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Investments (Tables)

6 Months Ended

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)

X

- Definition

Tabular disclosure of investment.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 325
-URI http://asc.fasb.org/topic&trid=2197064

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 321
-URI http://asc.fasb.org/topic&trid=75115024

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-URI http://asc.fasb.org/topic&trid=2196965

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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
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