Held to Maturity Debt Securities (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Investment Securities Held to Maturity |
The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities at December 31, 2022 and 2021 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2022 | | | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | | | Fair value | | Agency obligations | $ | 9,997 | | | — | | | (1,033) | | | | | 8,964 | | | | | | | | | | | | | State and municipal obligations | 366,164 | | | 268 | | | (13,015) | | | | | 353,417 | | | Corporate obligations | 11,789 | | | 1 | | | (703) | | | | | 11,087 | | | $ | 387,950 | | | 269 | | | (14,751) | | | | | 373,468 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2021 | | | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | | | Fair value | | Agency obligations | $ | 9,996 | | | — | | | (175) | | | | | 9,821 | | | Mortgage-backed securities | 21 | | | — | | | — | | | | | 21 | | | State and municipal obligations | 415,724 | | | 14,463 | | | (635) | | | | | 429,552 | | | Corporate obligations | 10,448 | | | 19 | | | (152) | | | | | 10,315 | | | $ | 436,189 | | | 14,482 | | | (962) | | | | | 449,709 | |
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| Investments Classified by Contractual Maturity Date |
The amortized cost and fair value of held to maturity debt securities at December 31, 2022 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. | | | | | | | | | | | | | | 2022 | | | Amortized cost | | Fair value | | Due in one year or less | $ | 20,280 | | | 20,188 | | | Due after one year through five years | 153,915 | | | 151,104 | | | Due after five years through ten years | 173,389 | | | 168,040 | | | Due after ten years | 40,366 | | | 34,136 | | | $ | 387,950 | | | 373,468 | |
The amortized cost and fair value of available for sale debt securities at December 31, 2022, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. | | | | | | | | | | | | | | 2022 | | | Amortized cost | | Fair value | | Due in one year or less | $ | — | | | — | | | Due after one year through five years | 194,949 | | | 176,459 | | | Due after five years through ten years | 125,582 | | | 109,597 | | | Due after ten years | 63,335 | | | 52,732 | | | $ | 383,866 | | | 338,788 | |
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| Amortized Cost of held To Maturity Debt Securities by Year of Originations and Credit Rating |
The following table provides the amortized cost of held to maturity debt securities by credit rating as of December 31, 2022 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | Total Portfolio | | AAA | | AA | | A | | BBB | | Not Rated | | Total | | Agency obligations | | $ | 9,997 | | | — | | | — | | | — | | | — | | | 9,997 | | | | | | | | | | | | | | | | State and municipal obligations | | 48,453 | | | 171,934 | | | 143,829 | | | 770 | | | 1,178 | | | 366,164 | | | Corporate obligations | | 507 | | | 3,592 | | | 7,415 | | | — | | | 275 | | | 11,789 | | | | $ | 58,957 | | | 175,526 | | | 151,244 | | | 770 | | | 1,453 | | | 387,950 | | | | | | | | | | | | | | | | | December 31, 2021 | | Total Portfolio | | AAA | | AA | | A | | BBB | | Not Rated | | Total | | Agency obligations | | $ | 9,996 | | | — | | | — | | | — | | | — | | | 9,996 | | | Mortgage-backed securities | | 21 | | | — | | | — | | | — | | | — | | | 21 | | | State and municipal obligations | | 54,583 | | | 314,396 | | | 44,392 | | | 945 | | | 1,408 | | | 415,724 | | | Corporate obligations | | 510 | | | 2,634 | | | 7,279 | | | — | | | 25 | | | 10,448 | | | | $ | 65,110 | | | 317,030 | | | 51,671 | | | 945 | | | 1,433 | | | 436,189 | | | | | | | | | | | | | | |
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