SEACOAST BANKING CORP OF FLORIDA [SBCF] Filings

10-Q 1 sbcf-20230630.htm 10-Q sbcf-20230630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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 June 30, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to __________________.

Commission File No. 0-13660

Seacoast Banking Corporation of Florida

(Exact Name of Registrant as Specified in its Charter)

Florida

59-2260678

(State or Other Jurisdiction of
Incorporation or Organization)

(I.R.S. Employer
Identification No.)

815 COLORADO AVENUE,

STUART

34994

(Address of Principal Executive Offices)

(Zip Code)


	(772)	287-4000
(Registrant’s Telephone Number, Including Area Code)

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 Stock	SBCF	Nasdaq 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 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 ☒

Common Stock, $0.10 Par Value – 85,086,269 shares as of June 30, 2023

INDEX

SEACOAST BANKING CORPORATION OF FLORIDA


		PAGE #
Part I	FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)

	Consolidated statements of income – Three and six months ended June 30, 2023 and 2022	3

	Consolidated statements of comprehensive income – Three and six months ended June 30, 2023 and 2022	5

	Consolidated balance sheets - June 30, 2023 and December 31, 2022	6

	Consolidated statements of cash flows – Six months ended June 30, 2023 and 2022	7

	Consolidated statements of shareholders' equity - Three and six months ended June 30, 2023 and 2022	9

	Notes to consolidated financial statements	11

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	42

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	68

Item 4.	Controls and Procedures	69

Part II	OTHER INFORMATION

Item 1.	Legal Proceedings	69

Item 1A.	Risk Factors	69

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	70

Item 3.	Defaults upon Senior Securities	70

Item 4.	Mine Safety Disclosures	70

Item 5.	Other Information	70

Item 6.	Exhibits	71

SIGNATURES		73

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Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per share data)	2023		2022		2023		2022
Interest and fees on loans	$	148,265	$	69,307	$	283,433	$	136,425
Interest and dividends on securities	20,995		12,525		40,344		22,706
Interest on interest bearing deposits and other investments	5,023		1,917		8,497		2,850
Total Interest Income	174,283		83,749		332,274		161,981

Interest on deposits	27,183		994		43,216		1,761
Interest on time certificates	14,477		436		20,029		904
Interest on borrowed money	5,660		672		10,914		1,147
Total Interest Expense	47,320		2,102		74,159		3,812

Net Interest Income	126,963		81,647		258,115		158,169

Provision for credit losses	(764)		822		30,834		7,378

Net Interest Income after Provision for Credit Losses	127,727		80,825		227,281		150,791

Noninterest income:
Service charges on deposit accounts	4,560		3,408		8,802		6,209
Interchange income	5,066		4,255		9,760		8,383
Wealth management income	3,318		2,774		6,381		5,433
Mortgage banking fees	576		932		1,002		2,618
Insurance agency income	1,160		—		2,261		—
SBA gains	249		473		571		629
BOLI income	2,068		1,349		3,984		2,683
Other	4,755		4,073		11,329		7,134
	21,752		17,264		44,090		33,089
Securities losses, net	(176)		(300)		(69)		(752)
Total Noninterest Income	21,576		16,964		44,021		32,337

Noninterest Expense:
Salaries and wages	45,155		28,056		92,771		56,275
Employee benefits	7,472		4,151		16,034		9,652
Outsourced data processing costs	20,222		6,043		34,775		12,199
Telephone / data lines	1,518		908		2,599		1,641
Occupancy	7,065		4,050		14,003		8,036
Furniture and equipment	2,345		1,588		4,612		3,014
Marketing	2,047		1,882		4,285		3,053
Legal and professional fees	4,062		2,946		11,541		7,735
FDIC assessments	2,116		699		3,559		1,488
Amortization of intangibles	7,654		1,446		14,381		2,892

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Foreclosed property expense and net (gain) loss on sale	(57)		(968)		138		(1,132)
Provision for credit losses on unfunded commitments	—		—		1,239		142
Other	8,266		5,347		15,403		10,070
Total Noninterest Expense	107,865		56,148		215,340		115,065

Income Before Income Taxes	41,438		41,641		55,962		68,063
Provision for income taxes	10,189		8,886		12,886		14,720
Net Income	$	31,249	$	32,755	$	43,076	$	53,343

Share Data
Net income per share of common stock
Diluted	$	0.37	$	0.53	$	0.52	$	0.86
Basic	0.37		0.53		0.52		0.87
Average common shares outstanding
Diluted	85,536		61,923		83,260		61,818
Basic	85,022		61,409		82,600		61,269

See notes to unaudited consolidated financial statements.

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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)


(In thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net Income	$	31,249	$	32,755	$	43,076	$	53,343

Other comprehensive income (loss):

Unrealized losses on available-for-sale securities, net of tax benefit of $7.1 million and $1.2 million for the three and six months ended June 30, 2023, respectively, and net of tax benefit of $16.0 million and $36.6 million for the three and six months ended June 30, 2022, respectively	$	(22,215)	$	(50,473)	$	(3,699)	$	(116,485)

Amortization of unrealized (gains) losses on securities transferred to held-to-maturity, net of tax benefit of $3 thousand and $6 thousand for the three and six months ended June 30, 2023, respectively, and net of tax benefit of $7 thousand and nominal tax expense for the three and six months ended June 30, 2022, respectively	(11)		(34)		(21)		2
Reclassification adjustment for gains included in net income, net of tax expense of $1 thousand for the six months ended June 30, 2023	—		—		(4)		—
Unrealized gains on derivatives designated as fair value hedges, net of reclassifications to income, net of tax expense of $1.6 million for the three and six months ended June 30, 2023, respectively	4,732		—		4,732		—
Unrealized gains (losses) on derivatives designated as cash flow hedges, net of reclassifications to income, net of tax expense of $38 thousand and $71 thousand for the three and six months ended June 30, 2023, respectively, and net of tax expense of $3 thousand and net of tax benefit of $19 thousand for the three and six months ended June 30, 2022, respectively	103		9		201		(55)
Total other comprehensive income (loss)	$	(17,391)	$	(50,498)	$	1,209	$	(116,538)

Comprehensive Income (Loss)	$	13,858	$	(17,743)	$	44,285	$	(63,195)

See notes to unaudited consolidated financial statements.

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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)


	June 30,		December 31,
(In thousands, except share data)	2023		2022
Assets
Cash and due from banks	$	164,193	$	120,748
Interest bearing deposits with other banks	563,690		81,192
Total cash and cash equivalents	727,883		201,940

Time deposits with other banks	2,987		3,236

Debt securities:
Securities available-for-sale (at fair value)	1,916,231		1,871,742
Securities held-to-maturity (fair value $577.6 million at June 30, 2023 and $617.7 million at December 31, 2022)	707,812		747,408
Total debt securities	2,624,043		2,619,150

Loans held for sale (at fair value)	5,967		3,151

Loans	10,117,919		8,144,724
Less: Allowance for credit losses	(159,715)		(113,895)
Loans, net of allowance for credit losses	9,958,204		8,030,829

Bank premises and equipment, net	116,959		116,892
Other real estate owned	7,526		2,301
Goodwill	732,910		480,319
Other intangible assets, net	109,716		75,451
Bank owned life insurance	293,880		237,824
Net deferred tax assets	127,941		94,457
Other assets	333,916		280,212
Total Assets	$	15,041,932	$	12,145,762

Liabilities
Deposits	$	12,283,267	$	9,981,595
Securities sold under agreements to repurchase, maturing within 30 days	290,156		172,029
Federal Home Loan Bank ("FHLB") borrowings	160,000		150,000
Subordinated debt	105,970		84,533
Other liabilities	148,507		149,830
Total Liabilities	12,987,900		10,537,987

Shareholders' Equity
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 85,615,136 and outstanding 85,086,269 at June 30, 2023, and authorized 120,000,000, issued 72,099,136 and outstanding 71,617,852 shares at December 31, 2022	8,509		7,162
Additional paid-in-capital	1,809,431		1,377,802
Retained earnings	437,087		423,863
Less: Treasury stock	(14,171)		(13,019)
	2,240,856		1,795,808
Accumulated other comprehensive loss, net	(186,824)		(188,033)
Total Shareholders' Equity	2,054,032		1,607,775
Total Liabilities and Shareholders' Equity	15,041,932		12,145,762

See notes to unaudited consolidated financial statements.

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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)


	Six Months Ended June 30,
(In thousands)	2023		2022
Cash Flows from Operating Activities
Net income	$	43,076	$	53,343
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	4,071		2,832
Amortization of premiums and discounts on securities, net	(424)		623
Amortization of operating lease right-of-use assets	3,961		2,961
Other amortization and accretion, net	(10,558)		(635)
Stock based compensation	7,096		4,116
Origination of loans designated for sale	(56,526)		(121,402)
Sale of loans designated for sale	55,710		143,326
Provision for credit losses	30,834		7,378
Deferred income taxes	(9,439)		4,026
Gains on sale of securities	(5)		—
Gains on sale of loans	(1,828)		(3,992)
Gains on sale and write-downs of other real estate owned	(64)		(1,302)
Losses on disposition of fixed assets and write-downs upon transfer of bank premises to other real estate owned	1,726		172
Changes in operating assets and liabilities, net of effects from acquired companies:
Net decrease in other assets	14,447		11,213
Net decrease in other liabilities	(24,002)		(4,318)
Net cash provided by operating activities	$	58,075	$	98,341

Cash Flows from Investing Activities
Maturities and repayments of debt securities available-for-sale	107,590		164,223
Maturities and repayments of debt securities held-to-maturity	41,995		49,652
Proceeds from sale of debt securities available-for-sale	30,490		26,011
Purchases of debt securities available-for-sale	(22,402)		(474,124)
Purchases of debt securities held-to-maturity	—		(206,065)
Maturities of time deposits with other banks	249		1,743
Net new loans and principal repayments	53,434		(133,458)
Purchases of loans held for investment	—		(111,292)
Proceeds from sale of other real estate owned	294		14,208
Additions to other real estate owned	—		(590)
Proceeds from sale of FHLB and Federal Reserve Bank Stock	71,352		—
Purchase of FHLB and Federal Reserve Bank Stock	(87,273)		(3,347)


Net cash from bank acquisitions	141,674		208,933

Additions to bank premises and equipment	(8,827)		(2,545)
Net cash provided by (used in) investing activities	$	328,576	$	(466,651)

See notes to unaudited consolidated financial statements.

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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)


	Six Months Ended June 30,
(In thousands)	2023		2022
Cash Flows from Financing Activities
Net increase in deposits	$	182,331	$	559,085
Net increase (decrease) in repurchase agreements	118,127		(10,987)
Net decrease in FHLB borrowings with original maturities of three months or less	(170,000)		—
Repayments of FHLB borrowings with original maturities of more than three months	(75,000)		—
Proceeds from FHLB borrowings with original maturities of more than three months	110,000		—

Stock based employee benefit plans	3,731		2,361
Repurchase of common stock	(45)		—
Dividends paid	(29,852)		(18,510)
Net cash provided by financing activities	$	139,292	$	531,949
Net increase in cash and cash equivalents	525,943		163,639
Cash and cash equivalents at beginning of period	201,940		737,729
Cash and cash equivalents at end of period	$	727,883	$	901,368

Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	67,991	$	3,779
Cash paid during the period for taxes	6,080		9,591
Recognition of operating lease right-of-use assets, other than through bank acquisitions, net of terminations	1,890		3,370

Recognition of operating lease liabilities, other than through bank acquisitions, net of terminations	1,902		3,370


Supplemental disclosure of non-cash investing activities: 1



Transfers from bank premises to other real estate owned	5,455		1,008
1See "Note 11 - Business Combinations" for non cash transactions related to business combinations.

See notes to unaudited consolidated financial statements.

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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)



	Common Stock			Paid-in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)
(In thousands)	Shares	Amount										Total
Balance at March 31, 2023	84,609	8,461		1,803,898		421,271		(13,113)		(169,433)		2,051,084
Comprehensive income (loss)	—	—		—		31,249		—		(17,391)		13,858
Stock based compensation expense	—	—		4,454		—		—		—		4,454
Common stock transactions related to stock based employee benefit plans	377	38		(124)		—		(1,058)		—		(1,144)
Common stock issued for stock options	103	10		1,248		—		—		—		1,258
Repurchase of common stock	(3)	—		(45)		—		—		—		(45)


Dividends on common stock ($0.18 per share)	—	—		—		(15,433)		—		—		(15,433)
Three months ended June 30, 2023	477	48		5,533		15,816		(1,058)		(17,391)		2,948
Balance at June 30, 2023	85,086	$	8,509	$	1,809,431	$	437,087	$	(14,171)	$	(186,824)	$	2,054,032




	Common Stock			Paid-in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)
(In thousands)	Shares	Amount										Total
Balance at March 31, 2022	61,239	6,124		1,062,462		371,192		(10,459)		(73,034)		1,356,285
Comprehensive income (loss)	—	—		—		32,755		—		(50,498)		(17,743)
Stock based compensation expense	—	—		2,697		—		—		—		2,697
Common stock transactions related to stock based employee benefit plans	169	17		(31)		—		(1,173)		—		(1,187)
Common stock issued for stock options	2	—		39		—		—		—		39


Dividends on common stock ($0.17 per share)	—	—		—		(10,516)		—		—		(10,516)
Three months ended June 30, 2022	171	17		2,705		22,239		(1,173)		(50,498)		(26,710)
Balance at June 30, 2022	61,410	$	6,141	$	1,065,167	$	393,431	$	(11,632)	$	(123,532)	$	1,329,575




	Common Stock			Paid-in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)
(In thousands)	Shares	Amount										Total
Balance at December 31, 2022	71,618	$	7,162	1,377,802		423,863		(13,019)		(188,033)		1,607,775
Comprehensive income	—	—		—		43,076		—		1,209		44,285
Stock based compensation expense	—	—		7,096		—		—		—		7,096
Common stock transactions related to stock based employee benefit plans	448	46		(203)		—		(1,152)		—		(1,309)
Common stock issued for stock options	231	22		5,018		—		—		—		5,040
Repurchase of common stock	(3)	—		(45)		—		—		—		(45)
Issuance of common stock, pursuant to acquisition	12,792	1,279		409,459		—		—		—		410,738
Conversion of options, pursuant to acquisition	—	—		10,304		—		—		—		10,304
Dividends on common stock ($0.35 per share)	—	—		—		(29,852)		—		—		(29,852)
Six months ended June 30, 2023	13,468	1,347		431,629		13,224		(1,152)		1,209		446,257
Balance at June 30, 2023	85,086	$	8,509	$	1,809,431	$	437,087	$	(14,171)	$	(186,824)	$	2,054,032

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	Common Stock			Paid-in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)
(In thousands)	Shares	Amount										Total
Balance at December 31, 2021	58,504	$	5,850	$	963,851	$	358,598	$	(10,569)	$	(6,994)	1,310,736
Comprehensive income (loss)	—	—		—		53,343		—		(116,538)		(63,195)
Stock based compensation expense	—	—		4,116		—		—		—		4,116
Common stock transactions related to stock based employee benefit plans	176	18		(36)		—		(1,063)		—		(1,081)
Common stock issued for stock options	180	18		3,424		—		—		—		3,442
Issuance of common stock, pursuant to acquisitions	2,550	255		89,979		—		—		—		90,234
Conversion of options, pursuant to acquisitions	—	—		3,833		—		—		—		3,833
Dividends on common stock ($0.30 per share)	—	—		—		(18,510)		—		—		(18,510)
Six months ended June 30, 2022	2,906	291		101,316		34,833		(1,063)		(116,538)		18,839
Balance at June 30, 2022	61,410	$	6,141	$	1,065,167	$	393,431	$	(11,632)	$	(123,532)	$	1,329,575

See notes to unaudited consolidated financial statements.

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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1 – Basis of Presentation

Basis of Presentation: The accompanying unaudited consolidated financial statements of Seacoast Banking Corporation of Florida and its subsidiaries (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have been reclassified to conform to the current period presentation.

Operating results for the three and six months ended June 30, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or any other period. 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, 2022.

Use of Estimates: The preparation of these consolidated financial statements requires management to make judgments in the application of certain accounting policies that involve significant estimates and assumptions. The Company has established policies and control procedures that are intended to ensure valuation methods are well controlled and applied consistently from period to period. These estimates and assumptions, which may materially affect the reported amounts of certain assets, liabilities, revenues and expenses, are based on information available as of the date of the financial statements, and changes in this information over time and the use of revised estimates and assumptions could materially affect amounts reported in subsequent financial statements. Specific areas, among others, requiring the application of management’s estimates include determination of the allowance for credit losses, acquisition accounting and purchased loans, intangible assets and impairment testing, other fair value measurements and contingent liabilities.

Adoption of New Accounting Pronouncement

On January 1, 2023, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2022-02, “Troubled Debt Restructurings and Vintage Disclosures”. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings (“TDRs”) in ASC 310-40, Receivables – Troubled Debt Restructurings by Creditors, and introduces new disclosures related to modifications with borrowers that are experiencing financial difficulties. ASU 2022-02 also requires the disclosure of current-period gross write-offs by year of origination for financing receivables held at amortized cost. Upon adoption, the Company eliminated the separate allowance for credit loss estimation process for loans classified as TDRs. The adoption did not have a material impact to the consolidated financial statements. For additional information on the loans modified for borrowers in financial difficulty and for the disclosure of current-period gross write-offs by year of origination, see “Note 4 – Loans.”

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Note 2 – Earnings per Share

Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the period.

For the three and six months ended June 30, 2023, options to purchase shares of the Company’s common stock totaling 400,998 and 368,169, respectively, were anti-dilutive. For the three and six months ended June 30, 2022, 1,505 options to purchase shares of the Company's common stock were anti-dilutive.


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands, except per share data)	2023		2022		2023		2022
Basic earnings per share
Net income	$	31,249	$	32,755	$	43,076	$	53,343
Average common shares outstanding	85,022		61,409		82,600		61,269
Net income per share	$	0.37	$	0.53	$	0.52	$	0.87

Diluted earnings per share
Net income	$	31,249	$	32,755	$	43,076	$	53,343
Average common shares outstanding	85,022		61,409		82,600		61,269
Add: Dilutive effect of employee restricted stock and stock options	514		514		660		549
Average diluted shares outstanding	85,536		61,923		83,260		61,818
Net income per share	$	0.37	$	0.53	$	0.52	$	0.86
Net income has not been allocated to unvested restricted stock awards that are participating securities because the amounts that would be allocated are not material to net income per share of common stock. Unvested restricted stock awards that are participating securities represent less than one percent of all of the outstanding shares of common stock for each of the periods presented.

Note 3 – Securities

The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at June 30, 2023 and December 31, 2022 are summarized as follows:


	June 30, 2023
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Debt Securities
U.S. Treasury securities and obligations of U.S. government agencies	$	41,283	$	188	$	(497)	$	40,974
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	1,623,932		301		(230,690)		1,393,543
Private mortgage-backed securities and collateralized mortgage obligations	143,008		15		(13,352)		129,671
Collateralized loan obligations	310,516		—		(7,204)		303,312
Obligations of state and political subdivisions	21,956		2		(1,506)		20,452
Other debt securities	27,991		415		(127)		28,279
Totals	$	2,168,686	$	921	$	(253,376)	$	1,916,231

Held-to-Maturity Debt Securities
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	707,812	$	—	$	(130,226)	$	577,586
Totals	$	707,812	$	—	$	(130,226)	$	577,586

Table of Content s


	December 31, 2022
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Debt Securities
U.S. Treasury securities and obligations of U.S. government agencies	$	13,813	$	173	$	(339)	$	13,647
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	1,561,197		539		(223,083)		1,338,653
Private mortgage-backed securities and collateralized mortgage obligations	179,148		70		(12,831)		166,387
Collateralized loan obligations	313,155		—		(10,251)		302,904
Obligations of state and political subdivisions	29,350		122		(1,731)		27,741
Other debt securities	22,640		197		(427)		22,410
Totals	$	2,119,303	$	1,101	$	(248,662)	$	1,871,742

Held-to-Maturity Debt Securities
Mortgage-backed securities and collatera