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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]    
Schedule of Available-for-Sale Securities Reconciliation
Below is an analysis of the amortized cost and fair values of securities available for sale at December 31:
 20222021
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential$4,127 $37 $(181)$3,983 $5,242 $420 $— $5,662 
Mortgage-Backed Securities – Commercial324,306 — (52,890)271,416 365,024 1,725 (4,459)362,290 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential527,777 59 (78,847)448,989 632,687 6,308 (9,021)629,974 
Other Government-Sponsored Enterprises1,000 — (118)882 1,000 — (19)981 
Obligations of States and Political Subdivisions9,482 — (1,295)8,187 9,538 89 (103)9,524 
Corporate Securities32,010 179 (2,985)29,204 32,088 973 (112)32,949 
Total Securities Available for Sale$898,702 $275 $(136,316)$762,661 $1,045,579 $9,515 $(13,714)$1,041,380 
 
Debt Securities, Available-for-Sale
The amortized cost and estimated fair value of debt securities available for sale at December 31, 2022, by contractual maturity, are shown below:
Amortized
Cost
Estimated
Fair Value
 (dollars in thousands)
Due within 1 year$5,001 $4,997 
Due after 1 but within 5 years8,881 8,654 
Due after 5 but within 10 years28,610 24,622 
Due after 10 years— — 
42,492 38,273 
Mortgage-Backed Securities (a)856,210 724,388 
Total Debt Securities$898,702 $762,661 
(a)Mortgage Backed Securities include an amortized cost of $328.4 million and a fair value of $275.4 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $527.8 million and a fair value of $449.0 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.
 
Proceeds from Sale, Gross Gains (Losses) Realized on Sales, Maturities and Other-Than-Temporary Impairment Charges Related to Securities Available for Sale Mortgage Backed Securities include an amortized cost of $328.4 million and a fair value of $275.4 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $527.8 million and a fair value of $449.0 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.  
Cumulative Roll Forward of Credit Losses Recognized in Earnings for Debt Securities Held and Not Intended to be Sold There was no expected credit related impairment recognized on investment securities during the twelve months ended December 31, 2022, 2021 and 2020.  
Held-to-maturity Securities
Below is an analysis of the amortized cost and fair values of debt securities held to maturity at December 31:
 20222021
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential$2,008 $— $(224)$1,784 $2,409 $101 $— $2,510 
Mortgage-Backed Securities – Commercial75,229 — (14,196)61,033 91,439 305 (1,939)89,805 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential329,267 — (53,002)276,265 387,848 2,800 (5,758)384,890 
Mortgage-Backed Securities – Commercial4,794 — (129)4,665 7,309 148 — 7,457 
Other Government-Sponsored Enterprises22,221 — (4,501)17,720 21,904 — (625)21,279 
Obligations of States and Political Subdivisions26,643 — (2,865)23,778 29,402 414 (103)29,713 
Debt Securities Issued by Foreign Governments1,000 — (40)960 1,000 — (3)997 
Total Securities Held to Maturity$461,162 $— $(74,957)$386,205 $541,311 $3,768 $(8,428)$536,651 
 
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of debt securities held to maturity at December 31, 2022, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties.
Amortized
Cost
Estimated
Fair Value
 (dollars in thousands)
Due within 1 year$1,145 $1,143 
Due after 1 but within 5 years9,819 9,315 
Due after 5 but within 10 years38,337 31,570 
Due after 10 years563 430 
49,864 42,458 
Mortgage-Backed Securities (a)411,298 343,747 
Total Debt Securities$461,162 $386,205 
(a)Mortgage Backed Securities include an amortized cost of $77.2 million and a fair value of $62.8 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $334.1 million and a fair value of $280.9 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.
 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The following table presents the gross unrealized losses and estimated fair values at December 31, 2022 for available for sale securities for which an allowance for credit losses has not been recorded and held to maturity securities by investment category and time frame for which the securities have been in a continuous unrealized loss position:
 Less Than 12 Months12 Months or MoreTotal
 Estimated
Fair Value
Gross
Unrealized
Losses
Estimated
Fair Value
Gross
Unrealized
Losses
Estimated
Fair Value
Gross
Unrealized
Losses
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential$3,734 $(405)$— $— $3,734 $(405)
Mortgage-Backed Securities – Commercial92,208 (12,364)240,241 (54,722)332,449 (67,086)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential239,760 (21,543)482,195 (110,306)721,955 (131,849)
Mortgage-Backed Securities – Commercial4,666 (129)— — 4,666 (129)
Other Government-Sponsored Enterprises— — 18,603 (4,619)18,603 (4,619)
Obligations of States and Political Subdivisions21,234 (1,979)9,230 (2,181)30,464 (4,160)
Debt Securities Issued by Foreign Governments587 (13)373 (27)960 (40)
Corporate Securities14,406 (590)12,632 (2,395)27,038 (2,985)
Total Securities$376,595 $(37,023)$763,274 $(174,250)$1,139,869 $(211,273)
The following table presents the gross unrealized losses and estimated fair value at December 31, 2021 for both available for sale and held to maturity securities by investment category and time frame for which the securities had been in a continuous unrealized loss position: 
 Less Than 12 Months 12 Months or More Total
 Estimated
Fair Value
Gross
Unrealized
Losses
 Estimated
Fair Value
Gross
Unrealized
Losses
 Estimated
Fair Value
Gross
Unrealized
Losses
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Commercial$320,414 $(6,398)$— $— $320,414 $(6,398)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential658,965 (14,779)— — 658,965 (14,779)
Other Government-Sponsored Enterprises22,261 (644)— —   22,261 (644)
Obligations of States and Political Subdivisions11,213 (206)— — 11,213 (206)
Debt Securities Issued by Foreign Governments997 (3)— — 997 (3)
Corporate Securities19,013 (112)— —   19,013 (112)
Total Securities$1,032,863 $(22,142)$— $— $1,032,863 $(22,142)