Investment Securities (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

The table below presents the balances of securities available-for-sale

measured at fair value on a recurring basis. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of debt and equity securities are summarized as follows:


	December 31, 2022
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
State and political subdivisions	$	317,376	$	54	$	(22,304)	$	295,126
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	205,175		—		(31,236)		173,939
Corporate bonds	96,348		—		(11,251)		85,097
Treasury securities	158,935		—		(3,652)		155,283
Asset backed securities issued or guaranteed by U.S. Government agencies or sponsored enterprises	47,213		—		(2,190)		45,023
Total	$	825,047	$	54	$	(70,633)	$	754,468


	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

Unrealized Gain (Loss) on Investments

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


	December 31, 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	$	214,919	$	8,958	$	47,474	$	13,346	$	262,393	$	22,304
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	53,732		6,135		118,017		25,101		171,749		31,236
Corporate bonds	32,517		3,629		47,580		7,622		80,097		11,251
Treasury securities	155,283		3,652		—		—		155,283		3,652
Asset backed securities issued or guaranteed by U.S. Government agencies or sponsored enterprises	—		—		47,213		2,190		47,213		2,190
Total	$	456,451	$	22,374	$	260,284	$	48,259	$	716,735	$	70,633


	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 debt and equity 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.


	December 31, 2022
(In thousands)	Amortized Cost		Fair Value
Due in 1 year or less	$	65,686	$	65,221
Due after 1 year through 5 years	267,163		261,764
Due after 5 years through 10 years	232,235		205,277
Due after 10 years	259,963		222,206
Total	$	825,047	$	754,468