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Securities (Tables)
3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fair Value of Securities
The fair value of securities is as follows:
March 31, 2022
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Available for sale
U.S. Treasury and federal agencies$293,914 $— $(11,394)$282,520 
State and municipal510,936 1,687 (43,571)469,052 
Federal agency collateralized mortgage obligations50,201 20 (629)49,592 
Federal agency mortgage-backed pools216,411 138 (14,114)202,435 
Private labeled mortgage-backed pools30,239 84 (1,690)28,633 
Corporate notes84,434 444 (4,598)80,280 
Total available for sale investment securities$1,186,135 $2,373 $(75,996)$1,112,512 
Held to maturity
U.S. Treasury and federal agencies$292,459 $— $(19,962)$272,497 
State and municipal1,091,037 2,610 (113,204)980,443 
Federal agency collateralized mortgage obligations56,841 — (4,236)52,605 
Federal agency mortgage-backed pools302,407 — (23,357)279,050 
Private labeled mortgage-backed pools98,719 — (7,959)90,760 
Corporate notes164,666 — (12,176)152,490 
Total held to maturity investment securities$2,006,129 $2,610 $(180,894)$1,827,845 
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 
Schedule of 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 March 31, 2022 and December 31, 2021, 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.
March 31, 2022December 31, 2021
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Available for sale
Within one year$1,428 $1,406 $22,980 $22,984 
One to five years268,961 259,422 156,677 156,397 
Five to ten years296,072 279,023 315,630 316,125 
After ten years322,823 292,001 340,539 346,038 
889,284 831,852 835,826 841,544 
Federal agency collateralized mortgage obligations50,201 49,592 60,600 61,577 
Federal agency mortgage–backed pools216,411 202,435 225,329 226,074 
Private labeled mortgage–backed pools$30,239 $28,633 $31,856 $31,617 
Total available for sale investment securities$1,186,135 $1,112,512 $1,153,611 $1,160,812 
Held to maturity
Within one year$28,419 $28,409 $5,222 $5,265 
One to five years199,131 194,886 65,739 66,982 
Five to ten years331,620 314,127 273,720 275,308 
After ten years988,992 868,008 870,896 880,830 
1,548,162 1,405,430 1,215,577 1,228,385 
Federal agency collateralized mortgage obligations56,841 52,605 48,482 47,465 
Federal agency mortgage–backed pools302,407 279,050 188,426 185,965 
Private labeled mortgage–backed pools98,719 90,760 99,958 98,176 
Total held to maturity investment securities$2,006,129 $1,827,845 $1,552,443 $1,559,991 
Schedule of 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.
March 31, 2022
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$517,187 $(28,883)$30,776 $(2,473)$547,963 $(31,356)
State and municipal1,057,290 (132,257)143,433 (24,518)1,200,723 (156,775)
Federal agency collateralized mortgage obligations94,156 (4,865)— — 94,156 (4,865)
Federal agency mortgage–backed pools460,260 (37,110)4,712 (361)464,972 (37,471)
Private labeled mortgage–backed pools117,409 (9,649)— — 117,409 (9,649)
Corporate notes193,792 (16,774)— — 193,792 (16,774)
Total temporarily impaired securities$2,440,094 $(229,538)$178,921 $(27,352)$2,619,015 $(256,890)
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 temporarily impaired securities$1,500,687 $(21,993)$35,281 $(1,012)$1,535,968 $(23,005)
Schedule of Sales of Securities Available for Sale
Information regarding security proceeds, gross gains and gross losses are presented below.
Three Months Ended
March 31
20222021
Sales of securities available for sale
Proceeds$— $27,514 
Gross gains— 914 
Gross losses— —