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Securities (Tables)

6 Months Ended

Jun. 30, 2022

Securities

Schedule of amortized cost and fair value of the securities portfolio and corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss


					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
June 30, 2022		Cost¹			Gains			Losses			Value
Securities available-for-sale
U.S. Treasury		$	223,768		$	-		$	(8,948)		$	214,820
U.S. government agencies			61,673			-			(3,777)			57,896
U.S. government agencies mortgage-backed			152,583			-			(10,747)			141,836
States and political subdivisions			244,864			912			(12,124)			233,652
Corporate bonds			10,000			-			(457)			9,543
Collateralized mortgage obligations			681,539			31			(40,072)			641,498
Asset-backed securities			268,682			87			(9,147)			259,622
Collateralized loan obligations			181,116			-			(5,567)			175,549
Total securities available-for-sale		$	1,824,225		$	1,030		$	(90,839)		$	1,734,416


					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
December 31, 2021		Cost¹			Gains			Losses			Value
Securities available-for-sale
U.S. Treasury		$	202,251		$	125		$	(37)		$	202,339
U.S. government agencies			62,587			-			(699)			61,888
U.S. government agencies mortgage-backed			172,016			856			(570)			172,302
States and political subdivisions			241,937			16,344			(672)			257,609
Corporate bonds			10,000			-			(113)			9,887
Collateralized mortgage obligations			673,238			2,014			(2,285)			672,967
Asset-backed securities			236,293			1,245			(661)			236,877
Collateralized loan obligations			79,838			3			(78)			79,763
Total securities available-for-sale		$	1,678,160		$	20,587		$	(5,115)		$	1,693,632

¹ Excludes accrued interest receivable of $5.5 million and $4.3 million at June 30, 2022 and December 31, 2021, respectively, that is recorded in other assets on the consolidated balance sheet.

Schedule of fair value, amortized cost and weighted average yield of debt securities by contractual maturity along with securities not due at a single maturity date, primarily mortgage-backed securities (MBS), asset-backed securities, and collateralized loan obligations


					Weighted
		Amortized			Average			Fair
Securities available-for-sale		Cost			Yield			Value
Due in one year or less		$	8,229		1.15	%		$	8,017
Due after one year through five years			304,142		1.05				291,151
Due after five years through ten years			44,642		2.52				41,310
Due after ten years			183,292		3.00				175,433
			540,305		1.83				515,911
Mortgage-backed and collateralized mortgage obligations			834,122		1.81				783,334
Asset-backed securities			268,682		2.17				259,622
Collateralized loan obligations			181,116		3.10				175,549
Total securities available-for-sale		$	1,824,225		2.00	%		$	1,734,416

Schedule of securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position


		Less than 12 months								12 months or more
June 30, 2022		in an unrealized loss position								in an unrealized loss position								Total
		Number of		Unrealized			Fair			Number of		Unrealized			Fair			Number of		Unrealized			Fair
Securities available-for-sale		Securities		Losses			Value			Securities		Losses			Value			Securities		Losses			Value
U.S. Treasuries		5		$	8,948		$	214,820		-		$	-		$	-		5		$	8,948		$	214,820
U.S. government agencies		5			3,691			53,781		4			86			4,116		9			3,777			57,897
U.S. government agencies mortgage-backed		127			9,681			136,686		6			1,066			5,149		133			10,747			141,835
States and political subdivisions		36			10,463			119,482		1			1,661			2,941		37			12,124			122,423
Corporate bonds		2			457			9,543		-			-			-		2			457			9,543
Collateralized mortgage obligations		221			38,780			617,153		2			1,292			12,739		223			40,072			629,892
Asset-backed securities		48			8,853			236,143		5			294			6,956		53			9,147			243,099
Collateralized loan obligations		32			5,378			165,068		2			189			10,481		34			5,567			175,549
Total securities available-for-sale		476		$	86,251		$	1,552,676		20		$	4,588		$	42,382		496		$	90,839		$	1,595,058


		Less than 12 months								12 months or more
December 31, 2021		in an unrealized loss position								in an unrealized loss position								Total
		Number of		Unrealized				Fair		Number of		Unrealized				Fair		Number of		Unrealized				Fair
Securities available-for-sale		Securities		Losses				Value		Securities		Losses				Value		Securities		Losses				Value
U.S. Treasuries		1		$	37		$	49,719		-		$	-		$	-		1		$	37		$	49,719
U.S. government agencies		5			592			56,879		4			107			5,008		9			699			61,887
U.S. government agencies mortgage-backed		63			505			78,711		1			65			1,663		64			570			80,374
States and political subdivisions		7			55			8,430		1			617			4,051		8			672			12,481
Corporate bonds		2			113			9,887		-			-			-		2			113			9,887
Collateralized mortgage obligations		133			2,285			381,658		-			-			-		133			2,285			381,658
Asset-backed securities		20			608			103,819		3			53			3,276		23			661			107,095
Collateralized loan obligations		10			35			45,132		2			43			10,628		12			78			55,760
Total securities available-for-sale		241		$	4,230		$	734,235		11		$	885		$	24,626		252		$	5,115		$	758,861

Schedule of securities available for sale net realized gains (losses)


			Three Months Ended						Six Months Ended
			June 30,						June 30,
Securities available-for-sale		2022			2021			2022			2021
Proceeds from sales of securities		$	3,303		$	8,202		$	3,303		$	8,202
Gross realized gains on securities		$	-		$	5		$	-		$	5
Gross realized losses on securities			(33)			(3)			(33)			(3)
Net realized (losses) gains		$	(33)		$	2		$	(33)		$	2
Income tax benefit (expense) on net realized (losses) gains		$	9		$	(1)		$	9		$	(1)

Effective tax rate applied

27.3

%

N/M

%

27.3

%

N/M

%