
	December 31, 2021
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Debt Securities
U.S. Treasury securities and obligations of U.S. government agencies	$	6,466	$	316	$	(3)	$	6,779
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	1,234,721		8,308		(20,309)		1,222,720
Private mortgage-backed securities and collateralized mortgage obligations	88,096		1,091		(420)		88,767
Collateralized loan obligations	292,751		63		(124)		292,690
Obligations of state and political subdivisions	31,624		1,740		(1)		33,363
Totals	$	1,653,658	$	11,518	$	(20,857)	$	1,644,319

Held-to-Maturity Debt Securities
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	638,640	$	3,828	$	(15,070)	$	627,398


Totals	$	638,640	$	3,828	$	(15,070)	$	627,398


	December 31, 2020
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Debt Securities
U.S. Treasury securities and obligations of U.S. government agencies	$	8,250	$	528	$	(1)	$	8,777
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	1,038,437		23,457		(1,240)		1,060,654
Private mortgage-backed securities and collateralized mortgage obligations	89,284		2,131		(210)		91,205
Collateralized loan obligations	202,563		279		(647)		202,195
Obligations of state and political subdivisions	33,005		2,321		—		35,326
Totals	$	1,371,539	$	28,716	$	(2,098)	$	1,398,157

Held-to-Maturity Debt Securities
Mortgage-backed securities of U.S. government-sponsored entities	$	184,484	$	7,818	$	(123)	$	192,179


Totals	$	184,484	$	7,818	$	(123)	$	192,179

Debt securities with a fair value of $102.1 million were sold during 2021, with gross gains of $0.3 million and gross losses of $0.6 million. During 2020, debt securities with a fair value of $96.7 million were sold with gross gains of $2.4 million and gross losses of $1.3 million. Debt securities with a fair value of $202.7 million were sold during 2019, with gross gains of $2.9 million and gross losses of $1.8 million. Also included in “Securities gains (losses) net” is a decrease of $0.2 million in 2021 and increases of $0.1 million and $0.2 million in 2020 and 2019, respectively, in the value of an investment in shares of a mutual fund that invests in CRA-qualified debt securities.

During the first quarter of 2021, the Company reclassified debt securities with an amortized cost of $210.8 million from available-for-sale to held-to-maturity, as it has the ability and intent to hold these securities to maturity. These securities had net

unrealized gains of $0.8 million at the date of transfer, which will continue to be reported in accumulated other comprehensive income, and will be amortized over the remaining life of the securities as an adjustment of yield. The effect on interest income of the amortization of net unrealized gains is offset by the amortization of the premium on the securities transferred.

The amortized cost and fair value of securities at December 31, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.


	Held-to-Maturity				Available-for-Sale
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	—	$	—	$	2,174	$	2,210
Due after one year through five years	—		—		14,017		14,841
Due after five years through ten years	—		—		7,041		7,341
Due after ten years	—		—		14,858		15,750
	—		—		38,090		40,142

Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	638,640		627,398		1,234,721		1,222,720
Private mortgage-backed securities and collateralized mortgage obligations	—		—		88,096		88,767
Collateralized loan obligations	—		—		292,751		292,690
Totals	$	638,640	$	627,398	$	1,653,658	$	1,644,319

The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flows analyses, using observable market data where available. The tables below indicate the fair value of available-for-sale debt securities with unrealized losses for which no allowance for credit losses has been recorded.


	December 31, 2021
	Less than 12 months				12 months or longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government agencies	$	97	$	(1)	$	245	$	(2)	$	342	$	(3)
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	955,881		(19,575)		11,953		(734)		967,834		(20,309)
Private mortgage-backed securities and collateralized mortgage obligations	33,640		(173)		9,628		(247)		43,268		(420)
Collateralized loan obligations	123,202		(81)		9,461		(43)		132,663		(124)
Obligations of state and political subdivisions	499		(1)		—		—		499		(1)
Totals	$	1,113,319	$	(19,831)	$	31,287	$	(1,026)	$	1,144,606	$	(20,857)


	December 31, 2020
	Less than 12 months				12 months or longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government agencies	$	—	$	—	$	256	$	(1)	$	256	$	(1)
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	203,405		(1,218)		569		(22)		203,974		(1,240)
Private mortgage-backed securities and collateralized mortgage obligations	23,997		(210)		—		—		23,997		(210)
Collateralized loan obligations	104,697		(102)		72,513		(545)		177,210		(647)

Totals	$	332,099	$	(1,530)	$	73,338	$	(568)	$	405,437	$	(2,098)

At December 31, 2021, the Company had unrealized losses of $20.3 million on mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $967.8 million. These securities are either explicitly or implicitly guaranteed by the U.S. Government and have a long history of no credit losses. The implied government guarantee of principal and interest payments and the high credit rating of the portfolio provide sufficient basis for the current expectation that there is no risk of loss if default were to occur. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at December 31, 2021, no allowance for credit losses has been recorded.

At December 31, 2021, the Company had $0.4 million of unrealized losses on private label residential and commercial mortgage-backed securities and collateralized mortgage obligations having a fair value of $43.3 million. The collateral underlying these mortgage investments is primarily residential commercial real estate. The securities have average credit support of 23%. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at December 31, 2021, no allowance for credit losses has been recorded.

At December 31, 2021, the Company had $0.1 million of unrealized losses in uncapped 3-month LIBOR floating rate collateralized loan obligations (“CLOs”) having a fair value of $132.7 million. CLOs are special purpose vehicles and those in which the Company has invested acquire nearly all first-lien, broadly syndicated corporate loans across a diversified band of industries while providing support to senior tranche investors. As of December 31, 2021, all positions held by the Company are in AAA and AA tranches, with average credit support of 37% and 25% respectively. The Company evaluates the securities for potential credit losses by modeling expected loan-level defaults, recoveries, and prepayments for each CLO security. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movement and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at December 31, 2021, no allowance for credit losses has been recorded.

All HTM debt securities are issued by government-sponsored entities, which are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. While the potential for default on these securities may be something greater than zero, the long history with no credit losses, the implied government guarantee of principal and interest payments and the high credit rating of the HTM portfolio provide sufficient basis for the current expectation that there is no risk of loss if default were to occur. As a result, as of December 31, 2021, no allowance for credit losses has been recorded.

Included in Other Assets at December 31, 2021 is $34.4 million of Federal Home Loan Bank and Federal Reserve Bank stock stated at par value. The Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of these cost method investment securities. Accrued interest receivable on AFS and HTM debt securities of $3.4 million and $1.0 million, respectively, at December 31, 2021, and $3.2 million and $0.4 million, respectively, at December 31, 2020, is included in Other Assets. Also included in Other Assets is an investment in a CRA-qualified mutual fund carried at fair value of $9.3 million and $6.5 million at December 31, 2021 and December 31, 2020, respectively.

The Company holds 11,330 shares of Visa Class B stock which, following resolution of Visa litigation, will be converted to Visa Class A shares. Under the current conversion ratio that became effective December 29, 2021, the Company would receive 1.6181 shares of Class A stock for each share of Class B stock for a total of 18,333 shares of Visa Class A stock. The ownership