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v3.23.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2023
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, 2023
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value
Available-for-sale securities: |  |  |  |  |  |  |  |  |
Obligations of U.S. Government-sponsored enterprises | $ | 289,560 |  |  | $ | 95 |  |  | $ | (23,950) |  |  |  |  | $ | 265,705 |
Obligations of states and political subdivisions | 503,883 |  |  | 53 |  |  | (73,243) |  |  |  |  | 430,693 |
Agency mortgage-backed securities | 710,642 |  |  | 557 |  |  | (60,748) |  |  |  |  | 650,451 |
U.S. Treasury bills | 203,596 |  |  | 22 |  |  | (3,515) |  |  |  |  | 200,103 |
Corporate debt securities | 9,000 |  |  | — |  |  | (843) |  |  |  |  | 8,157 |
Total securities available for sale | $ | 1,716,681 |  |  | $ | 727 |  |  | $ | (162,299) |  |  |  |  | $ | 1,555,109 |
Held-to-maturity securities: |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 541,345 |  |  | $ | 5,133 |  |  | $ | (54,232) |  |  |  |  | $ | 492,246 |
Agency mortgage-backed securities | 55,897 |  |  | — |  |  | (5,566) |  |  |  |  | 50,331 |
Corporate debt securities | 124,324 |  |  | 176 |  |  | (10,524) |  |  |  |  | 113,976 |
Total securities held-to-maturity | $ | 721,566 |  |  | $ | 5,309 |  |  | $ | (70,322) |  |  |  |  | $ | 656,553 |
Allowance for credit losses | (872) |  |  |  |  |  |  |  |  |
Total securities held-to-maturity, net | $ | 720,694 |  |  |  |  |  |  |  |  |
| December 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 | $ | 266,090 |  |  | $ | — |  |  | $ | (28,305) |  |  | $ | 237,785 |
Obligations of states and political subdivisions | 507,842 |  |  | 27 |  |  | (90,425) |  |  | 417,444 |
Agency mortgage-backed securities | 727,931 |  |  | 453 |  |  | (68,980) |  |  | 659,404 |
U.S. Treasury Bills | 213,441 |  |  | 1 |  |  | (4,908) |  |  | 208,534 |
Corporate debt securities | 13,750 |  |  | — |  |  | (1,110) |  |  | 12,640 |
Total securities available for sale | $ | 1,729,054 |  |  | $ | 481 |  |  | $ | (193,728) |  |  | $ | 1,535,807 |
Held-to-maturity securities: |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 529,012 |  |  | $ | 2,321 |  |  | $ | (65,347) |  |  | $ | 465,986 |
Agency mortgage-backed securities | 57,018 |  |  | — |  |  | (6,416) |  |  | 50,602 |
Corporate debt securities | 124,620 |  |  | 163 |  |  | (12,854) |  |  | 111,929 |
Total securities held to maturity | $ | 710,650 |  |  | $ | 2,484 |  |  | $ | (84,617) |  |  | $ | 628,517 |
Allowance for credit losses | (735) |  |  |  |  |  |  |
Total securities held-to-maturity, net | $ | 709,915 |  |  |  |  |  |  |
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, 2023
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value
Available-for-sale securities: |  |  |  |  |  |  |  |  |
Obligations of U.S. Government-sponsored enterprises | $ | 289,560 |  |  | $ | 95 |  |  | $ | (23,950) |  |  |  |  | $ | 265,705 |
Obligations of states and political subdivisions | 503,883 |  |  | 53 |  |  | (73,243) |  |  |  |  | 430,693 |
Agency mortgage-backed securities | 710,642 |  |  | 557 |  |  | (60,748) |  |  |  |  | 650,451 |
U.S. Treasury bills | 203,596 |  |  | 22 |  |  | (3,515) |  |  |  |  | 200,103 |
Corporate debt securities | 9,000 |  |  | — |  |  | (843) |  |  |  |  | 8,157 |
Total securities available for sale | $ | 1,716,681 |  |  | $ | 727 |  |  | $ | (162,299) |  |  |  |  | $ | 1,555,109 |
Held-to-maturity securities: |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 541,345 |  |  | $ | 5,133 |  |  | $ | (54,232) |  |  |  |  | $ | 492,246 |
Agency mortgage-backed securities | 55,897 |  |  | — |  |  | (5,566) |  |  |  |  | 50,331 |
Corporate debt securities | 124,324 |  |  | 176 |  |  | (10,524) |  |  |  |  | 113,976 |
Total securities held-to-maturity | $ | 721,566 |  |  | $ | 5,309 |  |  | $ | (70,322) |  |  |  |  | $ | 656,553 |
Allowance for credit losses | (872) |  |  |  |  |  |  |  |  |
Total securities held-to-maturity, net | $ | 720,694 |  |  |  |  |  |  |  |  |
| December 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 | $ | 266,090 |  |  | $ | — |  |  | $ | (28,305) |  |  | $ | 237,785 |
Obligations of states and political subdivisions | 507,842 |  |  | 27 |  |  | (90,425) |  |  | 417,444 |
Agency mortgage-backed securities | 727,931 |  |  | 453 |  |  | (68,980) |  |  | 659,404 |
U.S. Treasury Bills | 213,441 |  |  | 1 |  |  | (4,908) |  |  | 208,534 |
Corporate debt securities | 13,750 |  |  | — |  |  | (1,110) |  |  | 12,640 |
Total securities available for sale | $ | 1,729,054 |  |  | $ | 481 |  |  | $ | (193,728) |  |  | $ | 1,535,807 |
Held-to-maturity securities: |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 529,012 |  |  | $ | 2,321 |  |  | $ | (65,347) |  |  | $ | 465,986 |
Agency mortgage-backed securities | 57,018 |  |  | — |  |  | (6,416) |  |  | 50,602 |
Corporate debt securities | 124,620 |  |  | 163 |  |  | (12,854) |  |  | 111,929 |
Total securities held to maturity | $ | 710,650 |  |  | $ | 2,484 |  |  | $ | (84,617) |  |  | $ | 628,517 |
Allowance for credit losses | (735) |  |  |  |  |  |  |
Total securities held-to-maturity, net | $ | 709,915 |  |  |  |  |  |  |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of debt securities at March 31, 2023, 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 6 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 | $ | 97,485 |  |  | $ | 97,369 |  |  | $ | 720 |  |  | $ | 720 |
Due after one year through five years | 370,543 |  |  | 347,074 |  |  | 50,396 |  |  | 47,082 |
Due after five years through ten years | 70,480 |  |  | 64,238 |  |  | 187,914 |  |  | 177,985 |
Due after ten years | 467,531 |  |  | 395,977 |  |  | 426,639 |  |  | 380,435 |
Agency mortgage-backed securities | 710,642 |  |  | 650,451 |  |  | 55,897 |  |  | 50,331 |
| $ | 1,716,681 |  |  | $ | 1,555,109 |  |  | $ | 721,566 |  |  | $ | 656,553 |
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, 2023
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 | $ | 31,351 |  |  | $ | 671 |  |  | $ | 224,294 |  |  | $ | 23,279 |  |  | $ | 255,645 |  |  | $ | 23,950 |
Obligations of states and political subdivisions | 1,954 |  |  | 165 |  |  | 424,582 |  |  | 73,078 |  |  | 426,536 |  |  | 73,243 |
Agency mortgage-backed securities | 198,052 |  |  | 6,861 |  |  | 407,782 |  |  | 53,887 |  |  | 605,834 |  |  | 60,748 |
U.S. Treasury bills | 150,570 |  |  | 2,153 |  |  | 23,795 |  |  | 1,362 |  |  | 174,365 |  |  | 3,515 |
Corporate debt securities | 3,664 |  |  | 336 |  |  | 4,243 |  |  | 507 |  |  | 7,907 |  |  | 843 |
| $ | 385,591 |  |  | $ | 10,186 |  |  | $ | 1,084,696 |  |  | $ | 152,113 |  |  | $ | 1,470,287 |  |  | $ | 162,299 |
| December 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 | $ | 73,738 |  |  | $ | 6,249 |  |  | $ | 163,047 |  |  | $ | 22,056 |  |  | $ | 236,785 |  |  | $ | 28,305 |
Obligations of states and political subdivisions | 103,179 |  |  | 13,501 |  |  | 311,634 |  |  | 76,924 |  |  | 414,813 |  |  | 90,425 |
Agency mortgage-backed securities | 334,431 |  |  | 20,038 |  |  | 281,321 |  |  | 48,942 |  |  | 615,752 |  |  | 68,980 |
U.S. Treasury bills | 198,688 |  |  | 4,908 |  |  | — |  |  | — |  |  | 198,688 |  |  | 4,908 |
Corporate debt securities | 12,640 |  |  | 1,110 |  |  | — |  |  | — |  |  | 12,640 |  |  | 1,110 |
| $ | 722,676 |  |  | $ | 45,806 |  |  | $ | 756,002 |  |  | $ | 147,922 |  |  | $ | 1,478,678 |  |  | $ | 193,728 |

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