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Investment Securities (Tables)
6 Months Ended
Jun. 30, 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:
 June 30, 2022
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. Treasury and U.S. government agencies$389,836 $138 $(19,923)$— $370,051 
Mortgage-backed securities, residential370,700 (30,371)— 340,337 
Collateralized mortgage obligations, residential181,946 (9,641)— 172,307 
Mortgage-backed securities, multifamily1,804 — (299)— 1,505 
Collateralized mortgage obligations, multifamily52,779 — (3,159)— 49,620 
Asset-backed securities61,587 (1,726)— 59,862 
Obligations of states and political subdivisions23,930 — (903)(2)23,025 
Corporate bonds127,006 99 (1,598)(2,800)122,707 
Total$1,209,588 $248 $(67,620)$(2,802)$1,139,414 
 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:
 June 30, 2022
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. government agencies$16,418 $13 $(425)$— $16,006 
Mortgage-backed securities, residential363,071 23 (43,156)— 319,938 
Collateralized mortgage obligations, residential13,773 — (1,705)— 12,068 
Mortgage-backed securities, multifamily5,139 — (477)— 4,662 
Obligations of states and political subdivisions540,347 17 (86,962)(21)453,381 
Corporate bonds3,000 — (223)(169)2,608 
Total$941,748 $53 $(132,948)$(190)$808,663 
 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 June 30, 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$24,606 $24,384 $72,185 $71,921 
Due after one year through five years254,918 244,056 33,004 32,092 
Due after five years through ten years190,823 181,632 67,896 60,215 
Due after ten years70,425 65,711 386,680 307,767 
540,772 515,783 559,765 471,995 
Mortgage-backed and asset-backed securities668,816 623,631 381,983 336,668 
Total$1,209,588 $1,139,414 $941,748 $808,663 
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:
June 30, 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
$338,126 $18,373 $16,698 $1,550 67 $354,824 $19,923 
Mortgage-backed securities, residential326,475 29,130 11,948 1,241 126 338,423 30,371 
Collateralized mortgage obligations, residential142,202 7,592 29,481 2,049 101 171,683 9,641 
Mortgage-backed securities, multifamily— — 1,505 299 1,505 299 
Collateralized mortgage obligations, multifamily48,811 3,069 770 90 19 49,581 3,159 
Asset-backed securities
49,524 1,442 7,297 284 16 56,821 1,726 
Obligations of states and political subdivisions
22,695 903 — — 50 22,695 903 
Corporate bonds100,989 1,440 2,842 158 43 103,831 1,598 
Total$1,028,822 $61,949 $70,541 $5,671 423 $1,099,363 $67,620 
Held to Maturity
U.S. government agencies$14,584 $425 $— $— $14,584 $425 
Mortgage-backed securities, residential310,639 41,624 8,440 1,532 175 319,079 43,156 
Collateralized mortgage obligations, residential12,067 1,705 — — 12 12,067 1,705 
Mortgage-backed securities, multifamily4,662 477 — — 4,662 477 
Obligations of states and political subdivisions
438,702 85,451 5,260 1,511 381 443,962 86,962 
Corporate bonds2,777 223 — — 2,777 223 
Total$783,431 $129,905 $13,700 $3,043 577 $797,131 $132,948 
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:
June 30, 2022 AAA  AA  A  BBB  Not Rated  Total
(in thousands)
U.S. government agencies$16,418 $— $— $— $— $16,418 
Mortgage-backed securities, residential363,071 — — — — 363,071 
Collateralized mortgage obligations, residential13,773 — — — — 13,773 
Mortgage-backed securities, multifamily5,139 — — — — 5,139 
Obligations of states and political subdivisions167,667 315,978 1,044 — 55,658 540,347 
Corporate bonds— — — 3,000 — 3,000 
Total$566,068 $315,978 $1,044 $3,000 $55,658 $941,748 
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