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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2022
Investments [Abstract] |
Amortized Cost and Fair Value of Investment Securities | The amortized cost and fair value of investment securities are summarized below (in thousands).
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and government sponsored enterprises |  | $ | 24,535 |  |  | $ | - |  |  | $ | 3,420 |  |  | $ | 21,115 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 545,797 |  |  |  | - |  |  |  | 76,193 |  |  |  | 469,604 |
Federal Home Loan Mortgage Corporation |  |  | 410,829 |  |  |  | - |  |  |  | 68,608 |  |  |  | 342,221 |
Government National Mortgage Association |  |  | 112,202 |  |  |  | 1 |  |  |  | 18,037 |  |  |  | 94,166 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 12,175 |  |  |  | - |  |  |  | 2,603 |  |  |  | 9,572 |
Federal Home Loan Mortgage Corporation |  |  | 21,519 |  |  |  | - |  |  |  | 4,163 |  |  |  | 17,356 |
Privately issued |  |  | - |  |  |  | 337 |  |  |  | - |  |  |  | 337 |
Total mortgage-backed securities |  |  | 1,102,522 |  |  |  | 338 |  |  |  | 169,604 |  |  |  | 933,256 |
Total available for sale securities |  | $ | 1,127,057 |  |  | $ | 338 |  |  | $ | 173,024 |  |  | $ | 954,371 |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and government sponsored enterprises |  | $ | 16,363 |  |  | $ | - |  |  | $ | 848 |  |  | $ | 15,515 |
State and political subdivisions |  |  | 97,583 |  |  |  | 24 |  |  |  | 7,172 |  |  |  | 90,435 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 8,332 |  |  |  | - |  |  |  | 582 |  |  |  | 7,750 |
Federal Home Loan Mortgage Corporation |  |  | 7,959 |  |  |  | - |  |  |  | 1,396 |  |  |  | 6,563 |
Government National Mortgage Association |  |  | 22,541 |  |  |  | - |  |  |  | 2,116 |  |  |  | 20,425 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 14,268 |  |  |  | - |  |  |  | 1,119 |  |  |  | 13,149 |
Federal Home Loan Mortgage Corporation |  |  | 17,712 |  |  |  | - |  |  |  | 1,253 |  |  |  | 16,459 |
Government National Mortgage Association |  |  | 4,222 |  |  |  | - |  |  |  | 330 |  |  |  | 3,892 |
Total mortgage-backed securities |  |  | 75,034 |  |  |  | - |  |  |  | 6,796 |  |  |  | 68,238 |
Total held to maturity securities |  |  | 188,980 |  |  | $ | 24 |  |  | $ | 14,816 |  |  | $ | 174,188 |
Allowance for credit losses – securities |  |  | (5 | ) |  |  |  |  |  |  |  |  |
Total held to maturity securities, net |  | $ | 188,975 |  |  |  |  |  |  |  |  |  |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and government sponsored enterprises |  | $ | 15,793 |  |  | $ | 195 |  |  | $ | 97 |  |  | $ | 15,891 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 576,163 |  |  |  | 6,565 |  |  |  | 5,242 |  |  |  | 577,486 |
Federal Home Loan Mortgage Corporation |  |  | 430,010 |  |  |  | 952 |  |  |  | 6,435 |  |  |  | 424,527 |
Government National Mortgage Association |  |  | 122,266 |  |  |  | 298 |  |  |  | 2,082 |  |  |  | 120,482 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 15,346 |  |  |  | 26 |  |  |  | 433 |  |  |  | 14,939 |
Federal Home Loan Mortgage Corporation |  |  | 25,257 |  |  |  | - |  |  |  | 477 |  |  |  | 24,780 |
Privately issued |  |  | - |  |  |  | 410 |  |  |  | - |  |  |  | 410 |
Total mortgage-backed securities |  |  | 1,169,042 |  |  |  | 8,251 |  |  |  | 14,669 |  |  |  | 1,162,624 |
Total available for sale securities |  | $ | 1,184,835 |  |  | $ | 8,446 |  |  | $ | 14,766 |  |  | $ | 1,178,515 |
(4.) INVESTMENT SECURITIES (Continued)
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
December 31, 2021 (continued) |  |  |  |  |  |  |  |  |  |  |  |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
State and political subdivisions |  | $ | 111,399 |  |  | $ | 2,412 |  |  | $ | 300 |  |  | $ | 113,511 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 9,275 |  |  |  | 411 |  |  |  | - |  |  |  | 9,686 |
Federal Home Loan Mortgage Corporation |  |  | 8,706 |  |  |  | 137 |  |  |  | 144 |  |  |  | 8,699 |
Government National Mortgage Association |  |  | 27,400 |  |  |  | 706 |  |  |  | 2 |  |  |  | 28,104 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 19,485 |  |  |  | 368 |  |  |  | 3 |  |  |  | 19,850 |
Federal Home Loan Mortgage Corporation |  |  | 23,840 |  |  |  | 565 |  |  |  | - |  |  |  | 24,405 |
Government National Mortgage Association |  |  | 5,481 |  |  |  | 84 |  |  |  | - |  |  |  | 5,565 |
Total mortgage-backed securities |  |  | 94,187 |  |  |  | 2,271 |  |  |  | 149 |  |  |  | 96,309 |
Total held to maturity securities |  |  | 205,586 |  |  | $ | 4,683 |  |  | $ | 449 |  |  | $ | 209,820 |
Allowance for credit losses – securities |  |  | (5 | ) |  |  |  |  |  |  |  |  |
Total held to maturity securities, net |  | $ | 205,581 |  |  |  |  |  |  |  |  |  |
Interest and Dividends on Securities | Interest and dividends on securities for the years ended December 31 are summarized as follows (in thousands):
|  | 2022 |  |  | 2021 |  |  | 2020 |
Taxable interest and dividends |  | $ | 22,498 |  |  | $ | 16,736 |  |  | $ | 14,186 |
Tax-exempt interest and dividends |  |  | 2,043 |  |  |  | 2,355 |  |  |  | 3,278 |
Total interest and dividends on securities |  | $ | 24,541 |  |  | $ | 19,091 |  |  | $ | 17,464 |
Sales of Securities Available for Sale | Sales of securities available for sale for the years ended December 31 were as follows (in thousands):
|  | 2022 |  |  | 2021 |  |  | 2020 |
Proceeds from sales |  | $ | 6,252 |  |  | $ | 51,891 |  |  | $ | 107,098 |
Gross realized gains |  |  | - |  |  |  | 251 |  |  |  | 1,642 |
Gross realized losses |  |  | 15 |  |  |  | 180 |  |  |  | 43 |
Scheduled Maturities of Securities Available for Sale and Securities Held to Maturity | The scheduled maturities of securities available for sale and securities held to maturity at December 31, 2022 are shown below (in thousands). Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.
|  | Amortized Cost |  |  | Fair Value |
Debt securities available for sale: |  |  |  |  |  |
Due in one year or less |  | $ | 5,002 |  |  | $ | 4,987 |
Due from one to five years |  |  | 86,837 |  |  |  | 80,444 |
Due after five years through ten years |  |  | 146,066 |  |  |  | 128,243 |
Due after ten years |  |  | 889,152 |  |  |  | 740,697 |
Total available for sale securities |  | $ | 1,127,057 |  |  | $ | 954,371 |
Debt securities held to maturity: |  |  |  |  |  |
Due in one year or less |  | $ | 33,764 |  |  | $ | 33,583 |
Due from one to five years |  |  | 42,826 |  |  |  | 41,768 |
Due after five years through ten years |  |  | 37,043 |  |  |  | 34,285 |
Due after ten years |  |  | 75,347 |  |  |  | 64,552 |
Total held to maturity securities |  | $ | 188,980 |  |  | $ | 174,188 |
Investments Gross Unrealized Losses and Fair Value | Unrealized losses on investment securities for which an allowance for credit losses has not been recorded and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31 are summarized as follows (in thousands):
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and government sponsored enterprises |  | $ | - |  |  | $ | - |  |  | $ | 21,115 |  |  | $ | 3,420 |  |  | $ | 21,115 |  |  | $ | 3,420 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 154,006 |  |  |  | 14,708 |  |  |  | 315,598 |  |  |  | 61,485 |  |  |  | 469,604 |  |  |  | 76,193 |
Federal Home Loan Mortgage Corporation |  |  | 28,493 |  |  |  | 2,199 |  |  |  | 313,728 |  |  |  | 66,409 |  |  |  | 342,221 |  |  |  | 68,608 |
Government National Mortgage Association |  |  | 10,301 |  |  |  | 921 |  |  |  | 83,841 |  |  |  | 17,116 |  |  |  | 94,142 |  |  |  | 18,037 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 1,000 |  |  |  | 94 |  |  |  | 8,572 |  |  |  | 2,509 |  |  |  | 9,572 |  |  |  | 2,603 |
Federal Home Loan Mortgage Corporation |  |  | - |  |  |  | - |  |  |  | 17,356 |  |  |  | 4,163 |  |  |  | 17,356 |  |  |  | 4,163 |
Total mortgage-backed securities |  |  | 193,800 |  |  |  | 17,922 |  |  |  | 739,095 |  |  |  | 151,682 |  |  |  | 932,895 |  |  |  | 169,604 |
Total available for sale securities |  |  | 193,800 |  |  |  | 17,922 |  |  |  | 760,210 |  |  |  | 155,102 |  |  |  | 954,010 |  |  |  | 173,024 |
Total temporarily impaired securities |  | $ | 193,800 |  |  | $ | 17,922 |  |  | $ | 760,210 |  |  | $ | 155,102 |  |  | $ | 954,010 |  |  | $ | 173,024 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and government sponsored enterprises |  | $ | 9,438 |  |  | $ | 97 |  |  | $ | - |  |  | $ | - |  |  | $ | 9,438 |  |  | $ | 97 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 333,489 |  |  |  | 3,597 |  |  |  | 61,249 |  |  |  | 1,645 |  |  |  | 394,738 |  |  |  | 5,242 |
Federal Home Loan Mortgage Corporation |  |  | 283,965 |  |  |  | 3,353 |  |  |  | 110,931 |  |  |  | 3,082 |  |  |  | 394,896 |  |  |  | 6,435 |
Government National Mortgage Association |  |  | 108,448 |  |  |  | 2,082 |  |  |  | - |  |  |  | - |  |  |  | 108,448 |  |  |  | 2,082 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association |  |  | 13,364 |  |  |  | 433 |  |  |  | - |  |  |  | - |  |  |  | 13,364 |  |  |  | 433 |
Federal Home Loan Mortgage Corporation |  |  | 24,780 |  |  |  | 477 |  |  |  | - |  |  |  | - |  |  |  | 24,780 |  |  |  | 477 |
Total mortgage-backed securities |  |  | 764,046 |  |  |  | 9,942 |  |  |  | 172,180 |  |  |  | 4,727 |  |  |  | 936,226 |  |  |  | 14,669 |
Total available for sale securities |  |  | 773,484 |  |  |  | 10,039 |  |  |  | 172,180 |  |  |  | 4,727 |  |  |  | 945,664 |  |  |  | 14,766 |
Total temporarily impaired securities |  | $ | 773,484 |  |  | $ | 10,039 |  |  | $ | 172,180 |  |  | $ | 4,727 |  |  | $ | 945,664 |  |  | $ | 14,766 |

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