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Securities
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Securities Securities
(In Thousands, Except Number of Securities)

The amortized cost and fair value of securities available for sale were as follows as of the dates presented in the tables below.

There was no allowance for credit losses allocated to any of the Company’s available for sale securities as of March 31, 2023 or December 31, 2022.
 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
March 31, 2023
Obligations of other U.S. Government agencies and corporations$170,000 $— $(4,110)$165,890 
Obligations of states and political subdivisions149,646 377 (6,866)143,157 
Residential mortgage backed securities:
Government agency mortgage backed securities487,834 77 (45,812)442,099 
Government agency collateralized mortgage obligations589,560 — (95,044)494,516 
Commercial mortgage backed securities:
Government agency mortgage backed securities11,128 — (900)10,228 
Government agency collateralized mortgage obligations207,032 — (24,236)182,796 
Other debt securities73,051 15 (3,845)69,221 
$1,688,251 $469 $(180,813)$1,507,907 
 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2022
Obligations of other U.S. Government agencies and corporations$170,000 $— $(5,340)$164,660 
Obligations of states and political subdivisions154,066 204 (9,368)144,902 
Residential mortgage backed securities:
Government agency mortgage backed securities508,415 37 (52,036)456,416 
Government agency collateralized mortgage obligations605,033 — (103,864)501,169 
Commercial mortgage backed securities:
Government agency mortgage backed securities11,166 — (1,053)10,113 
Government agency collateralized mortgage obligations211,435 — (25,589)185,846 
Other debt securities74,885 — (4,049)70,836 
$1,735,000 $241 $(201,299)$1,533,942 
The amortized cost and fair value of securities held to maturity were as follows as of the dates presented:
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
March 31, 2023
Obligations of states and political subdivisions$290,983 $91 $(38,774)$252,300 
Residential mortgage backed securities
Government agency mortgage backed securities470,833 — (19,656)451,177 
Government agency collateralized mortgage obligations415,243 — (25,330)389,913 
Commercial mortgage backed securities:
Government agency mortgage backed securities17,001 — (2,931)14,070 
Government agency collateralized mortgage obligations45,144 — (6,321)38,823 
Other debt securities61,068 — (3,272)57,796 
$1,300,272 $91 $(96,284)$1,204,079 
Allowance for credit losses - held to maturity securities(32)
Held to maturity securities, net of allowance for credit losses$1,300,240 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2022
Obligations of states and political subdivisions$291,886 $17 $(48,325)$243,578 
Residential mortgage backed securities
Government agency mortgage backed securities483,560 — (24,432)459,128 
Government agency collateralized mortgage obligations423,315 — (30,706)392,609 
Commercial mortgage backed securities:
Government agency mortgage backed securities17,006 — (3,261)13,745 
Government agency collateralized mortgage obligations45,430 — (6,559)38,871 
Other debt securities62,875 — (4,266)58,609 
$1,324,072 $17 $(117,549)$1,206,540 
Allowance for credit losses - held to maturity securities(32)
Held to maturity securities, net of allowance for credit losses$1,324,040 

There were no securities sold during the three months ended March 31, 2023 or 2022.
At March 31, 2023 and December 31, 2022, securities with a carrying value of $879,751 and $824,417, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $15,549 and $18,184 were pledged as collateral for short-term borrowings and derivative instruments at March 31, 2023 and December 31, 2022, respectively.
The amortized cost and fair value of securities at March 31, 2023 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.
 
 Held to MaturityAvailable for Sale
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due within one year$150 $150 $10,205 $10,201 
Due after one year through five years3,323 3,174 231,194 226,806 
Due after five years through ten years63,319 56,205 90,554 85,065 
Due after ten years224,191 192,771 51,463 47,748 
Residential mortgage backed securities:
Government agency mortgage backed securities470,833 451,177 487,834 442,099 
Government agency collateralized mortgage obligations415,243 389,913 589,560 494,516 
Commercial mortgage backed securities:
Government agency mortgage backed securities17,001 14,070 11,128 10,228 
Government agency collateralized mortgage obligations45,144 38,823 207,032 182,796 
Other debt securities61,068 57,796 9,281 8,448 
$1,300,272 $1,204,079 $1,688,251 $1,507,907 
The following tables present the age of gross unrealized losses and fair value by investment category for which an allowance for credit losses has not been recorded as of the dates presented:
 
 Less than 12 Months12 Months or MoreTotal
 #Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses
Available for Sale:
March 31, 2023
Obligations of other U.S. Government agencies and corporations5$165,890 $(4,110)—$— $— 5$165,890 $(4,110)
Obligations of states and political subdivisions3938,653 (248)4181,072 (6,618)80119,725 (6,866)
Residential mortgage backed securities:
Government agency mortgage backed securities63128,869 (4,799)62309,322 (41,013)125438,191 (45,812)
Government agency collateralized mortgage obligations430,958 (728)48463,558 (94,316)52494,516 (95,044)
Commercial mortgage backed securities:
Government agency mortgage backed securities1395 (1)39,833 (899)410,228 (900)
Government agency collateralized mortgage obligations733,579 (836)28149,217 (23,400)35182,796 (24,236)
Other debt securities1535,768 (1,177)923,608 (2,668)2459,376 (3,845)
Total134$434,112 $(11,899)191$1,036,610 $(168,914)325$1,470,722 $(180,813)
December 31, 2022
Obligations of other U.S. Government agencies and corporations5$164,660 $(5,340)—$— $— 5$164,660 $(5,340)
Obligations of states and political subdivisions84$96,939 $(4,869)11$33,038 $(4,499)95$129,977 $(9,368)
Residential mortgage backed securities:
Government agency mortgage backed securities97214,516 (15,115)29237,970 (36,921)126452,486 (52,036)
Government agency collateralized mortgage obligations16109,753 (8,552)36391,416 (95,312)52501,169 (103,864)
Commercial mortgage backed securities:
Government agency mortgage backed securities410,114 (1,053)—— — 410,114 (1,053)
Government agency collateralized mortgage obligations1667,026 (3,828)21118,821 (21,760)37185,847 (25,588)
Other debt securities2563,423 (3,167)17,412 (883)2670,835 (4,050)
Total247$726,431 $(41,924)98$788,657 $(159,375)345$1,515,088 $(201,299)
 Less than 12 Months12 Months or MoreTotal
 #Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses
Held to Maturity:
March 31, 2023
Obligations of states and political subdivisions1$440 $— 127$247,694 $(38,774)128$248,134 $(38,774)
Residential mortgage backed securities:
Government agency mortgage backed securities242,422 (751)68408,755 (18,905)70451,177 (19,656)
Government agency collateralized mortgage obligations251,648 (1,622)16338,265 (23,708)18389,913 (25,330)
Commercial mortgage backed securities:
Government agency mortgage backed securities—— — 114,069 (2,931)114,069 (2,931)
Government agency collateralized mortgage obligations27,656 (623)731,167 (5,698)938,823 (6,321)
Other debt securities123,156 (625)934,639 (2,647)1057,795 (3,272)
Total8$125,322 $(3,621)228$1,074,589 $(92,663)236$1,199,911 $(96,284)
December 31, 2022
Obligations of states and political subdivisions105$191,442 $(35,871)24$49,697 $(12,454)129$241,139 $(48,325)
Residential mortgage backed securities:
Government agency mortgage backed securities894,258 (4,186)62364,870 (20,246)70459,128 (24,432)
Government agency collateralized mortgage obligations498,912 (5,479)14293,698 (25,227)18392,610 (30,706)
Commercial mortgage backed securities:
Government agency mortgage backed securities113,745 (3,261)—— — 113,745 (3,261)
Government agency collateralized mortgage obligations27,651 (626)731,220 (5,933)938,871 (6,559)
Other debt securities242,567 (2,013)816,042 (2,253)1058,609 (4,266)
Total122$448,575 $(51,436)115$755,527 $(66,113)237$1,204,102 $(117,549)
 
The Company evaluates its investment portfolio for impairment related to credit losses on a quarterly basis. Impairment is assessed at the individual security level. The Company considers an investment security impaired if the fair value of the security is less than its cost or amortized cost basis. If the Company intends to sell the investment security or if the Company does not expect to recover the entire amortized cost basis of the security before the Company is required to sell the security or before the security’s maturity, the security is impaired and written down to fair value with all losses recognized in earnings.

The Company does not currently intend to sell any securities in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be at maturity. Furthermore, even though a number of these securities have been in a continuous unrealized loss position for a period longer than twelve months, the Company is collecting principal and interest payments from the respective issuers as scheduled. Based upon its review of securities with unrealized losses as of March 31, 2023, the Company determined that all such losses resulted from factors not deemed credit related. As such, the Company did not record any impairment for the first three months of 2023.

The allowance for credit losses on held to maturity securities was $32 at March 31, 2023 and December 31, 2022. The Company monitors the credit quality of debt securities held to maturity using bond investment grades assigned by third party ratings agencies. Updated investment grades are obtained as they become available from agencies. As of March 31, 2023, 99.99% of the amortized cost of debt securities held to maturity were rated A or higher by the ratings agencies.