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v3.22.4

Investment Securities | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Note 4 -- Investment 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 December 31, 2022 and 2021 were as follows (in thousands):
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |
|  | Cost |  |  | Gains |  |  | (Losses) |  |  | Fair Value |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 252,934 |  |  | $ | — |  |  | $ | (32,407 | ) |  | $ | 220,527 |
Obligations of states and political subdivisions |  |  | 347,409 |  |  |  | 134 |  |  |  | (59,845 | ) |  |  | 287,698 |
Mortgage-backed securities: GSE residential |  |  | 744,636 |  |  |  | 3 |  |  |  | (116,759 | ) |  |  | 627,880 |
Other securities |  |  | 87,393 |  |  |  | 6 |  |  |  | (4,519 | ) |  |  | 82,880 |
Total available-for-sale |  | $ | 1,432,372 |  |  | $ | 143 |  |  | $ | (213,530 | ) |  | $ | 1,218,985 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Other securities |  | $ | 2,954 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,954 |
Total held-to-maturity |  | $ | 2,954 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,954 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 208,598 |  |  | $ | 80 |  |  | $ | (4,863 | ) |  | $ | 203,815 |
Obligations of states and political subdivisions |  |  | 383,991 |  |  |  | 12,123 |  |  |  | (657 | ) |  |  | 395,457 |
Mortgage-backed securities: GSE residential |  |  | 799,456 |  |  |  | 4,292 |  |  |  | (12,710 | ) |  |  | 791,038 |
Other securities |  |  | 30,546 |  |  |  | 671 |  |  |  | (105 | ) |  |  | 31,112 |
Total available-for-sale |  | $ | 1,422,591 |  |  | $ | 17,166 |  |  | $ | (18,335 | ) |  | $ | 1,421,422 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 5,001 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 5,006 |
Other securities |  |  | 2,029 |  |  |  | — |  |  |  | — |  |  |  | 2,029 |
Total held-to-maturity |  | $ | 7,030 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 7,035 |
The Company also had $311,000 and $397,000 of equity securities, at fair value, as of December 31, 2022 and 2021, respectively. All the Company's held-to-maturity securities are government agency-backed securities for which the risk of loss is minimal. As such, as of December 31, 2022, the Company did not record an allowance for credit losses on its held-to-maturity securities. Proceeds from sales of available-for-sale investment securities, realized gains and losses and income tax expense were as follows during the years ended December 31, 2022, 2021, and 2020 (in thousands):
|  | 2022 |  |  | 2021 |  |  | 2020 |
Proceeds from sales |  | $ | 36,257 |  |  | $ | 611 |  |  | $ | 9,061 |
Gross gains |  |  | 202 |  |  |  | 124 |  |  |  | 1,132 |
Gross losses |  |  | (169 | ) |  |  | — |  |  |  | (26 | )
Income tax expense |  |  | (10 | ) |  |  | 36 |  |  |  | 321 |
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 December 31, 2022 and the weighted average yield for each range of maturities (dollars in thousands):
|  | One |  |  | After 1 |  |  | After 5 |  |  |  |  |  |  |
|  | year or |  |  | through |  |  | through |  |  | After |  |  |  |
|  | less |  |  | 5 years |  |  | 10 years |  |  | ten years |  |  | Total |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 161,688 |  |  | $ | 49,187 |  |  | $ | 9,652 |  |  | $ | — |  |  | $ | 220,527 |
Obligations of state and political subdivisions |  |  | 19,446 |  |  |  | 76,847 |  |  |  | 190,232 |  |  |  | 1,173 |  |  |  | 287,698 |
Mortgage-backed securities: GSE residential |  |  | 4,762 |  |  |  | 97,333 |  |  |  | 524,164 |  |  |  | 1,621 |  |  |  | 627,880 |
Other securities |  |  | 20,636 |  |  |  | 60,533 |  |  |  | 1,711 |  |  |  | — |  |  |  | 82,880 |
Total available-for-sale |  | $ | 206,532 |  |  | $ | 283,900 |  |  | $ | 725,759 |  |  | $ | 2,794 |  |  | $ | 1,218,985 |
Weighted average yield |  |  | 1.56 | % |  |  | 2.44 | % |  |  | 1.75 | % |  |  | 2.92 | % |  |  | 1.87 | %
Full tax equivalent yield |  |  | 1.66 | % |  |  | 2.70 | % |  |  | 1.92 | % |  |  | 3.44 | % |  |  | 2.05 | %
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,954 |  |  | $ | 2,954 |
Total held-to-maturity |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,954 |  |  | $ | 2,954 |
Weighted average yield |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | %
Full tax equivalent yield |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | %
The weighted average yields are calculated on the basis of the amortized cost and effective yields weighted for the scheduled maturity of each security. Tax equivalent yields have been calculated using a 21% tax rate. With the exception of obligations of the U.S. Treasury and other U.S. government agencies and corporations, there were no investment securities of any single issuer, the book value of which exceeded 10% of stockholders' equity at December 31, 2022. Investment securities carried at approximately $770 million and $590 million at December 31, 2022 and 2021, respectively, were pledged to secure public deposits and repurchase agreements and for other purposes as permitted or required by law. The following table presents the aging of gross unrealized losses and fair value by investment category as of December 31, 2022 and 2021 (in thousands):
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 57,007 |  |  | $ | (3,493 | ) |  | $ | 163,520 |  |  | $ | (28,914 | ) |  | $ | 220,527 |  |  | $ | (32,407 | )
Obligations of states and political subdivisions |  |  | 220,102 |  |  |  | (43,221 | ) |  |  | 45,419 |  |  |  | (16,624 | ) |  |  | 265,521 |  |  |  | (59,845 | )
Mortgage-backed securities: GSE residential |  |  | 165,966 |  |  |  | (19,859 | ) |  |  | 461,446 |  |  |  | (96,900 | ) |  |  | 627,412 |  |  |  | (116,759 | )
Other securities |  |  | 64,676 |  |  |  | (3,675 | ) |  |  | 6,698 |  |  |  | (844 | ) |  |  | 71,374 |  |  |  | (4,519 | )
Total |  | $ | 507,751 |  |  | $ | (70,248 | ) |  | $ | 677,083 |  |  | $ | (143,282 | ) |  | $ | 1,184,834 |  |  | $ | (213,530 | )
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 48,316 |  |  | $ | (1,927 | ) |  | $ | 139,846 |  |  | $ | (2,936 | ) |  | $ | 188,162 |  |  | $ | (4,863 | )
Obligations of states and political subdivisions |  |  | 61,535 |  |  |  | (657 | ) |  |  | — |  |  |  | — |  |  |  | 61,535 |  |  |  | (657 | )
Mortgage-backed securities: GSE residential |  |  | 562,699 |  |  |  | (11,019 | ) |  |  | 46,504 |  |  |  | (1,691 | ) |  |  | 609,203 |  |  |  | (12,710 | )
Other securities |  |  | 7,976 |  |  |  | (105 | ) |  |  | — |  |  |  | — |  |  |  | 7,976 |  |  |  | (105 | )
Total |  | $ | 680,526 |  |  | $ | (13,708 | ) |  | $ | 186,350 |  |  | $ | (4,627 | ) |  | $ | 866,876 |  |  | $ | (18,335 | )
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies. At December 31, 2022, there were sixteen available-for-sale U.S. Treasury securities and obligations of U.S. government corporations and agencies with a fair value of $163.5 million and unrealized losses of $28.9 million in a continuous unrealized loss position for twelve months or more. At December 31, 2021, there were six available-for-sale securities with a fair value of $139.8 million and unrealized losses of $2.9 million in a continuous unrealized loss position for twelve months or more. There were no held-to-maturity U.S. Treasury securities and obligations of U.S. government corporations and agencies in a continuous unrealized loss position for twelve months or more at December 31, 2022 or 2021. Obligations of states and political subdivisions. At December 31, 2022 there were thirty-six obligations of states and political subdivisions with fair value of $45.4 million and unrealized losses of $16.6 million in a continuous unrealized loss position for twelve months or more. At December 31, 2021, there were no obligations of states and political subdivisions in a continuous unrealized loss position for twelve months or more. Mortgage-backed Securities: GSE Residential. At December 31, 2022 there were ninety-one mortgage-backed securities with a fair value of $461.4 million and unrealized losses of $96.9 million in a continuous unrealized loss position for twelve months or more. At December 31, 2021, there were fifteen mortgage-backed security with a fair value of $46.5 million and unrealized losses of $1.7 million in a continuous unrealized loss position for twelve months or more. Other securities. At December 31, 2022 there were five other securities with fair value of $6.7 million and unrealized losses of $0.8 million in a continuous unrealized loss position for twelve months or more. At December 31, 2021 there were no other securities in a continuous unrealized loss position for twelve months or more. Maturities of investment securities were as follows at December 31, 2022 (in thousands):
|  | Amortized |  |  | Estimated |
|  | Cost |  |  | Fair Value |
Available-for-sale: |  |  |  |  |  |
Due in one year or less |  | $ | 228,998 |  |  | $ | 201,770 |
Due after one-five years |  |  | 203,048 |  |  |  | 186,567 |
Due after five-ten years |  |  | 254,473 |  |  |  | 201,595 |
Due after ten years |  |  | 1,217 |  |  |  | 1,173 |
|  |  | 687,736 |  |  |  | 591,105 |
Mortgage-backed securities: GSE residential |  |  | 744,636 |  |  |  | 627,880 |
Total available-for-sale |  | $ | 1,432,372 |  |  | $ | 1,218,985 |
Held-to-maturity: |  |  |  |  |  |
Due in one year or less |  | $ | — |  |  | $ | — |
Due after ten years |  |  | 2,954 |  |  |  | 2,954 |
Total held-to-maturity |  | $ | 2,954 |  |  | $ | 2,954 |
Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

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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 https://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 https://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 https://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 https://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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