Securities (Tables)

9 Months Ended

Sep. 30, 2022

Securities

Summary of trading securities

The fair value of trading securities is summarized as follows (in thousands).

	September 30,		December 31,
	2022		2021
U.S. Treasury securities	$	309	$	3,728
U.S. government agencies:
Bonds		14,255		3,410
Residential mortgage-backed securities		152,513		152,093
Collateralized mortgage obligations		171,241		126,389
Corporate debt securities		63,626		60,671
States and political subdivisions		200,945		285,376
Private-label securitized product		13,690		11,377
Other		25,285		4,954
Totals	$	641,864	$	647,998

Summary of amortized cost and fair value of available for sale securities

The amortized cost and fair value of available for sale and held to maturity securities are summarized as follows (in thousands).

	Available for Sale
	Amortized		Unrealized		Unrealized
September 30, 2022	Cost		Gains		Losses		Fair Value
U.S. Treasury securities	$	24,958	$	—	$	(696)	$	24,262
U.S. government agencies:
Bonds		115,633		315		(814)		115,134
Residential mortgage-backed securities		474,451		20		(55,751)		418,720
Commercial mortgage-backed securities		199,537		—		(34,699)		164,838
Collateralized mortgage obligations		898,449		—		(72,099)		826,350
States and political subdivisions		40,177		71		(4,828)		35,420
Totals	$	1,753,205	$	406	$	(168,887)	$	1,584,724

	Available for Sale
	Amortized		Unrealized		Unrealized
December 31, 2021	Cost		Gains		Losses		Fair Value
U.S. Treasury securities	$	14,937	$	—	$	(75)	$	14,862
U.S. government agencies:
Bonds		43,448		838		(153)		44,133
Residential mortgage-backed securities		900,084		7,979		(9,617)		898,446
Commercial mortgage-backed securities		219,460		367		(9,128)		210,699
Collateralized mortgage obligations		926,783		2,547		(12,464)		916,866
States and political subdivisions		43,923		1,839		(200)		45,562
Totals	$	2,148,635	$	13,570	$	(31,637)	$	2,130,568

Summary of amortized cost and fair value of held to maturity securities

	Held to Maturity
	Amortized		Unrealized		Unrealized
September 30, 2022	Cost		Gains		Losses		Fair Value
U.S. government agencies:
Residential mortgage-backed securities	$	308,102	$	—	$	(34,442)	$	273,660
Commercial mortgage-backed securities		181,259		—		(15,197)		166,062
Collateralized mortgage obligations		323,526		—		(36,664)		286,862
States and political subdivisions		76,565		1		(10,591)		65,975
Totals	$	889,452	$	1	$	(96,894)	$	792,559

	Held to Maturity
	Amortized		Unrealized		Unrealized
December 31, 2021	Cost		Gains		Losses		Fair Value
U.S. government agencies:
Residential mortgage-backed securities	$	9,892	$	400	$	—	$	10,292
Commercial mortgage-backed securities		145,742		5,311		—		151,053
Collateralized mortgage obligations		43,990		476		—		44,466
States and political subdivisions		68,060		2,428		(3)		70,485
Totals	$	267,684	$	8,615	$	(3)	$	276,296

Schedule of information regarding available for sale securities that were in an unrealized loss position

Information regarding available for sale and held to maturity securities that were in an unrealized loss position is shown in the following tables (dollars in thousands).

	September 30, 2022					December 31, 2021
	Number of			Unrealized		Number of			Unrealized
	Securities	Fair Value		Losses		Securities	Fair Value		Losses
Available for Sale
U.S. treasury securities:
Unrealized loss for less than twelve months	2	$	19,845	$	136	2	$	14,862	$	75
Unrealized loss for twelve months or longer	1		4,417		560	—		—		—
	3		24,262		696	2		14,862		75
U.S. government agencies:
Bonds:
Unrealized loss for less than twelve months	8		51,594		247	2		9,904		94
Unrealized loss for twelve months or longer	3		15,493		567	1		6,184		59
	11		67,087		814	3		16,088		153
Residential mortgage-backed securities:
Unrealized loss for less than twelve months	98		204,950		17,715	52		548,392		6,915
Unrealized loss for twelve months or longer	26		211,828		38,036	17		104,378		2,702
	124		416,778		55,751	69		652,770		9,617
Commercial mortgage-backed securities:
Unrealized loss for less than twelve months	12		90,402		12,637	5		65,636		1,776
Unrealized loss for twelve months or longer	7		74,435		22,062	14		138,619		7,352
	19		164,837		34,699	19		204,255		9,128
Collateralized mortgage obligations:
Unrealized loss for less than twelve months	112		669,347		45,405	72		618,464		11,316
Unrealized loss for twelve months or longer	28		141,868		26,694	10		62,647		1,148
	140		811,215		72,099	82		681,111		12,464
States and political subdivisions:
Unrealized loss for less than twelve months	51		23,421		3,119	14		5,576		200
Unrealized loss for twelve months or longer	13		3,819		1,709	—		—		—
	64		27,240		4,828	14		5,576		200
Total available for sale:
Unrealized loss for less than twelve months	283		1,059,559		79,259	147		1,262,834		20,376
Unrealized loss for twelve months or longer	78		451,860		89,628	42		311,828		11,261
	361	$	1,511,419	$	168,887	189	$	1,574,662	$	31,637

Schedule of information regarding held to maturity securities that were in an unrealized loss position

	September 30, 2022					December 31, 2021
	Number of			Unrealized		Number of			Unrealized
	Securities	Fair Value		Losses		Securities	Fair Value		Losses
Held to Maturity
Residential mortgage-backed securities:
Unrealized loss for less than twelve months	16	$	78,772	$	9,167	—	$	—	$	—
Unrealized loss for twelve months or longer	29		194,888		25,275	—		—		—
	45		273,660		34,442	—		—		—
Commercial mortgage-backed securities:
Unrealized loss for less than twelve months	30		163,245		14,736	—		—		—
Unrealized loss for twelve months or longer	1		2,817		461	—		—		—
	31		166,062		15,197	—		—		—
Collateralized mortgage obligations:
Unrealized loss for less than twelve months	28		92,710		9,004	—		—		—
Unrealized loss for twelve months or longer	28		194,152		27,660	—		—		—
	56		286,862		36,664	—		—		—
States and political subdivisions:
Unrealized loss for less than twelve months	173		62,949		10,360	2		558		1
Unrealized loss for twelve months or longer	3		595		231	1		266		2
	176		63,544		10,591	3		824		3
Total held to maturity:
Unrealized loss for less than twelve months	247		397,676		43,267	2		558		1
Unrealized loss for twelve months or longer	61		392,452		53,627	1		266		2
	308	$	790,128	$	96,894	3	$	824	$	3

Schedule of amortized cost and fair value of securities, excluding trading and equity available for sale securities, by contractual maturity

The amortized cost and fair value of securities, excluding trading and equity securities, at September 30, 2022 are shown by contractual maturity below (in thousands).

	Available for Sale				Held to Maturity
	Amortized				Amortized
	Cost		Fair Value		Cost		Fair Value
Due in one year or less	$	35,135	$	34,938	$	856	$	849
Due after one year through five years		23,053		21,705		801		750
Due after five years through ten years		50,701		50,043		23,232		20,884
Due after ten years		71,879		68,130		51,676		43,492
		180,768		174,816		76,565		65,975
Residential mortgage-backed securities		474,451		418,720		308,102		273,660
Commercial mortgage-backed securities		199,537		164,838		181,259		166,062
Collateralized mortgage obligations		898,449		826,350		323,526		286,862
	$	1,753,205	$	1,584,724	$	889,452	$	792,559