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AFS Securities | 9 Months Ended
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Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
AFS Securities | AFS SecuritiesThe amortized cost and fair value of AFS securities, with gross unrealized gains and losses, are as follows at:
| September 30, 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Treasury | $ | 231,723 |  |  | $ | — |  |  | $ | 24,932 |  |  | $ | 206,791 |
States and political subdivisions | 121,414 |  |  | 111 |  |  | 7,525 |  |  | 114,000 |
Auction rate money market preferred | 3,200 |  |  | — |  |  | 721 |  |  | 2,479 |
Mortgage-backed securities | 45,087 |  |  | — |  |  | 4,045 |  |  | 41,042 |
Collateralized mortgage obligations | 223,181 |  |  | — |  |  | 13,461 |  |  | 209,720 |
Corporate | 8,150 |  |  | — |  |  | 949 |  |  | 7,201 |
Total | $ | 632,755 |  |  | $ | 111 |  |  | $ | 51,633 |  |  | $ | 581,233 |
| December 31, 2021
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Treasury | $ | 212,379 |  |  | $ | — |  |  | $ | 2,676 |  |  | $ | 209,703 |
States and political subdivisions | 116,836 |  |  | 4,457 |  |  | 88 |  |  | 121,205 |
Auction rate money market preferred | 3,200 |  |  | 42 |  |  | — |  |  | 3,242 |
Mortgage-backed securities | 54,710 |  |  | 1,438 |  |  | — |  |  | 56,148 |
Collateralized mortgage obligations | 90,435 |  |  | 1,876 |  |  | 10 |  |  | 92,301 |
Corporate | 8,150 |  |  | 19 |  |  | 167 |  |  | 8,002 |
Total | $ | 485,710 |  |  | $ | 7,832 |  |  | $ | 2,941 |  |  | $ | 490,601 |
The amortized cost and fair value of AFS securities by contractual maturity at September 30, 2022 are as follows:
| Maturing |  | Securities with Variable Monthly Payments or Noncontractual Maturities |  |
| Due in One Year or Less |  | After One Year But Within Five Years |  | After Five Years But Within Ten Years |  | After Ten Years |  |  | Total
U.S. Treasury | $ | — |  |  | $ | 231,723 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 231,723 |
States and political subdivisions | 15,459 |  |  | 45,580 |  |  | 21,500 |  |  | 38,875 |  |  | — |  |  | 121,414 |
Auction rate money market preferred | — |  |  | — |  |  | — |  |  | — |  |  | 3,200 |  |  | 3,200 |
Mortgage-backed securities | — |  |  | — |  |  | — |  |  | — |  |  | 45,087 |  |  | 45,087 |
Collateralized mortgage obligations | — |  |  | — |  |  | — |  |  | — |  |  | 223,181 |  |  | 223,181 |
Corporate | — |  |  | — |  |  | 8,150 |  |  | — |  |  | — |  |  | 8,150 |
Total amortized cost | $ | 15,459 |  |  | $ | 277,303 |  |  | $ | 29,650 |  |  | $ | 38,875 |  |  | $ | 271,468 |  |  | $ | 632,755 |
Fair value | $ | 15,394 |  |  | $ | 251,517 |  |  | $ | 27,523 |  |  | $ | 33,558 |  |  | $ | 253,241 |  |  | $ | 581,233 |
Expected maturities for government sponsored enterprises and states and political subdivisions may differ from contractual maturities because issuers may have the right to call or prepay obligations. As the auction rate money market preferred investments have continual call dates, they are not reported by a specific maturity group. Because of their variable monthly payments, mortgage-backed securities and collateralized mortgage obligations are not reported by a specific maturity group. $170,400 of the collateralized mortgage portfolio consist of agency commercial mortgage-backed securities with defined maturity dates of less than ten years. The following information pertains to AFS securities with gross unrealized losses at September 30, 2022 and December 31, 2021, aggregated by investment category and length of time that individual securities have been in a continuous loss position.
| September 30, 2022
| Less Than Twelve Months |  | Twelve Months or More |  |
| Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Total Unrealized Losses
U.S. Treasury | $ | 6,996 |  |  | $ | 62,985 |  |  | $ | 17,936 |  |  | $ | 143,806 |  |  | $ | 24,932 |
States and political subdivisions | 4,192 |  |  | 57,140 |  |  | 3,333 |  |  | 42,925 |  |  | 7,525 |
Auction rate money market preferred | — |  |  | — |  |  | 721 |  |  | 2,479 |  |  | 721 |
Mortgage-backed securities | 4,045 |  |  | 41,042 |  |  | — |  |  | — |  |  | 4,045 |
Collateralized mortgage obligations | 13,461 |  |  | 209,720 |  |  | — |  |  | — |  |  | 13,461 |
Corporate | 232 |  |  | 1,768 |  |  | 717 |  |  | 5,433 |  |  | 949 |
Total | $ | 28,926 |  |  | $ | 372,655 |  |  | $ | 22,707 |  |  | $ | 194,643 |  |  | $ | 51,633 |
Number of securities in an unrealized loss position: |  |  | 249 |  |  |  |  | 305 |  |  | 554 |
| December 31, 2021
| Less Than Twelve Months |  | Twelve Months or More |  |
| Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Total Unrealized Losses
U.S. Treasury | $ | 2,676 |  |  | $ | 209,703 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,676 |
States and political subdivisions | 88 |  |  | 9,674 |  |  | — |  |  | — |  |  | 88 |
Collateralized mortgage obligations | 10 |  |  | 11,165 |  |  | — |  |  | — |  |  | 10 |
Corporate | 167 |  |  | 6,283 |  |  | — |  |  | — |  |  | 167 |
Total | $ | 2,941 |  |  | $ | 236,825 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,941 |
Number of securities in an unrealized loss position: |  |  | 40 |  |  |  |  | — |  |  | 40 |
The unrealized loss on our AFS securities portfolio resulted from the recent increases in short-term and intermediate-term benchmark interest rates. As of September 30, 2022 and December 31, 2021, we conducted an analysis to determine whether any AFS securities currently in an unrealized loss position should be identified as other-than-temporarily impaired. Such analyses considered, among other factors, the following criteria: •Has the value of the investment declined more than what is deemed to be reasonable based on a risk and maturity adjusted discount rate? •Is the investment credit rating below investment grade? •Is it probable the issuer will be unable to pay the amount when due? •Is it more likely than not that we will have to sell the security before recovery of its cost basis? •Has the duration of the investment been extended? Based on our analysis, which included the criteria outlined above and the fact that we have asserted that we do not have to sell any AFS securities in an unrealized loss position, we do not believe that the values of any AFS securities are other-than-temporarily impaired as of September 30, 2022 or December 31, 2021, with the exception of one municipal bond previously identified in 2016 which had no activity during the period.

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