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Investments
 9 Months Ended
Sep. 30, 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:
 
 September 30, 2022
(in thousands)Amortized CostGross
Unrealized Gains		Gross
Unrealized Losses		Fair Value
Available-for-sale securities:    
Obligations of U.S. Government-sponsored enterprises$263,717 $— $(28,778)$234,939 
Obligations of states and political subdivisions509,274 27 (120,283)389,018 
Agency mortgage-backed securities692,187 1 (70,900)621,288 
U.S. Treasury bills213,659 — (4,905)208,754 
Corporate debt securities13,750 — (837)12,913 
          Total securities available for sale$1,692,587 $28 $(225,703)$1,466,912 
Held-to-maturity securities:
Obligations of states and political subdivisions$463,941 $— $(88,973)$374,968 
Agency mortgage-backed securities58,221 — (6,277)51,944 
Corporate debt securities124,920 149 (14,193)110,876 
          Total securities held-to-maturity$647,082 $149 $(109,443)$537,788 
Allowance for credit losses(689)
          Total securities held-to-maturity, net$646,393 
 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 nine months ended September 30, 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 $18.5 million and $21.0 million at September 30, 2022 and December 31, 2021, respectively. Such amounts are amortized over the remaining life of the securities.

At September 30, 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 $596.1 million and $752.7 million at September 30, 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 September 30, 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$98,847 $98,463 $675 $671 
Due after one year through five years331,727 304,813 24,003 22,507 
Due after five years through ten years83,490 74,785 176,436 157,691 
Due after ten years486,336 367,563 387,747 304,975 
Agency mortgage-backed securities692,187 621,288 58,221 51,944 
 $1,692,587 $1,466,912 $647,082 $537,788 
The following tables presents a summary of available-for-sale investment securities in an unrealized loss position:
 September 30, 2022
Less than 12 months12 months or moreTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Obligations of U.S. Government-sponsored enterprises$138,491 $15,104 $96,448 $13,674 $234,939 $28,778 
Obligations of states and political subdivisions261,078 75,462 126,173 44,821 387,251 120,283 
Agency mortgage-backed securities473,629 42,796 147,440 28,104 621,069 70,900 
U.S. Treasury bills208,754 4,905 — — 208,754 4,905 
Corporate debt securities12,913 837 — — 12,913 837 
 $1,094,865 $139,104 $370,061 $86,599 $1,464,926 $225,703 
 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 September 30, 2022 and December 31, 2021 were attributable primarily to changes in market interest rates after the securities were purchased. At each of September 30, 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 $5.2 million and $3.4 million at September 30, 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 $0.7 million at September 30, 2022 and $0.6 million at December 31, 2021.

There were no sales of available-for-sale investment securities during the three and nine months ended September 30, 2022, compared to proceeds of $27.1 million from the sale of available-for-sale investment securities during the three and nine months ended September 30, 2021.

Other Investments

At September 30, 2022 and December 31, 2021, other investments totaled $58.6 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 $10.0 million and $12.1 million at September 30, 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 trust preferred securities to third parties.