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Securities (Tables)
6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fair Value of Securities
The fair value of securities is as follows:
June 30, 2022
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Available for sale
U.S. Treasury and federal agencies$294,793 $— $(19,617)$275,176 
State and municipal507,128 256 (69,217)438,167 
Federal agency collateralized mortgage obligations41,329 — (1,043)40,286 
Federal agency mortgage-backed pools235,337 (24,860)210,485 
Corporate notes84,389 198 (7,681)76,906 
Total available for sale investment securities$1,162,976 $462 $(122,418)$1,041,020 
Held to maturity
U.S. Treasury and federal agencies$295,386 $— $(34,138)$261,248 
State and municipal1,135,751 456 (184,215)951,992 
Federal agency collateralized mortgage obligations59,694 — (6,160)53,534 
Federal agency mortgage-backed pools360,446 — (46,620)313,826 
Private labeled mortgage-backed pools37,101 — (4,346)32,755 
Corporate notes164,394 — (23,535)140,859 
Total held to maturity investment securities$2,052,772 $456 $(299,014)$1,754,214 
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 pools257,185 1,914 (1,408)257,691 
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 pools247,937 209 (4,010)244,136 
Private labeled mortgage-backed pools40,447 — (442)40,005 
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 June 30, 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.
June 30, 2022December 31, 2021
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Available for sale
Within one year$1,228 $1,225 $22,980 $22,984 
One to five years293,825 276,489 156,677 156,397 
Five to ten years281,389 251,923 315,630 316,125 
After ten years309,868 260,612 340,539 346,038 
886,310 790,249 835,826 841,544 
Federal agency collateralized mortgage obligations41,329 40,286 60,600 61,577 
Federal agency mortgage–backed pools235,337 210,485 257,185 257,691 
Total available for sale investment securities$1,162,976 $1,041,020 $1,153,611 $1,160,812 
Held to maturity
Within one year$36,037 $35,818 $5,222 $5,265 
One to five years202,480 195,376 65,739 66,982 
Five to ten years349,467 313,467 273,720 275,308 
After ten years1,007,547 809,438 870,896 880,830 
1,595,531 1,354,099 1,215,577 1,228,385 
Federal agency collateralized mortgage obligations59,694 53,534 48,482 47,465 
Federal agency mortgage–backed pools360,446 313,826 247,937 244,136 
Private labeled mortgage–backed pools37,101 32,755 40,447 40,005 
Total held to maturity investment securities$2,052,772 $1,754,214 $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.
June 30, 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$478,535 $(45,494)$57,639 $(8,261)$536,174 $(53,755)
State and municipal1,122,880 (212,110)153,945 (41,323)1,276,825 (253,433)
Federal agency collateralized mortgage obligations93,150 (7,203)— — 93,150 (7,203)
Federal agency mortgage–backed pools483,127 (66,195)39,318 (5,284)522,445 (71,479)
Private labeled mortgage–backed pools32,755 (4,346)— — 32,755 (4,346)
Corporate notes199,987 (28,492)17,133 (2,724)217,120 (31,216)
Total temporarily impaired securities$2,410,434 $(363,840)$268,035 $(57,592)$2,678,469 $(421,432)
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 pools406,540 (5,418)— — 406,540 (5,418)
Private labeled mortgage–backed pools40,005 (442)— — 40,005 (442)
Corporate notes189,500 (3,229)— — 189,500 (3,229)
Total temporarily impaired securities$1,500,686 $(21,993)$35,281 $(1,012)$1,535,967 $(23,005)
Schedule of Sales of Securities Available for Sale
Information regarding security proceeds, gross gains and gross losses are presented below.
Three Months EndedSix Months Ended
June 30June 30
2022202120222021
Sales of securities available for sale
Proceeds$— $— $— $27,514 
Gross gains— — — 914 
Gross losses— — — —