XML 43 R29.htm IDEA: XBRL DOCUMENT
v3.23.1

Securities (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 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 |
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government sponsored entities | $ | 154,879 |  |  | $ | 194 |  |  | $ | (17,900 | ) |  | $ | 137,173 |
State and political subdivisions |  | 650,520 |  |  |  | 2,751 |  |  |  | (98,022 | ) |  |  | 555,249 |
Corporate bonds |  | 18,726 |  |  |  | 234 |  |  |  | (275 | ) |  |  | 18,685 |
Mortgage-backed securities |  | 666,828 |  |  |  | 73 |  |  |  | (106,256 | ) |  |  | 560,645 |
Collateralized mortgage obligations |  | 84,559 |  |  |  | 619 |  |  |  | (4,771 | ) |  |  | 80,407 |
Small Business Administration |  | 3,600 |  |  |  | 0 |  |  |  | (310 | ) |  |  | 3,290 |
Totals | $ | 1,579,112 |  |  | $ | 3,871 |  |  | $ | (227,534 | ) |  | $ | 1,355,449 |
|  |  |  | Gross |  |  | Gross |  |  |  |
| Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |
(In Thousands of Dollars) | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government sponsored entities | $ | 149,712 |  |  | $ | 0 |  |  | $ | (21,616 | ) |  | $ | 128,096 |
State and political subdivisions |  | 651,705 |  |  |  | 266 |  |  |  | (121,891 | ) |  |  | 530,080 |
Corporate bonds |  | 4,181 |  |  |  | 0 |  |  |  | (302 | ) |  |  | 3,879 |
Mortgage-backed securities - residential |  | 672,784 |  |  |  | 12 |  |  |  | (117,654 | ) |  |  | 555,142 |
Collateralized mortgage obligations |  | 52,291 |  |  |  | 0 |  |  |  | (4,937 | ) |  |  | 47,354 |
Small Business Administration |  | 3,839 |  |  |  | 0 |  |  |  | (365 | ) |  |  | 3,474 |
Totals | $ | 1,534,512 |  |  | $ | 278 |  |  | $ | (266,765 | ) |  | $ | 1,268,025 |
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.
|  | March 31, 2023 |
(In Thousands of Dollars) |  | Amortized Cost |  |  | Fair Value |
Maturity |  |  |  |  |  |
Within one year |  | $ | 585 |  |  | $ | 583 |
One to five years |  |  | 39,428 |  |  |  | 37,225 |
Five to ten years |  |  | 171,931 |  |  |  | 155,027 |
Beyond ten years |  |  | 612,181 |  |  |  | 518,272 |
Mortgage-backed, collateralized mortgage obligations and Small Business Administration securities |  |  | 754,987 |  |  |  | 644,342 |
Total |  | $ | 1,579,112 |  |  | $ | 1,355,449 |
Available for Sale Investment Securities with Unrealized Losses | The following table summarizes the available for sale investment securities with unrealized losses at March 31, 2023 and December 31, 2022, 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 |
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government sponsored entities |  | $ | 0 |  |  | $ | 0 |  |  | $ | 131,976 |  |  | $ | (17,900 | ) |  | $ | 131,976 |  |  | $ | (17,900 | )
State and political subdivisions |  |  | 31,898 |  |  |  | (744 | ) |  |  | 440,668 |  |  |  | (97,278 | ) |  |  | 472,566 |  |  |  | (98,022 | )
Corporate bonds |  |  | 985 |  |  |  | (12 | ) |  |  | 4,114 |  |  |  | (263 | ) |  |  | 5,099 |  |  |  | (275 | )
Mortgage-backed securities |  |  | 81 |  |  |  | (1 | ) |  |  | 555,585 |  |  |  | (106,255 | ) |  |  | 555,666 |  |  |  | (106,256 | )
Collateralized mortgage obligations |  |  | 2,800 |  |  |  | (70 | ) |  |  | 45,562 |  |  |  | (4,701 | ) |  |  | 48,362 |  |  |  | (4,771 | )
Small Business Administration |  |  | 0 |  |  |  | 0 |  |  |  | 3,290 |  |  |  | (310 | ) |  |  | 3,290 |  |  |  | (310 | )
Total temporarily impaired |  | $ | 35,764 |  |  | $ | (827 | ) |  | $ | 1,181,195 |  |  | $ | (226,707 | ) |  | $ | 1,216,959 |  |  | $ | (227,534 | )
|  | 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, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government sponsored entities |  | $ | 52,311 |  |  | $ | (5,835 | ) |  | $ | 75,685 |  |  | $ | (15,781 | ) |  | $ | 127,996 |  |  | $ | (21,616 | )
State and political subdivisions |  |  | 306,709 |  |  |  | (56,650 | ) |  |  | 191,584 |  |  |  | (65,241 | ) |  |  | 498,293 |  |  |  | (121,891 | )
Corporate bonds |  |  | 2,893 |  |  |  | (122 | ) |  |  | 986 |  |  |  | (180 | ) |  |  | 3,879 |  |  |  | (302 | )
Mortgage-backed securities - residential |  |  | 101,476 |  |  |  | (13,545 | ) |  |  | 453,233 |  |  |  | (104,109 | ) |  |  | 554,709 |  |  |  | (117,654 | )
Collateralized mortgage obligations |  |  | 42,140 |  |  |  | (4,137 | ) |  |  | 5,214 |  |  |  | (800 | ) |  |  | 47,354 |  |  |  | (4,937 | )
Small Business Administration |  |  | 1,295 |  |  |  | (122 | ) |  |  | 2,179 |  |  |  | (243 | ) |  |  | 3,474 |  |  |  | (365 | )
Total temporarily impaired |  | $ | 506,824 |  |  | $ | (80,411 | ) |  | $ | 728,881 |  |  | $ | (186,354 | ) |  | $ | 1,235,705 |  |  | $ | (266,765 | )

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 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration