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Investments (Tables)

3 Months Ended

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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- 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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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
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Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

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-Name Accounting Standards Codification
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