Investment in Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Securities

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

	March 31, 2024
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
State and political subdivisions	$	227,068	$	6	$	(17,370)	$	209,704
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	208,586		—		(32,218)		176,368
Corporate bonds	119,048		27		(9,162)		109,913
Treasury securities	84,922		—		(400)		84,522
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	42,201		—		(779)		41,422
Total	$	681,825	$	33	$	(59,929)	$	621,929

	December 31, 2023
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
State and political subdivisions	$	235,297	$	4	$	(16,266)	$	219,035
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	188,307		—		(30,508)		157,799
Corporate bonds	111,109		—		(8,769)		102,340
Treasury securities	109,836		—		(1,115)		108,721
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	40,368		—		(1,146)		39,222
Total	$	684,917	$	4	$	(57,804)	$	627,117

Schedule of Unrealized Loss on Investments

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

	March 31, 2024
	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	$	26,244	$	164	$	175,899	$	17,206	$	202,143	$	17,370
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	29,086		92		147,282		32,126		176,368		32,218
Corporate bonds	12,600		401		82,269		8,761		94,869		9,162
Treasury securities	—		—		84,522		400		84,522		400
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	—		—		41,422		779		41,422		779
Total	$	67,930	$	657	$	531,394	$	59,272	$	599,324	$	59,929

	December 31, 2023
	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	$	63,198	$	220	$	152,854	$	16,046	$	216,052	$	16,266
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	—		—		157,799		30,508		157,799		30,508
Corporate bonds	19,545		455		82,795		8,314		102,340		8,769
Treasury securities	—		—		108,721		1,115		108,721		1,115
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	—		—		39,222		1,146		39,222		1,146
Total	$	82,743	$	675	$	541,391	$	57,129	$	624,134	$	57,804

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.

	March 31, 2024
(In thousands)	Amortized Cost		Fair Value
Due in 1 year or less	$	199,175	$	197,437
Due after 1 year through 5 years	94,092		92,440
Due after 5 years through 10 years	208,628		183,284
Due after 10 years	179,930		148,768
Total	$	681,825	$	621,929