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Securities (Tables)

12 Months Ended

Dec. 31, 2021

Securities

Schedule of amortized cost and fair value of the securities portfolio and corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss


					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
December 31, 2021		Cost¹			Gains			Losses			Value
Securities available-for-sale
U.S. Treasury		$	202,251		$	125		$	(37)		$	202,339
U.S. government agencies			62,587			-			(699)			61,888
U.S. government agencies mortgage-backed			172,016			856			(570)			172,302
States and political subdivisions			240,793			16,344			(672)			256,465
Corporate bonds			10,000			-			(113)			9,887
Collateralized mortgage obligations			673,238			2,014			(2,285)			672,967
Asset-backed securities			236,293			1,245			(661)			236,877
Collateralized loan obligations			79,838			3			(78)			79,763
Total securities available-for-sale		$	1,677,016		$	20,587		$	(5,115)		$	1,692,488


					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
December 31, 2020		Cost¹			Gains			Losses			Value
Securities available-for-sale
U.S. Treasury		$	4,014		$	103		$	-		$	4,117
U.S. government agencies			6,811			-			(154)			6,657
U.S. government agencies mortgage-backed			16,098			1,112			(1)			17,209
States and political subdivisions			229,352			21,269			(1,362)			249,259
Collateralized mortgage obligations			53,999			2,866			(280)			56,585
Asset-backed securities			130,959			1,370			(511)			131,818
Collateralized loan obligations			30,728			15			(210)			30,533
Total securities available-for-sale		$	471,961		$	26,735		$	(2,518)		$	496,178

¹ Excludes interest receivable of $4.3 million and $2.7 million at December 31, 2021 and December 31, 2020, respectively, that is recorded in other assets on the consolidated balance sheet.

Schedule of fair value, amortized cost and weighted average yield of debt securities by contractual maturity along with securities not due at a single maturity date, primarily mortgage-backed securities (MBS), asset-backed securities, and collateralized loan obligations


					Weighted
		Amortized			Average			Fair
Securities available-for-sale		Cost			Yield			Value
Due in one year or less		$	8,671		1.24	%		$	8,707
Due after one year through five years			274,984		0.89				274,537
Due after five years through ten years			43,770		2.43				45,470
Due after ten years			188,206		2.98				201,865
			515,631		1.79				530,579
Mortgage-backed and collateralized mortgage obligations			845,254		1.19				845,269
Asset-backed securities			236,293		1.12				236,877
Collateralized loan obligations			79,838		1.60				79,763
Total securities available-for-sale		$	1,677,016		1.38	%		$	1,692,488

Schedule of securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position

Securities with unrealized losses with no corresponding allowance for credit losses at December 31, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (in thousands except for number of securities):


		Less than 12 months								12 months or more
December 31, 2021		in an unrealized loss position								in an unrealized loss position								Total
		Number of		Unrealized			Fair			Number of		Unrealized			Fair			Number of		Unrealized			Fair
Securities available-for-sale		Securities		Losses			Value			Securities		Losses			Value			Securities		Losses			Value
U.S. Treasuries		1		$	37		$	49,719		-		$	-		$	-		1		$	37		$	49,719
U.S. government agencies		5		$	592		$	56,879		4		$	107		$	5,008		9		$	699		$	61,887
U.S. government agencies mortgage-backed		63			505			78,711		1			65			1,663		64			570			80,374
States and political subdivisions		7			55			8,430		1			617			4,051		8			672			12,481
Corporate bonds		2			113			9,887		-			-			-		2			113			9,887
Collateralized mortgage obligations		133			2,285			381,658		-			-			-		133			2,285			381,658
Asset-backed securities		20			608			103,819		3			53			3,276		23			661			107,095
Collateralized loan obligations		10			35			45,132		2			43			10,628		12			78			55,760
Total securities available-for-sale		241		$	4,230		$	734,235		11		$	885		$	24,626		252		$	5,115		$	758,861


		Less than 12 months								12 months or more
December 31, 2020		in an unrealized loss position								in an unrealized loss position								Total
		Number of		Unrealized				Fair		Number of		Unrealized				Fair		Number of		Unrealized				Fair
Securities available-for-sale		Securities		Losses				Value		Securities		Losses				Value		Securities		Losses				Value
U.S. government agencies		-		$	-		$	-		4		$	154		$	6,657		4		$	154		$	6,657
U.S. government agencies mortgage-backed		1			1			141		-			-			-		1			1			141
States and political subdivisions		-			-			-		1			1,362			3,433		1			1,362			3,433
Collateralized mortgage obligations		4			279			8,142		1			1			146		5			280			8,288
Asset-backed securities		1			2			251		3			509			49,572		4			511			49,823
Collateralized loan obligations		1			31			7,468		4			179			21,477		5			210			28,945
Total securities available-for-sale		7		$	313		$	16,002		13		$	2,205		$	81,285		20		$	2,518		$	97,287

Schedule of proceeds from sale and gross realized gains and losses on sale of securities


		Year Ended
		December 31,
Securities available-for-sale		2021			2020			2019
Proceeds from sales of securities		$	605,846		$	18,006		$	191,298
Gross realized gains on securities			270			17			5,521
Gross realized losses on securities			(38)			(42)			(1,010)
Net realized gains (losses)		$	232		$	(25)		$	4,511
Income tax (expense) benefit on net realized gains (losses)		$	(65)		$	7		$	(1,267)
Effective tax rate applied			28.0	%		28.0	%		28.1	%