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Investments (Tables)

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation

The following tables present the amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of securities available for sale and held to maturity:

			September 30, 2021
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises			$	115,567					$	35					$	(665)											$	114,937
Obligations of states and political subdivisions			516,659						3,641						(4,884)												515,416
Agency mortgage-backed securities			496,330						12,166						(2,730)												505,766
U.S. Treasury bills			70,987						308						(3)												71,292
Corporate debt securities			11,750						653						—												12,403
Total securities available for sale			$	1,211,293					$	16,803					$	(8,282)											$	1,219,814
Held-to-maturity securities:
Obligations of states and political subdivisions			$	238,031					$	1,302					$	(1,634)											$	237,699
Agency mortgage-backed securities			74,972						1,303						(318)												75,957
Corporate debt securities			126,109						4,860						—												130,969
Total securities held-to-maturity			$	439,112					$	7,465					$	(1,952)											$	444,625
Allowance for credit losses			(640)
Total securities held-to-maturity, net			$	438,472

			December 31, 2020
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises			$	14,978					$	186					$	(3)					$	15,161
Obligations of states and political subdivisions			335,271						8,994						(33)						344,232
Agency mortgage-backed securities			506,703						20,190						(321)						526,572
U.S. Treasury Bills			10,980						486						—						11,466
Corporate debt securities			14,750						248						—						14,998
Total securities available for sale			$	882,682					$	30,104					$	(357)					$	912,429
Held-to-maturity securities:
Obligations of states and political subdivisions			$	248,324					$	2,814					$	—					$	251,138
Agency mortgage-backed securities			112,742						2,295						(496)						114,541
Corporate debt securities			126,993						8,851						—						135,844
Total securities held to maturity			$	488,059					$	13,960					$	(496)					$	501,523
Allowance for credit losses			(449)
Total securities held-to-maturity, net			$	487,610

Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation

The following tables present the amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of securities available for sale and held to maturity:

			September 30, 2021
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises			$	115,567					$	35					$	(665)											$	114,937
Obligations of states and political subdivisions			516,659						3,641						(4,884)												515,416
Agency mortgage-backed securities			496,330						12,166						(2,730)												505,766
U.S. Treasury bills			70,987						308						(3)												71,292
Corporate debt securities			11,750						653						—												12,403
Total securities available for sale			$	1,211,293					$	16,803					$	(8,282)											$	1,219,814
Held-to-maturity securities:
Obligations of states and political subdivisions			$	238,031					$	1,302					$	(1,634)											$	237,699
Agency mortgage-backed securities			74,972						1,303						(318)												75,957
Corporate debt securities			126,109						4,860						—												130,969
Total securities held-to-maturity			$	439,112					$	7,465					$	(1,952)											$	444,625
Allowance for credit losses			(640)
Total securities held-to-maturity, net			$	438,472

			December 31, 2020
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises			$	14,978					$	186					$	(3)					$	15,161
Obligations of states and political subdivisions			335,271						8,994						(33)						344,232
Agency mortgage-backed securities			506,703						20,190						(321)						526,572
U.S. Treasury Bills			10,980						486						—						11,466
Corporate debt securities			14,750						248						—						14,998
Total securities available for sale			$	882,682					$	30,104					$	(357)					$	912,429
Held-to-maturity securities:
Obligations of states and political subdivisions			$	248,324					$	2,814					$	—					$	251,138
Agency mortgage-backed securities			112,742						2,295						(496)						114,541
Corporate debt securities			126,993						8,851						—						135,844
Total securities held to maturity			$	488,059					$	13,960					$	(496)					$	501,523
Allowance for credit losses			(449)
Total securities held-to-maturity, net			$	487,610

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of debt securities at September 30, 2021, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately 4 years.

			Available for sale												Held to maturity
(in thousands)			Amortized Cost						Estimated Fair Value						Amortized Cost						Estimated Fair Value
Due in one year or less			$	71,157					$	71,191					$	209					$	214
Due after one year through five years			93,074						93,129						12,942						13,250
Due after five years through ten years			53,898						54,375						142,672						147,389
Due after ten years			496,834						495,353						208,317						207,815
Agency mortgage-backed securities			496,330						505,766						74,972						75,957
			$	1,211,293					$	1,219,814					$	439,112					$	444,625

Schedule of Unrealized Loss on Investments

The following tables presents a summary of available-for-sale investment securities in an unrealized loss position:

			September 30, 2021
			Less than 12 months												12 months or more												Total
(in thousands)			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Obligations of U.S. Government-sponsored enterprises			$	102,905					$	665					$	—					$	—					$	102,905					$	665
Obligations of states and political subdivisions			323,227						4,871						557						13						323,784						4,884
Agency mortgage-backed securities			205,761						2,710						1,647						20						207,408						2,730
U.S. Treasury bills			59,983						3						—						—						59,983						3
			$	691,876					$	8,249					$	2,204					$	33					$	694,080					$	8,282
			December 31, 2020
			Less than 12 months												12 months or more												Total
(in thousands)			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Obligations of U.S. Government-sponsored enterprises			$	4,997					$	3					$	—					$	—					$	4,997					$	3
Obligations of states and political subdivisions			4,079						33						—						—						4,079						33
Agency mortgage-backed securities			65,986						321						—						—						65,986						321
			$	75,062					$	357					$	—					$	—					$	75,062					$	357

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Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

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