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Securities (Tables)

9 Months Ended

Sep. 30, 2022

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 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

Amortized Cost and Fair Value of the Debt Securities Maturity

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

Available for Sale Investment Securities with Unrealized Losses

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	)

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI https://asc.fasb.org/topic&trid=2196928

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
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-Section 50
-Paragraph 6
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-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455

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