| Investments in Securities |
Investment in Securities Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company’s investment securities available-for-sale are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include “observable inputs” rather than “significant unobservable inputs” and therefore fall into the Level 2 category. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2023 | | (In thousands) | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair
Value | | State and political subdivisions | $ | 247,798 | | | $ | 52 | | | $ | 17,568 | | | $ | 230,282 | | | Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises | 201,094 | | | — | | | 29,554 | | | 171,540 | | | Corporate bonds | 111,290 | | | 19 | | | 9,643 | | | 101,666 | | | Treasury securities | 159,244 | | | — | | | 2,769 | | | 156,475 | | | Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises | 45,048 | | | — | | | 1,974 | | | 43,074 | | | Total | $ | 764,474 | | | $ | 71 | | | $ | 61,508 | | | $ | 703,037 | |
| | | | | | | | | | | | | | | | | | | | | | | | | 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 | |
The fair values of securities with unrealized losses are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 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 | $ | 80,551 | | | $ | 387 | | | $ | 114,603 | | | $ | 17,181 | | | $ | 195,154 | | | $ | 17,568 | | | Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises | 12,346 | | | 443 | | | 159,194 | | | 29,111 | | | 171,540 | | | 29,554 | | | Corporate bonds | 5,000 | | | — | | | 81,647 | | | 9,643 | | | 86,647 | | | 9,643 | | | Treasury securities | 156,474 | | | 2,769 | | | — | | | — | | | 156,474 | | | 2,769 | | | Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises | — | | | — | | | 43,075 | | | 1,974 | | | 43,075 | | | 1,974 | | | Total | $ | 254,371 | | | $ | 3,599 | | | $ | 398,519 | | | $ | 57,909 | | | $ | 652,890 | | | $ | 61,508 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | |
There were 250 securities, or 86.8% (176 of which for greater than 12 months), in an unrealized loss position as of March 31, 2023. The unrealized losses at March 31, 2023 were primarily attributable to changes in market interest rates after the securities were purchased. The Company does not currently intend to sell and, based on current conditions, the Company does not believe it will be required to sell these available-for-sale securities before the recovery of the amortized cost basis, which may be the maturity dates of the securities. Therefore, the unrealized losses are recorded in accumulated other comprehensive loss. There were 311 securities, or 29.8% (101 of which for greater than 12 months), in an unrealized loss position as of December 31, 2022. At March 31, 2023 and December 31, 2022, the Company had not recorded an allowance for credit losses on securities. 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, 2023 | | (In thousands) | Amortized Cost | | Fair Value | Due in 1 year or less | $ | 86,522 | | | $ | 85,645 | | Due after 1 year through 5 years | 221,691 | | | 218,313 | | Due after 5 years through 10 years | 205,475 | | | 182,676 | | Due after 10 years | 250,786 | | | 216,403 | | | Total | $ | 764,474 | | | $ | 703,037 | |
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