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Securities | 9 Months Ended
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Sep. 30, 2021
Investments Debt And Equity Securities [Abstract] |
Securities | Note 3—Securities The following tables summarize the amortized cost and fair values of securities available-for-sale and securities held-to-maturity as of the dates shown and the corresponding amounts of gross unrealized gains and losses:
September 30, 2021 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Notes |  | $ | 8,487 |  |  | $ | 91 |  |  | $ | — |  |  | $ | 8,578 |
U.S. Government agencies |  |  | 124,244 |  |  |  | 885 |  |  |  | (1,865 | ) |  |  | 123,264 |
Obligations of states, municipalities, and political subdivisions |  |  | 101,499 |  |  |  | 3,725 |  |  |  | (164 | ) |  |  | 105,060 |
Residential mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | 794,856 |  |  |  | 3,303 |  |  |  | (12,986 | ) |  |  | 785,173 |
Non-agency |  |  | 64,645 |  |  |  | 86 |  |  |  | (722 | ) |  |  | 64,009 |
Commercial mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | 237,376 |  |  |  | 3,179 |  |  |  | (3,146 | ) |  |  | 237,409 |
Corporate securities |  |  | 64,842 |  |  |  | 2,002 |  |  |  | (17 | ) |  |  | 66,827 |
Asset-backed securities |  |  | 37,203 |  |  |  | 83 |  |  |  | (1 | ) |  |  | 37,285 |
Total |  | $ | 1,433,152 |  |  | $ | 13,354 |  |  | $ | (18,901 | ) |  | $ | 1,427,605 |
September 30, 2021 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities, and political subdivisions |  | $ | 3,887 |  |  | $ | 146 |  |  | $ | — |  |  | $ | 4,033 |
Total |  | $ | 3,887 |  |  | $ | 146 |  |  | $ | — |  |  | $ | 4,033 |
December 31, 2020 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Notes |  | $ | 23,468 |  |  | $ | 344 |  |  | $ | — |  |  | $ | 23,812 |
U.S. Government agencies |  |  | 113,088 |  |  |  | 600 |  |  |  | (137 | ) |  |  | 113,551 |
Obligations of states, municipalities, and political subdivisions |  |  | 135,513 |  |  |  | 6,991 |  |  |  | (85 | ) |  |  | 142,419 |
Residential mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | 764,951 |  |  |  | 13,645 |  |  |  | (205 | ) |  |  | 778,391 |
Non-agency |  |  | 32,654 |  |  |  | 332 |  |  |  | (5 | ) |  |  | 32,981 |
Commercial mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | 244,496 |  |  |  | 6,046 |  |  |  | (390 | ) |  |  | 250,152 |
Corporate securities |  |  | 59,020 |  |  |  | 1,850 |  |  |  | (102 | ) |  |  | 60,768 |
Asset-backed securities |  |  | 45,255 |  |  |  | 26 |  |  |  | (125 | ) |  |  | 45,156 |
Total |  | $ | 1,418,445 |  |  | $ | 29,834 |  |  | $ | (1,049 | ) |  | $ | 1,447,230 |
December 31, 2020 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities, and political subdivisions |  | $ | 4,395 |  |  | $ | 178 |  |  | $ | — |  |  | $ | 4,573 |
Total |  | $ | 4,395 |  |  | $ | 178 |  |  | $ | — |  |  | $ | 4,573 |
The Company did no t classify securities as trading during the nine months ended September 30, 2021 or during 2020. Gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2021 and December 31, 2020, are summarized as follows:
|  |  |  |  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
September 30, 2021 |  | # of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 10 |  |  | $ | 74,687 |  |  | $ | (1,506 | ) |  | $ | 9,641 |  |  | $ | (359 | ) |  | $ | 84,328 |  |  | $ | (1,865 | )
Obligations of states, municipalities and political subdivisions |  |  | 7 |  |  |  | 8,097 |  |  |  | (164 | ) |  |  | — |  |  |  | — |  |  |  | 8,097 |  |  |  | (164 | )
Residential mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | 51 |  |  |  | 620,325 |  |  |  | (12,626 | ) |  |  | 11,805 |  |  |  | (360 | ) |  |  | 632,130 |  |  |  | (12,986 | )
Non-agency |  |  | 5 |  |  |  | 34,310 |  |  |  | (722 | ) |  |  | — |  |  |  | — |  |  |  | 34,310 |  |  |  | (722 | )
Commercial mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | 21 |  |  |  | 75,001 |  |  |  | (2,369 | ) |  |  | 26,823 |  |  |  | (777 | ) |  |  | 101,824 |  |  |  | (3,146 | )
Corporate securities |  |  | 2 |  |  |  | 5,041 |  |  |  | (17 | ) |  |  | — |  |  |  | — |  |  |  | 5,041 |  |  |  | (17 | )
Asset-backed securities |  |  | 1 |  |  |  | 4,997 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 4,997 |  |  |  | (1 | )
Total |  |  | 97 |  |  | $ | 822,458 |  |  | $ | (17,405 | ) |  | $ | 48,269 |  |  | $ | (1,496 | ) |  | $ | 870,727 |  |  | $ | (18,901 | )
|  |  |  |  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
December 31, 2020 |  | # of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  |  | 5 |  |  | $ | 30,639 |  |  | $ | (137 | ) |  | $ | — |  |  | $ | — |  |  | $ | 30,639 |  |  | $ | (137 | )
Obligations of states, municipalities and political subdivisions |  |  | 2 |  |  |  | 210 |  |  |  | (85 | ) |  |  | — |  |  |  | — |  |  |  | 210 |  |  |  | (85 | )
Residential mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | 8 |  |  |  | 45,253 |  |  |  | (198 | ) |  |  | 472 |  |  |  | (7 | ) |  |  | 45,725 |  |  |  | (205 | )
Non-agency |  |  | 2 |  |  |  | 3,963 |  |  |  | (5 | ) |  |  | — |  |  |  | — |  |  |  | 3,963 |  |  |  | (5 | )
Commercial mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | 8 |  |  |  | 55,554 |  |  |  | (390 | ) |  |  | — |  |  |  | — |  |  |  | 55,554 |  |  |  | (390 | )
Corporate securities |  |  | 6 |  |  |  | 10,916 |  |  |  | (102 | ) |  |  | — |  |  |  | — |  |  |  | 10,916 |  |  |  | (102 | )
Asset-backed securities |  |  | 6 |  |  |  | 24,436 |  |  |  | (99 | ) |  |  | 4,952 |  |  |  | (26 | ) |  |  | 29,388 |  |  |  | (125 | )
Total |  |  | 37 |  |  | $ | 170,971 |  |  | $ | (1,016 | ) |  | $ | 5,424 |  |  | $ | (33 | ) |  | $ | 176,395 |  |  | $ | (1,049 | )
Certain securities have fair values less than amortized cost and, therefore, contain unrealized losses. The Company evaluated the securities that had an unrealized loss for other than temporary impairment and determined all declines in value to be temporary. There were 97 securities available-for-sale with unrealized losses at September 30, 2021. There were no securities held-to-maturity with unrealized losses at September 30, 2021. The Company anticipates full recovery of amortized cost with respect to these securities by maturity, or sooner, in the event of a more favorable market interest rate environment. The Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost basis, which may be at maturity. The proceeds from all sales of securities available-for-sale, and the associated gains and losses on sales and calls of securities, for the three and nine months ended September 30, 2021 and 2020 are listed below:
|  | For the Three Months Ended |  |  | For the Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Proceeds |  | $ | — |  |  | $ | 35,092 |  |  | $ | 186,850 |  |  | $ | 80,509 |
Gross gains |  |  | 130 |  |  |  | 1,037 |  |  |  | 2,525 |  |  |  | 2,494 |
Gross losses |  |  | — |  |  |  | — |  |  |  | 1,069 |  |  |  | 82 |
There were $130,000 and $1.5 million in net gains reclassified from accumulated other comprehensive income into earnings for the three and nine months ended September 30, 2021, respectively. There were $1.0 million and $2.4 million in net gains reclassified from accumulated other comprehensive income into earnings for the three and nine months ended September 30, 2020, respectively. Securities posted as collateral were $361.0 million and $731.8 million at September 30, 2021 and December 31, 2020, respectively, of which carrying amounts of $361.0 million and $323.9 million were pledged at September 30, 2021 and December 31, 2020, respectively. At September 30, 2021 and December 31, 2020, of those pledged, the carrying amounts of securities pledged as collateral for public fund deposits were $311.3 million and $245.1 million, respectively, and for customer repurchase agreements of $38.7 million and $64.1 million, respectively. At September 30, 2021 and December 31, 2020, there were no securities pledged for advances from the Federal Home Loan Bank. Other securities were pledged for derivative positions, letters of credit and for purposes required or permitted by law. At September 30, 2021 and December 31, 2020, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. At September 30, 2021, the amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
|  | Amortized Cost |  |  | Fair Value |
Available-for-sale |  |  |  |  |  |
Due in one year or less |  | $ | 23,201 |  |  | $ | 23,402 |
Due from one to five years |  |  | 26,476 |  |  |  | 27,466 |
Due from five to ten years |  |  | 209,435 |  |  |  | 211,691 |
Due after ten years |  |  | 77,163 |  |  |  | 78,455 |
Mortgage-backed securities |  |  | 1,096,877 |  |  |  | 1,086,591 |
Total |  | $ | 1,433,152 |  |  | $ | 1,427,605 |
Held-to-maturity |  |  |  |  |  |
Due from one to five years |  |  | 3,887 |  |  |  | 4,033 |
Total |  | $ | 3,887 |  |  | $ | 4,033 |

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