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Investment in Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Securities

The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows:

			March 31, 2023
(In thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
State and political subdivisions			$	247,798					$	52					$	17,568					$	230,282
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises			201,094						—						29,554						171,540
Corporate bonds			111,290						19						9,643						101,666
Treasury securities			159,244						—						2,769						156,475
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises			45,048						—						1,974						43,074
Total			$	764,474					$	71					$	61,508					$	703,037

			December 31, 2022
(In thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
State and political subdivisions			$	317,376					$	54					$	22,304					$	295,126
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises			205,175						—						31,236						173,939
Corporate bonds			96,348						—						11,251						85,097
Treasury securities			158,935						—						3,652						155,283
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises			47,213						—						2,190						45,023
Total			$	825,047					$	54					$	70,633					$	754,468

Schedule of Unrealized Loss on Investments

The fair values of securities with unrealized losses are as follows:

			March 31, 2023
			Less than 12 months												12 months or more												Total
(In thousands)			Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses
State and political subdivisions			$	80,551					$	387					$	114,603					$	17,181					$	195,154					$	17,568
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises			12,346						443						159,194						29,111						171,540						29,554
Corporate bonds			5,000						—						81,647						9,643						86,647						9,643
Treasury securities			156,474						2,769						—						—						156,474						2,769
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises			—						—						43,075						1,974						43,075						1,974
Total			$	254,371					$	3,599					$	398,519					$	57,909					$	652,890					$	61,508

			December 31, 2022
			Less than 12 months												12 months or more												Total
(In thousands)			Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses
State and political subdivisions			$	214,919					$	8,958					$	47,474					$	13,346					$	262,393					$	22,304
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises			53,732						6,135						118,017						25,101						171,749						31,236
Corporate bonds			32,517						3,629						47,580						7,622						80,097						11,251
Treasury securities			155,283						3,652						—						—						155,283						3,652
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises			—						—						47,213						2,190						47,213						2,190
Total			$	456,451					$	22,374					$	260,284					$	48,259					$	716,735					$	70,633

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.

			March 31, 2023
(In thousands)			Amortized Cost						Fair Value
Due in 1 year or less			$	86,522					$	85,645
Due after 1 year through 5 years			221,691						218,313
Due after 5 years through 10 years			205,475						182,676
Due after 10 years			250,786						216,403
Total			$	764,474					$	703,037

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- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2196928

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Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275

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Tabular disclosure of unrealized gains and losses on investments.

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