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Securities (Tables)

6 Months Ended

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

X

- Definition

Tabular disclosure of allowance for credit loss on investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447

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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
-Section 45
-Paragraph 1
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