XML 21 R12.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Securities | 9 Months Ended
--- | ---
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities The fair value of securities is as follows:
| September 30, 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale |  |  |  |  |  |  |
U.S. Treasury and federal agencies | $ | 293,974 |  |  | $ | — |  |  | $ | (27,720) |  |  | $ | 266,254 |
State and municipal | 505,975 |  |  | — |  |  | (90,729) |  |  | 415,246 |
Federal agency collateralized mortgage obligations | 36,269 |  |  | — |  |  | (1,645) |  |  | 34,624 |
Federal agency mortgage-backed pools | 226,785 |  |  | — |  |  | (32,144) |  |  | 194,641 |
Corporate notes | 84,464 |  |  | 209 |  |  | (9,783) |  |  | 74,890 |
Total available for sale investment securities | $ | 1,147,467 |  |  | $ | 209 |  |  | $ | (162,021) |  |  | $ | 985,655 |
Held to maturity |  |  |  |  |  |  |
U.S. Treasury and federal agencies | $ | 295,363 |  |  | $ | — |  |  | $ | (47,355) |  |  | $ | 248,008 |
State and municipal | 1,128,034 |  |  | 10 |  |  | (242,141) |  |  | 885,903 |
Federal agency collateralized mortgage obligations | 57,972 |  |  | — |  |  | (8,292) |  |  | 49,680 |
Federal agency mortgage-backed pools | 349,875 |  |  | — |  |  | (57,359) |  |  | 292,516 |
Private labeled mortgage-backed pools | 36,171 |  |  | — |  |  | (5,404) |  |  | 30,767 |
Corporate notes | 164,121 |  |  | — |  |  | (30,406) |  |  | 133,715 |
Total held to maturity investment securities | $ | 2,031,536 |  |  | $ | 10 |  |  | $ | (390,957) |  |  | $ | 1,640,589 |
| 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 | 257,185 |  |  | 1,914 |  |  | (1,408) |  |  | 257,691 |
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 | 247,937 |  |  | 209 |  |  | (4,010) |  |  | 244,136 |
Private labeled mortgage-backed pools | 40,447 |  |  | — |  |  | (442) |  |  | 40,005 |
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 |
The amortized cost and fair value of securities available for sale and held to maturity at September 30, 2022 and December 31, 2021, 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, 2022 |  | December 31, 2021
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Available for sale |  |  |  |  |  |  |
Within one year | $ | 1,043 |  |  | $ | 1,030 |  |  | $ | 22,980 |  |  | $ | 22,984 |
One to five years | 313,400 |  |  | 287,251 |  |  | 156,677 |  |  | 156,397 |
Five to ten years | 261,596 |  |  | 224,407 |  |  | 315,630 |  |  | 316,125 |
After ten years | 308,374 |  |  | 243,702 |  |  | 340,539 |  |  | 346,038 |
| 884,413 |  |  | 756,390 |  |  | 835,826 |  |  | 841,544 |
Federal agency collateralized mortgage obligations | 36,269 |  |  | 34,624 |  |  | 60,600 |  |  | 61,577 |
Federal agency mortgage–backed pools | 226,785 |  |  | 194,641 |  |  | 257,185 |  |  | 257,691 |
Total available for sale investment securities | $ | 1,147,467 |  |  | $ | 985,655 |  |  | $ | 1,153,611 |  |  | $ | 1,160,812 |
Held to maturity |  |  |  |  |  |  |
Within one year | $ | 32,861 |  |  | $ | 32,489 |  |  | $ | 5,222 |  |  | $ | 5,265 |
One to five years | 209,055 |  |  | 195,644 |  |  | 65,739 |  |  | 66,982 |
Five to ten years | 339,857 |  |  | 290,173 |  |  | 273,720 |  |  | 275,308 |
After ten years | 1,005,745 |  |  | 749,320 |  |  | 870,896 |  |  | 880,830 |
| 1,587,518 |  |  | 1,267,626 |  |  | 1,215,577 |  |  | 1,228,385 |
Federal agency collateralized mortgage obligations | 57,972 |  |  | 49,680 |  |  | 48,482 |  |  | 47,465 |
Federal agency mortgage–backed pools | 349,875 |  |  | 292,516 |  |  | 247,937 |  |  | 244,136 |
Private labeled mortgage–backed pools | 36,171 |  |  | 30,767 |  |  | 40,447 |  |  | 40,005 |
Total held to maturity investment securities | $ | 2,031,536 |  |  | $ | 1,640,589 |  |  | $ | 1,552,443 |  |  | $ | 1,559,991 |
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, 2022
| 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 | $ | 326,455 |  |  | $ | (34,174) |  |  | $ | 187,559 |  |  | $ | (40,901) |  |  | $ | 514,014 |  |  | $ | (75,075) |
State and municipal | 924,192 |  |  | (198,105) |  |  | 369,729 |  |  | (134,765) |  |  | 1,293,921 |  |  | (332,870) |
Federal agency collateralized mortgage obligations | 47,014 |  |  | (2,897) |  |  | 37,291 |  |  | (7,040) |  |  | 84,305 |  |  | (9,937) |
Federal agency mortgage–backed pools | 275,203 |  |  | (42,992) |  |  | 211,935 |  |  | (46,511) |  |  | 487,138 |  |  | (89,503) |
Private labeled mortgage–backed pools | 4,398 |  |  | (730) |  |  | 26,369 |  |  | (4,674) |  |  | 30,767 |  |  | (5,404) |
Corporate notes | 64,091 |  |  | (11,425) |  |  | 143,638 |  |  | (28,764) |  |  | 207,729 |  |  | (40,189) |
Total temporarily impaired securities | $ | 1,641,353 |  |  | $ | (290,323) |  |  | $ | 976,521 |  |  | $ | (262,655) |  |  | $ | 2,617,874 |  |  | $ | (552,978) |
| 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 | 406,540 |  |  | (5,418) |  |  | — |  |  | — |  |  | 406,540 |  |  | (5,418) |
Private labeled mortgage–backed pools | 40,005 |  |  | (442) |  |  | — |  |  | — |  |  | 40,005 |  |  | (442) |
Corporate notes | 189,500 |  |  | (3,229) |  |  | — |  |  | — |  |  | 189,500 |  |  | (3,229) |
Total temporarily impaired securities | $ | 1,500,686 |  |  | $ | (21,993) |  |  | $ | 35,281 |  |  | $ | (1,012) |  |  | $ | 1,535,967 |  |  | $ | (23,005) |
No allowance for credit losses for available for sale debt securities or held to maturity securities was needed at September 30, 2022 or December 31, 2021. Accrued interest receivable on available for sale debt securities and held to maturity securities totaled $17.4 million at September 30, 2022 and $14.6 million at December 31, 2021 and is excluded from the estimate of credit losses. The U.S. government sponsored entities and agencies and mortgage–backed securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major credit rating agencies, and have a long history of no credit losses. Therefore, for those securities, we do not record expected credit losses. Based on an evaluation of available evidence, management believes the unrealized losses on state and municipal securities, private labeled mortgage–backed pools and corporate notes were due to changes in interest rates. Due to the contractual terms, the issuers of state and municipal securities are not allowed to settle for less than the amortized cost of the security. In addition, the Company does not intend to sell these securities prior to the recovery of the amortized cost, which may not occur until maturity. Information regarding security proceeds, gross gains and gross losses are presented below.
| Three Months Ended |  | Nine Months Ended
| September 30 |  | September 30
| 2022 |  | 2021 |  | 2022 |  | 2021
Sales of securities available for sale |  |  |  |  |  |  |
Proceeds | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 27,514 |
Gross gains | — |  |  | — |  |  | — |  |  | 914 |
Gross losses | — |  |  | — |  |  | — |  |  | — |

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 The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration