XML 47 R34.htm IDEA: XBRL DOCUMENT v3.22.4
Securities (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Securities

The following table presents the fair value and amortized cost of available-for-sale and held-to-maturity debt securities:

 

 

December 31, 2022

 

 

December 31, 2021

 

(in thousands)

Amortized
Cost

 

Gross
Unrealized
Gains

 

Gross
Unrealized
Losses

 

Estimated
Fair Value

 

 

Amortized
Cost

 

Gross
Unrealized
Gains

 

Gross
Unrealized
Losses

 

Estimated
Fair Value

 

Available-for-sale debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government sponsored entities and
   agencies

$

259,418

 

$

2

 

$

(33,450

)

$

225,970

 

 

$

236,096

 

$

3,922

 

$

(3,040

)

$

236,978

 

Residential mortgage-backed securities
   and collateralized mortgage obligations
   of government sponsored entities and
   agencies

 

2,144,015

 

 

25

 

 

(297,987

)

 

1,846,053

 

 

 

2,301,170

 

 

16,489

 

 

(32,446

)

 

2,285,213

 

Commercial mortgage-backed securities
   and collateralized mortgage obligations
   of government sponsored entities and
   agencies

 

359,811

 

 

—

 

 

(10,080

)

 

349,731

 

 

 

364,486

 

 

4,252

 

 

(1,245

)

 

367,493

 

Obligations of states and political
   subdivisions

 

96,081

 

 

244

 

 

(4,097

)

 

92,228

 

 

 

101,003

 

 

5,372

 

 

(35

)

 

106,340

 

Corporate debt securities

 

15,451

 

 

—

 

 

(293

)

 

15,158

 

 

 

16,940

 

 

507

 

 

(9

)

 

17,438

 

Total available-for-sale debt securities

$

2,874,776

 

$

271

 

$

(345,907

)

$

2,529,140

 

 

$

3,019,695

 

$

30,542

 

$

(36,775

)

$

3,013,462

 

Held-to-maturity debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government sponsored entities and
   agencies

$

4,357

 

$

—

 

$

(416

)

$

3,941

 

 

$

5,944

 

$

72

 

$

(8

)

$

6,008

 

Residential mortgage-backed securities
   and collateralized mortgage obligations
   of government sponsored entities and
   agencies

 

45,909

 

 

—

 

 

(3,809

)

 

42,100

 

 

 

58,147

 

 

1,409

 

 

(16

)

 

59,540

 

Obligations of states and political
   subdivisions

 

1,177,986

 

 

577

 

 

(159,975

)

 

1,018,588

 

 

 

907,649

 

 

23,854

 

 

(3,500

)

 

928,003

 

Corporate debt securities

 

20,377

 

 

—

 

 

(616

)

 

19,761

 

 

 

33,083

 

 

1,818

 

 

—

 

 

34,901

 

Total held-to-maturity debt securities (1)

$

1,248,629

 

$

577

 

$

(164,816

)

$

1,084,390

 

 

$

1,004,823

 

$

27,153

 

$

(3,524

)

$

1,028,452

 

Total debt securities

$

4,123,405

 

$

848

 

$

(510,723

)

$

3,613,530

 

 

$

4,024,518

 

$

57,695

 

$

(40,299

)

$

4,041,914

 

 

(1)
Total held-to-maturity debt securities are presented on the balance sheet net of their allowance for credit losses totaling $0.2 million and $0.3 million at December 31, 2022 and 2021, respectively.
Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Securities by Contractual Maturity

The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity at December 31, 2022. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay debt obligations with or without prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are classified in the table below based on their contractual maturity date; however, regular principal payments and prepayments of principal are received on a monthly basis.

 

(in thousands)

 

Amortized Cost

 

 

Fair Value

 

Available-for-sale debt securities

 

 

 

 

 

 

Less than one year

 

$

36,678

 

 

$

36,281

 

1-5 years

 

 

126,232

 

 

 

122,389

 

5-10 years

 

 

450,732

 

 

 

428,661

 

Over 10 years

 

 

2,261,134

 

 

 

1,941,809

 

Total available-for-sale debt securities

 

$

2,874,776

 

 

$

2,529,140

 

Held-to-maturity debt securities

 

 

 

 

 

 

Less than one year

 

$

25,985

 

 

$

25,871

 

1-5 years

 

 

102,383

 

 

 

101,156

 

5-10 years

 

 

379,069

 

 

 

352,338

 

Over 10 years

 

 

741,192

 

 

 

605,025

 

Total held-to-maturity debt securities

 

$

1,248,629

 

 

$

1,084,390

 

Total debt securities

 

$

4,123,405

 

 

$

3,613,530

 
Schedule of Gross Realized Gains and Losses on the Sales and Calls of Securities

The following table presents the gross realized gains and losses on sales and calls of available-for-sale and held-to-maturity debt securities, as well as gains and losses on equity securities from both sales and market adjustments for the years ended December 31, 2022, 2021 and 2020, respectively. All gains and losses presented in the table below are included in the net securities gains (losses) line item of the income statement. For those equity securities relating to the key officer and director deferred compensation plan, the corresponding change in the obligation to the participant is recognized in employee benefits expense.

 

 

 

For the Years Ended December 31,

 

(in thousands)

 

2022

 

 

2021

 

 

2020

 

Debt securities:

 

 

 

 

 

 

 

 

 

Gross realized gains

 

$

168

 

 

$

252

 

 

$

3,816

 

Gross realized losses

 

 

(21

)

 

 

(57

)

 

 

(1,083

)

Net gains on debt securities

 

$

147

 

 

$

195

 

 

$

2,733

 

Equity securities:

 

 

 

 

 

 

 

 

 

Unrealized (losses) gains recognized on securities still held

 

$

(1,924

)

 

$

918

 

 

$

1,541

 

Net realized losses recognized on securities sold

 

 

—

 

 

 

—

 

 

 

(6

)

Net (losses) gains on equity securities

 

$

(1,924

)

 

$

918

 

 

$

1,535

 

Net securities (losses) gains

 

$

(1,777

)

 

$

1,113

 

 

$

4,268

 
Schedule of Allowance for Credit Losses on Held-to-maturity Securities

The following table provides a roll-forward of the allowance for credit losses on held-to-maturity securities for the years ended December 31, 2022, 2021 and 2020, respectively:

 

 

Allowance for Credit Losses By Category

 

 

For the Years Ended December 31, 2022, 2021 and 2020

 

 

 

 

Residential mortgage

 

 

 

 

 

 

 

 

 

 

-backed

 

 

 

 

 

 

 

 

 

 

securities and

 

 

 

 

 

 

 

 

 

 

collateralized

 

 

 

 

 

 

 

 

 

 

mortgage obligations

 

Obligations of

 

 

 

 

 

 

U.S. Government

 

of government

 

state and

 

Corporate

 

 

 

 

sponsored

 

sponsored entities

 

political

 

debt

 

 

 

(in thousands)

entities and agencies

 

and agencies

 

subdivisions

 

Securities

 

Total

 

Beginning balance at January 1, 2022

$

—

 

$

—

 

$

174

 

$

94

 

$

268

 

Current period provision

 

—

 

 

—

 

 

(7

)

 

(41

)

 

(48

)

Write-offs

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Recoveries

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Ending balance at December 31, 2022

$

—

 

$

—

 

$

167

 

$

53

 

$

220

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance at January 1, 2021

$

—

 

$

—

 

$

130

 

$

196

 

$

326

 

Current period provision

 

—

 

 

—

 

 

44

 

 

(102

)

 

(58

)

Write-offs

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Recoveries

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Ending balance at December 31, 2021

$

—

 

$

—

 

$

174

 

$

94

 

$

268

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance at January 1, 2020

$

—

 

$

—

 

$

96

 

$

133

 

$

229

 

Current period provision

 

—

 

 

—

 

 

34

 

 

63

 

 

97

 

Write-offs

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Recoveries

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Ending balance at December 31, 2020

$

—

 

$

—

 

$

130

 

$

196

 

$

326

 
Schedule of Unrealized Losses on Investment Securities

The following tables provide information on unrealized losses on available-for-sale debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more, for which an allowance for credit losses has not been recorded as of December 31, 2022 and 2021, respectively:

 

 

 

December 31, 2022

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

(dollars in thousands)

 

Fair
Value

 

 

Unrealized
Losses

 

 

# of
Securities

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

# of
Securities

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

# of
Securities

 

U.S. Government sponsored
   entities and agencies

 

$

107,011

 

 

$

(8,435

)

 

 

35

 

 

$

118,779

 

 

$

(25,015

)

 

 

13

 

 

$

225,790

 

 

$

(33,450

)

 

 

48

 

Residential mortgage-backed
   securities and collateralized
   mortgage obligations of
   government sponsored entities
   and agencies

 

 

514,789

 

 

 

(39,246

)

 

 

294

 

 

 

1,328,906

 

 

 

(258,741

)

 

 

202

 

 

 

1,843,695

 

 

 

(297,987

)

 

 

496

 

Commercial mortgage-backed
   securities and collateralized
   mortgage obligations of
   government sponsored entities
   and agencies

 

 

190,189

 

 

 

(5,106

)

 

 

38

 

 

 

159,543

 

 

 

(4,974

)

 

 

36

 

 

 

349,732

 

 

 

(10,080

)

 

 

74

 

Obligations of states and political
   subdivisions

 

 

67,822

 

 

 

(1,815

)

 

 

128

 

 

 

7,812

 

 

 

(2,282

)

 

 

10

 

 

 

75,634

 

 

 

(4,097

)

 

 

138

 

Corporate debt securities

 

 

7,225

 

 

 

(226

)

 

 

3

 

 

 

4,433

 

 

 

(67

)

 

 

3

 

 

 

11,658

 

 

 

(293

)

 

 

6

 

Total temporarily impaired
   securities

 

$

887,036

 

 

$

(54,828

)

 

 

498

 

 

$

1,619,473

 

 

$

(291,079

)

 

 

264

 

 

$

2,506,509

 

 

$

(345,907

)

 

 

762

 

 

 

 

December 31, 2021

 

 

 

Less than 12 months

 

 

12 months or more

 

 

Total

 

(dollars in thousands)

 

Fair
Value

 

 

Unrealized
Losses

 

 

# of
Securities

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

# of
Securities

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

# of
Securities

 

U.S. Government sponsored
   entities and agencies

 

$

114,486

 

 

$

(1,865

)

 

 

12

 

 

$

32,688

 

 

$

(1,175

)

 

 

4

 

 

$

147,174

 

 

$

(3,040

)

 

 

16

 

Residential mortgage-backed
   securities and collateralized
   mortgage obligations of
   government sponsored entities
   and agencies

 

 

1,568,138

 

 

 

(29,060

)

 

 

143

 

 

 

141,681

 

 

 

(3,386

)

 

 

23

 

 

 

1,709,819

 

 

 

(32,446

)

 

 

166

 

Commercial mortgage-backed
   securities and collateralized
   mortgage obligations of
   government sponsored entities
   and agencies

 

 

131,970

 

 

 

(579

)

 

 

25

 

 

 

78,356

 

 

 

(666

)

 

 

8

 

 

 

210,326

 

 

 

(1,245

)

 

 

33

 

Obligations of states and political
   subdivisions

 

 

4,307

 

 

 

(35

)

 

 

2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,307

 

 

 

(35

)

 

 

2

 

Corporate debt securities

 

 

6,990

 

 

 

(9

)

 

 

5

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,990

 

 

 

(9

)

 

 

5

 

Total temporarily impaired
   securities

 

$

1,825,891

 

 

$

(31,548

)

 

 

187

 

 

$

252,725

 

 

$

(5,227

)

 

 

35

 

 

$

2,078,616

 

 

$

(36,775

)

 

 

222