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Investment Securities (Tables)
9 Months Ended
Sep. 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:
 September 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$387,049 $116 $(29,316)$— $357,849 
Mortgage-backed securities, residential360,191 (45,850)— 314,345 
Collateralized mortgage obligations, residential177,032 — (15,808)— 161,224 
Mortgage-backed securities, multifamily1,006 — (221)— 785 
Collateralized mortgage obligations, multifamily51,711 — (4,987)— 46,724 
Asset-backed securities59,131 — (1,588)— 57,543 
Obligations of states and political subdivisions23,024 — (1,504)(1)21,519 
Corporate bonds124,443 — (6,255)(4,164)114,024 
Total$1,183,587 $120 $(105,529)$(4,165)$1,074,013 
 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:
 September 30, 2022
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. government agencies$16,296 $13 $(733)$— $15,576 
Mortgage-backed securities, residential357,453 (61,970)— 295,488 
Collateralized mortgage obligations, residential13,328 — (2,380)— 10,948 
Mortgage-backed securities, multifamily5,117 — (768)— 4,349 
Obligations of states and political subdivisions539,905 (115,168)(17)424,722 
Corporate bonds3,000 — (383)(135)2,482 
Total$935,099 $20 $(181,402)$(152)$753,565 
 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 September 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$36,294 $35,718 $75,152 $74,792 
Due after one year through five years241,367 224,953 33,556 31,625 
Due after five years through ten years189,407 171,408 70,529 58,896 
Due after ten years67,448 61,313 379,964 277,467 
534,516 493,392 559,201 442,780 
Mortgage-backed and asset-backed securities649,071 580,621 375,898 310,785 
Total$1,183,587 $1,074,013 $935,099 $753,565 
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:
September 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
$303,011 $25,348 $28,189 $3,968 66 $331,200 $29,316 
Mortgage-backed securities, residential254,502 34,557 58,564 11,293 136 313,066 45,850 
Collateralized mortgage obligations, residential100,681 7,502 60,543 8,306 107 161,224 15,808 
Mortgage-backed securities, multifamily— — 785 221 785 221 
Collateralized mortgage obligations, multifamily40,474 3,270 6,249 1,717 20 46,723 4,987 
Asset-backed securities
44,227 1,049 13,317 539 18 57,544 1,588 
Obligations of states and political subdivisions
20,594 1,504 — — 47 20,594 1,504 
Corporate bonds109,103 5,725 4,922 530 50 114,025 6,255 
Total$872,592 $78,955 $172,569 $26,574 445 $1,045,161 $105,529 
Held to Maturity
U.S. government agencies$14,214 $733 $— $— $14,214 $733 
Mortgage-backed securities, residential80,909 12,964 214,223 49,006 182 295,132 61,970 
Collateralized mortgage obligations, residential10,947 2,380 — — 12 10,947 2,380 
Mortgage-backed securities, multifamily4,349 768 — — 4,349 768 
Obligations of states and political subdivisions
197,570 46,268 199,669 68,900 383 397,239 115,168 
Corporate bonds2,616 383 — — 2,616 383 
Total$310,605 $63,496 $413,892 $117,906 586 $724,497 $181,402 
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:
September 30, 2022 AAA  AA  A  BBB  Not Rated  Total
(in thousands)
U.S. government agencies$16,296 $— $— $— $— $16,296 
Mortgage-backed securities, residential357,453 — — — — 357,453 
Collateralized mortgage obligations, residential13,328 — — — — 13,328 
Mortgage-backed securities, multifamily5,117 — — — — 5,117 
Obligations of states and political subdivisions164,350 314,959 1,032 — 59,564 539,905 
Corporate bonds— — — 3,000 — 3,000 
Total$556,544 $314,959 $1,032 $3,000 $59,564 $935,099 
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