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v3.22.2.2

Securities (Tables) | 9 Months Ended
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Sep. 30, 2022
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
September 30, 2022 |  | Cost1 |  | Gains |  | Losses | ​ | Value
Securities available-for-sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury | ​ | $ | 223,910 | ​ | $ | - | ​ | $ | (12,813) | ​ | $ | 211,097
U.S. government agencies | ​ | ​ | 61,364 | ​ | ​ | - | ​ | ​ | (5,401) | ​ | ​ | 55,963
U.S. government agencies mortgage-backed | ​ | ​ | 145,857 | ​ | ​ | - | ​ | ​ | (18,231) | ​ | ​ | 127,626
States and political subdivisions | ​ | ​ | 243,515 | ​ | ​ | 1 | ​ | ​ | (19,257) | ​ | ​ | 224,259
Corporate bonds | ​ | ​ | 10,000 | ​ | ​ | - | ​ | ​ | (456) | ​ | ​ | 9,544
Collateralized mortgage obligations | ​ | ​ | 648,044 | ​ | ​ | 5 | ​ | ​ | (60,203) | ​ | ​ | 587,846
Asset-backed securities | ​ | ​ | 227,130 | ​ | ​ | 23 | ​ | ​ | (7,566) | ​ | ​ | 219,587
Collateralized loan obligations | ​ | ​ | 180,910 | ​ | ​ | - | ​ | ​ | (7,073) | ​ | ​ | 173,837
Total securities available-for-sale | ​ | $ | 1,740,730 | ​ | $ | 29 | ​ | $ | (131,000) | ​ | $ | 1,609,759
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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 | ​ | ​ | 241,937 | ​ | ​ | 16,344 | ​ | ​ | (672) | ​ | ​ | 257,609
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 | ​ | $ | 1,678,160 | ​ | $ | 20,587 | ​ | $ | (5,115) | ​ | $ | 1,693,632
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ 1 Excludes accrued interest receivable of $6.3 million and $4.3 million at September 30, 2022 and December 31, 2021, 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 | ​ | $ | 8,816 | ​ | 1.10 | % | ​ | $ | 8,617 | ​
Due after one year through five years | ​ | ​ | 303,411 | ​ | 1.05 | ​ | ​ | ​ | 284,480 | ​
Due after five years through ten years | ​ | ​ | 44,313 | ​ | 2.63 | ​ | ​ | ​ | 39,593 | ​
Due after ten years | ​ | ​ | 182,249 | ​ | 3.02 | ​ | ​ | ​ | 168,173 | ​
​ | ​ | ​ | 538,789 | ​ | 1.85 | ​ | ​ | ​ | 500,863 | ​
Mortgage-backed and collateralized mortgage obligations | ​ | ​ | 793,901 | ​ | 2.22 | ​ | ​ | ​ | 715,472 | ​
Asset-backed securities | ​ | ​ | 227,130 | ​ | 3.39 | ​ | ​ | ​ | 219,587 | ​
Collateralized loan obligations | ​ | ​ | 180,910 | ​ | 4.64 | ​ | ​ | ​ | 173,837 | ​
Total securities available-for-sale | ​ | $ | 1,740,730 | ​ | 2.51 | % | ​ | $ | 1,609,759 | ​
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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or more | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
September 30, 2022 | ​ | 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 | ​ | 5 | ​ | $ | 12,813 | ​ | $ | 211,097 | ​ | - | ​ | $ | - | ​ | $ | - | ​ | 5 | ​ | $ | 12,813 | ​ | $ | 211,097
U.S. government agencies | ​ | 2 | ​ | ​ | 1,987 | ​ | ​ | 27,188 | ​ | 7 | ​ | ​ | 3,414 | ​ | ​ | 28,775 | ​ | 9 | ​ | ​ | 5,401 | ​ | ​ | 55,963
U.S. government agencies mortgage-backed | ​ | 126 | ​ | ​ | 16,766 | ​ | ​ | 122,905 | ​ | 6 | ​ | ​ | 1,465 | ​ | ​ | 4,721 | ​ | 132 | ​ | ​ | 18,231 | ​ | ​ | 127,626
States and political subdivisions | ​ | 79 | ​ | ​ | 18,155 | ​ | ​ | 219,497 | ​ | 3 | ​ | ​ | 1,102 | ​ | ​ | 4,510 | ​ | 82 | ​ | ​ | 19,257 | ​ | ​ | 224,007
Corporate bonds | ​ | 1 | ​ | ​ | 286 | ​ | ​ | 4,715 | ​ | 1 | ​ | ​ | 170 | ​ | ​ | 4,829 | ​ | 2 | ​ | ​ | 456 | ​ | ​ | 9,544
Collateralized mortgage obligations | ​ | 205 | ​ | ​ | 48,552 | ​ | ​ | 505,601 | ​ | 15 | ​ | ​ | 11,651 | ​ | ​ | 77,102 | ​ | 220 | ​ | ​ | 60,203 | ​ | ​ | 582,703
Asset-backed securities | ​ | 44 | ​ | ​ | 6,553 | ​ | ​ | 196,221 | ​ | 6 | ​ | ​ | 1,013 | ​ | ​ | 11,524 | ​ | 50 | ​ | ​ | 7,566 | ​ | ​ | 207,745
Collateralized loan obligations | ​ | 26 | ​ | ​ | 5,735 | ​ | ​ | 134,712 | ​ | 8 | ​ | ​ | 1,338 | ​ | ​ | 39,125 | ​ | 34 | ​ | ​ | 7,073 | ​ | ​ | 173,837
Total securities available-for-sale | ​ | 488 | ​ | $ | 110,847 | ​ | $ | 1,421,936 | ​ | 46 | ​ | $ | 20,153 | ​ | $ | 170,586 | ​ | 534 | ​ | $ | 131,000 | ​ | $ | 1,592,522
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of securities available for sale net realized gains (losses) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended | ​ | ​ | Nine Months Ended | ​ | ​
​ | ​ | ​ | September 30, | ​ | ​ | September 30, | ​ | ​
Securities available-for-sale |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | ​
Proceeds from sales of securities | ​ | $ | - | ​ | $ | 26,873 | ​ | $ | 3,303 | ​ | $ | 35,075 | ​ | ​
Gross realized gains on securities | ​ | $ | - | ​ | $ | 262 | ​ | $ | - | ​ | $ | 267 | ​ | ​
Gross realized losses on securities 1 | ​ |  | (1) | ​ |  | (18) | ​ |  | (34) | ​ |  | (21) | ​ | ​
Net realized (losses) gains | ​ | $ | (1) | ​ | $ | 244 | ​ | $ | (34) | ​ | $ | 246 | ​ | ​
Income tax benefit (expense) on net realized (losses) gains | ​ | $ | 1 | ​ | $ | (69) | ​ | $ | 10 | ​ | $ | (70) | ​ | ​
Effective tax rate applied | ​ | ​ | N/M | ​ | ​ | 28.3 | % | ​ | 29.4 | % | ​ | 28.5 | % | ​
​ 1 The Company received proceeds of $7.5 million from the call of available for sale investment securities for the nine months ended September 30, 2022. A loss of $1,000 was recorded on the call of securities during the third quarter of 2022.

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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 https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563 + Details
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