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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2021
Investments Debt And Equity Securities [Abstract] |
Available for Sale and Held for Maturity Securities | The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at September 30, 2021 and December 31, 2020 were as follows (in thousands):
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Fair Value |
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 194,162 |  |  | $ | 308 |  |  | $ | (2,786 | ) |  | $ | 191,684 |
Obligations of states and political subdivisions |  |  | 328,394 |  |  |  | 11,310 |  |  |  | (960 | ) |  |  | 338,744 |
Mortgage-backed securities: GSE residential |  |  | 783,400 |  |  |  | 6,300 |  |  |  | (7,085 | ) |  |  | 782,615 |
Other securities |  |  | 33,076 |  |  |  | 883 |  |  |  | (36 | ) |  |  | 33,923 |
Total available-for-sale |  | $ | 1,339,032 |  |  | $ | 18,801 |  |  | $ | (10,867 | ) |  | $ | 1,346,966 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 5,004 |  |  | $ | 31 |  |  | $ | — |  |  | $ | 5,035 |
Other securities |  |  | 2,022 |  |  |  | — |  |  |  | — |  |  |  | 2,022 |
Total held-to-maturity |  | $ | 7,026 |  |  | $ | 31 |  |  | $ | — |  |  | $ | 7,057 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 127,067 |  |  | $ | 790 |  |  | $ | (788 | ) |  | $ | 127,069 |
Obligations of states and political subdivisions |  |  | 237,886 |  |  |  | 11,995 |  |  |  | (37 | ) |  |  | 249,844 |
Mortgage-backed securities: GSE residential |  |  | 479,470 |  |  |  | 12,038 |  |  |  | (160 | ) |  |  | 491,348 |
Other securities |  |  | 10,740 |  |  |  | 252 |  |  |  | (13 | ) |  |  | 10,979 |
Total available-for-sale |  | $ | 855,163 |  |  | $ | 25,075 |  |  | $ | (998 | ) |  | $ | 879,240 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S government corporations and agencies |  | $ | 5,016 |  |  | $ | 103 |  |  | $ | — |  |  | $ | 5,119 |
Realized Gains and Losses From Sale of Securities | Realized gains and losses resulting from sales of securities were as follows during the three and nine months ended September 30, 2021 and 2020 (in thousands):
|  | Three months September 30, |  |  | Nine months September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Gross gains |  | $ | 11 |  |  | $ | 116 |  |  | $ | 88 |  |  | $ | 934 |
Gross losses |  |  | — |  |  |  | (21 | ) |  |  | — |  |  |  | (21 | )
Investments Classified by Contractual Maturity Date | The following table indicates the expected maturities of investment securities classified as available-for-sale presented at fair value, and held-to-maturity presented at amortized cost, at September 30, 2021 and the weighted average yield for each range of maturities (dollars in thousands):
|  | One year or less |  |  | After 1 through 5 years |  |  | After 5 through 10 years |  |  | After ten years |  |  | Total |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 116,855 |  |  | $ | 63,561 |  |  | $ | 11,268 |  |  | $ | — |  |  | $ | 191,684 |
Obligations of state and political subdivisions |  |  | 24,335 |  |  |  | 82,566 |  |  |  | 224,078 |  |  |  | 7,765 |  |  |  | 338,744 |
Mortgage-backed securities: GSE residential |  |  | 17,950 |  |  |  | 410,157 |  |  |  | 354,508 |  |  |  | — |  |  |  | 782,615 |
Other securities |  |  | 6,055 |  |  |  | 24,860 |  |  |  | 3,008 |  |  |  | — |  |  |  | 33,923 |
Total available-for-sale investments |  | $ | 165,195 |  |  | $ | 581,144 |  |  | $ | 592,862 |  |  | $ | 7,765 |  |  | $ | 1,346,966 |
Weighted average yield |  |  | 1.61 | % |  |  | 1.95 | % |  |  | 1.68 | % |  |  | 2.43 | % |  |  | 1.79 | %
Full tax-equivalent yield |  |  | 1.78 | % |  |  | 2.10 | % |  |  | 1.94 | % |  |  | 3.16 | % |  |  | 2.00 | %
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 5,004 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,004 |
Other securities |  |  | — |  |  |  |  |  |  |  |  |  |  |  | 2,022 |  |  |  | 2,022 |
Total held-to-maturity |  | $ | 5,004 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,022 |  |  | $ | 7,026 |
Weighted average yield |  |  | 2.06 | % |  |  | — | % |  |  | — | % |  |  | — | % |  |  | 2.06 | %
Full tax-equivalent yield |  |  | 2.06 | % |  |  | — | % |  |  | — | % |  |  | — | % |  |  | 2.06 | %
Fair Value of Investments with Sustained Gross Unrealized Losses | The following table presents the aging of gross unrealized losses and fair value by investment category as of September 30, 2021 and December 31, 2020 (in thousands):
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 145,432 |  |  | $ | (2,435 | ) |  | $ | 9,649 |  |  | $ | (351 | ) |  | $ | 155,081 |  |  | $ | (2,786 | )
Obligations of states and political subdivisions |  |  | 87,767 |  |  |  | (960 | ) |  |  | — |  |  |  | — |  |  |  | 87,767 |  |  |  | (960 | )
Mortgage-backed securities: GSE residential |  |  | 508,332 |  |  |  | (7,084 | ) |  |  | 93 |  |  |  | (1 | ) |  |  | 508,425 |  |  |  | (7,085 | )
Other securities |  |  | 11,057 |  |  |  | (36 | ) |  |  | — |  |  |  | — |  |  |  | 11,057 |  |  |  | (36 | )
Total |  | $ | 752,588 |  |  | $ | (10,515 | ) |  | $ | 9,742 |  |  | $ | (352 | ) |  | $ | 762,330 |  |  | $ | (10,867 | )
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 59,211 |  |  | $ | (788 | ) |  | $ | — |  |  | $ | — |  |  | $ | 59,211 |  |  | $ | (788 | )
Obligations of states and political subdivisions |  |  | 5,380 |  |  |  | (37 | ) |  |  | — |  |  |  | — |  |  |  | 5,380 |  |  |  | (37 | )
Mortgage-backed securities: GSE residential |  |  | 57,609 |  |  |  | (160 | ) |  |  | 2,377 |  |  |  | — |  |  |  | 59,986 |  |  |  | (160 | )
Other securities |  |  | 3,977 |  |  |  | (13 | ) |  |  | — |  |  |  | — |  |  |  | 3,977 |  |  |  | (13 | )
Total |  | $ | 126,177 |  |  | $ | (998 | ) |  | $ | 2,377 |  |  | $ | — |  |  | $ | 128,554 |  |  | $ | (998 | )

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- Definition Tabular disclosure of available-for-sale and held-for-maturity securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures. + References No definition available. + Details
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- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
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- Definition Tabular disclosure of realized gains and losses on investments reported in the statement of income. + References No definition available. + Details
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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563 + Details
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