XML 38 R28.htm IDEA: XBRL DOCUMENT v3.21.2

Securities (Tables)

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Fair Value of Securities

The fair value of securities is as follows:

			September 30, 2021
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Available for sale
U.S. Treasury and federal agencies			$	119,159					$	136					$	(707)					$	118,588
State and municipal			1,108,057						22,276						(11,210)						1,119,123
Federal agency collateralized mortgage obligations			73,922						1,607						(4)						75,525
Federal agency mortgage-backed pools			236,432						2,341						(1,068)						237,705
Private labeled mortgage-backed pools			32,948						274						(285)						32,937
Corporate notes			84,672						1,201						(117)						85,756
Total available for sale investment securities			$	1,655,190					$	27,835					$	(13,391)					$	1,669,634
Held to maturity
State and municipal			$	283,858					$	8,170					$	(2,909)					$	289,119
Federal agency collateralized mortgage obligations			69,537						10						(793)						68,754
Federal agency mortgage-backed pools			215,873						167						(3,542)						212,498
Private labeled mortgage-backed pools			66,298						7						(753)						65,552
Corporate notes			133,674						—						(1,498)						132,176
Total held to maturity investment securities			$	769,240					$	8,354					$	(9,495)					$	768,099

			December 31, 2020
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Available for sale
U.S. Treasury and federal agencies			$	19,750					$	—					$	(35)					$	19,715
State and municipal			803,100						35,014						(271)						837,843
Federal agency collateralized mortgage obligations			144,022						3,448						(17)						147,453
Federal agency mortgage-backed pools			114,484						4,315						—						118,799
Corporate notes			9,007						1,208						—						10,215
Total available for sale investment securities			$	1,090,363					$	43,985					$	(323)					$	1,134,025
Held to maturity
State and municipal			$	157,421					$	11,035					$	—					$	168,456
Federal agency collateralized mortgage obligations			2,661						36						—						2,697
Federal agency mortgage-backed pools			8,594						243						—						8,837
Total held to maturity investment securities			$	168,676					$	11,314					$	—					$	179,990

Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity

The amortized cost and fair value of securities available for sale and held to maturity at September 30, 2021 and December 31, 2020, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

			September 30, 2021												December 31, 2020
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Available for sale
Within one year			$	28,888					$	28,885					$	44,206					$	44,192
One to five years			133,651						134,899						61,594						63,006
Five to ten years			320,561						322,940						136,857						145,102
After ten years			828,788						836,743						589,200						615,473
			1,311,888						1,323,467						831,857						867,773
Federal agency collateralized mortgage obligations			73,922						75,525						144,022						147,453
Federal agency mortgage–backed pools			236,432						237,705						114,484						118,799
Private labeled mortgage–backed pools			$	32,948					$	32,937					$	—					$	—
Total available for sale investment securities			$	1,655,190					$	1,669,634					$	1,090,363					$	1,134,025
Held to maturity
Within one year			$	4,612					$	4,666					$	7,302					$	7,327
One to five years			45,148						46,573						42,742						44,358
Five to ten years			185,847						188,962						82,087						88,300
After ten years			181,925						181,094						25,290						28,471
			417,532						421,295						157,421						168,456
Federal agency collateralized mortgage obligations			69,537						68,754						2,661						2,697
Federal agency mortgage–backed pools			215,873						212,498						8,594						8,837
Private labeled mortgage–backed pools			66,298						65,552						—						—
Total held to maturity investment securities			$	769,240					$	768,099					$	168,676					$	179,990

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

The following table shows the gross unrealized losses and the fair value of the Company’s investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

			September 30, 2021
			Less than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Investment Securities
U.S. Treasury and federal agencies			$	108,551					$	(688)					$	2,731					$	(19)					$	111,282					$	(707)
State and municipal			680,184						(13,892)						5,316						(227)						685,500						(14,119)
Federal agency collateralized mortgage obligations			57,191						(797)						—						—						57,191						(797)
Federal agency mortgage–backed pools			363,453						(4,610)						—						—						363,453						(4,610)
Private labeled mortgage–backed pools			77,208						(1,038)						—						—						77,208						(1,038)
Corporate notes			144,177						(1,615)						—						—						144,177						(1,615)
Total temporarily impaired securities			$	1,430,764					$	(22,640)					$	8,047					$	(246)					$	1,438,811					$	(22,886)

			December 31, 2020
			Less than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Investment Securities
U.S. Treasury and federal agencies			$	17,215					$	(35)					$	—					$	—					$	17,215					$	(35)
State and municipal			56,287						(242)						1,245						(29)						57,532						(271)
Federal agency collateralized mortgage obligations			6,358						(17)						—						—						6,358						(17)
Total temporarily impaired securities			$	79,860					$	(294)					$	1,245					$	(29)					$	81,105					$	(323)

Sales of Securities Available for Sale

Information regarding security proceeds, gross gains and gross losses are presented below.

			Three Months Ended												Nine Months Ended
			September 30												September 30
			2021						2020						2021						2020
Sales of securities available for sale
Proceeds			$	—					$	17,012					$	27,514					$	54,194
Gross gains			—						1,094						914						1,731
Gross losses			—						(6)						—						(56)

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of investment.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 325
-URI http://asc.fasb.org/topic&trid=2197064

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 321
-URI http://asc.fasb.org/topic&trid=75115024

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-URI http://asc.fasb.org/topic&trid=2196965

+ Details

Name:	us-gaap_InvestmentTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

+ References

No definition available.

+ Details

Name:	us-gaap_MarketableSecuritiesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27357-111563

+ Details

Name:	us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration