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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2022

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
March 31, 2022
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	30,798			$	23			$	1,516			$	29,305
Mortgage-backed securities:
Federal National Mortgage Association			580,465				22				35,300				545,187
Federal Home Loan Mortgage Corporation			432,427				86				34,210				398,303
Government National Mortgage Association			119,219				7				7,616				111,610
Collateralized mortgage obligations:
Federal National Mortgage Association			14,068				—				1,265				12,803
Federal Home Loan Mortgage Corporation			23,722				—				1,959				21,763
Privately issued			—				391				—				391
Total mortgage-backed securities			1,169,901				506				80,350				1,090,057
Total available for sale securities		$	1,200,699			$	529			$	81,866			$	1,119,362
Securities held to maturity:
State and political subdivisions		$	123,474			$	231			$	2,841			$	120,864
Mortgage-backed securities:
Federal National Mortgage Association			8,910				45				110				8,845
Federal Home Loan Mortgage Corporation			8,345				—				670				7,675
Government National Mortgage Association			25,835				35				508				25,362
Collateralized mortgage obligations:
Federal National Mortgage Association			17,754				14				436				17,332
Federal Home Loan Mortgage Corporation			21,805				6				436				21,375
Government National Mortgage Association			5,056				1				143				4,914
Total mortgage-backed securities			87,705				101				2,303				85,503
Total held to maturity securities			211,179			$	332			$	5,144			$	206,367
Allowance for credit losses - securities			(6	)
Total held to maturity securities, net		$	211,173
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

(5.) INVESTMENT SECURITIES (Continued)

		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
December 31, 2021 (continued)
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

Sales of Securities Available for Sale

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

		Three months ended March 31,
		2022				2021
Proceeds from sales		$	—			$	26,675
Gross realized gains			—				89
Gross realized losses			—				15

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 March 31, 2022 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		$	6,192			$	6,213
Due from one to five years			92,170				91,021
Due after five years through ten years			160,564				153,197
Due after ten years			941,773				868,931
Total available for sale securities		$	1,200,699			$	1,119,362
Debt securities held to maturity:
Due in one year or less		$	34,381			$	34,462
Due from one to five years			64,649				64,564
Due after five years through ten years			21,192				20,350
Due after ten years			90,957				86,991
Total held to maturity securities		$	211,179			$	206,367

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
March 31, 2022
Securities available for sale:
U.S. Government agencies and government sponsored enterprises		$	23,019			$	1,516			$	—			$	—			$	23,019			$	1,516
Mortgage-backed securities:
Federal National Mortgage Association			434,253				24,072				107,806				11,228				542,059				35,300
Federal Home Loan Mortgage Corporation			232,939				18,040				156,206				16,170				389,145				34,210
Government National Mortgage Association			84,325				5,604				27,061				2,012				111,386				7,616
Collateralized mortgage obligations:
Federal National Mortgage Association			6,968				538				5,835				727				12,803				1,265
Federal Home Loan Mortgage Corporation			21,763				1,959				—				—				21,763				1,959
Total mortgage-backed securities			780,248				50,213				296,908				30,137				1,077,156				80,350
Total available for sale securities			803,267				51,729				296,908				30,137				1,100,175				81,866
Total temporarily impaired securities		$	803,267			$	51,729			$	296,908			$	30,137			$	1,100,175			$	81,866
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

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ 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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