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Investment Securities | 6 Months Ended
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Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities Marketable Equity Securities The Company held marketable equity securities with fair values of $9.1 million and $8.4 million at June 30, 2022 and December 31, 2021, respectively. The gross realized and unrealized gains (losses) recognized on marketable equity securities in other operating income in the Company's Consolidated Statements of Income were as follows:
| Three Months Ended June 30, | Six Months Ended June 30,
(In Thousands) | 2022 |  | 2021 | 2022 |  | 2021
Unrealized (loss) gain on marketable equity securities | ($810) |  |  | $178 |  | ($1,232) |  |  | $94 |
Gain on sale of marketable equity securities, net | — |  |  | 31 |  | — |  |  | 31 |
Total | ($810) |  |  | $209 |  | ($1,232) |  |  | $125 |
Debt securities Debt securities have been classified in the financial statements as available for sale or held to maturity. The following table summarizes the amortized cost, estimated fair value, and the Allowance for Credit Losses ("ACL") of debt securities and the corresponding amounts of gross unrealized gains and losses of available-for-sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held to maturity securities at the periods indicated:
(In Thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
June 30, 2022 |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |
U.S. Treasury and government sponsored entities | $546,885 |  |  | $115 |  |  | ($25,661) |  |  | $— |  |  | $521,339 |
Municipal securities | 820 |  |  | — |  |  | (13) |  |  | — |  |  | 807 |
Corporate bonds | 32,709 |  |  | 2 |  |  | (708) |  |  | — |  |  | 32,003 |
Collateralized loan obligations | 59,432 |  |  | — |  |  | (1,554) |  |  | — |  |  | 57,878 |
Total securities available for sale | $639,846 |  |  | $117 |  |  | ($27,936) |  |  | $— |  |  | $612,027 |
(In Thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
June 30, 2022 |  |  |  |  |  |  |
Securities held to maturity |  |  |  |  |  |  |
Corporate bonds | $29,750 |  |  | $— |  |  | ($3,379) |  |  | $26,371 |
Allowance for credit losses | — |  |  | — |  |  | — |  |  | — |
Total securities held to maturity, net of ACL | $29,750 |  |  | $— |  |  | ($3,379) |  |  | $26,371 |
(In Thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
December 31, 2021 |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |
U.S. Treasury and government sponsored entities | $345,514 |  |  | $333 |  |  | ($4,367) |  |  | $— |  |  | $341,480 |
Municipal securities | 820 |  |  | 20 |  |  | — |  |  | — |  |  | 840 |
Corporate bonds | 32,721 |  |  | 302 |  |  | (77) |  |  | — |  |  | 32,946 |
Collateralized loan obligations | 51,431 |  |  | 9 |  |  | (22) |  |  | — |  |  | 51,418 |
Total securities available for sale | $430,486 |  |  | $664 |  |  | ($4,466) |  |  | $— |  |  | $426,684 |
(In Thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2021 |  |  |  |  |  |  |
Securities held to maturity |  |  |  |  |  |  |
Corporate bonds | $20,000 |  |  | $— |  |  | ($836) |  |  | $19,164 |
Allowance for credit losses | — |  |  | — |  |  | — |  |  | — |
Total securities held to maturity, net of ACL | $20,000 |  |  | $— |  |  | ($836) |  |  | $19,164 |
Gross unrealized losses on available for sale securities 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, at June 30, 2022 and December 31, 2021 were as follows:
| Less Than 12 Months | More Than 12 Months | Total
(In Thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses
June 30, 2022 |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |
U.S. Treasury and government sponsored entities | $372,559 |  | ($18,154) |  | $102,375 |  | ($7,507) |  | $474,934 |  | ($25,661) |
Corporate bonds | 28,584 |  | (708) |  | — |  | — |  | 28,584 |  | (708) |
Collateralized loan obligations | 57,878 |  | (1,554) |  | — |  | — |  | 57,878 |  | (1,554) |
Municipal securities | 807 |  | (13) |  | — |  | — |  | 807 |  | (13) |
Total | $459,828 |  | ($20,429) |  | $102,375 |  | ($7,507) |  | $562,203 |  | ($27,936) |
December 31, 2021: |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |
U.S. Treasury and government sponsored entities | $292,845 |  | ($4,012) |  | $21,743 |  | ($355) |  | $314,588 |  | ($4,367) |
Corporate bonds | 4,953 |  | (77) |  | — |  | — |  | 4,953 |  | (77) |
Collateralized loan obligations | 29,470 |  | (22) |  | — |  | — |  | 29,470 |  | (22) |
Total | $327,268 |  | ($4,111) |  | $21,743 |  | ($355) |  | $349,011 |  | ($4,466) |
Management evaluates available for sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to the extent to which the fair value is less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. At June 30, 2022, the Company had 79 available for sale securities in an unrealized loss position without an ACL. At June 30, 2022, the Company had four held to maturity securities in an unrealized loss position without an ACL. Management does not have the intent to sell any of these securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of June 30, 2022, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, including changes in interest rates and other market conditions, and therefore no losses have been recognized in the Company's Consolidated Statements of Income. At June 30, 2022 and December 31, 2021, $54.7 million and $59.5 million in securities were pledged for deposits and borrowings, respectively. The amortized cost and estimated fair values of debt securities at June 30, 2022, are distributed by contractual maturity as shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
(In Thousands) | Amortized Cost |  | Fair Value
US Treasury and government sponsored entities |  |  |
1-5 years | $546,885 |  |  | $521,339 |
Total | $546,885 |  |  | $521,339 |
Corporate bonds |  |  |
1-5 years | $40,694 |  |  | $38,967 |
5-10 years | 21,765 |  |  | 21,258 |
Total | $62,459 |  |  | $60,225 |
Collateralized loan obligations |  |  |
1-5 years | $5,000 |  |  | $4,786 |
5-10 years | 26,940 |  |  | 26,405 |
Over 10 years | 27,492 |  |  | 26,687 |
Total | $59,432 |  |  | $57,878 |
Municipal securities |  |  |
1-5 years | $820 |  |  | $807 |
Total | $820 |  |  | $807 |
There were no proceeds from sales of investment securities for the three and six-month periods ending June 30, 2022 and 2021. A summary of interest income for the three and six-month periods ending June 30, 2022 and 2021, on available for sale investment securities are as follows:
| Three Months Ended June 30, | Six Months Ended June 30,
(In Thousands) | 2022 |  | 2021 | 2022 |  | 2021
US Treasury and government sponsored entities | $1,432 |  |  | $516 |  | $2,238 |  |  | $1,016 |
Other | 489 |  |  | 294 |  | 814 |  |  | 568 |
Total taxable interest income | $1,921 |  |  | $810 |  | $3,052 |  |  | $1,584 |
Municipal securities | $5 |  |  | $5 |  | $9 |  |  | $9 |
Total tax-exempt interest income | $5 |  |  | $5 |  | $9 |  |  | $9 |
Total | $1,926 |  |  | $815 |  | $3,061 |  |  | $1,593 |

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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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