Securities (Tables)

3 Months Ended

Mar. 31, 2022

Securities [Abstract]

Securities Available for Sale

Securities available for sale consist of the following:

	Amortized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In thousands)
March 31, 2022
U.S. agency	$	45,896	$	21	$	2,329	$	43,588
U.S. agency residential mortgage-backed		292,590		574		16,161		277,003
U.S. agency commercial mortgage-backed		22,663		-		1,072		21,591
Private label mortgage-backed		115,928		277		4,122		112,083
Other asset backed		281,822		414		3,080		279,156
Obligations of states and political subdivisions		550,439		842		31,203		520,078
Corporate		149,863		521		6,133		144,251
Trust preferred		1,976		-		91		1,885
Foreign government		500		2		-		502
Total	$	1,461,677	$	2,651	$	64,191	$	1,400,137
December 31, 2021
U.S. agency	$	34,634	$	152	$	112	$	34,674
U.S. agency residential mortgage-backed		309,907		1,952		3,874		307,985
U.S. agency commercial mortgage-backed		23,066		84		224		22,926
Private label mortgage-backed		102,480		807		672		102,615
Other asset backed		215,235		1,204		269		216,170
Obligations of states and political subdivisions		568,355		9,942		2,221		576,076
Corporate		148,707		2,446		1,194		149,959
Trust preferred		1,975		-		56		1,919
Foreign government		499		7		-		506
Total	$	1,404,858	$	16,594	$	8,622	$	1,412,830

Investments in a Continuous Unrealized Loss Position

Our investments’ gross unrealized losses and fair values aggregated by investment type and length of time that individual securities have been at a continuous unrealized loss position follows:

	Less Than Twelve Months				Twelve Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)
March 31, 2022
U.S. agency	$	38,843	$	2,327	$	1,006	$	2	$	39,849	$	2,329
U.S. agency residential mortgage-backed		125,161		8,226		84,351		7,935		209,512		16,161
U.S. agency commercial mortgage-backed		20,971		1,028		598		44		21,569		1,072
Private label mortgage-backed		102,999		4,058		2,055		64		105,054		4,122
Other asset backed		212,965		3,060		979		20		213,944		3,080
Obligations of states and political subdivisions		417,842		28,911		30,159		2,292		448,001		31,203
Corporate		110,464		5,924		1,823		209		112,287		6,133
Trust preferred		-		-		1,885		91		1,885		91
Total	$	1,029,245	$	53,534	$	122,856	$	10,657	$	1,152,101	$	64,191
December 31, 2021
U.S. agency	$	11,986	$	109	$	1,286	$	3	$	13,272	$	112
U.S. agency residential mortgage-backed		171,398		3,555		19,024		319		190,422		3,874
U.S. agency commercial mortgage-backed		19,900		224		-		-		19,900		224
Private label mortgage-backed		64,408		640		2,180		32		66,588		672
Other asset backed		86,581		248		978		21		87,559		269
Obligations of states and political subdivisions		178,484		2,151		7,093		70		185,577		2,221
Corporate		75,166		1,150		1,050		44		76,216		1,194
Trust preferred		-		-		1,919		56		1,919		56
Total	$	607,923	$	8,077	$	33,530	$	545	$	641,453	$	8,622

Amortized Cost and Fair Value of Securities Available for Sale by Contractual Maturity

The amortized cost and fair value of securities available for sale at March 31, 2022, by contractual maturity, follow:

	Amortized Cost		Fair Value
	(In thousands)
Maturing within one year	$	13,474	$	13,508
Maturing after one year but within five years		146,741		141,769
Maturing after five years but within ten years		263,941		248,638
Maturing after ten years		324,518		306,389
		748,674		710,304
U.S. agency residential mortgage-backed		292,590		277,003
U.S. agency commercial mortgage-backed		22,663		21,591
Private label mortgage-backed		115,928		112,083
Other asset backed		281,822		279,156
Total	$	1,461,677	$	1,400,137

Gains and Losses Realized on Sale of Securities Available for Sale

Gains and losses realized on the sale of securities available for sale are determined using the specific identification method and are recognized on a trade-date basis. A summary of proceeds from the sale of securities available for sale and gains and losses for the three month periods ending March 31, follows:

			Realized
	Proceeds		Gains		Losses
	(In thousands)
2022	$	4,395	$	70	$	-
2021		78,179		1,464		48

On April 1, 2022, we transferred certain available for sale securities with an amortized cost and unrealized loss at the date of transfer of $418.1 million and $26.4 million, respectively to held to maturity. The transfer was made at fair value, with the unrealized loss becoming part of the purchase discount which will be accreted over the remaining life of the securities. The other comprehensive loss component is separated from the remaining available for sale securities and is accreted over the remaining life of the securities transferred. We have the ability and intent to hold these securities until they mature, at which time we will receive full value for these securities.