Investment in Securities (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows:


	September 30, 2022
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
State and political subdivisions	$	326,506	$	18	$	28,078	$	298,446
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	210,111		—		31,978		178,133
Corporate bonds	96,405		—		12,614		83,791
U.S. treasury bonds	158,623		—		3,504		155,119
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	50,136		—		1,836		48,300
Total	$	841,781	$	18	$	78,010	$	763,789


	December 31, 2021
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
State and political subdivisions	$	359,187	$	12,931	$	990	$	371,128
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	170,711		135		2,200		168,646
Corporate bonds	84,538		72		272		84,338
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	49,835		—		494		49,341
Total	$	664,271	$	13,138	$	3,956	$	673,453

Schedule of Unrealized Loss on Investments

The fair values of securities with unrealized losses are as follows:


	September 30, 2022
	Less than 12 months				12 months or more				Total
(In thousands)	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
State and political subdivisions	$	246,743	$	19,158	$	30,025	$	8,920	$	276,768	$	28,078
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	119,478		18,240		58,655		13,738		178,133		31,978
Corporate bonds	72,280		11,075		6,511		1,539		78,791		12,614
U.S. treasury bonds	155,119		3,504		—		—		155,119		3,504
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	48,300		1,836		—		—		48,300		1,836
Total	$	641,920	$	53,813	$	95,191	$	24,197	$	737,111	$	78,010


	December 31, 2021
	Less than 12 months				12 months or more				Total
(In thousands)	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
State and political subdivisions	$	60,083	$	990	$	—	$	—	$	60,083	$	990
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	163,652		2,200		—		—		163,652		2,200
Corporate bonds	55,120		272		—		—		55,120		272
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	49,341		494		—		—		49,341		494
Total	$	328,196	$	3,956	$	—	$	—	$	328,196	$	3,956

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.


	September 30, 2022
(In thousands)	Amortized Cost		Fair Value
Due in 1 year or less	$	65,238	$	64,875
Due after 1 year through 5 years	267,021		260,368
Due after 5 years through 10 years	231,748		203,575
Due after 10 years	277,774		234,971
Total	$	841,781	$	763,789