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Investment Securities (Tables)
3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Reconciliation of Available-for-Sale Securities
The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's available for sale securities are as follows:
 March 31, 2022
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. Treasury and U.S. government agencies$397,100 $131 $(13,516)$— $383,715 
Mortgage-backed securities, residential377,454 59 (16,817)— 360,696 
Collateralized mortgage obligations, residential196,369 80 (6,659)— 189,790 
Mortgage-backed securities, multifamily1,809 — (206)— 1,603 
Collateralized mortgage obligations, multifamily56,101 31 (1,901)— 54,231 
Asset-backed securities63,685 (738)— 62,956 
Obligations of states and political subdivisions24,069 (590)(2)23,478 
Corporate bonds96,232 227 (725)(1,265)94,469 
Total$1,212,819 $538 $(41,152)$(1,267)$1,170,938 
 December 31, 2021
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. Treasury and U.S. government agencies$202,961 $1,215 $(789)$— $203,387 
Mortgage-backed securities, residential238,456 1,250 (1,731)— 237,975 
Collateralized mortgage obligations, residential191,086 1,693 (1,488)— 191,291 
Mortgage-backed securities, multifamily1,816 — (75)— 1,741 
Collateralized mortgage obligations, multifamily32,254 511 (246)— 32,519 
Asset-backed securities52,518 153 (87)— 52,584 
Corporate bonds49,598 959 (15)(83)50,459 
Total$768,689 $5,781 $(4,431)$(83)$769,956 
Reconciliation of Held-to-Maturity Securities
The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's held to maturity investment securities are as follows:
 March 31, 2022
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. government agencies$21,795 $52 $(248)$— $21,599 
Mortgage-backed securities, residential367,084 71 (27,444)— 339,711 
Collateralized mortgage obligations, residential14,433 — (1,116)— 13,317 
Mortgage-backed securities, multifamily4,270 — (204)— 4,066 
Obligations of states and political subdivisions530,403 24 (51,898)(49)478,480 
Corporate bonds3,000 — (95)(150)2,755 
Total$940,985 $147 $(81,005)$(199)$859,928 
 December 31, 2021
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. government agencies$18,672 $293 $— $— $18,965 
Mortgage-backed securities, residential370,247 718 (5,989)— 364,976 
Collateralized mortgage obligations, residential13,921 168 — — 14,089 
Mortgage-backed securities, multifamily2,710 26 (2)— 2,734 
Obligations of states and political subdivisions416,587 810 (5,800)(21)411,576 
Corporate bonds3,000 31 — (160)2,871 
Total$825,137 $2,046 $(11,791)$(181)$815,211 
Summary of Investment Securities by Stated Maturity
The following table lists contractual maturities of investment securities classified as available for sale and held to maturity as of March 31, 2022. Mortgage-backed and asset-backed securities are not shown by maturity because expected maturities may differ from contractual maturities due to underlying loan prepayments of the issuer. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 Available for SaleHeld to Maturity
(in thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in one year or less$22,807 $22,778 $63,878 $63,754 
Due after one year through five years264,511 256,516 35,136 34,352 
Due after five years through ten years155,023 149,933 64,103 59,765 
Due after ten years75,060 72,435 392,081 344,963 
517,401 501,662 555,198 502,834 
Mortgage-backed and asset-backed securities695,418 669,276 385,787 357,094 
Total$1,212,819 $1,170,938 $940,985 $859,928 
Reconciliation of Available-for-Sale and Held-to-Maturity Securities in Continuous Unrealized Loss Position
The following tables indicate the length of time individual securities have been in a continuous unrealized loss position for the periods presented:
March 31, 2022Less Than 12 Months12 Months or LongerTotal
(dollars in thousands)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Number of
Securities
Fair ValueUnrealized
Losses
Available for Sale
U.S. Treasury and U.S. government agencies
$329,916 $12,391 $18,066 $1,125 58 $347,982 $13,516 
Mortgage-backed securities, residential341,088 15,974 12,992 843 110 354,080 16,817 
Collateralized mortgage obligations, residential158,210 6,557 4,645 102 78 162,855 6,659 
Mortgage-backed securities, multifamily— — 1,603 206 1,603 206 
Collateralized mortgage obligations, multifamily41,205 1,832 797 69 16 42,002 1,901 
Asset-backed securities
56,624 738 — — 14 56,624 738 
Obligations of states and political subdivisions
21,427 590 — — 46 21,427 590 
Corporate bonds58,365 612 2,887 113 29 61,252 725 
Total$1,006,835 $38,694 $40,990 $2,458 $352 $1,047,825 $41,152 
Held to Maturity
U.S. government agencies$10,000 $248 $— $— $10,000 $248 
Mortgage-backed securities, residential$329,605 $26,834 $5,021 610 162 $334,626 $27,444 
Collateralized mortgage obligations, residential13,317 1,116 — — 12 13,317 1,116 
Mortgage-backed securities, multifamily4,066 204 — — 4,066 204 
Obligations of states and political subdivisions
462,388 51,898 — — 373 462,388 51,898 
Corporate bonds2,905 95 — — 2,905 95 
Total$822,281 $80,395 $5,021 $610 554 $827,302 $81,005 
December 31, 2021Less Than 12 Months12 Months or LongerTotal
(dollars in thousands)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Number of
Securities
Fair ValueUnrealized
Losses
Available for Sale
U.S. Treasury and U.S. government agencies
$76,106 $322 $14,670 $467 15 $90,776 $789 
Mortgage-backed securities, residential176,990 1,465 14,582 266 45 191,572 1,731 
Collateralized mortgage obligations, residential86,749 1,429 5,000 59 18 91,749 1,488 
Mortgage-backed securities, multifamily— — 1,741 75 1,741 75 
Collateralized mortgage obligations, multifamily9,083 210 1,072 36 10,155 246 
Asset-backed securities
14,688 87 — — 14,688 87 
Corporate bonds15,325 (5)980 20 16,305 15 
Total$378,941 $3,508 $38,045 $923 94 $416,986 $4,431 
Held to Maturity
Mortgage-backed securities, residential$340,474 $5,882 $2,376 $107 96 $342,850 $5,989 
Collateralized mortgage obligations, multifamily2,051 — — 2,051 
Obligations of states and political subdivisions
307,827 5,800 — — 239 307,827 5,800 
Total$650,352 $11,684 $2,376 $107 336 $652,728 $11,791 
Debt Securities, Held-to-maturity, Credit Quality Indicator
The tables below indicate the credit profile of the Company's held to maturity investment securities at amortized cost:
March 31, 2022 AAA  AA  A  BBB  Not Rated  Total
(in thousands)
U.S. government agencies$21,795 $— $— $— $— $21,795 
Mortgage-backed securities, residential367,084 — — — — 367,084 
Collateralized mortgage obligations, residential14,433 — — — — 14,433 
Mortgage-backed securities, multifamily4,270 — — — — 4,270 
Obligations of states and political subdivisions166,385 319,005 1,056 — 43,957 530,403 
Corporate bonds— — — 3,000 — 3,000 
Total$573,967 $319,005 $1,056 $3,000 $43,957 $940,985 
December 31, 2021 AAA  AA  A  BBB  Not Rated  Total
(in thousands)
U.S. government agencies$18,672 $— $— $— $— $18,672 
Mortgage-backed securities, residential370,247 — — — — 370,247 
Collateralized mortgage obligations, residential13,921 — — — — 13,921 
Mortgage-backed securities, multifamily2,710 — — — — 2,710 
Obligations of states and political subdivisions143,777 270,909 1,068 — 833 416,587 
Corporate bonds— — — 3,000 — 3,000 
Total$549,327 $270,909 $1,068 $3,000 $833 $825,137