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Investments (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Investments by contractual maturity

						September 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						46,640						38,868
After ten years						183,069						152,279
						229,709						191,147
Investment securities not due at a single maturity date:
U.S. Government agencies						344						333
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						123,093						115,340
Private label mortgage and asset backed securities						419,531						361,480
Total available-for-sale						$	772,677					$	668,300
						September 30, 2022
Held-to-Maturity Securities						Amortized Cost						Estimated Fair Value
Within one year						$	—					$	—
After one year through five years						131						124
After five years through ten years						49,810						44,318
After ten years						142,034						119,437
						191,975						163,879
Investment securities not due at a single maturity date:
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						10,350						9,033
Private label mortgage and asset backed securities						57,201						51,168
Corporate debt securities						45,956						43,363
Total held-to-maturity						$	305,482					$	267,443

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): 

						September 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					$	—					$	(1,441)					$	8,548
U.S. Government agencies						344						—						(11)						333
Obligations of states and political subdivisions						219,720						28						(37,150)						182,598
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						123,093						3						(7,756)						115,340
Private label mortgage and asset backed securities						419,531						137						(58,187)						361,481
Total available-for-sale						$	772,677					$	168					$	(104,545)					$	668,300
						September 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						$	191,975					$	25					$	(28,121)					$	163,879
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						10,350						—						(1,317)						9,033
Private label mortgage and asset backed securities						57,201						—						(6,033)						51,168
Corporate debt securities						45,956						—						(2,593)						43,363
Total held-to-maturity						$	305,482					$	25					$	(38,064)					$	267,443

						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 September 30, 2022 and 2021 are shown below (in thousands):

						For the Three Months Ended September 30,												For the Nine Months Ended September 30,
Available-for-Sale Securities						2022						2021						2022						2021
Proceeds from sales or calls						$	275					$	10,170					$	235,645					$	10,760
Gross realized gains from sales or calls						—						117						5,123						117
Gross realized losses from sales or calls						(14)						—						(5,900)						(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): 

						September 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						$	—					$	—					$	8,548					$	(1,441)					$	8,548					$	(1,441)
U.S. Government agencies						333						(11)						—						—						333						(11)
Obligations of states and political subdivisions						165,535						(32,830)						17,063						(4,320)						182,598						(37,150)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						66,164						(3,371)						49,176						(4,385)						115,340						(7,756)
Private label mortgage and asset backed securities						202,786						(26,135)						158,695						(32,052)						361,481						(58,187)
Total available-for-sale						$	434,818					$	(62,347)					$	233,482					$	(42,198)					$	668,300					$	(104,545)

						September 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						$	87,855					$	(15,353)					$	76,024					$	(12,768)					$	163,879					$	(28,121)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						—						—						9,033						(1,317)						9,033						(1,317)
Private label mortgage and asset backed securities						35,419						(4,702)						15,749						(1,331)						51,168						(6,033)
Corporate debt securities						26,916						(1,501)						16,447						(1,092)						43,363						(2,593)
Total held-to-maturity						$	150,190					$	(21,556)					$	117,253					$	(16,508)					$	267,443					$	(38,064)

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
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-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
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