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v3.22.2.2

Securities | 9 Months Ended
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Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities: The following table summarizes the amortized cost and fair value of the available for sale investment securities portfolio at September 30, 2022 and December 31, 2021 and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income (loss):
|  |  |  | Gross |  |  | Gross |  |  |  |
| Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |
(In Thousands of Dollars) | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government sponsored entities | $ | 149,549 |  |  | $ | 0 |  |  | $ | (21,733 | ) |  | $ | 127,816 |
State and political subdivisions |  | 686,456 |  |  |  | 100 |  |  |  | (137,528 | ) |  |  | 549,028 |
Corporate bonds |  | 4,386 |  |  |  | 0 |  |  |  | (303 | ) |  |  | 4,083 |
Mortgage-backed securities - residential |  | 687,352 |  |  |  | 56 |  |  |  | (126,126 | ) |  |  | 561,282 |
Collateralized mortgage obligations - residential |  | 53,390 |  |  |  | 0 |  |  |  | (4,178 | ) |  |  | 49,212 |
Small Business Administration |  | 4,120 |  |  |  | 0 |  |  |  | (408 | ) |  |  | 3,712 |
Totals | $ | 1,585,253 |  |  | $ | 156 |  |  | $ | (290,276 | ) |  | $ | 1,295,133 |
|  |  |  | Gross |  |  | Gross |  |  |  |
| Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |
(In Thousands of Dollars) | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
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 - residential |  | 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 |
Proceeds from the sale of portfolio securities were $1.0 million and $2.6 million, respectively, for the three and nine month periods ended September 30, 2022. Gross losses of $5 thousand and $36 thousand, respectively, were realized on these sales for the three and nine month periods ended September 30, 2022. Realized losses on equity securities of $12 thousand and $52 thousand were recognized in the income statement during the three and nine month periods as of September 30, 2022, respectively. Proceeds from the sale of portfolio securities were $8.2 million and $35.2 million during the three and nine month periods ended September 30, 2021, respectively. Gross gains of $458 thousand and $1.4 million along with gross losses of $1 thousand and $515 thousand were realized on these sales during the three and nine month periods ended September 30, 2021, respectively. Realized gains on equity securities of $5 thousand and $141 thousand were recognized in the income statement during the three and nine month periods as of September 30, 2021, respectively. The amortized cost and fair value of the debt securities portfolio are shown in the table below 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.
|  | September 30, 2022 |
(In Thousands of Dollars) |  | Amortized Cost |  |  | Fair Value |
Maturity |  |  |  |  |  |
Within one year |  | $ | 776 |  |  | $ | 770 |
One to five years |  |  | 30,842 |  |  |  | 29,791 |
Five to ten years |  |  | 178,232 |  |  |  | 154,700 |
Beyond ten years |  |  | 630,541 |  |  |  | 495,666 |
Mortgage-backed, collateralized mortgage obligations and Small Business Administration securities |  |  | 744,862 |  |  |  | 614,206 |
Total |  | $ | 1,585,253 |  |  | $ | 1,295,133 |
The following table summarizes the available for sale investment securities with unrealized losses at September 30, 2022 and December 31, 2021, aggregated by major security type and length of time in a continuous unrealized loss position.
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(In Thousands of Dollars) |  | Value |  |  | Loss |  |  | Value |  |  | Loss |  |  | Value |  |  | Loss |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government sponsored entities |  | $ | 56,522 |  |  | $ | (6,430 | ) |  | $ | 71,294 |  |  | $ | (15,303 | ) |  | $ | 127,816 |  |  | $ | (21,733 | )
State and political subdivisions |  |  | 485,654 |  |  |  | (121,150 | ) |  |  | 42,427 |  |  |  | (16,378 | ) |  |  | 528,081 |  |  |  | (137,528 | )
Corporate bonds |  |  | 3,292 |  |  |  | (145 | ) |  |  | 791 |  |  |  | (158 | ) |  |  | 4,083 |  |  |  | (303 | )
Mortgage-backed securities - residential |  |  | 183,962 |  |  |  | (32,556 | ) |  |  | 375,623 |  |  |  | (93,570 | ) |  |  | 559,585 |  |  |  | (126,126 | )
Collateralized mortgage obligations - residential |  |  | 45,785 |  |  |  | (3,715 | ) |  |  | 3,427 |  |  |  | (463 | ) |  |  | 49,212 |  |  |  | (4,178 | )
Small Business Administration |  |  | 3,712 |  |  |  | (408 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 3,712 |  |  |  | (408 | )
Total temporarily impaired |  | $ | 778,927 |  |  | $ | (164,404 | ) |  | $ | 493,562 |  |  | $ | (125,872 | ) |  | $ | 1,272,489 |  |  | $ | (290,276 | )
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(In Thousands of Dollars) |  | Value |  |  | Loss |  |  | Value |  |  | Loss |  |  | Value |  |  | Loss |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 - residential |  |  | 7,270 |  |  |  | (71 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 7,270 |  |  |  | (71 | )
Total temporarily impaired |  | $ | 718,367 |  |  | $ | (10,925 | ) |  | $ | 74,575 |  |  | $ | (2,812 | ) |  | $ | 792,942 |  |  | $ | (13,737 | )
Allowance for Credit Losses Management evaluates securities available for sale for credit losses. During the evaluation process, management considers the extent to which the fair value has been less than cost, the financial condition and near term prospects of the issuer, and the intent and ability of the Company to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. If the Company determines that a credit loss exists, the credit portion of the allowance will be measured using a discounted cash flow analysis using the effective interest rate as of the security’s purchase date. As of September 30, 2022, the Company’s security portfolio consisted of 886 securities, 857 of which were in an unrealized loss position. The majority of the unrealized losses on the Company’s securities are related to its holdings of mortgage-backed securities and state and political subdivisions. The Company does not consider its available for sale ("AFS") securities with unrealized losses to be attributable to credit-related factors, as the unrealized losses have occurred as a result of changes in noncredit related factors such as changes in interest rates, market spreads and market conditions subsequent to purchase, not credit deterioration. As of September 30, 2022 the Company has no t recorded an allowance for credit losses on AFS securities.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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