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Securities
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Securities
Note 3 - 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 LossesNet Carrying Amount
Available for sale:
State and municipal securities$449,111 $1,121 $(48,288)$401,944 $— $401,944 
Corporate bonds82,224 84 (2,715)79,593 — 79,593 
U.S. government and agency securities268,061 4 (11,018)257,047 — 257,047 
Commercial mortgage-backed securities120,787 — (10,090)110,697 — 110,697 
Residential mortgage-backed securities703,369 31 (54,274)649,126 — 649,126 
Commercial collateralized mortgage obligations44,876 — (3,911)40,965 — 40,965 
Residential collateralized mortgage obligations204,801 3 (16,213)188,591 — 188,591 
Asset-backed securities78,720 — (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 bonds80,498 2,509 (273)82,734 — 82,734 
U.S. government and agency securities98,892 2 (1,236)97,658 — 97,658 
Commercial mortgage-backed securities65,691 — (1,448)64,243 — 64,243 
Residential mortgage-backed securities559,655 3,751 (5,605)557,801 — 557,801 
Commercial collateralized mortgage obligations20,000 2 (330)19,672 — 19,672 
Residential collateralized mortgage obligations196,691 460 (3,411)193,740 — 193,740 
Asset-backed securities81,985 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.
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 Months12 Months or MoreTotal
(Dollars in thousands)
June 30, 2022
Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Available for sale:
State and municipal securities$324,447 $(43,812)$18,104 $(4,476)$342,551 $(48,288)
Corporate bonds59,831 (2,607)2,892 (108)62,723 (2,715)
U.S. government and agency securities252,402 (10,340)4,219 (678)256,621 (11,018)
Commercial mortgage-backed securities104,995 (8,978)5,702 (1,112)110,697 (10,090)
Residential mortgage-backed securities597,693 (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 securities76,407 (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 bonds13,299 (201)2,928 (72)16,227 (273)
U.S. government and agency securities97,010 (1,234)440 (2)97,450 (1,236)
Commercial mortgage-backed securities57,703 (1,167)6,540 (281)64,243 (1,448)
Residential mortgage-backed securities409,382 (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 $(14,626)
Held to maturity:
State and municipal securities$— $— $— $— $— $— 
Management evaluates available for sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than the cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.
Management does not have the intent to sell any of the securities in an unrealized loss position and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, at June 30, 2022, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, including changes in interest rates and other market conditions, and therefore no losses have been recognized in the Company’s consolidated statements of income.
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 securities725 
Balance at June 30, 2022 $892 
Balance at January 1, 2021 $66 
Provision expense for credit loss for held to maturity securities5 
Balance at June 30, 2021$71 
Accrued interest of $7.4 million and $5.3 million was not included in the calculation of the allowance at June 30, 2022 or 2021, respectively. There were no past due held-to-maturity securities or held-to-maturity securities in nonaccrual status at June 30, 2022, or December 31, 2021.
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)20222021
Proceeds from sales/calls$8,552 $42,023 
Gross realized gains— 1,705 
Gross realized losses— (32)
The following table presents the amortized cost and fair value of securities available for sale and held to maturity at June 30, 2022, grouped by contractual maturity. Mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, which do not have contractual payments due at a single maturity date, are shown separately. Actual maturities for mortgage-backed securities, collateralized mortgage obligations and asset-backed securities will differ from contractual maturities as a result of prepayments made on the underlying loans.
(Dollars in thousands)Held to MaturityAvailable for Sale
June 30, 2022Amortized CostFair ValueAmortized CostFair Value
Due in one year or less$— $— $22,381 $22,015 
Due after one year through five years— — 275,228 268,377 
Due after five years through ten years5,180 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 
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, 2022December 31, 2021
Carrying value of securities pledged to secure public deposits$602,392 $331,651 
Carrying value of securities pledged to repurchase agreements9,363 10,312