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v3.23.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Available-for-sale securities reconciliation | The following table summarizes the amortized cost and fair value of securities available-for-sale and securities held-to-maturity at March 31, 2023 and December 31, 2022 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses (in thousands):
|  | March 31, 2023
Available-for-Sale Securities |  | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Estimated Fair Value
Debt securities: |  |  |  |  |  |
U.S. Treasury securities |  | $ | 9,990 |  | $ | — |  | $ | (1,111) |  | $ | — |  | $ | 8,879 |
U.S. Government agencies |  | 106 |  | — |  | (8) |  | — |  | 98 |
Obligations of states and political subdivisions |  | 200,915 |  | — |  | (22,864) |  | — |  | 178,051 |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 99,307 |  | 4 |  | (6,680) |  | — |  | 92,631 |
Private label mortgage and asset backed securities |  | 406,197 |  | 11 |  | (54,343) |  | — |  | 351,865 |
Total available-for-sale |  | $ | 716,515 |  | $ | 15 |  | $ | (85,006) |  | $ | — |  | $ | 631,524 |
|  | March 31, 2023
Held-to-Maturity Securities |  | Amortized Cost | Gross Unrecognized Gains | Gross Unrecognized Losses | Estimated Fair Value | Allowance for Credit Losses
Debt securities: |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 192,028 |  | $ | 68 |  | $ | (17,529) |  | $ | 174,567 |  | $ | — |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 10,511 |  | — |  | (1,559) |  | 8,952 |  | — |
Private label mortgage and asset backed securities |  | 55,981 |  | — |  | (5,919) |  | 50,062 |  | 260 |
Corporate debt securities |  | 46,008 |  | — |  | (2,956) |  | 43,052 |  | 424 |
Total held-to-maturity |  | $ | 304,528 |  | $ | 68 |  | $ | (27,963) |  | $ | 276,633 |  | $ | 684 |
|  | December 31, 2022
Available-for-Sale Securities |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Debt securities: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 9,990 |  |  | $ | — |  |  | $ | (1,283) |  |  | $ | 8,707 |
U.S. Government agencies |  | 107 |  |  | — |  |  | (9) |  |  | 98 |
Obligations of states and political subdivisions |  | 201,638 |  |  | — |  |  | (26,653) |  |  | 174,985 |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 117,292 |  |  | 4 |  |  | (7,803) |  |  | 109,493 |
Private label mortgage and asset backed securities |  | 411,441 |  |  | 14 |  |  | (55,913) |  |  | 355,542 |
Total available-for-sale |  | $ | 740,468 |  |  | $ | 18 |  |  | $ | (91,661) |  |  | $ | 648,825 |
|  | December 31, 2022
Held-to-Maturity Securities |  | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Estimated Fair Value
Debt securities: |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | 192,004 |  |  | 67 |  |  | (23,166) |  |  | $ | 168,905 |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 10,430 |  |  | — |  |  | (1,762) |  |  | 8,668 |
Private label mortgage and asset backed securities |  | 56,691 |  |  | — |  |  | (5,931) |  |  | 50,760 |
Corporate debt securities |  | 45,982 |  |  | — |  |  | (3,066) |  |  | 42,916 |
Total held-to-maturity |  | $ | 305,107 |  |  | $ | 67 |  |  | $ | (33,925) |  |  | $ | 271,249 |
Realized gains and losses | Proceeds and gross realized gains (losses) from the sales or calls of investment securities for the periods ended March 31, 2023 and 2022 are shown below (in thousands):
|  |  |  | For the Three Months Ended March 31,
Available-for-Sale Securities |  |  |  |  |  | 2023 |  | 2022
Proceeds from sales or calls |  |  |  |  |  | $ | 12,066 |  |  | $ | 132,991 |
Gross realized gains from sales or calls |  |  |  |  |  | — |  |  | 206 |
Gross realized losses from sales or calls |  |  |  |  |  | (219) |  |  | — |
Investment | aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):
|  | March 31, 2023
|  | 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 |  | $ | — |  |  | $ | — |  |  | $ | 8,879 |  |  | $ | (1,111) |  |  | $ | 8,879 |  |  | $ | (1,111) |
U.S. Government agencies |  | — |  |  | — |  |  | 98 |  |  | (8) |  |  | 98 |  |  | (8) |
Obligations of states and political subdivisions |  | — |  |  | — |  |  | 178,051 |  |  | (22,864) |  |  | 178,051 |  |  | (22,864) |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 1,123 |  |  | (20) |  |  | 91,267 |  |  | (6,660) |  |  | 92,390 |  |  | (6,680) |
Private label mortgage and asset backed securities |  | 3,500 |  |  | (542) |  |  | 348,311 |  |  | (53,801) |  |  | 351,811 |  |  | (54,343) |
Total available-for-sale |  | $ | 4,623 |  |  | $ | (562) |  |  | $ | 626,606 |  |  | $ | (84,444) |  |  | $ | 631,229 |  |  | $ | (85,006) |
Debt Securities, Held-to-maturity, Credit Quality Indicator | The following table summarizes the amortized cost of debt securities held-to-maturity at the dates indicated, aggregated by credit quality indicator. U.S. Government sponsored agencies are not included in the below tables as credit ratings are not applicable.
|  | March 31, 2023 |  |
Debt Securities Held-to-Maturity |  | AAA/AA/A | BBB/BB/B | Unrated |  |  |  |
Obligations of states and political subdivisions |  | $ | 192,028 |  | $ | — |  | $ | — |  |  |  |  |
Private label mortgage and asset backed securities |  | 46,706 |  | — |  | 9,275 |  |  |  |  |
Corporate debt securities |  | — |  | — |  | 46,008 |  |  |  |  |
Total debt securities held-to-maturity |  | $ | 238,734 |  | $ | — |  | $ | 65,794 |  |  |  |  |

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