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Securities (Tables)
6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Marketable Securities
The following table presents the fair values of our securities portfolio at the dates presented:
(dollars in thousands)June 30, 2022December 31, 2021
Available-for-sale debt securities$1,067,492 $909,651 
Marketable equity securities1,084 1,142 
Total Securities$1,068,576 $910,793 
Schedule of Amortized Cost and Fair Value of Debt Securities
The following tables present the amortized cost and fair value of available-for-sale debt securities as of the dates presented:
 June 30, 2022December 31, 2021
(dollars in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Amortized
Cost
Gross Unrealized GainsGross
Unrealized
Losses
Fair
Value
U.S. Treasury securities$145,820 $155 $(9,693)$136,282 $95,954 $115 $(742)$95,327 
Obligations of U.S. government corporations and agencies53,542 (734)52,815 68,599 1,749 — 70,348 
Collateralized mortgage obligations of U.S. government corporations and agencies456,889 312 (29,566)427,635 270,696 2,408 (2,810)270,294 
Residential mortgage-backed securities of U.S. government corporations and agencies52,289 19 (5,892)46,416 57,029 392 (628)56,793 
Commercial mortgage-backed securities of U.S. government corporations and agencies350,432 263 (16,701)333,994 336,918 5,969 (1,587)341,300 
Corporate obligations500 — — 500 500 — — 500 
Obligations of states and political subdivisions69,874 455 (479)69,850 70,539 4,550 — 75,089 
Total Available-for-Sale Debt Securities (1)
$1,129,346 $1,211 $(63,065)$1,067,492 $900,235 $15,183 $(5,767)$909,651 
(1) Excludes interest receivable of $3.7 million at June 30, 2022 and $3.3 million at December 31, 2021. Interest receivable is included in other assets in the Consolidated Balance Sheets.
Schedule of Fair Value and Age of Gross Unrealized Losses of Debt Securities he following tables present the fair value and the age of gross unrealized losses on available-for-sale debt securities by investment category as of the dates presented:
June 30, 2022
Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)Number of SecuritiesFair ValueUnrealized
Losses
Number of SecuritiesFair ValueUnrealized
Losses
Number of SecuritiesFair ValueUnrealized
Losses
U.S. Treasury securities12$116,707 $(9,693)$— $— 12$116,707 $(9,693)
Obligations of U.S. government corporations and agencies747,817 (734)— — 747,817 (734)
Collateralized mortgage obligations of U.S. government corporations and agencies48352,393 (24,035)434,282 (5,531)52386,675 (29,566)
Residential mortgage-backed securities of U.S. government corporations and agencies129,479 (527)236,366 (5,365)1445,845 (5,892)
Commercial mortgage-backed securities of U.S. government corporations and agencies36323,896 (16,701)— — 36323,896 (16,701)
Corporate obligations1500 — — — 1500 — 
Obligations of states and political subdivisions220,198 (479)— — 220,198 (479)
Total118$870,990 $(52,169)6$70,648 $(10,896)124$941,638 $(63,065)
December 31, 2021
Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)Number of SecuritiesFair ValueUnrealized
Losses
Number of SecuritiesFair ValueUnrealized
Losses
Number of SecuritiesFair ValueUnrealized
Losses
U.S. Treasury securities8$85,221 $(742)$— $— 8$85,221 $(742)
Obligations of U.S. government corporations and agencies— — — — — — 
Collateralized mortgage obligations of U.S. government corporations and agencies12141,204 (2,436)18,933 (374)13150,137 (2,810)
Residential mortgage-backed securities of U.S. government corporations and agencies346,042 (628)— — 346,042 (628)
Commercial mortgage-backed securities of U.S. government corporations and agencies7100,032 (1,587)— — 7100,032 (1,587)
Corporate obligations— — — — — — 
Obligations of states and political subdivisions— — — — — — 
Total30$372,499 $(5,393)1$8,933 $(374)31$381,432 $(5,767)
Schedule of Unrealized Gains (Losses) of Debt Securities
The following table presents net unrealized gains and losses, net of tax, on available-for-sale debt securities included in accumulated other comprehensive income (loss), for the periods presented:
June 30, 2022December 31, 2021
(dollars in thousands)Gross Unrealized GainsGross Unrealized LossesNet Unrealized LossesGross Unrealized GainsGross Unrealized LossesNet Unrealized Gains
Total unrealized gains (losses) on available-for-sale debt securities$1,211 $(63,065)$(61,854)$15,183 $(5,767)$9,416 
Income tax (expense) benefit(259)13,474 13,215 (3,215)1,221 (1,994)
Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss)$952 $(49,591)$(48,639)$11,968 $(4,546)$7,422 
Schedule of Contractual Maturities of Debt Securities
The amortized cost and fair value of available-for-sale debt securities at June 30, 2022 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
June 30, 2022
(dollars in thousands)Amortized
Cost
Fair Value
Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions
Due in one year or less$35,648 $35,760 
Due after one year through five years117,273 113,923 
Due after five years through ten years104,696 97,991 
Due after ten years11,619 11,273 
Available-for-Sale Debt Securities With Fixed Maturities269,236 258,947 
Debt Securities without a single maturity date
Collateralized mortgage obligations of U.S. government corporations and agencies456,889 427,635 
Residential mortgage-backed securities of U.S. government corporations and agencies52,289 46,416 
Commercial mortgage-backed securities of U.S. government corporations and agencies350,432 333,994 
Corporate obligations500 500 
Total Available-for-Sale Debt Securities$1,129,346 $1,067,492 
Schedule of Unrealized Gains (Losses) on Marketable Securities
The following table presents realized and unrealized net gains and losses for our marketable equity securities for the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2022202120222021
Marketable Equity Securities
Net market gains (losses) recognized$(53)$28 $(58)$143 
Less: Net gains recognized for equity securities sold— — 29 
Unrealized Gains (Losses) on Equity Securities Still Held $(53)$25 $(58)$114