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Securities (Tables)
12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Fair Value of Securities
The fair value of securities is as follows:
December 31, 2021
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Available for sale
U.S. Treasury and federal agencies$118,595 82 $(1,698)$116,979 
State and municipal632,652 12,802 (5,708)639,746 
Federal agency collateralized mortgage obligations60,600 989 (12)61,577 
Federal agency mortgage–backed pools225,329 1,777 (1,032)226,074 
Private labeled mortgage–backed pools31,856 137 (376)31,617 
Corporate notes84,579 1,013 (773)84,819 
Total available for sale investment securities$1,153,611 $16,800 $(9,599)$1,160,812 
Held to maturity
U.S. Treasury and federal agencies$195,429 $12 $(1,215)$194,226 
State and municipal862,461 20,719 (4,263)878,917 
Federal agency collateralized mortgage obligations48,482 (1,020)47,465 
Federal agency mortgage–backed pools188,426 151 (2,612)185,965 
Private labeled mortgage–backed pools99,958 58 (1,840)98,176 
Corporate notes157,687 11 (2,456)155,242 
Total held to maturity investment securities$1,552,443 $20,954 $(13,406)$1,559,991 
December 31, 2020
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Available for sale
U.S. Treasury and federal agencies$19,750 $— $(35)$19,715 
State and municipal803,100 35,014 (271)837,843 
Federal agency collateralized mortgage obligations144,022 3,448 (17)147,453 
Federal agency mortgage–backed pools114,484 4,315 — 118,799 
Corporate notes9,007 1,208 — 10,215 
Total available for sale investment securities$1,090,363 $43,985 $(323)$1,134,025 
Held to maturity
State and municipal$157,421 $11,035 $— $168,456 
Federal agency collateralized mortgage obligations2,661 36 — 2,697 
Federal agency mortgage–backed pools8,594 243 — 8,837 
Total held to maturity investment securities$168,676 $11,314 $— $179,990 
Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity The amortized cost and fair value of securities available for sale and held to maturity at December 31, 2021 and December 31, 2020, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
December 31, 2021December 31, 2020
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Available for sale
Within one year$22,980 $22,984 $44,206 $44,192 
One to five years156,677 156,397 61,594 63,006 
Five to ten years315,630 316,125 136,857 145,102 
After ten years340,539 346,038 589,200 615,473 
835,826 841,544 831,857 867,773 
Federal agency collateralized mortgage obligations60,600 61,577 144,022 147,453 
Federal agency mortgage–backed pools225,329 226,074 114,484 118,799 
Private labeled mortgage–backed pools31,856 31,617 — — 
Total available for sale investment securities$1,153,611 $1,160,812 $1,090,363 $1,134,025 
Held to maturity
Within one year$5,222 $5,265 $7,302 $7,327 
One to five years65,739 66,982 42,742 44,358 
Five to ten years273,720 275,308 82,087 88,300 
After ten years870,896 880,830 25,290 28,471 
1,215,577 1,228,385 157,421 168,456 
Federal agency collateralized mortgage obligations48,482 47,465 2,661 2,697 
Federal agency mortgage–backed pools188,426 185,965 8,594 8,837 
Private labeled mortgage–backed pools99,958 98,176 — — 
Total held to maturity investment securities$1,552,443 $1,559,991 $168,676 $179,990 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
The following table shows the gross unrealized losses and the fair value of the Company’s investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
December 31, 2021
Less than 12 Months12 Months or MoreTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Investment Securities
U.S. Treasury and federal agencies$268,732 $(2,483)$15,820 $(430)$284,552 $(2,913)
State and municipal539,882 (9,389)19,461 (582)559,343 (9,971)
Federal agency collateralized mortgage obligations56,027 (1,032)— — 56,027 (1,032)
Federal agency mortgage–backed pools333,489 (3,644)— — 333,489 (3,644)
Private labeled mortgage–backed pools113,057 (2,216)— — 113,057 (2,216)
Corporate notes189,500 (3,229)— — 189,500 (3,229)
Total securities$1,500,687 $(21,993)$35,281 $(1,012)$1,535,968 $(23,005)
December 31, 2020
Less than 12 Months12 Months or MoreTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Investment Securities
U.S. Treasury and federal agencies$17,215 $(35)$— $— $17,215 $(35)
State and municipal56,287 (242)1,245 (29)57,532 (271)
Federal agency collateralized mortgage obligations6,358 (17)— — 6,358 (17)
Total securities$79,860 $(294)$1,245 $(29)$81,105 $(323)
Sales of Securities Available for Sale Information regarding security proceeds, gross gains and gross losses are presented below.
Year Ended December 31
202120202019
Sales of securities available for sale
Proceeds$27,514 $77,213 $98,425 
Gross gains914 4,372 168 
Gross losses— (75)(243)