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Investment Securities (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2022
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	24,535			$	—			$	2,345			$	22,190
Mortgage-backed securities:
Federal National Mortgage Association			575,815				2				54,832				520,985
Federal Home Loan Mortgage Corporation			430,099				1				52,524				377,576
Government National Mortgage Association			116,934				2				12,413				104,523
Collateralized mortgage obligations:
Federal National Mortgage Association			13,188				—				1,770				11,418
Federal Home Loan Mortgage Corporation			22,734				—				2,773				19,961
Privately issued			—				365				—				365
Total mortgage-backed securities			1,158,770				370				124,312				1,034,828
Total available for sale securities		$	1,183,305			$	370			$	126,657			$	1,057,018
Securities held to maturity:
U.S. Government agency and government sponsored enterprises		$	16,288			$	—			$	105			$	16,183
State and political subdivisions			105,978				106				5,618				100,466
Mortgage-backed securities:
Federal National Mortgage Association			8,844				4				305				8,543
Federal Home Loan Mortgage Corporation			8,077				—				986				7,091
Government National Mortgage Association			24,641				1				1,156				23,486
Collateralized mortgage obligations:
Federal National Mortgage Association			16,312				—				619				15,693
Federal Home Loan Mortgage Corporation			20,100				—				638				19,462
Government National Mortgage Association			4,698				—				171				4,527
Total mortgage-backed securities			82,672				5				3,875				78,802
Total held to maturity securities			204,938			$	111			$	9,598			$	195,451
Allowance for credit losses - securities			(5	)
Total held to maturity securities, net		$	204,933
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 June 30,								Six months ended June 30,
		2022				2021				2022				2021
Proceeds from sales		$	6,252			$	25,216			$	6,252			$	51,891
Gross realized gains			—				162				—				251
Gross realized losses			15				165				15				180

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 June 30, 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		$	5,550			$	5,535
Due from one to five years			86,194				83,372
Due after five years through ten years			152,838				141,476
Due after ten years			938,723				826,635
Total available for sale securities		$	1,183,305			$	1,057,018
Debt securities held to maturity:
Due in one year or less		$	35,543			$	35,602
Due from one to five years			45,992				45,676
Due after five years through ten years			39,273				38,008
Due after ten years			84,130				76,165
Total held to maturity securities		$	204,938			$	195,451

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
June 30, 2022
Securities available for sale:
U.S. Government agencies and government sponsored enterprises		$	22,190			$	2,345			$	—			$	—			$	22,190			$	2,345
Mortgage-backed securities:
Federal National Mortgage Association			407,151				36,437				113,541				18,395				520,692				54,832
Federal Home Loan Mortgage Corporation			225,921				27,154				151,571				25,370				377,492				52,524
Government National Mortgage Association			73,597				8,827				30,773				3,586				104,370				12,413
Collateralized mortgage obligations:
Federal National Mortgage Association			6,206				748				5,212				1,022				11,418				1,770
Federal Home Loan Mortgage Corporation			15,749				1,911				4,212				862				19,961				2,773
Total mortgage-backed securities			728,624				75,077				305,309				49,235				1,033,933				124,312
Total available for sale securities			750,814				77,422				305,309				49,235				1,056,123				126,657
Total temporarily impaired securities		$	750,814			$	77,422			$	305,309			$	49,235			$	1,056,123			$	126,657
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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+ 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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