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Investment Securities (Tables)

9 Months Ended

Sep. 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
September 30, 2022
Securities available for sale:
U.S. Government agency and government sponsored enterprises		$	24,535			$	—			$	3,428			$	21,107
Mortgage-backed securities:
Federal National Mortgage Association			556,883				—				83,012				473,871
Federal Home Loan Mortgage Corporation			419,428				—				74,634				344,794
Government National Mortgage Association			114,019				1				16,587				97,433
Collateralized mortgage obligations:
Federal National Mortgage Association			12,569				—				2,489				10,080
Federal Home Loan Mortgage Corporation			22,041				—				4,139				17,902
Privately issued			—				344				—				344
Total mortgage-backed securities			1,124,940				345				180,861				944,424
Total available for sale securities		$	1,149,475			$	345			$	184,289			$	965,531
Securities held to maturity:
U.S. Government agency and government sponsored enterprises		$	16,325			$	—			$	850			$	15,475
State and political subdivisions			102,419				16				8,975				93,460
Mortgage-backed securities:
Federal National Mortgage Association			8,576				—				658				7,918
Federal Home Loan Mortgage Corporation			8,009				—				1,485				6,524
Government National Mortgage Association			23,854				—				2,508				21,346
Collateralized mortgage obligations:
Federal National Mortgage Association			15,190				—				1,084				14,106
Federal Home Loan Mortgage Corporation			18,749				—				1,247				17,502
Government National Mortgage Association			4,421				—				314				4,107
Total mortgage-backed securities			78,799				—				7,296				71,503
Total held to maturity securities			197,543			$	16			$	17,121			$	180,438
Allowance for credit losses - securities			(5	)
Total held to maturity securities, net		$	197,538
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 September 30,								Nine months ended September 30,
		2022				2021				2022				2021
Proceeds from sales		$	—			$	—			$	6,252			$	51,891
Gross realized gains			—				—				—				251
Gross realized losses			—				—				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 September 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		$	5,233			$	5,202
Due from one to five years			80,336				75,020
Due after five years through ten years			155,699				135,519
Due after ten years			908,207				749,790
Total available for sale securities		$	1,149,475			$	965,531
Debt securities held to maturity:
Due in one year or less		$	34,464			$	34,223
Due from one to five years			43,515				41,932
Due after five years through ten years			38,024				35,284
Due after ten years			81,540				68,999
Total held to maturity securities		$	197,543			$	180,438

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, 2022
Securities available for sale:
U.S. Government agencies and government    sponsored enterprises		$	13,506			$	1,494			$	7,601			$	1,934			$	21,107			$	3,428
Mortgage-backed securities:
Federal National Mortgage Association			216,629				27,834				257,242				55,178				473,871				83,012
Federal Home Loan Mortgage Corporation			95,195				15,907				249,599				58,727				344,794				74,634
Government National Mortgage Association			28,654				3,876				68,779				12,711				97,433				16,587
Collateralized mortgage obligations:
Federal National Mortgage Association			1,086				100				8,994				2,389				10,080				2,489
Federal Home Loan Mortgage Corporation			7,874				1,528				10,028				2,611				17,902				4,139
Total mortgage-backed securities			349,438				49,245				594,642				131,616				944,080				180,861
Total available for sale securities			362,944				50,739				602,243				133,550				965,187				184,289
Total temporarily impaired securities		$	362,944			$	50,739			$	602,243			$	133,550			$	965,187			$	184,289
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 https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

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