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Securities (Tables)

9 Months Ended

Sep. 30, 2022

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.