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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
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:
 20232022
 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$3,565 $47 $(147)$3,465 $4,127 $37 $(181)$3,983 
Mortgage-Backed Securities – Commercial512,979 4,935 (52,521)465,393 324,306 — (52,890)271,416 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential559,769 3,052 (68,222)494,599 527,777 59 (78,847)448,989 
Other Government-Sponsored Enterprises1,000 — (85)915 1,000 — (118)882 
Obligations of States and Political Subdivisions9,226 (1,027)8,202 9,482 — (1,295)8,187 
Corporate Securities51,886 145 (3,619)48,412 32,010 179 (2,985)29,204 
Total Securities Available for Sale$1,138,425 $8,182 $(125,621)$1,020,986 $898,702 $275 $(136,316)$762,661 
 
Debt Securities, Available-for-Sale
The amortized cost and estimated fair value of debt securities available for sale at December 31, 2023, by contractual maturity, are shown below:
Amortized
Cost
Estimated
Fair Value
 (dollars in thousands)
Due within 1 year$6,255 $6,246 
Due after 1 but within 5 years9,796 9,654 
Due after 5 but within 10 years46,061 41,629 
Due after 10 years— — 
62,112 57,529 
Mortgage-Backed Securities (a)1,076,313 963,457 
Total Debt Securities$1,138,425 $1,020,986 
(a)Mortgage Backed Securities include an amortized cost of $516.5 million and a fair value of $468.9 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $559.8 million and a fair value of $494.6 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 $516.5 million and a fair value of $468.9 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $559.8 million and a fair value of $494.6 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, 2023, 2022 and 2021.  
Held-to-maturity Securities
Below is an analysis of the amortized cost and fair values of debt securities held to maturity at December 31:
 20232022
 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$1,781 $— $(175)$1,606 $2,008 $— $(224)$1,784 
Mortgage-Backed Securities – Commercial69,502 — (14,435)55,067 75,229 — (14,196)61,033 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential296,432 — (47,148)249,284 329,267 — (53,002)276,265 
Mortgage-Backed Securities – Commercial2,190 — (30)2,160 4,794 — (129)4,665 
Other Government-Sponsored Enterprises22,543 — (4,178)18,365 22,221 — (4,501)17,720 
Obligations of States and Political Subdivisions25,561 — (2,412)23,149 26,643 — (2,865)23,778 
Debt Securities Issued by Foreign Governments1,000 — (36)964 1,000 — (40)960 
Total Securities Held to Maturity$419,009 $— $(68,414)$350,595 $461,162 $— $(74,957)$386,205 
 
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of debt securities held to maturity at December 31, 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$660 $658 
Due after 1 but within 5 years12,373 11,772 
Due after 5 but within 10 years35,508 29,595 
Due after 10 years563 453 
49,104 42,478 
Mortgage-Backed Securities (a)369,905 308,117 
Total Debt Securities$419,009 $350,595 
(a)Mortgage Backed Securities include an amortized cost of $71.3 million and a fair value of $56.7 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $298.6 million and a fair value of $251.4 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, 2023 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$— $— $3,395 $(322)$3,395 $(322)
Mortgage-Backed Securities – Commercial— — 300,642 (66,956)300,642 (66,956)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential1,124 (3)643,735 (115,367)644,859 (115,370)
Mortgage-Backed Securities – Commercial— — 2,160 (30)2,160 (30)
Other Government-Sponsored Enterprises— — 19,280 (4,263)19,280 (4,263)
Obligations of States and Political Subdivisions2,641 (62)26,887 (3,377)29,528 (3,439)
Debt Securities Issued by Foreign Governments199 (1)765 (35)964 (36)
Corporate Securities11,416 (45)21,426 (3,574)32,842 (3,619)
Total Securities$15,380 $(111)$1,018,290 $(193,924)$1,033,670 $(194,035)
The following table presents the gross unrealized losses and estimated fair value at December 31, 2022 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 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)