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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2021

Investments [Abstract]

Amortized Cost and Fair Value of Investment Securities

The amortized cost and fair value of investment securities are summarized below (in thousands):

		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
September 30, 2021
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	6,253			$	278			$	—			$	6,531
Mortgage-backed securities:
Federal National Mortgage Association			575,861				8,847				4,973				579,735
Federal Home Loan Mortgage Corporation			390,062				1,257				6,195				385,124
Government National Mortgage Association			92,793				468				935				92,326
Collateralized mortgage obligations:
Federal National Mortgage Association			17,689				67				132				17,624
Federal Home Loan Mortgage Corporation			16,318				—				128				16,190
Privately issued			—				420				—				420
Total mortgage-backed securities			1,092,723				11,059				12,363				1,091,419
Total available for sale securities		$	1,098,976			$	11,337			$	12,363			$	1,097,950
Securities held to maturity:
State and political subdivisions		$	116,812			$	2,897			$	196			$	119,513
Mortgage-backed securities:
Federal National Mortgage Association			9,535				539				—				10,074
Federal Home Loan Mortgage Corporation			8,835				203				132				8,906
Government National Mortgage Association			29,172				1,009				—				30,181
Collateralized mortgage obligations:
Federal National Mortgage Association			21,668				644				—				22,312
Federal Home Loan Mortgage Corporation			26,125				894				—				27,019
Government National Mortgage Association			5,993				166				—				6,159
Total mortgage-backed securities			101,328				3,455				132				104,651
Total held to maturity securities			218,140			$	6,352			$	328			$	224,164
Allowance for credit losses - securities			(5	)
Total held to maturity securities, net		$	218,135
December 31, 2020
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	6,239			$	396			$	—			$	6,635
Mortgage-backed securities:
Federal National Mortgage Association			350,627				15,549				44				366,132
Federal Home Loan Mortgage Corporation			225,645				3,155				24				228,776
Government National Mortgage Association			22,107				830				—				22,937
Collateralized mortgage obligations:
Federal National Mortgage Association			3,047				97				—				3,144
Federal Home Loan Mortgage Corporation			—				—				—				—
Privately issued			—				435				—				435
Total mortgage-backed securities			601,426				20,066				68				621,424
Total available for sale securities		$	607,665			$	20,462			$	68			$	628,059

(5.) INVESTMENT SECURITIES (Continued)

		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
December 31, 2020 (continued)
Securities held to maturity:
State and political subdivisions		$	144,506			$	4,478			$	—			$	148,984
Mortgage-backed securities:
Federal National Mortgage Association			10,776				703				—				11,479
Federal Home Loan Mortgage Corporation			5,858				382				—				6,240
Government National Mortgage Association			37,084				1,578				—				38,662
Collateralized mortgage obligations:
Federal National Mortgage Association			29,988				1,075				—				31,063
Federal Home Loan Mortgage Corporation			35,897				1,581				—				37,478
Government National Mortgage Association			7,864				265				—				8,129
Total mortgage-backed securities			127,467				5,584				—				133,051
Total held to maturity securities			271,973			$	10,062			$	—			$	282,035
Allowance for credit losses - securities			(7	)
Total held to maturity securities, net		$	271,966

Sales of Securities Available for Sale

Sales of securities available for sale were as follows (in thousands):

		Three months ended September 30,								Nine months ended September 30,
		2021				2020				2021				2020
Proceeds from sales		$	—			$	20,576			$	51,891			$	50,207
Gross realized gains			—				554				251				1,170
Gross realized losses			—				—				180				9

Scheduled Maturities of Securities Available for Sale and Securities Held to Maturity

The scheduled maturities of securities available for sale and securities held to maturity at September 30, 2021 are shown below (in thousands). Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.

		Amortized				Fair
		Cost				Value
Debt securities available for sale:
Due in one year or less		$	4,863			$	4,891
Due from one to five years			62,802				65,773
Due after five years through ten years			175,663				180,702
Due after ten years			855,648				846,584
Total available for sale securities		$	1,098,976			$	1,097,950
Debt securities held to maturity:
Due in one year or less		$	36,191			$	36,543
Due from one to five years			72,707				75,317
Due after five years through ten years			20,848				21,233
Due after ten years			88,394				91,071
Total held to maturity securities		$	218,140			$	224,164

Investments Gross Unrealized Losses and Fair Value

Unrealized losses on investment securities for which an allowance for credit losses has not been recorded and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (in thousands):

		Less than 12 months								12 months or longer								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
		Value				Losses				Value				Losses				Value				Losses
September 30, 2021
Securities available for sale:
U.S. Government agency and government sponsored    enterprises		$	—			$	—			$	—			$	—			$	—			$	—
Mortgage-backed securities:
Federal National Mortgage Association			328,931				4,650				9,173				323				338,104				4,973
Federal Home Loan Mortgage Corporation			335,977				5,977				7,676				218				343,653				6,195
Government National Mortgage Association			79,351				935				—				—				79,351				935
Collateralized mortgage obligations:
Federal National Mortgage Association			7,818				132				—				—				7,818				132
Federal Home Loan Mortgage Corporation			16,190				128				—				—				16,190				128
Privately issued			—				—				—				—				—				—
Total mortgage-backed securities			768,267				11,822				16,849				541				785,116				12,363
Total available for sale securities			768,267				11,822				16,849				541				785,116				12,363
Total temporarily impaired securities		$	768,267			$	11,822			$	16,849			$	541			$	785,116			$	12,363
December 31, 2020
Securities available for sale:
U.S. Government agencies and government sponsored    enterprises		$	—			$	—			$	—			$	—			$	—			$	—
Mortgage-backed securities:
Federal National Mortgage Association			18,155				44				—				—				18,155				44
Federal Home Loan Mortgage Corporation			10,932				24				—				—				10,932				24
Government National Mortgage Association			—				—				—				—				—				—
Collateralized mortgage obligations:
Federal National Mortgage Association			—				—				8				—				8				—
Federal Home Loan Mortgage Corporation			—				—				—				—				—				—
Privately issued			—				—				—				—				—				—
Total mortgage-backed securities			29,087				68				8				—				29,095				68
Total available for sale securities			29,087				68				8				—				29,095				68
Total temporarily impaired securities		$	29,087			$	68			$	8			$	—			$	29,095			$	68

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+ 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 http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563

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