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Investments (Tables)

6 Months Ended

Jun. 30, 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:

			June 30, 2022
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises			$	250,833					$	—					$	(19,160)											$	231,673
Obligations of states and political subdivisions			510,047						21						(93,233)												416,835
Agency mortgage-backed securities			686,957						34						(50,203)												636,788
U.S. Treasury bills			196,825						35						(2,232)												194,628
Corporate debt securities			13,750						37						(434)												13,353
Total securities available for sale			$	1,658,412					$	127					$	(165,262)											$	1,493,277
Held-to-maturity securities:
Obligations of states and political subdivisions			$	433,212					$	57					$	(65,422)											$	367,847
Agency mortgage-backed securities			60,042						—						(4,763)												55,279
Corporate debt securities			125,220						136						(10,907)												114,449
Total securities held-to-maturity			$	618,474					$	193					$	(81,092)											$	537,575
Allowance for credit losses			(707)
Total securities held-to-maturity, net			$	617,767

			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:

			June 30, 2022
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
Available-for-sale securities:
Obligations of U.S. Government-sponsored enterprises			$	250,833					$	—					$	(19,160)											$	231,673
Obligations of states and political subdivisions			510,047						21						(93,233)												416,835
Agency mortgage-backed securities			686,957						34						(50,203)												636,788
U.S. Treasury bills			196,825						35						(2,232)												194,628
Corporate debt securities			13,750						37						(434)												13,353
Total securities available for sale			$	1,658,412					$	127					$	(165,262)											$	1,493,277
Held-to-maturity securities:
Obligations of states and political subdivisions			$	433,212					$	57					$	(65,422)											$	367,847
Agency mortgage-backed securities			60,042						—						(4,763)												55,279
Corporate debt securities			125,220						136						(10,907)												114,449
Total securities held-to-maturity			$	618,474					$	193					$	(81,092)											$	537,575
Allowance for credit losses			(707)
Total securities held-to-maturity, net			$	617,767

			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 June 30, 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			$	99,932					$	99,696					$	890					$	891
Due after one year through five years			318,870						301,463						24,065						23,081
Due after five years through ten years			64,599						59,319						156,468						143,490
Due after ten years			488,054						396,011						377,009						314,834
Agency mortgage-backed securities			686,957						636,788						60,042						55,279
			$	1,658,412					$	1,493,277					$	618,474					$	537,575

Schedule of Unrealized Loss on Investments

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

			June 30, 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			$	210,225					$	17,108					$	21,448					$	2,052					$	231,673					$	19,160
Obligations of states and political subdivisions			389,067						86,331						22,140						6,902						411,207						93,233
Agency mortgage-backed securities			581,194						41,640						49,116						8,563						630,310						50,203
U.S. Treasury bills			187,738						2,232						—						—						187,738						2,232
Corporate debt securities			11,316						434						—						—						11,316						434
			$	1,379,540					$	147,745					$	92,704					$	17,517					$	1,472,244					$	165,262
			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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