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Investments (Tables)
9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
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, 2023
(in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair Value
Available-for-sale securities:    
Obligations of U.S. Government-sponsored enterprises$308,181 $— $(28,724)$279,457 
Obligations of states and political subdivisions501,515 (114,089)387,434 
Agency mortgage-backed securities713,896 — (85,926)627,970 
U.S. Treasury bills189,775 — (4,984)184,791 
Corporate debt securities8,750 — (1,298)7,452 
          Total securities available for sale$1,722,117 $$(235,021)$1,487,104 
Held-to-maturity securities:
Obligations of states and political subdivisions$554,459 $68 $(87,975)$466,552 
Agency mortgage-backed securities53,259 — (7,477)45,782 
Corporate debt securities123,722 202 (13,598)110,326 
          Total securities held-to-maturity$731,440 $270 $(109,050)$622,660 
Allowance for credit losses(785)
          Total securities held-to-maturity, net$730,655 
 December 31, 2022
(in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair Value
Available-for-sale securities:    
    Obligations of U.S. Government-sponsored enterprises$266,090 $— $(28,305)$237,785 
    Obligations of states and political subdivisions507,842 27 (90,425)417,444 
    Agency mortgage-backed securities727,931 453 (68,980)659,404 
U.S. Treasury Bills213,441 (4,908)208,534 
Corporate debt securities13,750 — (1,110)12,640 
          Total securities available for sale$1,729,054 $481 $(193,728)$1,535,807 
Held-to-maturity securities:
   Obligations of states and political subdivisions$529,012 $2,321 $(65,347)$465,986 
   Agency mortgage-backed securities57,018 — (6,416)50,602 
Corporate debt securities124,620 163 (12,854)111,929 
          Total securities held to maturity$710,650 $2,484 $(84,617)$628,517 
Allowance for credit losses(735)
Total securities held-to-maturity, net$709,915 
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation
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, 2023
(in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair Value
Available-for-sale securities:    
Obligations of U.S. Government-sponsored enterprises$308,181 $— $(28,724)$279,457 
Obligations of states and political subdivisions501,515 (114,089)387,434 
Agency mortgage-backed securities713,896 — (85,926)627,970 
U.S. Treasury bills189,775 — (4,984)184,791 
Corporate debt securities8,750 — (1,298)7,452 
          Total securities available for sale$1,722,117 $$(235,021)$1,487,104 
Held-to-maturity securities:
Obligations of states and political subdivisions$554,459 $68 $(87,975)$466,552 
Agency mortgage-backed securities53,259 — (7,477)45,782 
Corporate debt securities123,722 202 (13,598)110,326 
          Total securities held-to-maturity$731,440 $270 $(109,050)$622,660 
Allowance for credit losses(785)
          Total securities held-to-maturity, net$730,655 
 December 31, 2022
(in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair Value
Available-for-sale securities:    
    Obligations of U.S. Government-sponsored enterprises$266,090 $— $(28,305)$237,785 
    Obligations of states and political subdivisions507,842 27 (90,425)417,444 
    Agency mortgage-backed securities727,931 453 (68,980)659,404 
U.S. Treasury Bills213,441 (4,908)208,534 
Corporate debt securities13,750 — (1,110)12,640 
          Total securities available for sale$1,729,054 $481 $(193,728)$1,535,807 
Held-to-maturity securities:
   Obligations of states and political subdivisions$529,012 $2,321 $(65,347)$465,986 
   Agency mortgage-backed securities57,018 — (6,416)50,602 
Corporate debt securities124,620 163 (12,854)111,929 
          Total securities held to maturity$710,650 $2,484 $(84,617)$628,517 
Allowance for credit losses(735)
Total securities held-to-maturity, net$709,915 
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of debt securities at September 30, 2023, 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 five years.
Available for saleHeld to maturity
(in thousands)Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
Due in one year or less$104,552 $103,752 $1,220 $1,213 
Due after one year through five years361,488 334,362 65,625 60,259 
Due after five years through ten years103,873 87,087 194,325 176,400 
Due after ten years438,308 333,933 417,011 339,006 
Agency mortgage-backed securities713,896 627,970 53,259 45,782 
 $1,722,117 $1,487,104 $731,440 $622,660 
Schedule of Unrealized Loss on Investments
The following tables presents a summary of available-for-sale investment securities in an unrealized loss position:
 September 30, 2023
Less than 12 months12 months or moreTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Obligations of U.S. Government-sponsored enterprises$43,940 $800 $235,517 $27,924 $279,457 $28,724 
Obligations of states and political subdivisions3,687 467 383,239 113,622 386,926 114,089 
Agency mortgage-backed securities102,488 3,210 523,672 82,716 626,160 85,926 
U.S. Treasury bills76,579 173 108,212 4,811 184,791 4,984 
Corporate debt securities— — 7,452 1,298 7,452 1,298 
 $226,694 $4,650 $1,258,092 $230,371 $1,484,786 $235,021 
 December 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$73,738 $6,249 $163,047 $22,056 $236,785 $28,305 
Obligations of states and political subdivisions103,179 13,501 311,634 76,924 414,813 90,425 
Agency mortgage-backed securities334,431 20,038 281,321 48,942 615,752 68,980 
U.S. Treasury bills198,688 4,908 — — 198,688 4,908 
Corporate debt securities12,640 1,110 — — 12,640 1,110 
 $722,676 $45,806 $756,002 $147,922 $1,478,678 $193,728