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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One) | | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2022
OR
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ______________________ to __________________________
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Commission File Number | 1-13006 |
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PARK NATIONAL CORPORATION |
(Exact name of registrant as specified in its charter) |
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Ohio | | 31-1179518 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
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50 North Third Street, | P.O. Box 3500 | Newark, | Ohio | 43058-3500 |
(Address of principal executive offices) (Zip Code) |
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(740) | 349-8451 |
(Registrant’s telephone number, including area code) |
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N/A |
(Former name, former address and former fiscal year, if changed since last report) |
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common shares, without par value | PRK | NYSE American |
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 the definitions of “large accelerated filer”, “accelerated filer”,
“smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act. | | | | | | | | | | | |
Large accelerated filer | ☒ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller 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 ☒
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 16,249,306 Common Shares, no par value per share, outstanding at May 2, 2022.
PARK NATIONAL CORPORATION
CONTENTS | | | | | |
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PART I. FINANCIAL INFORMATION | |
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Item 1. Financial Statements | |
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Glossary of Abbreviations and Acronyms
Park has identified the following list of abbreviations and acronyms that are used in the Notes to Unaudited Consolidated Condensed Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations.
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AFS | Available-for-sale | | LIBOR | London Inter-Bank Offered Rate |
ACL | Allowance for credit losses | | MSRs | Mortgage servicing rights |
Allowance | Allowance for credit losses | | NAV | Net asset value |
AOCI | Accumulated other comprehensive (loss) income | | NewDominion | NewDominion Bank |
ASC | Accounting Standards Codification | | OCI | Other comprehensive (loss) income |
ASU | Accounting Standards Update | | OREO | Other real estate owned |
AUCL | Allowance for unfunded credit losses | | OWS | One-way sell |
CARES Act | Coronavirus Aid, Relief, and Economic Security Act | | Park | Park National Corporation and its subsidiaries |
Carolina Alliance | CAB Financial Corporation and its subsidiaries | | PBRSUs | Performance-based restricted stock units |
CECL | Current expected credit loss | | PCD | Purchased credit deteriorated |
COVID-19 | Novel coronavirus | | PD | Probability of default |
DCF | Discounted cash flow | | PNB | The Park National Bank |
FASB | Financial Accounting Standards Board | | PPP | CARES Act Paycheck Protection Program |
FHLB | Federal Home Loan Bank | | ROU | Right-of-use |
FRB | Federal Reserve Bank | | SARs | Stock appreciation rights |
GDP | Gross domestic product | | SBA | Small Business Administration |
GFSC | Guardian Financial Services Company | | SEC | U.S. Securities and Exchange Commission |
HPI | Home price index | | SEPH | SE Property Holdings, LLC |
HTM | Held-to-maturity | | TBRSUs | Time-based restricted stock units |
IRLC | Interest rate lock commitment | | TDRs | Troubled debt restructurings |
LDA | Loss driver analysis | | U.S. GAAP | United States Generally Accepted Accounting Principles |
LGD | Loss given default | | U.S. | United States |
PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheets (Unaudited)
(in thousands, except share and per share data)
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| March 31, 2022 | | December 31, 2021 |
Assets: | | | |
Cash and due from banks | $ | 159,858 | | | $ | 144,507 | |
Money market instruments | 87,034 | | | 74,673 | |
Cash and cash equivalents | 246,892 | | | 219,180 | |
Investment securities: | | | |
Debt securities available-for-sale, at fair value (amortized cost of $1,800,956 and $1,727,363 at March 31, 2022 and December 31, 2021, respectively, and no allowance for credit losses at March 31, 2022 and December 31, 2021) | 1,757,147 | | | 1,754,140 | |
Other investment securities | 75,127 | | | 61,268 | |
Total investment securities | 1,832,274 | | | 1,815,408 | |
| | | |
Loans | 6,821,606 | | | 6,871,122 | |
Allowance for credit losses | (78,861) | | | (83,197) | |
Net loans | 6,742,745 | | | 6,787,925 | |
| | | |
Bank owned life insurance | 224,100 | | | 215,792 | |
Prepaid assets | 147,486 | | | 144,124 | |
Goodwill | 159,595 | | | 159,595 | |
Other intangible assets | 7,060 | | | 7,462 | |
Premises and equipment, net | 87,423 | | | 89,008 | |
Affordable housing tax credit investments | 56,731 | | | 58,711 | |
OREO | 760 | | | 775 | |
Accrued interest receivable | 23,054 | | | 23,413 | |
Operating lease right-of-use asset | 12,797 | | | 13,446 | |
Mortgage loan servicing rights | 15,704 | | | 15,264 | |
Other | 19,731 | | | 10,151 | |
Total assets | $ | 9,576,352 | | | $ | 9,560,254 | |
PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheets (Unaudited) (Continued)
(in thousands, except share and per share data)
| | | | | | | | | | | |
| March 31, 2022 | | December 31, 2021 |
Liabilities and Shareholders' Equity: | | | |
Deposits: | | | |
Non-interest bearing | $ | 3,055,614 | | | $ | 3,066,419 | |
Interest bearing | 4,940,704 | | | 4,838,109 | |
Total deposits | 7,996,318 | | | 7,904,528 | |
| | | |
Short-term borrowings | 205,927 | | | 238,786 | |
Subordinated notes | 188,322 | | | 188,210 | |
Unfunded commitments in affordable housing tax credit investments | 21,232 | | | 28,484 | |
Operating lease liability | 13,568 | | | 14,339 | |
Allowance for credit losses on off-balance sheet commitments | 3,771 | | | 4,282 | |
Accrued interest payable | 1,147 | | | 3,116 | |
Other | 69,701 | | | 67,750 | |
Total liabilities | $ | 8,499,986 | | | $ | 8,449,495 | |
| | | |
Shareholders' equity: | | | |
Preferred shares (200,000 shares authorized; 0 shares issued) | $ | — | | | $ | — | |
Common shares (No par value; 20,000,000 shares authorized; 17,623,106 shares issued at March 31, 2022 and 17,623,118 shares issued at December 31, 2021) | 459,271 | | | 461,800 | |
Retained earnings | 797,033 | | | 776,294 | |
Treasury shares (1,373,798 shares at March 31, 2022 and 1,403,555 shares at December 31, 2021) | (139,469) | | | (142,490) | |
Accumulated other comprehensive (loss) income, net of taxes | (40,469) | | | 15,155 | |
Total shareholders' equity | 1,076,366 | | | 1,110,759 | |
Total liabilities and shareholders’ equity | $ | 9,576,352 | | | $ | 9,560,254 | |
SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Income (Unaudited)
(in thousands, except share and per share data)
| | | | | | | | | | | | | | |
| Three Months Ended March 31, | |
| 2022 | | 2021 | |
Interest and dividend income: | | | | |
| | | | |
Interest and fees on loans | $ | 72,416 | | | $ | 78,737 | | |
| | | | |
Interest and dividends on: | | | | |
Debt securities - taxable | 6,130 | | | 4,256 | | |
Debt securities - tax-exempt | 2,447 | | | 2,037 | | |
Other interest income | 153 | | | 143 | | |
Total interest and dividend income | 81,146 | | | 85,173 | | |
| | | | |
Interest expense: | | | | |
| | | | |
Interest on deposits: | | | | |
Demand and savings deposits | 351 | | | 386 | | |
Time deposits | 720 | | | 1,584 | | |
| | | | |
Interest on borrowings: | | | | |
Short-term borrowings | 244 | | | 183 | | |
Long-term debt | 2,145 | | | 2,286 | | |
| | | | |
Total interest expense | 3,460 | | | 4,439 | | |
| | | | |
Net interest income | 77,686 | | | 80,734 | | |
| | | | |
Recovery of credit losses | (4,605) | | | (4,855) | | |
Net interest income after recovery of credit losses | $ | 82,291 | | | $ | 85,589 | | |
| | | | |
Other income: | | | | |
Income from fiduciary activities | $ | 8,797 | | | $ | 8,173 | | |
Service charges on deposit accounts | 2,074 | | | 2,054 | | |
Other service income | 4,819 | | | 9,617 | | |
Debit card fee income | 6,126 | | | 6,086 | | |
Bank owned life insurance income | 1,175 | | | 1,165 | | |
ATM fees | 532 | | | 530 | | |
Loss on sale of OREO, net | — | | | (33) | | |
Gain on equity securities, net | 2,353 | | | 1,810 | | |
Other components of net periodic pension benefit income | 3,027 | | | 2,038 | | |
Miscellaneous | 2,753 | | | 2,649 | | |
Total other income | $ | 31,656 | | | $ | 34,089 | | |
| | | | |
PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Income (Unaudited) (Continued)
(in thousands, except share and per share data)
| | | | | | | | | | | | | | |
| Three Months Ended March 31, | |
| 2022 | | 2021 | |
Other expense: | | | | |
Salaries | $ | 30,521 | | | $ | 29,896 | | |
Employee benefits | 10,499 | | | 10,201 | | |
Occupancy expense | 3,214 | | | 3,640 | | |
Furniture and equipment expense | 2,937 | | | 2,610 | | |
Data processing fees | 7,504 | | | 7,712 | | |
Professional fees and services | 5,858 | | | 5,664 | | |
Marketing | 1,317 | | | 1,491 | | |
Insurance | 1,405 | | | 1,691 | | |
Communication | 890 | | | 1,122 | | |
State tax expense | 1,192 | | | 1,108 | | |
Amortization of intangible assets | 402 | | | 479 | | |
Miscellaneous | 1,634 | | | 2,251 | | |
Total other expense | $ | 67,373 | | | $ | 67,865 | | |
| | | | |
Income before income taxes | $ | 46,574 | | | $ | 51,813 | | |
| | | | |
Income taxes | 7,699 | | | 8,982 | | |
| | | | |
Net income | $ | 38,875 | | | $ | 42,831 | | |
| | | | |
Earnings per common share: | | | | |
Basic | $ | 2.40 | | | $ | 2.63 | | |
Diluted | $ | 2.38 | | | $ | 2.61 | | |
| | | | |
Weighted average common shares outstanding: | | | | |
Basic | 16,219,889 | | | 16,314,987 | | |
Diluted | 16,331,031 | | | 16,439,920 | | |
| | | | |
Quarterly cash dividends declared per common share | $ | 1.04 | | | $ | 1.03 | | |
Special cash dividends declared per common share | $ | — | | | $ | 0.20 | | |
SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive (Loss) Income (Unaudited)
(in thousands)
| | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2022 | | 2021 | | |
Net income | $ | 38,875 | | | $ | 42,831 | | | |
| | | | | |
Other comprehensive (loss) income, net of tax: | | | | | |
Unrealized net holding loss on debt securities available-for-sale, net of income tax effect of $(14,823) and $(3,614) for the three months ended March 31, 2022 and 2021, respectively | (55,763) | | | (13,597) | | | |
Unrealized gain on cash flow hedging derivatives, net of income tax effect of $37 and $33 for the three months ended March 31, 2022 and 2021, respectively | 139 | | | 125 | | | |
Other comprehensive loss | $ | (55,624) | | | $ | (13,472) | | | |
| | | | | |
Comprehensive (loss) income | $ | (16,749) | | | $ | 29,359 | | | |
SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Changes in Shareholders' Equity (Unaudited)
(in thousands, except share and per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Preferred Shares | | Common Shares | | Retained Earnings | | Treasury Shares | | Accumulated Other Comprehensive Income (Loss) |
Balance at December 31, 2021 | | $ | — | | | $ | 461,800 | | | $ | 776,294 | | | $ | (142,490) | | | $ | 15,155 | |
Net income | | | | | | 38,875 | | | | | |
Other comprehensive loss, net of tax | | | | | | | | | | (55,624) | |
Dividends on common shares at $1.04 per share | | | | | | (17,172) | | | | | |
Cash payment for fractional common shares in dividend reinvestment plan | | | | (2) | | | | | | | |
Issuance of 29,757 common shares under share-based compensation awards, net of 18,658 common shares withheld to pay employee income taxes | | | | (4,508) | | | (964) | | | 3,021 | | | |
Share-based compensation expense | | | | 1,981 | | | | | | | |
Balance at March 31, 2022 | | $ | — | | | $ | 459,271 | | | $ | 797,033 | | | $ | (139,469) | | | $ | (40,469) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Preferred Shares | | Common Shares | | Retained Earnings | | Treasury Shares | | Accumulated Other Comprehensive Income (Loss) |
Balance at December 31, 2020 | | $ | — | | | $ | 460,687 | | | $ | 704,764 | | | $ | (130,766) | | | $ | 5,571 | |
Cumulative change in accounting principle | | | | | | (7,956) | | | | | |
Balance at January 1, 2021 | | $ | — | | | $ | 460,687 | | | $ | 696,808 | | | $ | (130,766) | | | $ | 5,571 | |
Net income | | | | | | 42,831 | | | | | |
Other comprehensive loss, net of tax | | | | | | | | | | (13,472) | |
Dividends on common shares at $1.23 per share | | | | | | (20,365) | | | | | |
Cash payment for fractional common shares in dividend reinvestment plan | | | | (1) | | | | | | | |
Issuance of 21,764 common shares under share-based compensation awards, net of 14,108 common shares withheld to pay employee income taxes | | | | (3,988) | | | (44) | | | 2,174 | | | |
Share-based compensation expense | | | | 1,836 | | | | | | | |
Balance at March 31, 2021 | | $ | — | | | $ | 458,534 | | | $ | 719,230 | | | $ | (128,592) | | | $ | (7,901) | |
SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows (Unaudited)
(in thousands)
| | | | | | | | | | | |
| Three Months Ended March 31, |
| 2022 | | 2021 |
Operating activities: | | | |
Net income | $ | 38,875 | | | $ | 42,831 | |
| | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Recovery of credit losses | (4,605) | | | (4,855) | |
Accretion of loan fees and costs, net | (3,772) | | | (6,334) | |
Depreciation of premises and equipment | 3,482 | | | 3,216 | |
Amortization of investment securities, net | 875 | | | 354 | |
Net accretion of purchase accounting adjustments | (86) | | | (655) | |
Gain on equity securities, net | (2,353) | | | (1,810) | |
Loan originations to be sold in secondary market | (73,713) | | | (192,382) | |
Proceeds from sale of loans in secondary market | 77,189 | | | 212,880 | |
Gain on sale of loans in secondary market | (1,941) | | | (6,598) | |
Share-based compensation expense | 1,981 | | | 1,836 | |
Loss on sale of OREO, net | — | | | 33 | |
Bank owned life insurance income | (1,175) | | | (1,165) | |
Investment in qualified affordable housing tax credits amortization | 1,980 | | | 1,856 | |
| | | |
Changes in assets and liabilities: | | | |
Decrease (increase) in prepaid dealer premiums | 94 | | | (508) | |
Decrease (increase) in other assets | 1,253 | | | (13,000) | |
(Decrease) increase in other liabilities | (9,742) | | | 10,166 | |
Net cash provided by operating activities | $ | 28,342 | | | $ | 45,865 | |
| | | |
Investing activities: | | | |
Proceeds from the redemption/repurchase of Federal Home Loan Bank stock | $ | — | | | $ | 4,283 | |
Proceeds from sales of investment securities | — | | | 934 | |
Proceeds from calls and maturities of: | | | |
Debt securities AFS | 54,263 | | | 58,344 | |
Purchases of: | | | |
Debt securities AFS | (128,731) | | | (131,852) | |
Equity securities | (1,630) | | | — | |
Net decrease in other investments | 124 | | | 1,102 | |
Net loan paydowns (originations), portfolio loans | 52,444 | | | (2,922) | |
Proceeds from the sale of non-mortgage loans | — | | | 3,538 | |
Investment in qualified affordable housing tax credits | (7,252) | | | (6,094) | |
Proceeds from the sale of OREO | 38 | | | 626 | |
Life insurance death benefits | 367 | | | 674 | |
Purchases of bank owned life insurance | (7,500) | | | — | |
Purchases of premises and equipment | (2,127) | | | (4,114) | |
Net cash used in investing activities | $ | (40,004) | | | $ | (75,481) | |
| | | | | | | | | | | |
PARK NATIONAL CORPORATION AND SUBSIDIARIES Consolidated Condensed Statements of Cash Flows (Unaudited) (Continued) (in thousands) |
| Three Months Ended March 31, |
| 2022 | | 2021 |
Financing activities: | | | |
Net increase in deposits | $ | 257,927 | | | $ | 762,896 | |
Net increase in off-balance sheet deposits | (166,134) | | | (99,034) | |
Net decrease in short-term borrowings | (32,859) | | | (36,845) | |
Repayment of long-term debt | — | | | (2,500) | |
Value of common shares withheld to pay employee income taxes | (2,451) | | | (1,858) | |
Cash dividends paid | (17,109) | | | (20,242) | |
Net cash provided by financing activities | $ | 39,374 | | | $ | 602,417 | |
| | | |
Increase in cash and cash equivalents | 27,712 | | | 572,801 | |
| | | |
Cash and cash equivalents at beginning of year | 219,180 | | | 370,474 | |
| | | |
Cash and cash equivalents at end of period | $ | 246,892 | | | $ | 943,275 | |
| | | |
Supplemental disclosures of cash flow information: | | | |
| | | |
Cash paid for: | | | |
Interest | $ | 5,429 | | | $ | 6,745 | |
| | | |
Non-cash items: | | | |
Loans transferred to OREO | $ | 55 | | | $ | 78 | |
| | | |
New commitments in other investment securities | $ | 10,000 | | | $ | — | |
SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
PARK NATIONAL CORPORATION
NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
Note 1 – Basis of Presentation
The accompanying unaudited consolidated condensed financial statements included in this report have been prepared for Park National Corporation (sometimes also referred to as the “Registrant”) and its subsidiaries. Unless the context otherwise requires, references to "Park", the "Corporation" or the "Company" and similar terms mean Park National Corporation and its subsidiaries. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations for the interim periods included herein have been made. The results of operations for the three-month period ended March 31, 2022 are not necessarily indicative of the operating results to be anticipated for the year ending December 31, 2022.
The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and footnotes necessary for a fair presentation of the consolidated condensed balance sheets, consolidated condensed statements of income, consolidated condensed statements of comprehensive (loss) income, consolidated condensed statements of changes in shareholders’ equity and consolidated condensed statements of cash flows in conformity with U.S. GAAP. These financial statements should be read in conjunction with the consolidated financial statements included in Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA in the Annual Report on Form 10-K of Park National Corporation for the fiscal year ended December 31, 2021 ("Park's 2021 Form 10-K").
Park’s significant accounting policies are described in Note 1. Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements included in Park’s 2021 Form 10-K. For interim reporting purposes, Park follows the same basic accounting policies, as updated by the information contained in this report, and considers each interim period an integral part of an annual period.
The COVID-19 pandemic has caused significant, unprecedented disruption around the world that has affected daily living and negatively impacted the global economy. Additionally, geopolitical conflict (including the conflict in Ukraine) has added uncertainty to the overall economic environment. The effects of the COVID-19 pandemic and geopolitical conflict may meaningfully impact significant estimates such as the allowance for credit losses, goodwill, mortgage servicing rights, and pension plan obligations and related expenses. Additionally, the COVID-19 pandemic has particularly impacted certain loan concentrations in the hotels and accommodations, restaurants and food service, and strip shopping centers industries.
Note 2 - Adoption of New Accounting Pronouncements and Issued But Not Yet Effective Accounting Standards
The following is a summary of new accounting pronouncements impacting Park's consolidated financial statements:
Adoption of New Accounting Pronouncements
There were no new accounting pronouncements adopted by Park during the three-month period ended March 31, 2022.
Issued But Not Yet Effective Accounting Standards
ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures: In March 2022, FASB issued ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructuring and Vintage Disclosures. ASU 2022-02 eliminates the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, the amendments in this ASU require that public business entities disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost.
For entities, like Park, that have adopted the amendments in ASU 2016-13, the amendments in this ASU are effective for fiscal years beginning after December 15, 2022, including interim periods within those years. Early adoption is permitted, including adoption in an interim period. An entity may elect to adopt the loan modification guidance and related disclosure enhancements separately from the amendments related to vintage disclosures. The amendments in this ASU should be applied prospectively, except for the amendments related to the recognition and measurement of TDRs which may be applied prospectively, or using a
modified retrospective transition method. Management is currently considering the timing of adoption. The adoption of ASU 2022-02 is not expected to have a material impact on the financial statements but will impact disclosure requirements and reduce individually evaluated loan totals.
Note 3 – Investment Securities
Investment securities at March 31, 2022 and December 31, 2021, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt securities AFS (In thousands) | | Amortized Cost | | Gross Unrealized Holding Gains | | Gross Unrealized Holding Losses | | Fair Value |
March 31, 2022: | | | | | | | | |
Obligations of U.S. Treasury and other U.S. Government sponsored entities | | $ | 39,000 | | | $ | — | | | $ | 438 | | | $ | 38,562 | |
Obligations of states and political subdivisions | | 374,101 | | | 6,572 | | | 9,032 | | | 371,641 | |
U.S. Government sponsored entities' asset-backed securities | | 870,576 | | | 1,185 | | | 36,959 | | | 834,802 | |
Collateralized loan obligations | | 500,029 | | | — | | | 5,112 | | | 494,917 | |
Corporate debt securities | | 17,250 | | | 125 | | | 150 | | | 17,225 | |
Total | | $ | 1,800,956 | | | $ | 7,882 | | | $ | 51,691 | | | $ | 1,757,147 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt securities AFS (In thousands) | | Amortized Cost | | Gross Unrealized Holding Gains | | Gross Unrealized Holding Losses | | Fair Value |
December 31, 2021: | | | | | | | | |
Obligations of states and political subdivisions | | $ | 366,933 | | | $ | 22,682 | | | $ | 24 | | | $ | 389,591 | |
U.S. Government sponsored entities' asset-backed securities | | 849,114 | | | 13,437 | | | 8,088 | | | 854,463 | |
Collateralized loan obligations | | 500,066 | | | 3 | | | 1,395 | | | 498,674 | |
Corporate debt securities | | 11,250 | | | 169 | | | 7 | | | 11,412 | |
Total | | $ | 1,727,363 | | | $ | 36,291 | | | $ | 9,514 | | | $ | 1,754,140 | |
Investment securities in an unrealized loss position at March 31, 2022, were as follows: