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Investment Securities (Tables)

12 Months Ended

Dec. 31, 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 Cost				Unrealized Gains				Unrealized Losses				Fair Value
December 31, 2021
Securities available for sale:
U.S. Government agencies and government sponsored enterprises		$	15,793			$	195			$	97			$	15,891
Mortgage-backed securities:
Federal National Mortgage Association			576,163				6,565				5,242				577,486
Federal Home Loan Mortgage Corporation			430,010				952				6,435				424,527
Government National Mortgage Association			122,266				298				2,082				120,482
Collateralized mortgage obligations:
Federal National Mortgage Association			15,346				26				433				14,939
Federal Home Loan Mortgage Corporation			25,257				-				477				24,780
Privately issued			-				410				-				410
Total mortgage-backed securities			1,169,042				8,251				14,669				1,162,624
Total available for sale securities		$	1,184,835			$	8,446			$	14,766			$	1,178,515
Securities held to maturity:
State and political subdivisions		$	111,399			$	2,412			$	300			$	113,511
Mortgage-backed securities:
Federal National Mortgage Association			9,275				411				-				9,686
Federal Home Loan Mortgage Corporation			8,706				137				144				8,699
Government National Mortgage Association			27,400				706				2				28,104
Collateralized mortgage obligations:
Federal National Mortgage Association			19,485				368				3				19,850
Federal Home Loan Mortgage Corporation			23,840				565				-				24,405
Government National Mortgage Association			5,481				84				-				5,565
Total mortgage-backed securities			94,187				2,271				149				96,309
Total held to maturity securities			205,586			$	4,683			$	449			$	209,820
Allowance for credit losses - securities			(5	)
Total held to maturity securities, net		$	205,581
December 31, 2020
Securities available for sale:
U.S. Government agencies 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

(4.) INVESTMENT SECURITIES (Continued)

		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair 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

Interest and Dividends on Securities

Interest and dividends on securities for the years ended December 31 are summarized as follows (in thousands):

		2021				2020				2019
Taxable interest and dividends		$	16,736			$	14,186			$	14,382
Tax-exempt interest and dividends			2,355				3,278				4,150
Total interest and dividends on securities		$	19,091			$	17,464			$	18,532

Sales of Securities Available for Sale

Sales of securities available for sale for the years ended December 31 were as follows (in thousands):

		2021				2020				2019
Proceeds from sales		$	51,891			$	107,098			$	178,059
Gross realized gains			251				1,642				2,391
Gross realized losses			180				43				714

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 December 31, 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 Cost				Fair Value
Debt securities available for sale:
Due in one year or less		$	1,469			$	1,479
Due from one to five years			64,526				66,843
Due after five years through ten years			178,918				182,096
Due after ten years			939,922				928,097
Total available for sale securities		$	1,184,835			$	1,178,515
Debt securities held to maturity:
Due in one year or less		$	35,419			$	35,700
Due from one to five years			68,054				70,227
Due after five years through ten years			19,209				19,414
Due after ten years			82,904				84,479
Total held to maturity securities		$	205,586			$	209,820

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 as of December 31 are summarized as follows (in thousands):

		Less than 12 months								12 months or longer								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
December 31, 2021
Securities available for sale:
U.S. Government agencies and government sponsored enterprises		$	9,438			$	97			$	-			$	-			$	9,438			$	97
Mortgage-backed securities:
Federal National Mortgage Association			333,489				3,597				61,249				1,645				394,738				5,242
Federal Home Loan Mortgage Corporation			283,965				3,353				110,931				3,082				394,896				6,435
Government National Mortgage Association			108,448				2,082				-				-				108,448				2,082
Collateralized mortgage obligations:
Federal National Mortgage Association			13,364				433				-				-				13,364				433
Federal Home Loan Mortgage Corporation			24,780				477				-				-				24,780				477
Total mortgage-backed securities			764,046				9,942				172,180				4,727				936,226				14,669
Total available for sale securities			773,484				10,039				172,180				4,727				945,664				14,766
Total temporarily impaired securities		$	773,484			$	10,039			$	172,180			$	4,727			$	945,664			$	14,766
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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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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