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v3.22.2

Securities (Tables) | 6 Months Ended
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Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Summary of Amortized Cost and Estimated Fair Value of Securities | The following table is a summary of the amortized cost and estimated fair value, including the allowance for credit losses and gross unrealized gains and losses, of available for sale, held to maturity and securities carried at fair value through income for the dates indicated:
(Dollars in thousands) June 30, 2022 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Allowance for Credit Losses |  | Net Carrying Amount |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | 449,111 |  |  | $ | 1,121 |  |  | $ | (48,288) |  |  | $ | 401,944 |  |  | $ | — |  |  | $ | 401,944 |  |
Corporate bonds | 82,224 |  |  | 84 |  |  | (2,715) |  |  | 79,593 |  |  | — |  |  | 79,593 |  |
U.S. government and agency securities | 268,061 |  |  | 4 |  |  | (11,018) |  |  | 257,047 |  |  | — |  |  | 257,047 |  |
Commercial mortgage-backed securities | 120,787 |  |  | — |  |  | (10,090) |  |  | 110,697 |  |  | — |  |  | 110,697 |  |
Residential mortgage-backed securities | 703,369 |  |  | 31 |  |  | (54,274) |  |  | 649,126 |  |  | — |  |  | 649,126 |  |
Commercial collateralized mortgage obligations | 44,876 |  |  | — |  |  | (3,911) |  |  | 40,965 |  |  | — |  |  | 40,965 |  |
Residential collateralized mortgage obligations | 204,801 |  |  | 3 |  |  | (16,213) |  |  | 188,591 |  |  | — |  |  | 188,591 |  |
Asset-backed securities | 78,720 |  |  | — |  |  | (2,313) |  |  | 76,407 |  |  | — |  |  | 76,407 |  |
Total | $ | 1,951,949 |  |  | $ | 1,243 |  |  | $ | (148,822) |  |  | $ | 1,804,370 |  |  | $ | — |  |  | $ | 1,804,370 |  |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | 5,180 |  |  | $ | 268 |  |  | $ | — |  |  | $ | 5,448 |  |  | $ | (892) |  |  | $ | 4,288 |  |
Securities carried at fair value through income: |  |  |  |  |  |  |  |  |  |  |  |
State and municipal securities(1) | $ | 7,100 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,630 |  |  | $ | — |  |  | $ | 6,630 |  |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | 394,046 |  |  | $ | 14,095 |  |  | $ | (2,323) |  |  | $ | 405,818 |  |  | $ | — |  |  | $ | 405,818 |  |
Corporate bonds | 80,498 |  |  | 2,509 |  |  | (273) |  |  | 82,734 |  |  | — |  |  | 82,734 |  |
U.S. government and agency securities | 98,892 |  |  | 2 |  |  | (1,236) |  |  | 97,658 |  |  | — |  |  | 97,658 |  |
Commercial mortgage-backed securities | 65,691 |  |  | — |  |  | (1,448) |  |  | 64,243 |  |  | — |  |  | 64,243 |  |
Residential mortgage-backed securities | 559,655 |  |  | 3,751 |  |  | (5,605) |  |  | 557,801 |  |  | — |  |  | 557,801 |  |
Commercial collateralized mortgage obligations | 20,000 |  |  | 2 |  |  | (330) |  |  | 19,672 |  |  | — |  |  | 19,672 |  |
Residential collateralized mortgage obligations | 196,691 |  |  | 460 |  |  | (3,411) |  |  | 193,740 |  |  | — |  |  | 193,740 |  |
Asset-backed securities | 81,985 |  |  | 1,077 |  |  | — |  |  | 83,062 |  |  | — |  |  | 83,062 |  |
Total | $ | 1,497,458 |  |  | $ | 21,896 |  |  | $ | (14,626) |  |  | $ | 1,504,728 |  |  | $ | — |  |  | $ | 1,504,728 |  |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | 22,934 |  |  | $ | 2,183 |  |  | $ | — |  |  | $ | 25,117 |  |  | $ | (167) |  |  | $ | 22,767 |  |
Securities carried at fair value through income: |  |  |  |  |  |  |  |  |  |  |  |
State and municipal securities(1) | $ | 7,375 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,497 |  |  | $ | — |  |  | $ | 7,497 |  |
________________________ (1)Securities carried at fair value through income have no unrealized gains or losses at the balance sheet date as all changes in value have been recognized in the consolidated statements of income. See Note 5 - Fair Value of Financial Instruments for more information.
Schedule of Securities with Unrealized Losses | Securities with unrealized losses at June 30, 2022, and December 31, 2021, aggregated by investment category and those individual securities that have been in a continuous unrealized loss position for less than 12 months, and for 12 months or more, were as follows.
| Less than 12 Months |  | 12 Months or More |  | Total
(Dollars in thousands) June 30, 2022 | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Available for sale: |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | 324,447 |  |  | $ | (43,812) |  |  | $ | 18,104 |  |  | $ | (4,476) |  |  | $ | 342,551 |  |  | $ | (48,288) |
Corporate bonds | 59,831 |  |  | (2,607) |  |  | 2,892 |  |  | (108) |  |  | 62,723 |  |  | (2,715) |
U.S. government and agency securities | 252,402 |  |  | (10,340) |  |  | 4,219 |  |  | (678) |  |  | 256,621 |  |  | (11,018) |
Commercial mortgage-backed securities | 104,995 |  |  | (8,978) |  |  | 5,702 |  |  | (1,112) |  |  | 110,697 |  |  | (10,090) |
Residential mortgage-backed securities | 597,693 |  |  | (49,628) |  |  | 45,299 |  |  | (4,646) |  |  | 642,992 |  |  | (54,274) |
Commercial collateralized mortgage obligations | 37,314 |  |  | (3,406) |  |  | 3,651 |  |  | (505) |  |  | 40,965 |  |  | (3,911) |
Residential collateralized mortgage obligations | 117,674 |  |  | (8,614) |  |  | 69,682 |  |  | (7,599) |  |  | 187,356 |  |  | (16,213) |
Asset-backed securities | 76,407 |  |  | (2,313) |  |  | — |  |  | — |  |  | 76,407 |  |  | (2,313) |
Total | $ | 1,570,763 |  |  | $ | (129,698) |  |  | $ | 149,549 |  |  | $ | (19,124) |  |  | $ | 1,720,312 |  |  | $ | (148,822) |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | 82,627 |  |  | $ | (1,651) |  |  | $ | 16,617 |  |  | $ | (672) |  |  | $ | 99,244 |  |  | $ | (2,323) |
Corporate bonds | 13,299 |  |  | (201) |  |  | 2,928 |  |  | (72) |  |  | 16,227 |  |  | (273) |
U.S. government and agency securities | 97,010 |  |  | (1,234) |  |  | 440 |  |  | (2) |  |  | 97,450 |  |  | (1,236) |
Commercial mortgage-backed securities | 57,703 |  |  | (1,167) |  |  | 6,540 |  |  | (281) |  |  | 64,243 |  |  | (1,448) |
Residential mortgage-backed securities | 409,382 |  |  | (5,577) |  |  | 1,693 |  |  | (28) |  |  | 411,075 |  |  | (5,605) |
Commercial collateralized mortgage obligations | 14,568 |  |  | (330) |  |  | — |  |  | — |  |  | 14,568 |  |  | (330) |
Residential collateralized mortgage obligations | 127,080 |  |  | (2,623) |  |  | 31,301 |  |  | (788) |  |  | 158,381 |  |  | (3,411) |
Total | $ | 801,669 |  |  | $ | (12,783) |  |  | $ | 59,519 |  |  | $ | (1,843) |  |  | $ | 861,188 |  |  | $ | (14,626) |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of Allowance for Credit Losses for Held -to -Maturity Securities | The following table presents the activity in the allowance for credit losses for held-to-maturity debt securities.
(Dollars in thousands) | Municipal Securities
Allowance for credit losses: | 2022 |  |  |
Balance at January 1, 2022 | $ | 167 |  |  |  |
Provision expense for credit loss for held to maturity securities | 725 |  |  |  |
Balance at June 30, 2022 | $ | 892 |  |  |  |
Balance at January 1, 2021 | $ | 66 |  |  |  |
Provision expense for credit loss for held to maturity securities | 5 |  |  |  |
Balance at June 30, 2021 | $ | 71 |  |  |  |
Proceeds from Sales of Securities Available for Sale and Gross Gains | Proceeds from sales and calls, and related gross gains and losses of securities available for sale, are shown below.
| Six Months Ended June 30, |  |  |  |
(Dollars in thousands) | 2022 |  | 2021 |  |  |  |  |  |
Proceeds from sales/calls | $ | 8,552 |  |  | $ | 42,023 |  |  |  |  |  |  |
Gross realized gains | — |  |  | 1,705 |  |  |  |  |  |  |
Gross realized losses | — |  |  | (32) |  |  |  |  |  |  |
Securities Classified by Contractual Maturity | The following table presents the amortized cost and fair value of securities available for sale and held to maturity at June 30, 2022, grouped by contractual maturity. Mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, which do not have contractual payments due at a single maturity date, are shown separately. Actual maturities for mortgage-backed securities, collateralized mortgage obligations and asset-backed securities will differ from contractual maturities as a result of prepayments made on the underlying loans.
(Dollars in thousands) | Held to Maturity |  | Available for Sale
June 30, 2022 | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due in one year or less | $ | — |  |  | $ | — |  |  | $ | 22,381 |  |  | $ | 22,015 |
Due after one year through five years | — |  |  | — |  |  | 275,228 |  |  | 268,377 |
Due after five years through ten years | 5,180 |  |  | 5,448 |  |  | 203,382 |  |  | 188,971 |
Due after ten years | — |  |  | — |  |  | 298,405 |  |  | 259,221 |
Commercial mortgage-backed securities | — |  |  | — |  |  | 120,787 |  |  | 110,697 |
Residential mortgage-backed securities | — |  |  | — |  |  | 703,369 |  |  | 649,126 |
Commercial collateralized mortgage obligations | — |  |  | — |  |  | 44,876 |  |  | 40,965 |
Residential collateralized mortgage obligations | — |  |  | — |  |  | 204,801 |  |  | 188,591 |
Asset-backed securities | — |  |  | — |  |  | 78,720 |  |  | 76,407 |
Total | $ | 5,180 |  |  | $ | 5,448 |  |  | $ | 1,951,949 |  |  | $ | 1,804,370 |
Securities Pledged as Collateral | The following table presents carrying amounts of securities pledged as collateral for deposits and repurchase agreements for the period ends presented.
(Dollars in thousands) | June 30, 2022 |  | December 31, 2021
Carrying value of securities pledged to secure public deposits | $ | 602,392 |  |  | $ | 331,651 |
Carrying value of securities pledged to repurchase agreements | 9,363 |  |  | 10,312 |

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