Securities (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Securities |
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| Schedule of amortized cost and fair value of the securities portfolio and corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss |
| | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Fair | December 31, 2021 | | Cost1 | | Gains | | Losses | | Value | Securities available-for-sale | | | | | | | | | | U.S. Treasury | | $ | 202,251 | | $ | 125 | | $ | (37) | | $ | 202,339 | U.S. government agencies | | | 62,587 | | | - | | | (699) | | | 61,888 | U.S. government agencies mortgage-backed | | | 172,016 | | | 856 | | | (570) | | | 172,302 | States and political subdivisions | | | 240,793 | | | 16,344 | | | (672) | | | 256,465 | Corporate bonds | | | 10,000 | | | - | | | (113) | | | 9,887 | Collateralized mortgage obligations | | | 673,238 | | | 2,014 | | | (2,285) | | | 672,967 | Asset-backed securities | | | 236,293 | | | 1,245 | | | (661) | | | 236,877 | Collateralized loan obligations | | | 79,838 | | | 3 | | | (78) | | | 79,763 | Total securities available-for-sale | | $ | 1,677,016 | | $ | 20,587 | | $ | (5,115) | | $ | 1,692,488 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Fair | December 31, 2020 | | Cost1 | | Gains | | Losses | | Value | Securities available-for-sale | | | | | | | | | | | | | U.S. Treasury | | $ | 4,014 | | $ | 103 | | $ | - | | $ | 4,117 | U.S. government agencies | | | 6,811 | | | - | | | (154) | | | 6,657 | U.S. government agencies mortgage-backed | | | 16,098 | | | 1,112 | | | (1) | | | 17,209 | States and political subdivisions | | | 229,352 | | | 21,269 | | | (1,362) | | | 249,259 | Collateralized mortgage obligations | | | 53,999 | | | 2,866 | | | (280) | | | 56,585 | Asset-backed securities | | | 130,959 | | | 1,370 | | | (511) | | | 131,818 | Collateralized loan obligations | | | 30,728 | | | 15 | | | (210) | | | 30,533 | Total securities available-for-sale | | $ | 471,961 | | $ | 26,735 | | $ | (2,518) | | $ | 496,178 | | | | | | | | | | | | | |
1 Excludes interest receivable of $4.3 million and $2.7 million at December 31, 2021 and December 31, 2020, respectively, that is recorded in other assets on the consolidated balance sheet.
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| Schedule of fair value, amortized cost and weighted average yield of debt securities by contractual maturity along with securities not due at a single maturity date, primarily mortgage-backed securities (MBS), asset-backed securities, and collateralized loan obligations |
| | | | | | | | | | | | | | | | Weighted | | | | | | | | Amortized | | Average | | | Fair | | Securities available-for-sale | | Cost | | Yield | | | Value | | Due in one year or less | | $ | 8,671 | | 1.24 | % | | $ | 8,707 | | Due after one year through five years | | | 274,984 | | 0.89 | | | | 274,537 | | Due after five years through ten years | | | 43,770 | | 2.43 | | | | 45,470 | | Due after ten years | | | 188,206 | | 2.98 | | | | 201,865 | | | | | 515,631 | | 1.79 | | | | 530,579 | | Mortgage-backed and collateralized mortgage obligations | | | 845,254 | | 1.19 | | | | 845,269 | | Asset-backed securities | | | 236,293 | | 1.12 | | | | 236,877 | | Collateralized loan obligations | | | 79,838 | | 1.60 | | | | 79,763 | | Total securities available-for-sale | | $ | 1,677,016 | | 1.38 | % | | $ | 1,692,488 | |
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| Schedule of securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position |
Securities with unrealized losses with no corresponding allowance for credit losses at December 31, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (in thousands except for number of securities): | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | | | | | | | | December 31, 2021 | | in an unrealized loss position | | in an unrealized loss position | | Total | | | Number of | | Unrealized | | Fair | | Number of | | Unrealized | | Fair | | Number of | | Unrealized | | Fair | Securities available-for-sale | | Securities | | Losses | | Value | | Securities | | Losses | | Value | | Securities | | Losses | | Value | U.S. Treasuries | | 1 | | $ | 37 | | $ | 49,719 | | - | | $ | - | | $ | - | | 1 | | $ | 37 | | $ | 49,719 | U.S. government agencies | | 5 | | $ | 592 | | $ | 56,879 | | 4 | | $ | 107 | | $ | 5,008 | | 9 | | $ | 699 | | $ | 61,887 | U.S. government agencies mortgage-backed | | 63 | | | 505 | | | 78,711 | | 1 | | | 65 | | | 1,663 | | 64 | | | 570 | | | 80,374 | States and political subdivisions | | 7 | | | 55 | | | 8,430 | | 1 | | | 617 | | | 4,051 | | 8 | | | 672 | | | 12,481 | Corporate bonds | | 2 | | | 113 | | | 9,887 | | - | | | - | | | - | | 2 | | | 113 | | | 9,887 | Collateralized mortgage obligations | | 133 | | | 2,285 | | | 381,658 | | - | | | - | | | - | | 133 | | | 2,285 | | | 381,658 | Asset-backed securities | | 20 | | | 608 | | | 103,819 | | 3 | | | 53 | | | 3,276 | | 23 | | | 661 | | | 107,095 | Collateralized loan obligations | | 10 | | | 35 | | | 45,132 | | 2 | | | 43 | | | 10,628 | | 12 | | | 78 | | | 55,760 | Total securities available-for-sale | | 241 | | $ | 4,230 | | $ | 734,235 | | 11 | | $ | 885 | | $ | 24,626 | | 252 | | $ | 5,115 | | $ | 758,861 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | | | | | | | | December 31, 2020 | | in an unrealized loss position | | in an unrealized loss position | | Total | | | Number of | | Unrealized | | | Fair | | Number of | | Unrealized | | | Fair | | Number of | | Unrealized | | | Fair | Securities available-for-sale | | Securities | | Losses | | | Value | | Securities | | Losses | | | Value | | Securities | | Losses | | | Value | U.S. government agencies | | - | | $ | - | | $ | - | | 4 | | $ | 154 | | $ | 6,657 | | 4 | | $ | 154 | | $ | 6,657 | U.S. government agencies mortgage-backed | | 1 | | | 1 | | | 141 | | - | | | - | | | - | | 1 | | | 1 | | | 141 | States and political subdivisions | | - | | | - | | | - | | 1 | | | 1,362 | | | 3,433 | | 1 | | | 1,362 | | | 3,433 | Collateralized mortgage obligations | | 4 | | | 279 | | | 8,142 | | 1 | | | 1 | | | 146 | | 5 | | | 280 | | | 8,288 | Asset-backed securities | | 1 | | | 2 | | | 251 | | 3 | | | 509 | | | 49,572 | | 4 | | | 511 | | | 49,823 | Collateralized loan obligations | | 1 | | | 31 | | | 7,468 | | 4 | | | 179 | | | 21,477 | | 5 | | | 210 | | | 28,945 | Total securities available-for-sale | | 7 | | $ | 313 | | $ | 16,002 | | 13 | | $ | 2,205 | | $ | 81,285 | | 20 | | $ | 2,518 | | $ | 97,287 | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Schedule of proceeds from sale and gross realized gains and losses on sale of securities |
| | | | | | | | | | | | | Year Ended | | | | December 31, | | Securities available-for-sale | | 2021 | | 2020 | | 2019 | | Proceeds from sales of securities | | $ | 605,846 | | $ | 18,006 | | $ | 191,298 | | Gross realized gains on securities | | | 270 | | | 17 | | | 5,521 | | Gross realized losses on securities | | | (38) | | | (42) | | | (1,010) | | Net realized gains (losses) | | $ | 232 | | $ | (25) | | $ | 4,511 | | Income tax (expense) benefit on net realized gains (losses) | | $ | (65) | | $ | 7 | | $ | (1,267) | | Effective tax rate applied | | | 28.0 | % | | 28.0 | % | | 28.1 | % |
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