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Investments
 3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investments INVESTMENTS
The following tables present the amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of securities available for sale and held to maturity:
 
 March 31, 2022
(in thousands)Amortized CostGross
Unrealized Gains		Gross
Unrealized Losses		Fair Value
Available-for-sale securities:    
Obligations of U.S. Government-sponsored enterprises$247,906 $— $(12,322)$235,584 
Obligations of states and political subdivisions508,912 61 (59,615)449,358 
Agency mortgage-backed securities607,080 1,034 (27,918)580,196 
U.S. Treasury bills116,100 77 (596)115,581 
Corporate debt securities11,750 91 (116)11,725 
          Total securities available for sale$1,491,748 $1,263 $(100,567)$1,392,444 
Held-to-maturity securities:
Obligations of states and political subdivisions$352,799 $10 $(40,625)$312,184 
Agency mortgage-backed securities63,281 — (2,970)60,311 
Corporate debt securities125,517 123 (4,793)120,847 
          Total securities held-to-maturity$541,597 $133 $(48,388)$493,342 
Allowance for credit losses(558)
          Total securities held-to-maturity, net$541,039 
 December 31, 2021
(in thousands)Amortized CostGross
Unrealized Gains		Gross
Unrealized Losses		Fair Value
Available-for-sale securities:    
    Obligations of U.S. Government-sponsored enterprises$175,409 $3 $(1,901)$173,511 
    Obligations of states and political subdivisions571,587 5,907 (2,410)575,084 
    Agency mortgage-backed securities509,243 8,485 (3,869)513,859 
U.S. Treasury Bills90,971 220 (21)91,170 
Corporate debt securities11,750 632 — 12,382 
          Total securities available for sale$1,358,960 $15,247 $(8,201)$1,366,006 
Held-to-maturity securities:
   Obligations of states and political subdivisions$236,379 $1,794 $(730)$237,443 
   Agency mortgage-backed securities68,105 940 (666)68,379 
Corporate debt securities125,811 3,039 — 128,850 
          Total securities held to maturity$430,295 $5,773 $(1,396)$434,672 
Allowance for credit losses(614)
Total securities held-to-maturity, net$429,681 

During the three months ended March 31, 2022, the Company transferred $116.9 million of securities from available-for-sale to held-to-maturity. The Company believes the held-to-maturity category is consistent with the Company’s intent for these securities. The transfer of securities was made at fair value at the time of transfer. The unamortized portion of the unrealized holding gain at the time of transfer is retained in accumulated other comprehensive income and in the carrying value of held-to-maturity securities. The balance of held-to-maturity securities in the “Amortized cost” column in the table above includes a cumulative net unamortized unrealized gain of $20.3 million and $21.0 million at March 31, 2022 and December 31, 2021, respectively. Such amounts are amortized over the remaining life of the securities.

At March 31, 2022 and December 31, 2021, there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government agencies and sponsored enterprises. Securities having a fair value of $581.4 million and $752.7 million at March 31, 2022 and December 31, 2021, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions.

The amortized cost and estimated fair value of debt securities at March 31, 2022, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately 5 years.
Available for saleHeld to maturity
(in thousands)Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
Due in one year or less$91,716 $91,680 $888 $891 
Due after one year through five years245,541 234,843 18,315 17,994 
Due after five years through ten years54,940 52,433 150,791 144,456 
Due after ten years492,471 433,292 308,322 269,690 
Agency mortgage-backed securities607,080 580,196 63,281 60,311 
 $1,491,748 $1,392,444 $541,597 $493,342 
The following tables presents a summary of available-for-sale investment securities in an unrealized loss position:
 March 31, 2022
Less than 12 months12 months or moreTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Obligations of U.S. Government-sponsored enterprises$208,467 $11,431 $11,109 $891 $219,576 $12,322 
Obligations of states and political subdivisions425,420 55,979 17,224 3,636 442,644 59,615 
Agency mortgage-backed securities405,833 22,383 47,576 5,535 453,409 27,918 
U.S. Treasury bills105,513 596 — — 105,513 596 
Corporate debt securities9,634 116 — — 9,634 116 
 $1,154,867 $90,505 $75,909 $10,062 $1,230,776 $100,567 
 December 31, 2021
Less than 12 months12 months or moreTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Obligations of U.S. Government-sponsored enterprises$163,634 $1,775 $4,874 $126 $168,508 $1,901 
Obligations of states and political subdivisions242,188 2,361 1,776 49 243,964 2,410 
Agency mortgage-backed securities259,047 3,685 6,467 184 265,514 3,869 
U.S. Treasury bills60,961 21 — — 60,961 21 
 $725,830 $7,842 $13,117 $359 $738,947 $8,201 

The unrealized losses at both March 31, 2022 and December 31, 2021 were primarily attributable to changes in market interest rates after the securities were purchased. At each of March 31, 2022 and December 31, 2021, the Company had not recorded an ACL on available-for-sale securities.

Accrued interest receivable on held-to-maturity debt securities totaled $4.1 million and $3.4 million at March 31, 2022 and December 31 2021, respectively, and is excluded from the estimate of expected credit losses. The estimate of expected credit losses considers historical credit loss information adjusted for current conditions and reasonable and supportable forecasts. The ACL on held-to-maturity securities was $0.6 million at March 31, 2022 and December 31, 2021.

There were no sales of available-for-sale investment securities during the three months ended March 31, 2022 or 2021.

Other Investments

At March 31, 2022 and December 31, 2021, other investments totaled $60.4 million and $59.9 million, respectively. As a member of the FHLB system administered by the Federal Housing Finance Agency, the Bank is required to maintain a minimum investment in capital stock with the FHLB consisting of membership stock and activity-based stock. The FHLB capital stock of $12.0 million and $12.1 million at March 31, 2022 and December 31, 2021, respectively, is recorded at cost, which represents redemption value, and is included in other investments in the consolidated balance sheets. The remaining amounts in other investments primarily include investments in SBICs, CDFIs, private equity investments, and the Company’s investment in unconsolidated trusts used to issue preferred securities to third parties.