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Investment Securities | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Note 4 -- Investment Securities The amortized cost, gross unrealized gains and losses and estimated fair values for available-for-sale and held-to-maturity securities by major security type at December 31, 2023 and 2022 were as follows (in thousands):
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |
|  | Cost |  |  | Gains |  |  | (Losses) |  |  | Fair Value |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 237,875 |  |  | $ | — |  |  | $ | (26,219 | ) |  | $ | 211,656 |
Obligations of states and political subdivisions |  |  | 337,835 |  |  |  | 152 |  |  |  | (49,371 | ) |  |  | 288,616 |
Mortgage-backed securities: GSE residential |  |  | 714,216 |  |  |  | 1,158 |  |  |  | (113,074 | ) |  |  | 602,300 |
Other securities |  |  | 73,795 |  |  |  | — |  |  |  | (4,795 | ) |  |  | 69,000 |
Total available-for-sale |  | $ | 1,363,721 |  |  | $ | 1,310 |  |  | $ | (193,459 | ) |  | $ | 1,171,572 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Other securities |  | $ | 2,286 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,286 |
Total held-to-maturity |  | $ | 2,286 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,286 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 252,934 |  |  | $ | — |  |  | $ | (32,407 | ) |  | $ | 220,527 |
Obligations of states and political subdivisions |  |  | 347,409 |  |  |  | 134 |  |  |  | (59,845 | ) |  |  | 287,698 |
Mortgage-backed securities: GSE residential |  |  | 744,636 |  |  |  | 3 |  |  |  | (116,759 | ) |  |  | 627,880 |
Other securities |  |  | 87,393 |  |  |  | 6 |  |  |  | (4,519 | ) |  |  | 82,880 |
Total available-for-sale |  | $ | 1,432,372 |  |  | $ | 143 |  |  | $ | (213,530 | ) |  | $ | 1,218,985 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Other securities |  | $ | 2,954 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,954 |
Total held-to-maturity |  | $ | 2,954 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,954 |
The Company also had $4.1 million and $311,000 of equity securities, at fair value, as of December 31, 2023 and 2022, respectively. All the Company's held-to-maturity securities are government agency-backed securities for which the risk of loss is minimal. As such, as of December 31, 2023, the Company did not record an allowance for credit losses on its held-to-maturity securities. Proceeds from sales of available-for-sale investment securities, realized gains and losses and income tax expense were as follows during the years ended December 31, 2023, 2022, and 2021 (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Proceeds from sales |  | $ | 343,610 |  |  | $ | 36,257 |  |  | $ | 611 |
Gross gains |  |  | 4,381 |  |  |  | 202 |  |  |  | 124 |
Gross losses |  |  | (998 | ) |  |  | (169 | ) |  |  | — |
Income tax expense |  |  | 981 |  |  |  | (10 | ) |  |  | 36 |
The following table indicates the expected maturities of investment securities classified as available-for-sale presented at fair value, and held-to-maturity presented at amortized cost at December 31, 2023 and the weighted average yield for each range of maturities (dollars in thousands):
|  | One |  |  | After 1 |  |  | After 5 |  |  |  |  |  |  |
|  | year or |  |  | through |  |  | through |  |  | After |  |  |  |
|  | less |  |  | 5 years |  |  | 10 years |  |  | ten years |  |  | Total |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 185,981 |  |  | $ | 25,675 |  |  | $ | — |  |  | $ | — |  |  | $ | 211,656 |
Obligations of state and political subdivisions |  |  | 20,879 |  |  |  | 97,328 |  |  |  | 169,111 |  |  |  | 1,298 |  |  |  | 288,616 |
Mortgage-backed securities: GSE residential |  |  | 10 |  |  |  | 8,566 |  |  |  | 34,995 |  |  |  | 558,729 |  |  |  | 602,300 |
Other securities |  |  | 21,876 |  |  |  | 46,392 |  |  |  | 732 |  |  |  | — |  |  |  | 69,000 |
Total available-for-sale |  | $ | 228,746 |  |  | $ | 177,961 |  |  | $ | 204,838 |  |  | $ | 560,027 |  |  | $ | 1,171,572 |
Weighted average yield |  |  | 1.67 | % |  |  | 2.70 | % |  |  | 2.25 | % |  |  | 1.82 | % |  |  | 2.00 | %
Full tax equivalent yield |  |  | 1.68 | % |  |  | 2.70 | % |  |  | 2.24 | % |  |  | 1.83 | % |  |  | 2.00 | %
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,286 |  |  | $ | 2,286 |
Total held-to-maturity |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,286 |  |  | $ | 2,286 |
Weighted average yield |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | %
Full tax equivalent yield |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | %
The weighted average yields are calculated on the basis of the amortized cost and effective yields weighted for the scheduled maturity of each security. Tax equivalent yields have been calculated using a 21% tax rate. With the exception of obligations of the U.S. Treasury and other U.S. government agencies and corporations, there were no investment securities of any single issuer, the book value of which exceeded 10% of stockholders' equity at December 31, 2023. Investment securities carried at approximately $831 million and $770 million at December 31, 2023 and 2022, respectively, were pledged to secure public deposits and repurchase agreements and for other purposes as permitted or required by law. The following table presents the aging of gross unrealized losses and fair value by investment category as of December 31, 2023 and 2022 (in thousands):
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 1,288 |  |  | $ | (4 | ) |  | $ | 210,069 |  |  | $ | (26,215 | ) |  | $ | 211,357 |  |  | $ | (26,219 | )
Obligations of states and political subdivisions |  |  | 22,281 |  |  |  | (333 | ) |  |  | 241,630 |  |  |  | (49,038 | ) |  |  | 263,911 |  |  |  | (49,371 | )
Mortgage-backed securities: GSE residential |  |  | 5,818 |  |  |  | (67 | ) |  |  | 566,197 |  |  |  | (113,007 | ) |  |  | 572,015 |  |  |  | (113,074 | )
Other securities |  |  | 5,311 |  |  |  | (439 | ) |  |  | 57,939 |  |  |  | (4,356 | ) |  |  | 63,250 |  |  |  | (4,795 | )
Total |  | $ | 34,698 |  |  | $ | (843 | ) |  | $ | 1,075,835 |  |  | $ | (192,616 | ) |  | $ | 1,110,533 |  |  | $ | (193,459 | )
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 57,007 |  |  | $ | (3,493 | ) |  | $ | 163,520 |  |  | $ | (28,914 | ) |  | $ | 220,527 |  |  | $ | (32,407 | )
Obligations of states and political subdivisions |  |  | 220,102 |  |  |  | (43,221 | ) |  |  | 45,419 |  |  |  | (16,624 | ) |  |  | 265,521 |  |  |  | (59,845 | )
Mortgage-backed securities: GSE residential |  |  | 165,966 |  |  |  | (19,859 | ) |  |  | 461,446 |  |  |  | (96,900 | ) |  |  | 627,412 |  |  |  | (116,759 | )
Other securities |  |  | 64,676 |  |  |  | (3,675 | ) |  |  | 6,698 |  |  |  | (844 | ) |  |  | 71,374 |  |  |  | (4,519 | )
Total |  | $ | 507,751 |  |  | $ | (70,248 | ) |  | $ | 677,083 |  |  | $ | (143,282 | ) |  | $ | 1,184,834 |  |  | $ | (213,530 | )
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies. At December 31, 2023, there were thirty-six available-for-sale U.S. Treasury securities and obligations of U.S. government corporations and agencies with a fair value of $210.1 million and unrealized losses of $26.2 million in a continuous unrealized loss position for twelve months or more. At December 31, 2022, there were sixteen available-for-sale securities with a fair value of $163.5 million and unrealized losses of $28.9 million in a continuous unrealized loss position for twelve months or more. There were no held-to-maturity U.S. Treasury securities and obligations of U.S. government corporations and agencies in a continuous unrealized loss position for twelve months or more at December 31, 2023 or 2022. Obligations of states and political subdivisions. At December 31, 2023 there were two hundred thirty-seven obligations of states and political subdivisions with fair value of $241.6 million and unrealized losses of $49.0 million in a continuous unrealized loss position for twelve months or more. At December 31, 2022, there were thirty-six obligations of states and political subdivisions with fair value of $45.4 million and unrealized losses of $16.6 million in a continuous unrealized loss position for twelve months or more. Mortgage-backed Securities: GSE Residential. At December 31, 2023 there were two hundred sixty-three mortgage-backed securities with a fair value of $566.2 million and unrealized losses of $113.0 million in a continuous unrealized loss position for twelve months or more. At December 31, 2022, there were ninety-one mortgage-backed security with a fair value of $461.4 million and unrealized losses of $96.9 million in a continuous unrealized loss position for twelve months or more. Other securities. At December 31, 2023 there were forty-three other securities with fair value of $57.9 million and unrealized losses of $4.4 million in a continuous unrealized loss position for twelve months or more. At December 31, 2022 there were five other securities with fair value of $6.7 million and unrealized losses of $0.8 million in a continuous unrealized loss position for twelve months or more. Maturities of investment securities were as follows at December 31, 2023 (in thousands):
|  | Amortized |  |  | Estimated |
|  | Cost |  |  | Fair Value |
Available-for-sale: |  |  |  |  |  |
Due in one year or less |  | $ | 254,176 |  |  | $ | 228,736 |
Due after one-five years |  |  | 188,169 |  |  |  | 169,395 |
Due after five-ten years |  |  | 205,900 |  |  |  | 169,843 |
Due after ten years |  |  | 1,260 |  |  |  | 1,298 |
|  |  | 649,505 |  |  |  | 569,272 |
Mortgage-backed securities: GSE residential |  |  | 714,216 |  |  |  | 602,300 |
Total available-for-sale |  | $ | 1,363,721 |  |  | $ | 1,171,572 |
Held-to-maturity: |  |  |  |  |  |
Due after ten years |  |  | 2,286 |  |  |  | 2,286 |
Total held-to-maturity |  | $ | 2,286 |  |  | $ | 2,286 |
Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

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