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Investments (Tables) | 6 Months Ended
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Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Investments by contractual maturity |
|  | June 30, 2022
Available-for-Sale Securities |  | Amortized Cost |  | Estimated Fair Value
Within one year |  | $ | — |  |  | $ | — |
After one year through five years |  | — |  |  | — |
After five years through ten years |  | 43,688 |  |  | 38,328 |
After ten years |  | 187,051 |  |  | 164,032 |
|  | 230,739 |  |  | 202,360 |
Investment securities not due at a single maturity date: |  |  |  |
U.S. Government agencies |  | 352 |  |  | 333 |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 128,996 |  |  | 122,452 |
Private label mortgage and asset backed securities |  | 430,405 |  |  | 385,336 |
Total available-for-sale |  | $ | 790,492 |  |  | $ | 710,481 |
|  | June 30, 2022
Held-to-Maturity Securities |  | Amortized Cost |  | Estimated Fair Value
Within one year |  | $ | — |  |  | $ | — |
After one year through five years |  | — |  |  | — |
After five years through ten years |  | 42,868 |  |  | 40,540 |
After ten years |  | 149,083 |  |  | 134,774 |
|  | 191,951 |  |  | 175,314 |
Investment securities not due at a single maturity date: |  |  |  |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 10,269 |  |  | 9,517 |
Private label mortgage and asset backed securities |  | 57,750 |  |  | 54,431 |
Corporate debt securities |  | 45,932 |  |  | 45,000 |
Total held-to-maturity |  | $ | 305,902 |  |  | $ | 284,262 |
Available-for-sale securities reconciliation | The following table sets forth the carrying values and estimated fair values of our investment securities portfolio at the dates indicated (in thousands):
|  | June 30, 2022
Available-for-Sale Securities |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Debt securities: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 9,989 |  |  | $ | — |  |  | $ | (1,058) |  |  | $ | 8,931 |
U.S. Government agencies |  | 352 |  |  | — |  |  | (19) |  |  | 333 |
Obligations of states and political subdivisions |  | 220,750 |  |  | 39 |  |  | (27,360) |  |  | 193,429 |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 128,996 |  |  | 19 |  |  | (6,563) |  |  | 122,452 |
Private label mortgage and asset backed securities |  | 430,405 |  |  | 168 |  |  | (45,237) |  |  | 385,336 |
Total available-for-sale |  | $ | 790,492 |  |  | $ | 226 |  |  | $ | (80,237) |  |  | $ | 710,481 |
|  | June 30, 2022
Held-to-Maturity Securities |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Debt securities: |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 191,951 |  |  | $ | 26 |  |  | $ | (16,663) |  |  | $ | 175,314 |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 10,269 |  |  | — |  |  | (752) |  |  | 9,517 |
Private label mortgage and asset backed securities |  | 57,750 |  |  | — |  |  | (3,319) |  |  | 54,431 |
Corporate debt securities |  | 45,932 |  |  | 1 |  |  | (933) |  |  | 45,000 |
Total held-to-maturity |  | $ | 305,902 |  |  | $ | 27 |  |  | $ | (21,667) |  |  | $ | 284,262 |
|  | December 31, 2021
Available-for-Sale Securities |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Debt securities: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 9,988 |  |  | $ | — |  |  | $ | (63) |  |  | $ | 9,925 |
U.S. Government agencies |  | 373 |  |  | 6 |  |  | — |  |  | 379 |
Obligations of states and political subdivisions |  | 512,952 |  |  | 16,703 |  |  | (3,188) |  |  | 526,467 |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 213,471 |  |  | 2,245 |  |  | (1,277) |  |  | 214,439 |
Private label mortgage and asset backed securities |  | 317,089 |  |  | 824 |  |  | (4,693) |  |  | 313,220 |
Corporate debt securities |  | 44,500 |  |  | 595 |  |  | (317) |  |  | 44,778 |
Total available-for-sale |  | $ | 1,098,373 |  |  | $ | 20,373 |  |  | $ | (9,538) |  |  | $ | 1,109,208 |
Realized gains and losses | Proceeds and gross realized gains (losses) from the sales or calls of investment securities for the periods ended June 30, 2022 and 2021 are shown below (in thousands):
|  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
Available-for-Sale Securities |  | 2022 |  | 2021 |  | 2022 |  | 2021
Proceeds from sales or calls |  | $ | 102,379 |  |  | $ | 590 |  |  | $ | 235,370 |  |  | $ | 590 |
Gross realized gains from sales or calls |  | 1,216 |  |  | — |  |  | 5,123 |  |  | — |
Gross realized losses from sales or calls |  | (2,185) |  |  | (79) |  |  | (5,886) |  |  | (79) |
Investment | Investment securities, aggregated by investment category, with unrealized losses as of the dates indicated are summarized and classified according to the duration of the loss period as follows (in thousands):
|  | June 30, 2022
|  | Less than 12 Months |  | 12 Months or More |  | Total
|  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
Available-for-Sale Securities |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 8,931 |  |  | $ | (1,058) |  |  | $ | — |  |  | $ | — |  |  | $ | 8,931 |  |  | $ | (1,058) |
U.S. Government agencies |  | 332 |  |  | (19) |  |  | — |  |  | — |  |  | 332 |  |  | $ | (19) |
Obligations of states and political subdivisions |  | 184,660 |  |  | (25,843) |  |  | 8,450 |  |  | (1,517) |  |  | 193,110 |  |  | (27,360) |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 112,337 |  |  | (5,818) |  |  | 9,302 |  |  | (745) |  |  | 121,639 |  |  | (6,563) |
Private label mortgage and asset backed securities |  | 326,168 |  |  | (41,336) |  |  | 54,095 |  |  | (3,901) |  |  | 380,263 |  |  | (45,237) |
Total available-for-sale |  | $ | 632,428 |  |  | $ | (74,074) |  |  | $ | 71,847 |  |  | $ | (6,163) |  |  | $ | 704,275 |  |  | $ | (80,237) |
|  | June 30, 2022
|  | Less than 12 Months |  | 12 Months or More |  | Total
|  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
Held-to-Maturity Securities |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 146,938 |  |  | $ | (14,670) |  |  | $ | 25,849 |  |  | $ | (1,993) |  |  | $ | 172,787 |  |  | $ | (16,663) |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 9,518 |  |  | (752) |  |  | — |  |  | — |  |  | 9,518 |  |  | (752) |
Private label mortgage and asset backed securities |  | 45,280 |  |  | (3,069) |  |  | 9,167 |  |  | (250) |  |  | 54,447 |  |  | (3,319) |
Corporate debt securities |  | 39,357 |  |  | (806) |  |  | 2,756 |  |  | (127) |  |  | 42,113 |  |  | (933) |
Total held-to-maturity |  | $ | 241,093 |  |  | $ | (19,297) |  |  | $ | 37,772 |  |  | $ | (2,370) |  |  | $ | 278,865 |  |  | $ | (21,667) |

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