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Securities
 3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Securities Securities
(In Thousands, Except Number of Securities)

The amortized cost and fair value of securities available for sale were as follows as of the dates presented in the tables below.

There was no allowance for credit losses allocated to any of the Company’s available for sale securities as of March 31, 2022 or December 31, 2021.
 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
March 31, 2022
U.S. Treasury securities$2,000 $— $— $2,000 
Obligations of states and political subdivisions161,565 1,117 (5,205)157,477 
Residential mortgage backed securities:
Government agency mortgage backed securities969,140 1,249 (48,493)921,896 
Government agency collateralized mortgage obligations1,094,043 5 (83,591)1,010,457 
Commercial mortgage backed securities:
Government agency mortgage backed securities11,277 — (371)10,906 
Government agency collateralized mortgage obligations221,955 87 (12,852)209,190 
Other debt securities94,996 385 (1,991)93,390 
$2,554,976 $2,843 $(152,503)$2,405,316 
 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2021
U.S. Treasury securities$3,007 $3 $— $3,010 
Obligations of other U.S. Government agencies and corporations153,847 5,532 (269)159,110 
Obligations of states and political subdivisions— — — — 
Residential mortgage backed securities:
Government agency mortgage backed securities967,497 7,854 (6,816)968,535 
Government agency collateralized mortgage obligations1,008,514 457 (20,371)988,600 
Commercial mortgage backed securities:
Government agency mortgage backed securities14,717 365 (1)15,081 
Government agency collateralized mortgage obligations216,859 812 (3,419)214,252 
Trust preferred securities— — — — 
Other debt securities36,515 1,097 (148)37,464 
$2,400,956 $16,120 $(31,024)$2,386,052 
The amortized cost and fair value of securities held to maturity were as follows as of the dates presented:
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
March 31, 2022
Obligations of states and political subdivisions$290,588 $— $(26,969)$263,619 
Residential mortgage backed securities
Government agency mortgage backed securities95,369 — (3,943)91,426 
Government agency collateralized mortgage obligations23,403 — (1,904)21,499 
Commercial mortgage backed securities:
Government agency mortgage backed securities17,022 — (1,488)15,534 
Government agency collateralized mortgage obligations38,906 — (2,261)36,645 
Other debt securities21,938 — (1,120)20,818 
$487,226 $— $(37,685)$449,541 
Allowance for credit losses - held to maturity securities(32)
Held to maturity securities, net of allowance for credit losses$487,194 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2021
Obligations of states and political subdivisions$267,641 $333 $(685)$267,289 
Residential mortgage backed securities
Government agency mortgage backed securities60,507 1 (198)60,310 
Government agency collateralized mortgage obligations24,832 — (92)24,740 
Commercial mortgage backed securities:
Government agency mortgage backed securities1,855 — — 1,855 
Government agency collateralized mortgage obligations39,505 — (117)39,388 
Other debt securities22,049 — (79)21,970 
$416,389 $334 $(1,171)$415,552 
Allowance for credit losses - held to maturity securities(32)
Held to maturity securities, net of allowance for credit losses$416,357 
There were no securities sold during the three months ended March 31, 2022. Securities sold during the three months ended March 31, 2021 were as set forth in the table below.
Carrying ValueNet ProceedsGain/(Loss)
Three months ended March 31, 2021
Obligations of states and political subdivisions$47 $50 $3 
Residential mortgage backed securities:
Government agency mortgage backed securities136,340 139,735 3,395 
Government agency collateralized mortgage obligations5,626 5,646 20 
Trust preferred securities12,021 9,960 (2,061)
$154,034 $155,391 $1,357 

Gross realized gains and losses on sales of securities available for sale for the three months ended March 31, 2021 were as follows:
Three Months Ended
 March 31,
 2021
Gross gains on sales of securities available for sale$3,508 
Gross losses on sales of securities available for sale(2,151)
Gains on sales of securities available for sale, net$1,357 

At March 31, 2022 and December 31, 2021, securities with a carrying value of $684,687 and $607,681, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $18,305 and $21,493 were pledged as collateral for short-term borrowings and derivative instruments at March 31, 2022 and December 31, 2021, respectively.
The amortized cost and fair value of securities at March 31, 2022 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.
 
 Held to MaturityAvailable for Sale
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due within one year$155 $155 $3,996 $4,003 
Due after one year through five years2,047 1,977 37,518 37,814 
Due after five years through ten years18,244 16,884 66,830 66,946 
Due after ten years270,142 244,603 88,851 84,252 
Residential mortgage backed securities:
Government agency mortgage backed securities95,369 91,426 969,140 921,896 
Government agency collateralized mortgage obligations23,403 21,499 1,094,043 1,010,457 
Commercial mortgage backed securities:
Government agency mortgage backed securities17,022 15,534 11,277 10,906 
Government agency collateralized mortgage obligations38,906 36,645 221,955 209,190 
Other debt securities21,938 20,818 61,366 59,852 
$487,226 $449,541 $2,554,976 $2,405,316 
The following tables present the age of gross unrealized losses and fair value by investment category for which an allowance for credit losses has not been recorded as of the dates presented:
 
 Less than 12 Months12 Months or MoreTotal
 #Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses
Available for Sale:
March 31, 2022
Obligations of states and political subdivisions41$81,646 $(4,767)4$5,805 $(438)45$87,451 $(5,205)
Residential mortgage backed securities:
Government agency mortgage backed securities80761,484 (43,653)649,651 (4,840)86811,135 (48,493)
Government agency collateralized mortgage obligations61932,820 (74,437)477,376 (9,154)651,010,196 (83,591)
Commercial mortgage backed securities:
Government agency mortgage backed securities310,481 (371)1425 — 410,906 (371)
Government agency collateralized mortgage obligations24150,009 (8,741)740,496 (4,111)31190,505 (12,852)
Other debt securities1051,369 (1,991)—— — 1051,369 (1,991)
Total219$1,987,809 $(133,960)22$173,753 $(18,543)241$2,161,562 $(152,503)
December 31, 2021
Obligations of states and political subdivisions8$34,303 $(216)3$3,892 $(53)11$38,195 $(269)
Residential mortgage backed securities:
Government agency mortgage backed securities41727,546 (6,312)112,305 (504)42739,851 (6,816)
Government agency collateralized mortgage obligations49966,126 (20,371)—— — 49966,126 (20,371)
Commercial mortgage backed securities:
Government agency mortgage backed securities11,791 (1)1432 — 22,223 (1)
Government agency collateralized mortgage obligations21160,919 (3,072)29,005 (347)23169,924 (3,419)
Trust preferred securities—— — —— — —— — 
Other debt securities18,699 (148)—— — 18,699 (148)
Total121$1,899,384 $(30,120)7$25,634 $(904)128$1,925,018 $(31,024)
 Less than 12 Months12 Months or MoreTotal
 #Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses
Held to Maturity:
March 31, 2022
Obligations of states and political subdivisions127$261,920 $(26,786)1$1,699 $(183)128$263,619 $(26,969)
Residential mortgage backed securities:
Government agency mortgage backed securities5586,842 (3,599)14,584 (344)5691,426 (3,943)
Government agency collateralized mortgage obligations—— — 121,499 (1,904)1$21,499 $(1,904)
Commercial mortgage backed securities:
Government agency mortgage backed securities115,534 (1,488)—— — 1$15,534 $(1,488)
Government agency collateralized mortgage obligations631,380 (1,923)15,265 (338)7$36,645 $(2,261)
Other debt securities820,818 (1,120)—— — 8$20,818 $(1,120)
Total197$416,494 $(34,916)4$33,047 $(2,769)201$449,541 $(37,685)
December 31, 2021
Obligations of states and political subdivisions24$62,131 $(685)—$— $— 24$62,131 $(685)
Residential mortgage backed securities:
Government agency mortgage backed securities5053,560 (181)15,354 (17)5158,914 (198)
Government agency collateralized mortgage obligations124,740 (92)—— — 124,740 (92)
Commercial mortgage backed securities:
Government agency collateralized mortgage obligations739,388 (117)—— — 739,388 (117)
Other debt securities821,972 (79)—— — 821,972 (79)
Total90$201,791 $(1,154)1$5,354 $(17)91$207,145 $(1,171)
 
The Company evaluates its investment portfolio for impairment related to credit losses on a quarterly basis. Impairment is assessed at the individual security level. The Company considers an investment security impaired if the fair value of the security is less than its cost or amortized cost basis. If the Company intends to sell the investment security or if the Company does not expect to recover the entire amortized cost basis of the security before the Company is required to sell the security or before the security’s maturity, the security is impaired and written down to fair value with all losses recognized in earnings.

The Company does not intend to sell any securities in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be maturity. Furthermore, even though a number of these securities have been in a continuous unrealized loss position for a period longer than twelve months, the Company is collecting principal and interest payments from the respective issuers as scheduled. Based upon its review of securities with unrealized losses as of March 31, 2022, the Company determined that all such losses resulted from factors not deemed credit related. As such, the Company did not record any impairment for the first quarter.

The allowance for credit losses on held to maturity securities was $32 at March 31, 2022 and December 31, 2021. The Company monitors the credit quality of debt securities held to maturity using bond investment grades assigned by third party ratings agencies. Updated investment grades are obtained as they become available from agencies. On March 31, 2022, 99.9% of the amortized cost of debt securities held to maturity were rated A or higher by the ratings agencies.