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Investments (Tables)

3 Months Ended

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

X

- Definition

Tabular disclosure of credit quality indicator for investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447

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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 reconciliation of available-for-sale securities from cost basis to fair value.

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
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