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v3.22.1

Investment Securities | 3 Months Ended
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Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment securities: The following tables summarize the amortized cost, allowance for credit losses and fair value of the available-for-sale debt securities and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income at March 31, 2022 and December 31, 2021:
|  | March 31, 2022
|  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Allowance for credit losses for investments |  | Fair Value
Investment Securities |  |  |  |  |  |  |  |  |  |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 41,015 |  |  | $ | — |  |  | $ | (2,133) |  |  | $ | — |  |  | $ | 38,882 |
Mortgage-backed securities - residential |  | 1,320,205 |  |  | 616 |  |  | (88,565) |  |  | — |  |  | 1,232,256 |
Mortgage-backed securities - commercial |  | 14,738 |  |  | 14 |  |  | (445) |  |  | — |  |  | 14,307 |
Municipal securities |  | 318,587 |  |  | 3,594 |  |  | (12,043) |  |  | — |  |  | 310,138 |
U.S. Treasury securities |  | 81,913 |  |  | 4 |  |  | (1,744) |  |  | — |  |  | 80,173 |
Corporate securities |  | 8,000 |  |  | 4 |  |  | (235) |  |  | — |  |  | 7,769 |
Total |  | $ | 1,784,458 |  |  | $ | 4,232 |  |  | $ | (105,165) |  |  | $ | — |  |  | $ | 1,683,525 |
|  | December 31, 2021 |  |
|  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Allowance for credit losses for investments |  | Fair Value |  |
Investment Securities |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 34,023 |  |  | $ | 18 |  |  | $ | (171) |  |  | $ | — |  |  | $ | 33,870 |  |  |
Mortgage-backed securities - residential |  | 1,281,285 |  |  | 6,072 |  |  | (17,985) |  |  | — |  |  | 1,269,372 |  |  |
Mortgage-backed securities - commercial |  | 15,024 |  |  | 272 |  |  | (46) |  |  | — |  |  | 15,250 |  |  |
Municipal securities |  | 322,052 |  |  | 16,718 |  |  | (160) |  |  | — |  |  | 338,610 |  |  |
U.S. Treasury securities |  | 14,914 |  |  | — |  |  | (6) |  |  | — |  |  | 14,908 |  |  |
Corporate securities |  | 6,500 |  |  | 40 |  |  | (25) |  |  | — |  |  | 6,515 |  |  |
Total |  | $ | 1,673,798 |  |  | $ | 23,120 |  |  | $ | (18,393) |  |  | $ | — |  |  | $ | 1,678,525 |  |  |
The components of amortized cost for debt securities on the consolidated balance sheets excludes accrued interest receivable since the Company elected to present accrued interest receivable separately on the consolidated balance sheets. As of March 31, 2022 and December 31, 2021, total accrued interest receivable on debt securities was $5,331 and $5,051, respectively. As of March 31, 2022 and December 31, 2021, the Company had $3,213 and $3,367, in marketable equity securities recorded at fair value, respectively. Securities pledged at March 31, 2022 and December 31, 2021 had carrying amounts of $1,253,407 and $1,226,646, respectively, and were pledged to secure a Federal Reserve Bank line of credit, public deposits and repurchase agreements. There were no holdings of securities of any one issuer, other than U.S. Government sponsored enterprises, in an amount greater than 10% of shareholders' equity during any period presented. Investment securities transactions are recorded as of the trade date. At March 31, 2022 and December 31, 2021, there were no trade date receivables or payables that related to sales or purchases settled after period end. The amortized cost and fair value of debt securities by contractual maturity at March 31, 2022 and December 31, 2021 are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgage underlying the security may be called or repaid without any penalties. Therefore, mortgage-backed securities are not included in the maturity categories in the following summary.
|  | March 31, |  | December 31,
|  | 2022 |  |  | 2021 |
|  | Available-for-sale |  | Available-for-sale
|  | Amortized cost |  | Fair value |  | Amortized cost |  | Fair value
Due in one year or less |  | $ | 19,614 |  |  | $ | 19,602 |  |  | $ | 21,851 |  |  | $ | 21,884 |
Due in one to five years |  | 121,436 |  |  | 118,438 |  |  | 54,847 |  |  | 55,307 |
Due in five to ten years |  | 55,733 |  |  | 54,635 |  |  | 45,714 |  |  | 46,975 |
Due in over ten years |  | 252,732 |  |  | 244,287 |  |  | 255,077 |  |  | 269,737 |
|  | 449,515 |  |  | 436,962 |  |  | 377,489 |  |  | 393,903 |
Mortgage-backed securities - residential |  | 1,320,205 |  |  | 1,232,256 |  |  | 1,281,285 |  |  | 1,269,372 |
Mortgage-backed securities - commercial |  | 14,738 |  |  | 14,307 |  |  | 15,024 |  |  | 15,250 |
Total debt securities |  | $ | 1,784,458 |  |  | $ | 1,683,525 |  |  | $ | 1,673,798 |  |  | $ | 1,678,525 |
Sales and other dispositions of available-for-sale securities were as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2022 |  |  | 2021 |  |  |
Proceeds from sales |  |  |  |  | $ | — |  |  | $ | — |  |  |
Proceeds from maturities, prepayments and calls |  |  |  |  | 57,443 |  |  | 61,040 |  |  |
Gross realized gains |  |  |  |  | 2 |  |  | 7 |  |  |
Gross realized losses |  |  |  |  | — |  |  | — |  |  |
Additionally, the change in the fair value of equity securities and sale of equity securities resulted in a net loss of $154 and a net gain of $76 for the three months ended March 31, 2022 and 2021, respectively. The following tables show gross unrealized losses for which an allowance for credit losses has not been recorded at March 31, 2022 and December 31, 2021, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
|  | March 31, 2022
|  | Less than 12 months |  | 12 months or more |  | Total
|  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
U.S. government agency securities |  | $ | 38,882 |  |  | $ | (2,133) |  |  | $ | — |  |  | $ | — |  |  | $ | 38,882 |  |  | $ | (2,133) |
Mortgage-backed securities - residential |  | 961,993 |  |  | (70,839) |  |  | 175,988 |  |  | (17,726) |  |  | 1,137,981 |  |  | (88,565) |
Mortgage-backed securities - commercial |  | 9,647 |  |  | (445) |  |  | — |  |  | — |  |  | 9,647 |  |  | (445) |
Municipal securities |  | 192,546 |  |  | (11,844) |  |  | 1,030 |  |  | (199) |  |  | 193,576 |  |  | (12,043) |
U.S. Treasury securities |  | 47,918 |  |  | (1,744) |  |  | — |  |  | — |  |  | 47,918 |  |  | (1,744) |
Corporate securities |  | 6,896 |  |  | (235) |  |  | — |  |  | — |  |  | 6,896 |  |  | (235) |
Total |  | $ | 1,257,882 |  |  | $ | (87,240) |  |  | $ | 177,018 |  |  | $ | (17,925) |  |  | $ | 1,434,900 |  |  | $ | (105,165) |
|  | December 31, 2021
|  | Less than 12 months |  | 12 months or more |  | Total
|  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized loss
U.S. government agency securities |  | $ | 18,360 |  |  | $ | (171) |  |  | $ | — |  |  | $ | — |  |  | $ | 18,360 |  |  | $ | (171) |
Mortgage-backed securities - residential |  | $ | 871,368 |  |  | $ | (14,295) |  |  | $ | 102,799 |  |  | $ | (3,690) |  |  | $ | 974,167 |  |  | $ | (17,985) |
Mortgage-backed securities - commercial |  | 7,946 |  |  | (46) |  |  | — |  |  | — |  |  | 7,946 |  |  | (46) |
Municipal securities |  | 11,414 |  |  | (160) |  |  | — |  |  | — |  |  | 11,414 |  |  | (160) |
U.S. Treasury securities |  | 14,908 |  |  | (6) |  |  | — |  |  | — |  |  | 14,908 |  |  | (6) |
Corporate securities |  | 4,119 |  |  | (25) |  |  | — |  |  | — |  |  | 4,119 |  |  | (25) |
Total |  | $ | 928,115 |  |  | $ | (14,703) |  |  | $ | 102,799 |  |  | $ | (3,690) |  |  | $ | 1,030,914 |  |  | $ | (18,393) |
As of March 31, 2022 and December 31, 2021, the Company’s securities portfolio consisted of 514 and 511 securities, 321 and 80 of which were in an unrealized loss position, respectively. During the three months ended March 31, 2022, the Company's available-for-sale debt securities portfolio unrealized value declined $105.6 million to an unrealized loss position of $100.9 million from an unrealized gain position of $4.7 million as of December 31, 2021. During the three months ended March 31, 2021, the Company's available-for-sale debt securities portfolio declined $15.4 million to an unrealized gain position of $19.2 million from an unrealized gain position of $34.6 million as of December 31, 2020. The majority of the investment portfolio was either government guaranteed or an issuance of a government sponsored entity or highly rated by major credit rating agencies and the Company has historically not recorded any losses associated with these investments. As such, as of March 31, 2022 and December 31, 2021, it was determined that all available-for-sale debt securities that experienced a decline in fair value below amortized cost basis were due to noncredit-related factors. Therefore, there was no provision for credit losses recognized on available-for-sale debt securities during the three months ended March 31, 2022 or 2021.

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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 http://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 http://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 http://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 http://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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