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v3.22.1

Securities | 3 Months Ended
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Mar. 31, 2022
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:
March 31, 2022 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Notes |  | $ | 24,875 |  |  | $ | 4 |  |  | $ | (654 | ) |  | $ | 24,225 |
U.S. Government agencies |  |  | 149,164 |  |  |  | 328 |  |  |  | (9,252 | ) |  |  | 140,240 |
Obligations of states, municipalities, and political subdivisions |  |  | 83,786 |  |  |  | 512 |  |  |  | (2,170 | ) |  |  | 82,128 |
Residential mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | 758,179 |  |  |  | 21 |  |  |  | (57,343 | ) |  |  | 700,857 |
Non-agency |  |  | 140,350 |  |  |  | — |  |  |  | (9,926 | ) |  |  | 130,424 |
Commercial mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | 206,203 |  |  |  | 25 |  |  |  | (16,535 | ) |  |  | 189,693 |
Corporate securities |  |  | 65,798 |  |  |  | 488 |  |  |  | (1,144 | ) |  |  | 65,142 |
Asset-backed securities |  |  | 36,796 |  |  |  | 10 |  |  |  | (147 | ) |  |  | 36,659 |
Total |  | $ | 1,465,151 |  |  | $ | 1,388 |  |  | $ | (97,171 | ) |  | $ | 1,369,368 |
March 31, 2022 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities, and political subdivisions |  | $ | 3,882 |  |  | $ | 24 |  |  | $ | — |  |  | $ | 3,906 |
Total |  | $ | 3,882 |  |  | $ | 24 |  |  | $ | — |  |  | $ | 3,906 |
December 31, 2021 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Notes |  | $ | 18,447 |  |  | $ | 37 |  |  | $ | (8 | ) |  | $ | 18,476 |
U.S. Government agencies |  |  | 141,096 |  |  |  | 661 |  |  |  | (2,367 | ) |  |  | 139,390 |
Obligations of states, municipalities, and political subdivisions |  |  | 86,454 |  |  |  | 3,238 |  |  |  | (56 | ) |  |  | 89,636 |
Residential mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | 756,549 |  |  |  | 2,122 |  |  |  | (15,015 | ) |  |  | 743,656 |
Non-agency |  |  | 146,499 |  |  |  | 4 |  |  |  | (1,267 | ) |  |  | 145,236 |
Commercial mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | 214,417 |  |  |  | 2,795 |  |  |  | (3,661 | ) |  |  | 213,551 |
Corporate securities |  |  | 65,814 |  |  |  | 1,586 |  |  |  | (54 | ) |  |  | 67,346 |
Asset-backed securities |  |  | 37,206 |  |  |  | 49 |  |  |  | (4 | ) |  |  | 37,251 |
Total |  | $ | 1,466,482 |  |  | $ | 10,492 |  |  | $ | (22,432 | ) |  | $ | 1,454,542 |
December 31, 2021 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states, municipalities, and political subdivisions |  | $ | 3,885 |  |  | $ | 107 |  |  | $ | — |  |  | $ | 3,992 |
Total |  | $ | 3,885 |  |  | $ | 107 |  |  | $ | — |  |  | $ | 3,992 |
The Company did no t classify securities as trading during the three months ended March 31, 2022 or during 2021. 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 March 31, 2022 and December 31, 2021, are summarized as follows:
|  |  |  |  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
March 31, 2022 |  | # of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Notes |  |  | 4 |  |  | $ | 22,223 |  |  | $ | (654 | ) |  | $ | — |  |  | $ | — |  |  | $ | 22,223 |  |  | $ | (654 | )
U.S. Government agencies |  |  | 15 |  |  |  | 43,883 |  |  |  | (1,915 | ) |  |  | 74,242 |  |  |  | (7,337 | ) |  |  | 118,125 |  |  |  | (9,252 | )
Obligations of states, municipalities and political subdivisions |  |  | 25 |  |  |  | 42,934 |  |  |  | (2,170 | ) |  |  | — |  |  |  | — |  |  |  | 42,934 |  |  |  | (2,170 | )
Residential mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | 93 |  |  |  | 229,246 |  |  |  | (11,442 | ) |  |  | 469,295 |  |  |  | (45,901 | ) |  |  | 698,541 |  |  |  | (57,343 | )
Non-agency |  |  | 19 |  |  |  | 110,832 |  |  |  | (7,854 | ) |  |  | 19,592 |  |  |  | (2,072 | ) |  |  | 130,424 |  |  |  | (9,926 | )
Commercial mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | 45 |  |  |  | 111,241 |  |  |  | (6,766 | ) |  |  | 69,134 |  |  |  | (9,769 | ) |  |  | 180,375 |  |  |  | (16,535 | )
Corporate securities |  |  | 16 |  |  |  | 28,709 |  |  |  | (1,144 | ) |  |  | — |  |  |  | — |  |  |  | 28,709 |  |  |  | (1,144 | )
Asset-backed securities |  |  | 6 |  |  |  | 31,961 |  |  |  | (147 | ) |  |  | — |  |  |  | — |  |  |  | 31,961 |  |  |  | (147 | )
Total |  |  | 223 |  |  | $ | 621,029 |  |  | $ | (32,092 | ) |  | $ | 632,263 |  |  | $ | (65,079 | ) |  | $ | 1,253,292 |  |  | $ | (97,171 | )
|  |  |  |  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
December 31, 2021 |  | # of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Notes |  |  | 1 |  |  | $ | 9,946 |  |  | $ | (8 | ) |  | $ | — |  |  | $ | — |  |  | $ | 9,946 |  |  | $ | (8 | )
U.S. Government agencies |  |  | 10 |  |  |  | 64,585 |  |  |  | (1,590 | ) |  |  | 19,223 |  |  |  | (777 | ) |  |  | 83,808 |  |  |  | (2,367 | )
Obligations of states, municipalities and political subdivisions |  |  | 3 |  |  |  | 9,507 |  |  |  | (56 | ) |  |  | — |  |  |  | — |  |  |  | 9,507 |  |  |  | (56 | )
Residential mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | 51 |  |  |  | 612,280 |  |  |  | (13,894 | ) |  |  | 25,412 |  |  |  | (1,121 | ) |  |  | 637,692 |  |  |  | (15,015 | )
Non-agency |  |  | 14 |  |  |  | 96,372 |  |  |  | (1,257 | ) |  |  | 761 |  |  |  | (10 | ) |  |  | 97,133 |  |  |  | (1,267 | )
Commercial mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  | 19 |  |  |  | 64,473 |  |  |  | (1,994 | ) |  |  | 37,063 |  |  |  | (1,667 | ) |  |  | 101,536 |  |  |  | (3,661 | )
Corporate securities |  |  | 3 |  |  |  | 7,502 |  |  |  | (54 | ) |  |  | — |  |  |  | — |  |  |  | 7,502 |  |  |  | (54 | )
Asset-backed securities |  |  | 3 |  |  |  | 15,978 |  |  |  | (4 | ) |  |  | — |  |  |  | — |  |  |  | 15,978 |  |  |  | (4 | )
Total |  |  | 104 |  |  | $ | 880,643 |  |  | $ | (18,857 | ) |  | $ | 82,459 |  |  | $ | (3,575 | ) |  | $ | 963,102 |  |  | $ | (22,432 | )
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 223 securities available-for-sale with unrealized losses at March 31, 2022. There were no securities held-to-maturity with unrealized losses at March 31, 2022. The Company anticipates full recovery of amortized cost with respect to these securities by maturity. 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 months ended March 31, 2022 and 2021 are listed below:
|  | For the Three Months Ended |
|  | March 31, |
|  | 2022 |  |  | 2021 |
Proceeds |  | $ | — |  |  | $ | 89,301 |
Gross gains |  |  | — |  |  |  | 1,626 |
Gross losses |  |  | — |  |  |  | 164 |
There were no sales of securities during the three months ended March 31, 2022. There were $1.5 million in net gains reclassified from accumulated other comprehensive income into earnings for the three months ended March 31, 2021. Securities posted and pledged as collateral were $463.6 million and $332.3 million at March 31, 2022 and December 31, 2021. At March 31, 2022 and December 31, 2021, of those pledged, the carrying amounts of securities pledged as collateral for public fund deposits were $402.0 million and $277.1 million, respectively, and for customer repurchase agreements of $39.0 million and $38.8 million, respectively. At March 31, 2022 and December 31, 2021, 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 March 31, 2022 and December 31, 2021, 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 March 31, 2022, 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 |  | $ | 12,011 |  |  | $ | 12,051 |
Due from one to five years |  |  | 71,166 |  |  |  | 69,792 |
Due from five to ten years |  |  | 202,902 |  |  |  | 196,070 |
Due after ten years |  |  | 74,340 |  |  |  | 70,481 |
Mortgage-backed securities |  |  | 1,104,732 |  |  |  | 1,020,974 |
Total |  | $ | 1,465,151 |  |  | $ | 1,369,368 |
Held-to-maturity |  |  |  |  |  |
Due in one year or less |  | $ | 1,174 |  |  | $ | 1,182 |
Due from one to five years |  |  | 2,708 |  |  |  | 2,724 |
Total |  | $ | 3,882 |  |  | $ | 3,906 |

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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