10-Q 1 efsc-20220331.htm 10-Q efsc-20220331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
 
FORM 10-Q
 
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2022.
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ______ to ______

Commission file number 001-15373

ENTERPRISE FINANCIAL SERVICES CORP
Incorporated in the State of Delaware
I.R.S. Employer Identification # 43-1706259
Address: 150 North Meramec
Clayton, MO 63105
Telephone: (314) 725-5500
___________________
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareEFSCNasdaq Global Select Market
Depositary Shares, each representing a 1/40th interest in a share of 5.00% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series AEFSCPNasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)
Yes   No
 
As of April 27, 2022, the Registrant had 37,241,812 shares of outstanding common stock, $0.01 par value per share.
This document is also available through our website at http://www.enterprisebank.com.





ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
TABLE OF CONTENTS
 
  Page
PART I - FINANCIAL INFORMATION 
   
Item 1.  Financial Statements 
  
Condensed Consolidated Balance Sheets (Unaudited)
 
Condensed Consolidated Statements of Operations (Unaudited)
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
 
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)
 
Condensed Consolidated Statements of Cash Flows (Unaudited)
 
Notes to Condensed Consolidated Financial Statements (Unaudited)
  
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  
Item 3. Quantitative and Qualitative Disclosures About Market Risk
  
Item 4. Controls and Procedures
 
PART II - OTHER INFORMATION
  
Item 1.  Legal Proceedings
Item 1A.  Risk Factors
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
 
Signatures
 



Glossary of Acronyms, Abbreviations and Entities

The acronyms and abbreviations identified below are used in various sections of this Form 10-Q, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in Item 2 and the Condensed Consolidated Financial Statements and the Notes to Condensed Consolidated Financial Statements in Item 1 of this Form 10-Q.
ACLAllowance for Credit LossesFCBPFirst Choice Bancorp
ASUAccounting Standards UpdateFHLBFederal Home Loan Bank
BankEnterprise Bank & TrustGAAPGenerally Accepted Accounting Principles (United States)
C&ICommercial and IndustrialLIBORLondon Interbank Offered Rate
CECLCurrent Expected Credit LossMD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations
CompanyEnterprise Financial Services CorpNIMNet Interest Margin
CRECommercial Real EstatePCDPurchased Credit Deteriorated
EFSCEnterprise Financial Services CorpPPPPaycheck Protection Program
EnterpriseEnterprise Financial Services Corp SBASmall Business Administration
FASBFinancial Accounting Standards BoardSECSecurities and Exchange Commission
FCBFirst Choice Bank




PART 1 - ITEM 1 - FINANCIAL STATEMENTS
ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share data)March 31, 2022December 31, 2021
Assets  
Cash and due from banks$252,706 $209,177 
Federal funds sold224 1,356 
Interest-earning deposits (including $135 and $14,595 pledged as collateral, respectively)1,728,390 1,811,156 
Total cash and cash equivalents1,981,320 2,021,689 
Interest-earning deposits greater than 90 days7,094 6,996 
Securities available-for-sale1,392,444 1,366,006 
Securities held-to-maturity, net541,039 429,681 
Loans held-for-sale4,270 6,389 
Loans9,056,073 9,017,642 
Allowance for credit losses on loans(139,212)(145,041)
Total loans, net
8,916,861 8,872,601 
Other investments60,444 59,896 
Fixed assets, net46,900 47,915 
Goodwill365,164 365,164 
Intangible assets, net20,855 22,286 
Other assets370,378 338,735 
Total assets$13,706,769 $13,537,358 
Liabilities and Shareholders' Equity  
Noninterest-bearing deposit accounts$4,881,043 $4,578,436 
Interest-bearing transaction accounts2,547,482 2,465,884 
Money market accounts2,794,536 2,890,976 
Savings accounts883,599 800,210 
Certificates of deposit: 
Brokered129,017 128,970 
Other468,458 479,323 
Total deposits11,704,135 11,343,799 
Subordinated debentures and notes155,031 154,899 
FHLB advances50,000 50,000 
Other borrowings228,846 353,863 
Other liabilities95,580 105,681 
Total liabilities$12,233,592 $12,008,242 
Commitments and contingent liabilities (Note 5)
Shareholders' equity:  
Preferred stock, $0.01 par value; 5,000,000 shares authorized; 75,000 shares issued and outstanding71,988 71,988 
Common stock, $0.01 par value; 75,000,000 shares authorized; 39,496,569 and 39,799,615 shares issued, respectively395 398 
Treasury stock, at cost; 1,980,093 shares(73,528)(73,528)
Additional paid in capital1,010,446 1,018,799 
Retained earnings523,136 492,682 
Accumulated other comprehensive (loss) income(59,260)18,777 
Total shareholders' equity1,473,177 1,529,116 
Total liabilities and shareholders' equity$13,706,769 $13,537,358 
The accompanying notes are an integral part of these consolidated financial statements.
1


ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
 Three months ended March 31,
(in thousands, except per share data)20222021
Interest income:
Loans$96,123 $76,973 
Debt securities:
Taxable5,351 4,540 
Nontaxable3,942 3,079 
Interest-earning deposits817 189 
Dividends on equity securities348 179 
Total interest income106,581 84,960 
Interest expense:
Deposits2,859 2,663 
Subordinated debentures and notes2,220 2,819 
FHLB advances195 195 
Other borrowings142 160 
Total interest expense5,416 5,837 
Net interest income101,165 79,123 
Provision (benefit) for credit losses(4,068)46 
Net interest income after provision for credit losses105,233 79,077 
Noninterest income:
Deposit service charges4,163 3,084 
Wealth management revenue2,622 2,483 
Card services revenue3,040 2,496 
Tax credit income (expense)2,608 (1,041)
Other income6,208 4,268 
Total noninterest income18,641 11,290 
Noninterest expense:
Employee compensation and benefits35,827 29,562 
Occupancy4,586 3,751 
Data processing3,260 2,890 
Professional fees1,177 988 
Merger-related expenses 3,142 
Other expense17,950 12,551 
Total noninterest expense62,800 52,884 
Income before income tax expense61,074 37,483 
Income tax expense13,381 7,557 
Net income$47,693 $29,926 
Dividends on preferred stock1,229  
Net income available to common shareholders$46,464 $29,926 
Earnings per common share
Basic$1.23 $0.96 
Diluted1.23 0.96 
The accompanying notes are an integral part of these consolidated financial statements.
2



ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Three months ended March 31,
(in thousands)20222021
Net income$47,693 $29,926 
Other comprehensive income (loss), after-tax:
Change in unrealized loss on available-for-sale debt securities(79,353)(10,920)
Reclassification of gain on held-to-maturity securities(704)(1,149)
Change in unrealized gain on cash flow hedges arising during the period1,751 847 
Reclassification of loss on cash flow hedges269 279 
Total other comprehensive loss, after-tax(78,037)(10,943)
Comprehensive (loss) income $(30,344)$18,983 

The accompanying notes are an integral part of these consolidated financial statements.

3


ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)
Three months ended March 31, 2022
($ in thousands, except per share data)Preferred StockCommon StockTreasury StockAdditional paid in capitalRetained earningsAccumulated
other
comprehensive income (loss)
Total
shareholders’ equity
Balance at December 31, 2021$71,988 $398 $(73,528)$1,018,799 $492,682 $18,777 $1,529,116 
Net income— — — — 47,693 — 47,693 
Other comprehensive loss — — — — — (78,037)(78,037)
Cash dividends paid on common shares, $0.21 per share— — — — (7,915)— (7,915)
Cash dividends paid on preferred shares, $16.389 per share— — — (1,229)— (1,229)
Repurchase of common shares, 351,090— (4)— (9,457)(7,513)— (16,974)
Issuance under equity compensation plans, 48,044 shares, net— 1 — (582)(582)— (1,163)
Share-based compensation— — — 1,686 — — 1,686 
Balance at March 31, 2022$71,988 $395 $(73,528)$1,010,446 $523,136 $(59,260)$1,473,177 
Three months ended March 31, 2021
($ in thousands, except per share data)Preferred StockCommon StockTreasury StockAdditional paid in capitalRetained earningsAccumulated
other
comprehensive income (loss)
Total
shareholders’ equity
Balance at December 31, 2020$ $332 $(73,528)$697,839 $417,212 $37,120 $1,078,975 
Net income— — — — 29,926 — 29,926 
Other comprehensive loss— — — — — (10,943)(10,943)
Cash dividends paid on common shares, $0.18 per share— — — — (5,627)— (5,627)
Issuance under equity compensation plans, 48,970 shares, net— — — (1,109)— — (1,109)
Share-based compensation— — — 1,275 — — 1,275 
Balance at March 31, 2021$ $332 $(73,528)$698,005 $441,511 $26,177 $1,092,497 
The accompanying notes are an integral part of these consolidated financial statements.
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ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
 Three months ended March 31,
(in thousands, except share data)20222021
Cash flows from operating activities:  
Net income$47,693 $29,926 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation1,472 1,581 
Provision (benefit) for credit losses(4,068)46 
Deferred income taxes5,248 3,834 
Net amortization of debt securities1,625 1,937 
Net amortization (accretion) on loan discount/premiums429 (736)
Amortization of intangible assets1,429 1,415 
Amortization of servicing assets648 165 
Mortgage loans originated-for-sale(27,811)(49,065)
Proceeds from mortgage loans sold29,636 52,908 
Gain on:
Sale of other real estate(19)(47)
Sale of state tax credits(9)(326)
Share-based compensation1,686 1,275 
Changes in other assets and liabilities, net(8,076)(46,588)
Net cash provided by (used in) operating activities49,883 (3,675)
Cash flows from investing activities:  
Net increase in loans(39,536)(69,907)
Proceeds received from:
Paydown or maturity of debt securities, available-for-sale63,506 69,953 
Paydown or maturity of debt securities, held-to-maturity5,097 18,220 
Redemption of other investments1,248 752 
Sale of state tax credits held for sale261 1,632 
Sale of other real estate1,419 450 
Settlement of bank-owned life insurance policies534  
Payments for the purchase of:
Available-for-sale debt securities(313,875)(118,791)
Held-to-maturity debt securities(1,120) 
Other investments(8,154)(3,660)
State tax credits held for sale(7,212) 
Fixed assets(457)(489)
Net cash used in investing activities(298,289)(101,840)
Cash flows from financing activities:  
Net increase in noninterest-bearing deposit accounts302,607 198,389 
Net increase in interest-bearing deposit accounts57,729 331,666 
Repayments of notes payable(1,429)(2,857)
Net decrease in other borrowings(123,589)(68,835)
Repurchase of common stock(16,974) 
Cash dividends paid on common stock(7,915)(5,627)
Cash dividends paid on preferred stock(1,229) 
Taxes paid in net settlement of equity awards(1,163)(1,109)
Net cash provided by financing activities208,037 451,627 
Net (decrease) increase in cash and cash equivalents(40,369)346,112 
Cash and cash equivalents, beginning of period2,021,689 537,703 
Cash and cash equivalents, end of period$1,981,320 $883,815 
Supplemental disclosures of cash flow information:  
Cash paid during the period for:  
Interest$4,725 $4,836 
Income taxes979 30,167 
Noncash investing and financing transactions:
Transfer to other real estate owned in settlement of loans$ $1,236 
Right-of-use assets obtained in exchange for lease obligations4,178  
Transfer of securities from available-for-sale to held-to-maturity116,927  

The accompanying notes are an integral part of these consolidated financial statements.

5


ENTERPRISE FINANCIAL SERVICES CORP AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
 
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies used by Enterprise Financial Services Corp (the “Company,” “EFSC,” or “Enterprise”) in the preparation of the condensed consolidated financial statements are summarized below:

Business and Consolidation

Enterprise is a financial holding company that provides a full range of banking and wealth management services to individuals and corporate customers primarily located in Arizona, California, Kansas, Missouri, Nevada, and New Mexico through its banking subsidiary, Enterprise Bank & Trust.

Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2022. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC.

Basis of Financial Statement Presentation

The accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All intercompany accounts and transactions have been eliminated.

In the opinion of management, the consolidated financial statements contain all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the statements of financial position, results of operations, and cash flow for the interim periods.

Recent Accounting Pronouncements

FASB ASU 2021-01, Reference Rate Reform (Topic 848): Scope (ASU 2021-01). ASU 2021-01 was issued in January 2021 and provided optional expedients and exceptions in ASC 848 to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendment only applies to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments will not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments in this update were effective immediately upon issuance and did not have a material effect on the consolidated financial statements.

FASB ASU 2022-02, Financial Instruments–Credit Losses (Topic 326); Troubled Debt Restructurings and Vintage Disclosures. ASU 2022-02 was issued in March 2022 and eliminates the accounting guidance on troubled debt restructurings for creditors in ASC 310-40 and amends the guidance on “vintage disclosures” to require disclosure of current-period gross write-offs by year of origination. The ASU also updates the requirements related to accounting for credit losses under ASC 326 and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. The amendments in this update will
6


be effective for fiscal years beginning after December 15, 2022 for entities that have adopted the amendments in ASU 2016-13, Financial Instruments–Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments. The Company is evaluating the additional disclosure requirements and does not expect them to have a material effect on the consolidated financial statements.

Acquisitions and Divestitures
Acquisitions and business combinations are accounted for using the acquisition method of accounting. The assets and liabilities of the acquired entities have been recorded at their estimated fair values at the date of acquisition. Goodwill represents the excess of the purchase price over the fair value of net assets acquired, including the amount assigned to identifiable intangible assets.

The purchase price allocation process requires an estimation of the fair values of the assets acquired and the liabilities assumed. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Company includes an estimate of the acquisition-date fair value as part of the cost of the combination. To determine the fair values, the Company relies on third party valuations, such as appraisals, or internal valuations based on discounted cash flow analyses or other valuation techniques. Fair values are considered preliminary until final fair values are determined, or the measurement period has passed, which is no later than one year from the date of acquisition.

The results of operations of the acquired business are included in the Company’s consolidated financial statements from the date of acquisition. Merger-related expenses include costs directly related to merger or acquisition activity and include legal and professional fees, system consolidation and conversion costs, and compensation costs such as severance and retention incentives for employees impacted by acquisition activity. The Company accounts for merger-related expenses in the periods in which the costs are incurred and the services are received.

For divestitures, the Company measures an asset (disposal group) classified as held-for-sale at the lower of its carrying value at the date the asset is initially classified as held-for-sale or its fair value less costs to sell. The Company reports the results of operations of an entity or group of components that either has been disposed of or held-for-sale as discontinued operations only if the disposal of that component represents a strategic shift that has or will have a major effect on an entity’s operations and financial results.

Any incremental direct costs incurred to transact the sale are allocated against the gain or loss on the sale. These costs typically include items such as legal fees, title transfer fees, broker fees, etc. Any goodwill and intangible assets associated with the portion of the reporting unit to be disposed of is included in the carrying amount of the business in determining the gain or loss on the sale.

NOTE 2 - EARNINGS PER SHARE

Basic earnings per common share data is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method.

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The following table presents a summary of per common share data and amounts for the periods indicated.
 Three months ended March 31,
(in thousands, except per share data)20222021
Net income available to common shareholders$46,464 $29,926 
Weighted average common shares outstanding37,788 31,247 
Additional dilutive common stock equivalents70 59 
Weighted average diluted common shares outstanding37,858 31,306 
Basic earnings per common share:$1.23 $0.96 
Diluted earnings per common share:1.23 0.96 
For the three months ended March 31, 2022 common stock equivalents of approximately 276,000 were excluded from the earnings per share calculations because their effect would have been anti-dilutive. Comparatively, there were 222,000 common stock equivalents excluded in the prior year period.

NOTE 3 - INVESTMENTS

The following tables present the amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of securities available for sale and held to maturity:
 
 March 31, 2022
(in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair Value
Available-for-sale securities:    
Obligations of U.S. Government-sponsored enterprises$247,906 $ $(12,322)$235,584 
Obligations of states and political subdivisions508,912 61 (59,615)449,358 
Agency mortgage-backed securities607,080 1,034 (27,918)580,196 
U.S. Treasury bills116,100 77 (596)115,581 
Corporate debt securities11,750 91 (116)11,725 
          Total securities available for sale$1,491,748 $1,263 $(100,567)$1,392,444 
Held-to-maturity securities:
Obligations of states and political subdivisions$352,799 $10 $(40,625)$312,184 
Agency mortgage-backed securities63,281  (2,970)60,311 
Corporate debt securities125,517 123 (4,793)120,847 
          Total securities held-to-maturity$541,597 $133 $(48,388)$493,342 
Allowance for credit losses(558)
          Total securities held-to-maturity, net$541,039 
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 December 31, 2021
(in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair Value
Available-for-sale securities:    
    Obligations of U.S. Government-sponsored enterprises$175,409 $3 $(1,901)$173,511 
    Obligations of states and political subdivisions571,587 5,907 (2,410)575,084 
    Agency mortgage-backed securities509,243 8,485 (3,869)513,859 
U.S. Treasury Bills90,971 220 (21)91,170 
Corporate debt securities11,750 632  12,382 
          Total securities available for sale$1,358,960 $15,247 $(8,201)$1,366,006 
Held-to-maturity securities:
   Obligations of states and political subdivisions$236,379 $1,794 $(730)$237,443 
   Agency mortgage-backed securities68,105 940 (666)68,379 
Corporate debt securities125,811 3,039  128,850 
          Total securities held to maturity$430,295 $5,773 $(1,396)$434,672 
Allowance for credit losses(614)
Total securities held-to-maturity, net$429,681 

During the three months ended March 31, 2022, the Company transferred $116.9 million of securities from available-for-sale to held-to-maturity. The Company believes the held-to-maturity category is consistent with the Company’s intent for these securities. The transfer of securities was made at fair value at the time of transfer. The unamortized portion of the unrealized holding gain at the time of transfer is retained in accumulated other comprehensive income and in the carrying value of held-to-maturity securities. The balance of held-to-maturity securities in the “Amortized cost” column in the table above includes a cumulative net unamortized unrealized gain of $20.3 million and $21.0 million at March 31, 2022 and December 31, 2021, respectively. Such amounts are amortized over the remaining life of the securities.

At March 31, 2022 and December 31, 2021, there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government agencies and sponsored enterprises. Securities having a fair value of $581.4 million and $752.7 million at March 31, 2022 and December 31, 2021, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions.

The amortized cost and estimated fair value of debt securities at March 31, 2022, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately 5 years.
Available for saleHeld to maturity
(in thousands)Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
Due in one year or less$91,716 $91,680 $888 $891 
Due after one year through five years245,541 234,843 18,315 17,994 
Due after five years through ten years54,940 52,433 150,791 144,456 
Due after ten years492,471 433,292 308,322 269,690 
Agency mortgage-backed securities607,080 580,196 63,281 60,311 
 $1,491,748 $1,392,444 $541,597 $493,342 

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The following tables presents a summary of available-for-sale investment securities in an unrealized loss position:
 March 31, 2022
Less than 12 months12 months or moreTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Obligations of U.S. Government-sponsored enterprises$208,467 $11,431 $11,109 $891 $219,576 $12,322 
Obligations of states and political subdivisions425,420 55,979 17,224 3,636 442,644 59,615 
Agency mortgage-backed securities405,833 22,383 47,576