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v3.23.2

Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Securities Available for Sale | The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities at June 30, 2023 and December 31, 2022 (in thousands):
|  | June 30, 2023
|  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
U.S. Treasury obligations |  | $ | 276,106 |  |  | — |  |  | (29,039) |  |  | 247,067 |
Agency obligations |  | 31,452 |  |  | 301 |  |  | — |  |  | 31,753 |
Mortgage-backed securities |  | 1,549,842 |  |  | 84 |  |  | (203,202) |  |  | 1,346,724 |
Asset-backed securities |  | 34,351 |  |  | 379 |  |  | (224) |  |  | 34,506 |
State and municipal obligations |  | 64,939 |  |  | — |  |  | (9,214) |  |  | 55,725 |
Corporate obligations |  | 40,495 |  |  | — |  |  | (6,381) |  |  | 34,114 |
|  | $ | 1,997,185 |  |  | 764 |  |  | (248,060) |  |  | 1,749,889 |
|  | December 31, 2022
|  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
U.S. Treasury obligations |  | $ | 275,620 |  |  | — |  |  | (29,804) |  |  | 245,816 |
Mortgage-backed securities |  | 1,636,913 |  |  | 209 |  |  | (209,983) |  |  | 1,427,139 |
Asset-backed securities |  | 37,706 |  |  | 278 |  |  | (363) |  |  | 37,621 |
State and municipal obligations |  | 67,706 |  |  | — |  |  | (10,842) |  |  | 56,864 |
Corporate obligations |  | 40,540 |  |  | 50 |  |  | (4,482) |  |  | 36,108 |
|  | $ | 2,058,485 |  |  | 537 |  |  | (255,474) |  |  | 1,803,548 |
Investment Securities Classified by Contractual Maturity | The amortized cost and fair value of available for sale debt securities at June 30, 2023, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
|  | June 30, 2023
|  | Amortized cost |  | Fair value
Due in one year or less |  | $ | — |  |  | — |
Due after one year through five years |  | 242,910 |  |  | 218,600 |
Due after five years through ten years |  | 82,226 |  |  | 70,318 |
Due after ten years |  | 56,404 |  |  | 47,988 |
|  | $ | 381,540 |  |  | 336,906 |
The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio at June 30, 2023 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
|  | June 30, 2023
|  | Amortized cost |  | Fair value
Due in one year or less |  | $ | 25,283 |  |  | 25,199 |
Due after one year through five years |  | 169,684 |  |  | 166,605 |
Due after five years through ten years |  | 153,491 |  |  | 148,121 |
Due after ten years |  | 30,461 |  |  | 25,104 |
|  | $ | 378,919 |  |  | 365,029 |
Investment Securities Held to Maturity | The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities at June 30, 2023 and December 31, 2022 (in thousands):
|  | June 30, 2023
|  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  |  |  | Fair value
Agency obligations |  | $ | 12,096 |  |  | — |  |  | (929) |  |  |  |  | 11,167 |
State and municipal obligations |  | 357,003 |  |  | 168 |  |  | (12,510) |  |  |  |  | 344,661 |
Corporate obligations |  | 9,820 |  |  | — |  |  | (619) |  |  |  |  | 9,201 |
|  | $ | 378,919 |  |  | 168 |  |  | (14,058) |  |  |  |  | 365,029 |
|  | December 31, 2022
|  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  |  |  | Fair value
Agency obligations |  | $ | 9,997 |  |  | — |  |  | (1,033) |  |  |  |  | 8,964 |
State and municipal obligations |  | 366,164 |  |  | 268 |  |  | (13,015) |  |  |  |  | 353,417 |
Corporate obligations |  | 11,789 |  |  | 1 |  |  | (703) |  |  |  |  | 11,087 |
|  | $ | 387,950 |  |  | 269 |  |  | (14,751) |  |  |  |  | 373,468 |
Amortized Cost of held To Maturity Debt Securities by Year of Originations and Credit Rating | The following table provides the amortized cost of held to maturity debt securities by credit rating at June 30, 2023 and December 31, 2021 (in thousands):
|  | June 30, 2023
Total Portfolio |  | AAA |  | AA |  | A |  | BBB |  | Not Rated |  | Total
Agency obligations |  | $ | 12,096 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12,096 |
State and municipal obligations |  | 47,125 |  |  | 166,596 |  |  | 142,830 |  |  | — |  |  | 452 |  |  | 357,003 |
Corporate obligations |  | 505 |  |  | 2,073 |  |  | 6,146 |  |  | — |  |  | 1,096 |  |  | 9,820 |
|  | $ | 59,726 |  |  | 168,669 |  |  | 148,976 |  |  | — |  |  | 1,548 |  |  | 378,919 |
|  | December 31, 2022
Total Portfolio |  | AAA |  | AA |  | A |  | BBB |  | Not Rated |  | Total
Agency obligations |  | $ | 9,997 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,997 |
State and municipal obligations |  | 48,453 |  |  | 171,934 |  |  | 143,829 |  |  | 770 |  |  | 1,178 |  |  | 366,164 |
Corporate obligations |  | 507 |  |  | 3,592 |  |  | 7,415 |  |  | — |  |  | 275 |  |  | 11,789 |
|  | $ | 58,957 |  |  | 175,526 |  |  | 151,244 |  |  | 770 |  |  | 1,453 |  |  | 387,950 |

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