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Securities (Tables)
12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Summary of Amortized Cost and Fair Values of Securities Available-for-sale,Held to Maturity and Other Securities

The following tables summarize the amortized cost and fair values of securities available-for-sale, securities held-to-maturity and equity and other securities at December 31, 2021 and 2020 and the corresponding amounts of gross unrealized gains and losses:

2021

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Notes

 

$

18,447

 

 

$

37

 

 

$

(8

)

 

$

18,476

 

U.S. Government agencies

 

 

141,096

 

 

 

661

 

 

 

(2,367

)

 

 

139,390

 

Obligations of states, municipalities, and political
   subdivisions

 

 

86,454

 

 

 

3,238

 

 

 

(56

)

 

 

89,636

 

Residential mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

756,549

 

 

 

2,122

 

 

 

(15,015

)

 

 

743,656

 

Non-agency

 

 

146,499

 

 

 

4

 

 

 

(1,267

)

 

 

145,236

 

Commercial mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

214,417

 

 

 

2,795

 

 

 

(3,661

)

 

 

213,551

 

Corporate securities

 

 

65,814

 

 

 

1,586

 

 

 

(54

)

 

 

67,346

 

Asset-backed securities

 

 

37,206

 

 

 

49

 

 

 

(4

)

 

 

37,251

 

Total

 

$

1,466,482

 

 

$

10,492

 

 

$

(22,432

)

 

$

1,454,542

 

 

2021

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Held-to-maturity

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of states, municipalities, and political
   subdivisions

 

$

3,885

 

 

$

107

 

 

$

 

 

$

3,992

 

Total

 

$

3,885

 

 

$

107

 

 

$

 

 

$

3,992

 

 

 

 

Note 4—Securities (continued)

2020

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Notes

 

$

23,468

 

 

$

344

 

 

$

 

 

$

23,812

 

U.S. Government agencies

 

 

113,088

 

 

 

600

 

 

 

(137

)

 

 

113,551

 

Obligations of states, municipalities, and political
   subdivisions

 

 

135,513

 

 

 

6,991

 

 

 

(85

)

 

 

142,419

 

Residential mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

764,951

 

 

 

13,645

 

 

 

(205

)

 

 

778,391

 

Non-agency

 

 

32,654

 

 

 

332

 

 

 

(5

)

 

 

32,981

 

Commercial mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

244,496

 

 

 

6,046

 

 

 

(390

)

 

 

250,152

 

Corporate securities

 

 

59,020

 

 

 

1,850

 

 

 

(102

)

 

 

60,768

 

Asset-backed securities

 

 

45,255

 

 

 

26

 

 

 

(125

)

 

 

45,156

 

Total

 

$

1,418,445

 

 

$

29,834

 

 

$

(1,049

)

 

$

1,447,230

 

 

2020

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Held-to-maturity

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of states, municipalities, and political
   subdivisions

 

$

4,395

 

 

$

178

 

 

$

 

 

$

4,573

 

Total

 

$

4,395

 

 

$

178

 

 

$

 

 

$

4,573

 

Summary of Gross Unrealized Losses and Fair Values, Aggregated by Investment Category and Length of Individual Securities Continuous Unrealized Loss Position Available-for-sale and Held to Maturity

Gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2021 and 2020 are summarized as follows:

 

 

 

 

 

 

Less than 12 Months

 

 

12 Months or Longer

 

 

Total

 

2021

 

# of
Securities

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Notes

 

 

1

 

 

$

9,946

 

 

$

(8

)

 

$

 

 

$

 

 

$

9,946

 

 

$

(8

)

U.S. Government agencies

 

 

10

 

 

 

64,585

 

 

 

(1,590

)

 

 

19,223

 

 

 

(777

)

 

 

83,808

 

 

$

(2,367

)

Obligations of states, municipalities and
   political subdivisions

 

 

3

 

 

 

9,507

 

 

 

(56

)

 

 

 

 

 

 

 

 

9,507

 

 

 

(56

)

Residential mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

51

 

 

 

612,280

 

 

 

(13,894

)

 

 

25,412

 

 

 

(1,121

)

 

 

637,692

 

 

 

(15,015

)

Non-agency

 

 

14

 

 

 

96,372

 

 

 

(1,257

)

 

 

761

 

 

 

(10

)

 

 

97,133

 

 

 

(1,267

)

Commercial mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

19

 

 

 

64,473

 

 

 

(1,994

)

 

 

37,063

 

 

 

(1,667

)

 

 

101,536

 

 

 

(3,661

)

Corporate securities

 

 

3

 

 

 

7,502

 

 

 

(54

)

 

 

 

 

 

 

 

 

7,502

 

 

 

(54

)

Asset-backed securities

 

 

3

 

 

 

15,978

 

 

 

(4

)

 

 

 

 

 

 

 

 

15,978

 

 

 

(4

)

Total

 

 

104

 

 

$

880,643

 

 

$

(18,857

)

 

$

82,459

 

 

$

(3,575

)

 

$

963,102

 

 

$

(22,432

)

 

 

 

 

 

 

Less than 12 Months

 

 

12 Months or Longer

 

 

Total

 

2020

 

# of
Securities

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

 

Fair
Value

 

 

Unrealized
Losses

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agencies

 

 

5

 

 

$

30,639

 

 

$

(137

)

 

$

 

 

$

 

 

 

30,639

 

 

 

(137

)

Obligations of states, municipalities
   and political subdivisions

 

 

2

 

 

 

210

 

 

 

(85

)

 

 

 

 

 

 

 

 

210

 

 

 

(85

)

Residential mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

8

 

 

 

45,253

 

 

 

(198

)

 

 

472

 

 

 

(7

)

 

 

45,725

 

 

 

(205

)

Non-agency

 

 

2

 

 

 

3,963

 

 

 

(5

)

 

 

 

 

 

 

 

 

3,963

 

 

 

(5

)

Commercial mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

8

 

 

 

55,554

 

 

 

(390

)

 

 

 

 

 

 

 

 

55,554

 

 

 

(390

)

Corporate securities

 

 

6

 

 

 

10,916

 

 

 

(102

)

 

 

 

 

 

 

 

 

10,916

 

 

 

(102

)

Asset-backed securities

 

 

6

 

 

 

24,436

 

 

 

(99

)

 

 

4,952

 

 

 

(26

)

 

 

29,388

 

 

 

(125

)

Total

 

 

37

 

 

$

170,971

 

 

$

(1,016

)

 

$

5,424

 

 

$

(33

)

 

$

176,395

 

 

$

(1,049

)

 

Summary of Proceeds From Sales and Calls of Securities Available-for-sale and Associated Gains and Losses

The proceeds from all sales and calls of securities were available-for-sale, and the associated gains and losses for the years ended December 31, 2021, 2020, and 2019 are listed below:

 

 

 

2021

 

 

2020

 

 

2019

 

Proceeds

 

$

203,791

 

 

$

208,978

 

 

$

92,103

 

Gross gains

 

 

2,830

 

 

 

5,383

 

 

 

1,274

 

Gross losses

 

 

1,395

 

 

 

82

 

 

 

123

 

Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

At December 31, 2021, the amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

 

 

Amortized
Cost

 

 

Fair
Value

 

Available-for-sale

 

 

 

 

 

 

Due in one year or less

 

$

19,225

 

 

$

19,354

 

Due from one to five years

 

 

56,817

 

 

 

57,843

 

Due from five to ten years

 

 

207,232

 

 

 

208,360

 

Due after ten years

 

 

65,743

 

 

 

66,542

 

Mortgage and asset-backed securities

 

 

1,117,465

 

 

 

1,102,443

 

Total

 

$

1,466,482

 

 

$

1,454,542

 

Held-to-maturity

 

 

 

 

 

 

Due from one to five years

 

$

1,175

 

 

$

1,199

 

Due from five to ten years

 

 

2,710

 

 

 

2,793

 

Total

 

$

3,885

 

 

$

3,992