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Securities (Tables) | 12 Months Ended
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Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Fair Value of Securities | The fair value of securities is as follows:
| December 31, 2021
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale |  |  |  |  |  |  |
U.S. Treasury and federal agencies | $ | 118,595 |  |  | 82 |  |  | $ | (1,698) |  |  | $ | 116,979 |
State and municipal | 632,652 |  |  | 12,802 |  |  | (5,708) |  |  | 639,746 |
Federal agency collateralized mortgage obligations | 60,600 |  |  | 989 |  |  | (12) |  |  | 61,577 |
Federal agency mortgage–backed pools | 225,329 |  |  | 1,777 |  |  | (1,032) |  |  | 226,074 |
Private labeled mortgage–backed pools | 31,856 |  |  | 137 |  |  | (376) |  |  | 31,617 |
Corporate notes | 84,579 |  |  | 1,013 |  |  | (773) |  |  | 84,819 |
Total available for sale investment securities | $ | 1,153,611 |  |  | $ | 16,800 |  |  | $ | (9,599) |  |  | $ | 1,160,812 |
Held to maturity |  |  |  |  |  |  |
U.S. Treasury and federal agencies | $ | 195,429 |  |  | $ | 12 |  |  | $ | (1,215) |  |  | $ | 194,226 |
State and municipal | 862,461 |  |  | 20,719 |  |  | (4,263) |  |  | 878,917 |
Federal agency collateralized mortgage obligations | 48,482 |  |  | 3 |  |  | (1,020) |  |  | 47,465 |
Federal agency mortgage–backed pools | 188,426 |  |  | 151 |  |  | (2,612) |  |  | 185,965 |
Private labeled mortgage–backed pools | 99,958 |  |  | 58 |  |  | (1,840) |  |  | 98,176 |
Corporate notes | 157,687 |  |  | 11 |  |  | (2,456) |  |  | 155,242 |
Total held to maturity investment securities | $ | 1,552,443 |  |  | $ | 20,954 |  |  | $ | (13,406) |  |  | $ | 1,559,991 |
| 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 December 31, 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.
| December 31, 2021 |  | December 31, 2020
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Available for sale |  |  |  |  |  |  |
Within one year | $ | 22,980 |  |  | $ | 22,984 |  |  | $ | 44,206 |  |  | $ | 44,192 |
One to five years | 156,677 |  |  | 156,397 |  |  | 61,594 |  |  | 63,006 |
Five to ten years | 315,630 |  |  | 316,125 |  |  | 136,857 |  |  | 145,102 |
After ten years | 340,539 |  |  | 346,038 |  |  | 589,200 |  |  | 615,473 |
| 835,826 |  |  | 841,544 |  |  | 831,857 |  |  | 867,773 |
Federal agency collateralized mortgage obligations | 60,600 |  |  | 61,577 |  |  | 144,022 |  |  | 147,453 |
Federal agency mortgage–backed pools | 225,329 |  |  | 226,074 |  |  | 114,484 |  |  | 118,799 |
Private labeled mortgage–backed pools | 31,856 |  |  | 31,617 |  |  | — |  |  | — |
Total available for sale investment securities | $ | 1,153,611 |  |  | $ | 1,160,812 |  |  | $ | 1,090,363 |  |  | $ | 1,134,025 |
Held to maturity |  |  |  |  |  |  |
Within one year | $ | 5,222 |  |  | $ | 5,265 |  |  | $ | 7,302 |  |  | $ | 7,327 |
One to five years | 65,739 |  |  | 66,982 |  |  | 42,742 |  |  | 44,358 |
Five to ten years | 273,720 |  |  | 275,308 |  |  | 82,087 |  |  | 88,300 |
After ten years | 870,896 |  |  | 880,830 |  |  | 25,290 |  |  | 28,471 |
| 1,215,577 |  |  | 1,228,385 |  |  | 157,421 |  |  | 168,456 |
Federal agency collateralized mortgage obligations | 48,482 |  |  | 47,465 |  |  | 2,661 |  |  | 2,697 |
Federal agency mortgage–backed pools | 188,426 |  |  | 185,965 |  |  | 8,594 |  |  | 8,837 |
Private labeled mortgage–backed pools | 99,958 |  |  | 98,176 |  |  | — |  |  | — |
Total held to maturity investment securities | $ | 1,552,443 |  |  | $ | 1,559,991 |  |  | $ | 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.
| December 31, 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 | $ | 268,732 |  |  | $ | (2,483) |  |  | $ | 15,820 |  |  | $ | (430) |  |  | $ | 284,552 |  |  | $ | (2,913) |
State and municipal | 539,882 |  |  | (9,389) |  |  | 19,461 |  |  | (582) |  |  | 559,343 |  |  | (9,971) |
Federal agency collateralized mortgage obligations | 56,027 |  |  | (1,032) |  |  | — |  |  | — |  |  | 56,027 |  |  | (1,032) |
Federal agency mortgage–backed pools | 333,489 |  |  | (3,644) |  |  | — |  |  | — |  |  | 333,489 |  |  | (3,644) |
Private labeled mortgage–backed pools | 113,057 |  |  | (2,216) |  |  | — |  |  | — |  |  | 113,057 |  |  | (2,216) |
Corporate notes | 189,500 |  |  | (3,229) |  |  | — |  |  | — |  |  | 189,500 |  |  | (3,229) |
Total securities | $ | 1,500,687 |  |  | $ | (21,993) |  |  | $ | 35,281 |  |  | $ | (1,012) |  |  | $ | 1,535,968 |  |  | $ | (23,005) |
| 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 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.
| Year Ended December 31
| 2021 |  | 2020 |  | 2019
Sales of securities available for sale |  |  |  |  |
Proceeds | $ | 27,514 |  |  | $ | 77,213 |  |  | $ | 98,425 |
Gross gains | 914 |  |  | 4,372 |  |  | 168 |
Gross losses | — |  |  | (75) |  |  | (243) |

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