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Securities Available for Sale (Tables)
12 Months Ended
Dec. 31, 2021
Investments Debt And Equity Securities [Abstract]  
Summary of the Amortized Cost and Fair Value of Available-for-Sale Investment Securities Corresponding Amounts of Unrealized Gains and Losses

The following table summarizes the amortized cost and fair value of the available-for-sale securities portfolio at December 31, 2021 and 2020 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

 

 

 

 

2021

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

U.S. Treasury and U.S. government sponsored

   entities

 

 

$

93,137

 

 

$

32

 

 

$

(2,338

)

 

$

90,831

 

State and political subdivisions

 

 

 

636,724

 

 

 

23,296

 

 

 

(1,205

)

 

 

658,815

 

Corporate bonds

 

 

 

4,009

 

 

 

50

 

 

 

(29

)

 

 

4,030

 

Mortgage-backed securities - residential

 

 

 

663,405

 

 

 

1,875

 

 

 

(10,094

)

 

 

655,186

 

Collateralized mortgage obligations

 

 

 

13,303

 

 

 

153

 

 

 

(71

)

 

 

13,385

 

Small Business Administration

 

 

 

5,381

 

 

 

49

 

 

 

0

 

 

 

5,430

 

Totals

 

 

$

1,415,959

 

 

$

25,455

 

 

$

(13,737

)

 

$

1,427,677

 

 

 

 

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

 

 

 

 

2020

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

U.S. Treasury and U.S. government sponsored

   entities

 

 

$

11,798

 

 

$

101

 

 

$

(54

)

 

$

11,845

 

State and political subdivisions

 

 

 

344,160

 

 

 

22,350

 

 

 

(204

)

 

 

366,306

 

Corporate bonds

 

 

 

3,582

 

 

 

132

 

 

 

(2

)

 

 

3,712

 

Mortgage-backed securities - residential

 

 

 

157,106

 

 

 

4,919

 

 

 

(243

)

 

 

161,782

 

Collateralized mortgage obligations

 

 

 

25,654

 

 

 

742

 

 

 

(3

)

 

 

26,393

 

Small Business Administration

 

 

 

5,411

 

 

 

151

 

 

 

0

 

 

 

5,562

 

Totals

 

 

$

547,711

 

 

$

28,395

 

 

$

(506

)

 

$

575,600

 

Proceeds from Sales of Available-for-Sale Securities and the Associated Gains and Losses

 

The proceeds from sales of available-for-sale securities and the associated gains and losses were as follows:

 

 

 

 

 

 

2021

 

 

 

2020

 

 

 

2019

 

Proceeds

 

 

 

$

35,175

 

 

$

60,341

 

 

$

33,424

 

Gross gains

 

 

 

 

863

 

 

 

394

 

 

 

211

 

Gross losses

 

 

 

 

(25

)

 

 

(824

)

 

 

(222

)

Amortized Cost and Fair Value of the Debt Securities Maturity

The amortized cost and fair value of the debt securities portfolio are shown by expected maturity. Expected maturities may differ from contractual maturities if issuers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

 

Available for sale

 

 

 

 

 

December 31, 2021

 

 

 

 

 

 

 

Amortized

 

 

 

 

 

Maturity

 

 

 

 

 

Cost

 

 

Fair Value

 

Within one year

 

 

 

 

 

$

1,539

 

 

$

1,550

 

One to five years

 

 

 

 

 

 

14,132

 

 

 

14,897

 

Five to ten years

 

 

 

 

 

 

133,000

 

 

 

132,717

 

Beyond ten years

 

 

 

 

 

 

585,199

 

 

 

604,512

 

Mortgage-backed securities, collateralized mortgage

   obligations and Small Business Administration

 

 

 

 

 

 

682,089

 

 

 

674,001

 

Totals

 

 

 

 

 

$

1,415,959

 

 

$

1,427,677

 

Investment Securities with Unrealized Losses

The following table summarizes the investment securities with unrealized losses at December 31, 2021 and 2020 aggregated by major security type and length of time in a continuous unrealized loss position.

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

Description of Securities

 

Value

 

 

Loss

 

 

Value

 

 

Loss

 

 

Value

 

 

Loss

 

U.S. Treasury and U.S. government

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

sponsored entities

 

$

81,236

 

 

$

(1,960

)

 

$

8,271

 

 

$

(378

)

 

$

89,507

 

 

$

(2,338

)

State and political subdivisions

 

 

103,651

 

 

 

(1,020

)

 

 

10,020

 

 

 

(185

)

 

 

113,671

 

 

 

(1,205

)

Corporate bonds

 

 

418

 

 

 

(2

)

 

 

715

 

 

 

(27

)

 

 

1,133

 

 

 

(29

)

Mortgage-backed securities - residential

 

 

525,792

 

 

 

(7,872

)

 

 

55,569

 

 

 

(2,222

)

 

 

581,361

 

 

 

(10,094

)

Collateralized mortgage obligations

 

 

7,270

 

 

 

(71

)

 

 

0

 

 

 

0

 

 

 

7,270

 

 

 

(71

)

Total temporarily impaired

 

$

718,367

 

 

$

(10,925

)

 

$

74,575

 

 

$

(2,812

)

 

$

792,942

 

 

$

(13,737

)

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

Description of Securities

 

Value

 

 

Loss

 

 

Value

 

 

Loss

 

 

Value

 

 

Loss

 

U.S. Treasury and U.S. government

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

sponsored entities

 

$

8,153

 

 

$

(54

)

 

$

0

 

 

$

0

 

 

$

8,153

 

 

$

(54

)

State and political subdivisions

 

 

19,205

 

 

 

(204

)

 

 

0

 

 

 

0

 

 

 

19,205

 

 

 

(204

)

Corporate bonds

 

 

198

 

 

 

(2

)

 

 

0

 

 

 

0

 

 

 

198

 

 

 

(2

)

Mortgage-backed securities - residential

 

 

63,401

 

 

 

(243

)

 

 

0

 

 

 

0

 

 

 

63,401

 

 

 

(243

)

Collateralized mortgage obligations

 

 

294

 

 

 

(3

)

 

 

0

 

 

 

0

 

 

 

294

 

 

 

(3

)

Total temporarily impaired

 

$

91,251

 

 

$

(506

)

 

$

0

 

 

$

0

 

 

$

91,251

 

 

$

(506

)