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Investment Securities | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company’s investment securities available-for-sale at December 31, 2023 and 2022 are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include “observable inputs” rather than “significant unobservable inputs” and therefore falls into the Level 2 category. The table below presents the balances of securities available-for-sale measured at fair value on a recurring basis. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of debt and equity securities are summarized as follows:
| December 31, 2023
(In thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
State and political subdivisions | $ | 235,297 |  |  | $ | 4 |  |  | $ | (16,266) |  |  | $ | 219,035 |
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises | 188,307 |  |  | — |  |  | (30,508) |  |  | 157,799 |
Corporate bonds | 111,109 |  |  | — |  |  | (8,769) |  |  | 102,340 |
Treasury securities | 109,836 |  |  | — |  |  | (1,115) |  |  | 108,721 |
Asset backed securities issued or guaranteed by U.S. Government agencies or sponsored enterprises | 40,368 |  |  | — |  |  | (1,146) |  |  | 39,222 |
Total | $ | 684,917 |  |  | $ | 4 |  |  | $ | (57,804) |  |  | $ | 627,117 |
| 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 |
The fair values of securities with unrealized losses are as follows:
| December 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 | $ | 63,198 |  |  | $ | 220 |  |  | $ | 152,854 |  |  | $ | 16,046 |  |  | $ | 216,052 |  |  | $ | 16,266 |
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises | — |  |  | — |  |  | 157,799 |  |  | 30,508 |  |  | 157,799 |  |  | 30,508 |
Corporate bonds | 19,545 |  |  | 455 |  |  | 82,795 |  |  | 8,314 |  |  | 102,340 |  |  | 8,769 |
Treasury securities | — |  |  | — |  |  | 108,721 |  |  | 1,115 |  |  | 108,721 |  |  | 1,115 |
Asset backed securities issued or guaranteed by U.S. Government agencies or sponsored enterprises | — |  |  | — |  |  | 39,222 |  |  | 1,146 |  |  | 39,222 |  |  | 1,146 |
Total | $ | 82,743 |  |  | $ | 675 |  |  | $ | 541,391 |  |  | $ | 57,129 |  |  | $ | 624,134 |  |  | $ | 57,804 |
| 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 |
There were 275 securities, or 98.9%, in an unrealized loss position as of December 31, 2023 compared to 311 securities, or 91.7%, in an unrealized loss position as of December 31, 2022. The unrealized losses at December 31, 2023 were primarily attributable to changes in market interest rates after the securities were purchased. The Company does not currently intend to sell, and based on current conditions, the Company does not believe it will be required to sell these available-for-sale securities before the recovery of the amortized cost basis, which may be the maturity dates of the securities. Therefore, the unrealized losses are recorded in accumulated other comprehensive loss. Of these securities, 210, or 75.5%, were in an unrealized loss position for greater than 12 months at December 31, 2023. At December 31, 2023 and December 31, 2022, the Company had not recorded an allowance for credit losses on securities. The amortized cost and fair value of debt and equity 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.
| December 31, 2023
(In thousands) | Amortized Cost |  | Fair Value
Due in 1 year or less | $ | 130,388 |  |  | $ | 129,213 |
Due after 1 year through 5 years | 136,710 |  |  | 134,663 |
Due after 5 years through 10 years | 202,069 |  |  | 178,754 |
Due after 10 years | 215,750 |  |  | 184,487 |
Total | $ | 684,917 |  |  | $ | 627,117 |
There were no securities pledged to secure public deposits or for other purposes at December 31, 2023. Proceeds from sales of investment securities classified as available-for-sale were $111.6 million in 2023, $3.8 million in 2022, and $63.8 million in 2021. Gross realized gains on the sales in 2023, 2022, and 2021 were $187,000, $15,000, and $55,000, respectively. Gross realized losses on the sales in 2023, 2022, and 2021 were $360,000, $0 and $4,000, respectively.

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