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Investments (Tables)

3 Months Ended

Mar. 31, 2022

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:

			March 31, 2022
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises			$	247,906					$	—					$	(12,322)											$	235,584
Obligations of states and political subdivisions			508,912						61						(59,615)												449,358
Agency mortgage-backed securities			607,080						1,034						(27,918)												580,196
U.S. Treasury bills			116,100						77						(596)												115,581
Corporate debt securities			11,750						91						(116)												11,725
Total securities available for sale			$	1,491,748					$	1,263					$	(100,567)											$	1,392,444
Held-to-maturity securities:
Obligations of states and political subdivisions			$	352,799					$	10					$	(40,625)											$	312,184
Agency mortgage-backed securities			63,281						—						(2,970)												60,311
Corporate debt securities			125,517						123						(4,793)												120,847
Total securities held-to-maturity			$	541,597					$	133					$	(48,388)											$	493,342
Allowance for credit losses			(558)
Total securities held-to-maturity, net			$	541,039

			December 31, 2021
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises			$	175,409					$	3					$	(1,901)					$	173,511
Obligations of states and political subdivisions			571,587						5,907						(2,410)						575,084
Agency mortgage-backed securities			509,243						8,485						(3,869)						513,859
U.S. Treasury Bills			90,971						220						(21)						91,170
Corporate debt securities			11,750						632						—						12,382
Total securities available for sale			$	1,358,960					$	15,247					$	(8,201)					$	1,366,006
Held-to-maturity securities:
Obligations of states and political subdivisions			$	236,379					$	1,794					$	(730)					$	237,443
Agency mortgage-backed securities			68,105						940						(666)						68,379
Corporate debt securities			125,811						3,039						—						128,850
Total securities held to maturity			$	430,295					$	5,773					$	(1,396)					$	434,672
Allowance for credit losses			(614)
Total securities held-to-maturity, net			$	429,681

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:

			March 31, 2022
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises			$	247,906					$	—					$	(12,322)											$	235,584
Obligations of states and political subdivisions			508,912						61						(59,615)												449,358
Agency mortgage-backed securities			607,080						1,034						(27,918)												580,196
U.S. Treasury bills			116,100						77						(596)												115,581
Corporate debt securities			11,750						91						(116)												11,725
Total securities available for sale			$	1,491,748					$	1,263					$	(100,567)											$	1,392,444
Held-to-maturity securities:
Obligations of states and political subdivisions			$	352,799					$	10					$	(40,625)											$	312,184
Agency mortgage-backed securities			63,281						—						(2,970)												60,311
Corporate debt securities			125,517						123						(4,793)												120,847
Total securities held-to-maturity			$	541,597					$	133					$	(48,388)											$	493,342
Allowance for credit losses			(558)
Total securities held-to-maturity, net			$	541,039

			December 31, 2021
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises			$	175,409					$	3					$	(1,901)					$	173,511
Obligations of states and political subdivisions			571,587						5,907						(2,410)						575,084
Agency mortgage-backed securities			509,243						8,485						(3,869)						513,859
U.S. Treasury Bills			90,971						220						(21)						91,170
Corporate debt securities			11,750						632						—						12,382
Total securities available for sale			$	1,358,960					$	15,247					$	(8,201)					$	1,366,006
Held-to-maturity securities:
Obligations of states and political subdivisions			$	236,379					$	1,794					$	(730)					$	237,443
Agency mortgage-backed securities			68,105						940						(666)						68,379
Corporate debt securities			125,811						3,039						—						128,850
Total securities held to maturity			$	430,295					$	5,773					$	(1,396)					$	434,672
Allowance for credit losses			(614)
Total securities held-to-maturity, net			$	429,681

Investments Classified by Contractual Maturity Date

The amortized cost and estimated fair value of debt securities at March 31, 2022, 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 5 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			$	91,716					$	91,680					$	888					$	891
Due after one year through five years			245,541						234,843						18,315						17,994
Due after five years through ten years			54,940						52,433						150,791						144,456
Due after ten years			492,471						433,292						308,322						269,690
Agency mortgage-backed securities			607,080						580,196						63,281						60,311
			$	1,491,748					$	1,392,444					$	541,597					$	493,342

Schedule of Unrealized Loss on Investments

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

			March 31, 2022
			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			$	208,467					$	11,431					$	11,109					$	891					$	219,576					$	12,322
Obligations of states and political subdivisions			425,420						55,979						17,224						3,636						442,644						59,615
Agency mortgage-backed securities			405,833						22,383						47,576						5,535						453,409						27,918
U.S. Treasury bills			105,513						596						—						—						105,513						596
Corporate debt securities			9,634						116						—						—						9,634						116
			$	1,154,867					$	90,505					$	75,909					$	10,062					$	1,230,776					$	100,567
			December 31, 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			$	163,634					$	1,775					$	4,874					$	126					$	168,508					$	1,901
Obligations of states and political subdivisions			242,188						2,361						1,776						49						243,964						2,410
Agency mortgage-backed securities			259,047						3,685						6,467						184						265,514						3,869
U.S. Treasury bills			60,961						21						—						—						60,961						21
			$	725,830					$	7,842					$	13,117					$	359					$	738,947					$	8,201

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- Definition

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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-Publisher FASB
-Name Accounting Standards Codification
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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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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

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