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Investment Securities (Tables)
6 Months Ended
Jun. 30, 2023
Investment Securities [Abstract]  
Schedule of Available-for-Sale Securities Reconciliation Below is an analysis of the amortized cost and estimated fair values of securities available for sale at:
 June 30, 2023December 31, 2022
 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$3,851 $23 $(167)$3,707 $4,127 $37 $(181)$3,983 
Mortgage-Backed Securities – Commercial337,197 — (57,545)279,652 324,306 — (52,890)271,416 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential496,213 34 (77,025)419,222 527,777 59 (78,847)448,989 
Other Government-Sponsored Enterprises1,000 — (117)883 1,000 — (118)882 
Obligations of States and Political Subdivisions9,231 — (1,217)8,014 9,482 — (1,295)8,187 
Corporate Securities30,417 — (3,786)26,631 32,010 179 (2,985)29,204 
Total Securities Available for Sale$877,909 $57 $(139,857)$738,109 $898,702 $275 $(136,316)$762,661 
Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale
The amortized cost and estimated fair value of debt securities available for sale at June 30, 2023, by contractual maturity, are shown below.
Amortized
Cost
Estimated
Fair Value
 (dollars in thousands)
Due within 1 year$6,253 $6,179 
Due after 1 but within 5 years2,386 2,233 
Due after 5 but within 10 years32,009 27,116 
Due after 10 years— — 
40,648 35,528 
Mortgage-Backed Securities (a)837,261 702,581 
Total Debt Securities$877,909 $738,109 
 
(a)Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $341.0 million and a fair value of $283.4 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $496.2 million and a fair value of $419.2 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac
[1]
Proceeds from Sale, Gross Gains (Losses) Realized on Sales, Maturities and Other-Than-Temporary Impairment Charges Related to Securities Available for Sale Proceeds from sales, gross gains (losses) realized on sales and maturities related to securities held to maturity and securities available for sale were as follows for the six months ended June 30:
20232022
 (dollars in thousands)
Proceeds from sales$30,686 $— 
Gross gains (losses) realized:
Sales transactions:
Gross gains$— $— 
Gross losses— — 
— — 
Maturities
Gross gains— 
Gross losses— — 
— 
Net gains $— $
Debt Securities, Held-to-maturity [Table Text Block] Below is an analysis of the amortized cost and fair values of debt securities held to maturity at:
 June 30, 2023December 31, 2022
 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$1,819 $— $(201)$1,618 $2,008 $— $(224)$1,784 
Mortgage-Backed Securities- Commercial72,274 — (15,641)56,633 75,229 — (14,196)61,033 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential312,326 — (52,201)260,125 329,267 — (53,002)276,265 
Mortgage-Backed Securities – Commercial3,497 — (80)3,417 4,794 — (129)4,665 
Other Government-Sponsored Enterprises22,381 — (4,362)18,019 22,221 — (4,501)17,720 
Obligations of States and Political Subdivisions26,625 — (2,772)23,853 26,643 — (2,865)23,778 
Debt Securities Issued by Foreign Governments1,000 — (50)950 1,000 — (40)960 
Total Securities Held to Maturity$439,922 $— $(75,307)$364,615 $461,162 $— $(74,957)$386,205 
Schedule of Held-to-Maturity Securities by Maturity [Table Text Block]
The amortized cost and estimated fair value of debt securities held to maturity at June 30, 2023, 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 $1,140 
Due after 1 but within 5 years11,814 11,181 
Due after 5 but within 10 years36,484 30,071 
Due after 10 years563 430 
50,006 42,822 
Mortgage-Backed Securities (a)389,916 321,793 
Total Debt Securities$439,922 $364,615 
(a)Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $74.1 million and a fair value of $58.3 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $315.8 million and a fair value of $263.5 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.
Schedule of Temporary Impairment Losses, Investments
The following table presents the gross unrealized losses and estimated fair values at June 30, 2023 for both available for sale and held to maturity securities by investment category and time frame for which 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$315 $(1)$3,483 $(367)$3,798 $(368)
Mortgage-Backed Securities – Commercial24,199 (283)312,085 (72,903)336,284 (73,186)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential11,080 (546)666,343 (128,680)677,423 (129,226)
Mortgage-Backed Securities – Commercial— — 3,418 (80)3,418 (80)
Other Government-Sponsored Enterprises— — 18,902 (4,479)18,902 (4,479)
Obligations of States and Political Subdivisions9,018 (235)22,403 (3,754)31,421 (3,989)
Debt Securities Issued by Foreign Governments198 (3)753 (47)951 (50)
Corporate Securities11,138 (278)15,492 (3,508)26,630 (3,786)
Total Securities$55,948 $(1,346)$1,042,879 $(213,818)$1,098,827 $(215,164)
    
At June 30, 2023, fixed income securities issued by the U.S. Government and U.S. Government-sponsored enterprises comprised 96% of total unrealized losses. All unrealized losses are the result of changes in market interest rates. At June 30, 2023, there are 219 debt securities in an unrealized loss position.
The following table presents the gross unrealized losses and estimated fair values at December 31, 2022 by investment category and the time frame for which 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)
Obligation 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)
[1] Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $74.1 million and a fair value of $58.3 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $315.8 million and a fair value of $263.5 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.