Amortized Cost and Fair Value of Securities Available-for-Sale

The amortized cost and fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows.


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value
December 31, 2022
Available-for-sale securities
U.S. Government-sponsored entities	$	123,196	$	—	$	(16,790	)	$	—	$	106,406
U.S. Treasury securities		257,690	—			(25,532	)	—			232,158
Mortgage-backed securities
Government-sponsored residential mortgage-backed securities		560,776	—			(62,170	)	—			498,606
Private label residential mortgage-backed securities		190,889		17		(27,346	)	—			163,560
Corporate		56,642	—			(4,268	)	—			52,374
Small Business Administration loan pools		12,915	—			(734	)	—			12,181
State and political subdivisions		130,311		55		(11,261	)	—			119,105
	$	1,332,419	$	72	$	(148,101	)	$	—	$	1,184,390
December 31, 2021
Available-for-sale securities
U.S. Government-sponsored entities	$	124,898	$	13	$	(1,504	)	$	—	$	123,407
U.S. Treasury securities		157,289	—			(1,687	)	—			155,602
Mortgage-backed securities
Government-sponsored residential mortgage-backed securities		661,584		10,215		(6,912	)	—			664,887
Private label residential mortgage-backed securities		173,717	—			(2,029	)	—			171,688
Corporate		52,555		1,437		(215	)	—			53,777
Small Business Administration loan pools		16,568		13		(106	)	—			16,475
State and political subdivisions		138,404		3,618		(416	)	—			141,606
	$	1,325,015	$	15,296	$	(12,869	)	$	—	$	1,327,442

Fair Value and Amortized Cost of Debt Securities by Contractual Maturity

The fair value and amortized cost of debt securities at December 31, 2022, by contractual maturity, is shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately.


	Available-for-Sale				Held-to-Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	4,996	$	4,958	$	—	$	—
One to five years		328,197		298,158		—		—
Five to ten years		177,525		157,934		—		—
After ten years		70,036		61,174		840		865
Mortgage-backed securities		751,665		662,166		1,108		1,108
Total debt securities	$	1,332,419	$	1,184,390	$	1,948	$	1,973

Summary of Various Investment Balances and Method of Accounting

The Company also invests in several other investments, including investments in stocks and partnerships, which are included in other assets. The following table shows the various investment balances and method of accounting at December 31, 2022 and 2021.


	December 31, 2022		December 31, 2021
Investments in stocks
Accounted for at fair value through net income	$	570	$	644
Accounted for at amortized cost assessed for impairment		1,398		223
Total investments in stocks		1,968		867
Investments in partnerships
Accounted for at equity method		1,816		924
Accounted for at hypothetical liquidation book value		980		2,223
Accounted for at proportional amortization		19,794		21,390
Total investments in partnerships		22,590		24,537
Total other investments	$	24,558	$	25,404

Summary of Gross Unrealized Losses and Fair Value of Securities

The following tables show gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2022 and 2021.


	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
December 31, 2022
Available-for-sale securities
U.S. Government-sponsored entities	$	3,936	$	(913	)	$	102,470	$	(15,877	)	$	106,406	$	(16,790	)
U.S. Treasury securities		92,896		(6,866	)		139,262		(18,666	)		232,158		(25,532	)
Mortgage-backed securities
Government-sponsored residential mortgage-backed securities		203,416		(15,511	)		295,190		(46,659	)		498,606		(62,170	)
Private label residential mortgage-backed securities		43,610		(7,227	)		116,410		(20,119	)		160,020		(27,346	)
Corporate		48,199		(3,443	)		4,175		(825	)		52,374		(4,268	)
Small Business Administration loan pools		7,676		(60	)		4,505		(674	)		12,181		(734	)
State and political subdivisions		88,713		(5,463	)		19,671		(5,798	)		108,384		(11,261	)
Total temporarily impaired securities	$	488,446	$	(39,483	)	$	681,683	$	(108,618	)	$	1,170,129	$	(148,101	)
December 31, 2021
Available-for-sale securities
U.S. Government-sponsored entities	$	117,618	$	(1,504	)	$	—	$	—		$	117,618	$	(1,504	)
U.S. Treasury securities		155,602		(1,687	)		—		—			155,602		(1,687	)
Mortgage-backed securities
Government-sponsored residential mortgage-backed securities		378,057		(6,860	)		2,868		(52	)		380,925		(6,912	)
Private label residential mortgage-backed securities		159,381		(1,978	)		2,208		(51	)		161,589		(2,029	)
Corporate		4,785		(215	)		—		—			4,785		(215	)
Small Business Administration loan pools		15,459		(106	)		—		—			15,459		(106	)
State and political subdivisions		28,443		(416	)		—		—			28,443		(416	)
Total temporarily impaired securities	$	859,345	$	(12,766	)	$	5,076	$	(103	)	$	864,421	$	(12,869	)