2023 |  |  |  |  |
Obligations of other U.S. Government agencies and corporations | $ | 170,000 |  |  | $ | 164,915 |  |  | $ | (5,085) |
Obligations of states and political subdivisions | 104,950 |  |  | 99,439 |  |  | (5,511) |
Residential mortgage backed securities: |  |  |  |  |
Government agency mortgage backed securities | 137,196 |  |  | 130,602 |  |  | (6,594) |
Government agency collateralized mortgage obligations | 54,028 |  |  | 51,101 |  |  | (2,927) |
Commercial mortgage backed securities: |  |  |  |  |
Government agency mortgage backed securities | 5,048 |  |  | 4,825 |  |  | (223) |
Government agency collateralized mortgage obligations | 40,197 |  |  | 38,099 |  |  | (2,098) |
| $ | 511,419 |  |  | $ | 488,981 |  |  | $ | (22,438) |
At September 30, 2023 and December 31, 2022, securities with a carrying value of $783,250 and $824,417, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $24,034 and $18,184 were pledged as collateral for short-term borrowings and derivative instruments at September 30, 2023 and December 31, 2022, respectively. The amortized cost and fair value of securities at September 30, 2023 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 | $ | — |  |  | $ | — |  |  | $ | 6,482 |  |  | $ | 6,402 |
Due after one year through five years | 3,265 |  |  | 3,044 |  |  | 36,332 |  |  | 36,386 |
Due after five years through ten years | 75,045 |  |  | 62,072 |  |  | 42,481 |  |  | 36,784 |
Due after ten years | 210,743 |  |  | 166,277 |  |  | 16,688 |  |  | 13,887 |
Residential mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities | 440,227 |  |  | 398,877 |  |  | 321,245 |  |  | 271,448 |
Government agency collateralized mortgage obligations | 395,441 |  |  | 346,411 |  |  | 501,793 |  |  | 392,897 |
Commercial mortgage backed securities: |  |  |  |  |  |  |
Government agency mortgage backed securities | 16,989 |  |  | 13,189 |  |  | 6,036 |  |  | 5,128 |
Government agency collateralized mortgage obligations | 44,725 |  |  | 36,490 |  |  | 165,812 |  |  | 138,741 |
Other debt securities | 59,192 |  |  | 52,763 |  |  | 8,603 |  |  | 7,435 |
| $ | 1,245,627 |  |  | $ | 1,079,123 |  |  | $ | 1,105,472 |  |  | $ | 909,108 |
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, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | 6 |  | 5,196 |  |  | (27) |  |  | 16 |  | 23,814 |  |  | (4,705) |  |  | 22 |  | 29,010 |  |  | (4,732) |
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | — |  |  | — |  |  | — |  |  | 53 |  | 267,412 |  |  | (49,799) |  |  | 53 |  | 267,412 |  |  | (49,799) |
Government agency collateralized mortgage obligations | — |  |  | — |  |  | — |  |  | 41 |  | 392,897 |  |  | (108,896) |  |  | 41 |  | 392,897 |  |  | (108,896) |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | — |  | — |  |  | — |  |  | 2 |  | 5,128 |  |  | (908) |  |  | 2 |  | 5,128 |  |  | (908) |
Government agency collateralized mortgage obligations | — |  | — |  |  | — |  |  | 28 |  | 138,742 |  |  | (27,071) |  |  | 28 |  | 138,742 |  |  | (27,071) |
Other debt securities | 1 |  | 957 |  |  | (53) |  |  | 20 |  | 36,456 |  |  | (5,185) |  |  | 21 |  | 37,413 |  |  | (5,238) |
Total | 7 |  | $ | 6,153 |  |  | $ | (80) |  |  | 160 |  | $ | 864,449 |  |  | $ | (196,564) |  |  | 167 |  | $ | 870,602 |  |  | $ | (196,644) |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of other U.S. Government agencies and corporations | 5 |  | $ | 164,660 |  |  | $ | (5,340) |  |  | — |  | $ | — |  |  | $ | — |  |  | 5 |  | $ | 164,660 |  |  | $ | (5,340) |
Obligations of states and political subdivisions | 84 |  | $ | 96,939 |  |  | $ | (4,869) |  |  | 11 |  | $ | 33,038 |  |  | $ | (4,499) |  |  | 95 |  | $ | 129,977 |  |  | $ | (9,368) |
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 97 |  | 214,516 |  |  | (15,115) |  |  | 29 |  | 237,970 |  |  | (36,921) |  |  | 126 |  | 452,486 |  |  | (52,036) |
Government agency collateralized mortgage obligations | 16 |  | 109,753 |  |  | (8,552) |  |  | 36 |  | 391,416 |  |  | (95,312) |  |  | 52 |  | 501,169 |  |  | (103,864) |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 4 |  | 10,114 |  |  | (1,053) |  |  | — |  | — |  |  | — |  |  | 4 |  | 10,114 |  |  | (1,053) |
Government agency collateralized mortgage obligations | 16 |  | 67,026 |  |  | (3,829) |  |  | 21 |  | 118,821 |  |  | (21,760) |  |  | 37 |  | 185,847 |  |  | (25,589) |
Other debt securities | 25 |  | 63,423 |  |  | (3,166) |  |  | 1 |  | 7,412 |  |  | (883) |  |  | 26 |  | 70,835 |  |  | (4,049) |
Total | 247 |  | $ | 726,431 |  |  | $ | (41,924) |  |  | 98 |  | $ | 788,657 |  |  | $ | (159,375) |  |  | 345 |  | $ | 1,515,088 |  |  | $ | (201,299) |
| 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, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | — |  | $ | — |  |  | $ | — |  |  | 129 |  | $ | 231,393 |  |  | $ | (57,660) |  |  | 129 |  | $ | 231,393 |  |  | $ | (57,660) |
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | — |  | — |  |  | — |  |  | 70 |  | 398,876 |  |  | (41,350) |  |  | 70 |  | 398,876 |  |  | (41,350) |
Government agency collateralized mortgage obligations | — |  | — |  |  | — |  |  | 18 |  | 346,411 |  |  | (49,030) |  |  | 18 |  | 346,411 |  |  | (49,030) |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | — |  | — |  |  | — |  |  | 1 |  | 13,189 |  |  | (3,800) |  |  | 1 |  | 13,189 |  |  | (3,800) |
Government agency collateralized mortgage obligations | — |  | — |  |  | — |  |  | 9 |  | 36,490 |  |  | (8,235) |  |  | 9 |  | 36,490 |  |  | (8,235) |
Other debt securities | — |  | — |  |  | — |  |  | 10 |  | 52,761 |  |  | (6,429) |  |  | 10 |  | 52,761 |  |  | (6,429) |
Total | — |  | $ | — |  |  | $ | — |  |  | 237 |  | $ | 1,079,120 |  |  | $ | (166,504) |  |  | 237 |  | $ | 1,079,120 |  |  | $ | (166,504) |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | 105 |  | $ | 191,442 |  |  | $ | (35,871) |  |  | 24 |  | $ | 49,697 |  |  | $ | (12,454) |  |  | 129 |  | $ | 241,139 |  |  | $ | (48,325) |
Residential mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 8 |  | 94,258 |  |  | (4,186) |  |  | 62 |  | 364,870 |  |  | (20,246) |  |  | 70 |  | 459,128 |  |  | (24,432) |
Government agency collateralized mortgage obligations | 4 |  | 98,912 |  |  | (5,479) |  |  | 14 |  | 293,698 |  |  | (25,227) |  |  | 18 |  | 392,610 |  |  | (30,706) |
Commercial mortgage backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government agency mortgage backed securities | 1 |  | 13,745 |  |  | (3,261) |  |  | — |  | — |  |  | — |  |  | 1 |  | 13,745 |  |  | (3,261) |
Government agency collateralized mortgage obligations | 2 |  | 7,651 |  |  | (626) |  |  | 7 |  | 31,220 |  |  | (5,933) |  |  | 9 |  | 38,871 |  |  | (6,559) |
Other debt securities | 2 |  | 42,567 |  |  | (2,013) |  |  | 8 |  | 16,042 |  |  | (2,253) |  |  | 10 |  | 58,609 |  |  | (4,266) |
Total | 122 |  | $ | 448,575 |  |  | $ | (51,436) |  |  | 115 |  | $ | 755,527 |  |  | $ | (66,113) |  |  | 237 |  | $ | 1,204,102 |  |  | $ | (117,549) |
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. As of September 30, 2023, 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, 2023, 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 2023. The allowance for credit losses on held to maturity securities was $32 at September 30, 2023 and December 31, 2022. 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, 2023, all of the amortized cost of debt securities held to maturity were rated A or higher by the ratings agencies.

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