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Investment in Securities | 3 Months Ended
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Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Investments in Securities | Investment in Securities Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company’s investment securities available-for-sale 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 fall into the Level 2 category. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows:
| March 31, 2024
(In thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
State and political subdivisions | $ | 227,068 |  |  | $ | 6 |  |  | $ | (17,370) |  |  | $ | 209,704 |
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises | 208,586 |  |  | — |  |  | (32,218) |  |  | 176,368 |
Corporate bonds | 119,048 |  |  | 27 |  |  | (9,162) |  |  | 109,913 |
Treasury securities | 84,922 |  |  | — |  |  | (400) |  |  | 84,522 |
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises | 42,201 |  |  | — |  |  | (779) |  |  | 41,422 |
Total | $ | 681,825 |  |  | $ | 33 |  |  | $ | (59,929) |  |  | $ | 621,929 |
| 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 |
The fair values of securities with unrealized losses are as follows:
| March 31, 2024
| 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 | $ | 26,244 |  |  | $ | 164 |  |  | $ | 175,899 |  |  | $ | 17,206 |  |  | $ | 202,143 |  |  | $ | 17,370 |
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises | 29,086 |  |  | 92 |  |  | 147,282 |  |  | 32,126 |  |  | 176,368 |  |  | 32,218 |
Corporate bonds | 12,600 |  |  | 401 |  |  | 82,269 |  |  | 8,761 |  |  | 94,869 |  |  | 9,162 |
Treasury securities | — |  |  | — |  |  | 84,522 |  |  | 400 |  |  | 84,522 |  |  | 400 |
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises | — |  |  | — |  |  | 41,422 |  |  | 779 |  |  | 41,422 |  |  | 779 |
Total | $ | 67,930 |  |  | $ | 657 |  |  | $ | 531,394 |  |  | $ | 59,272 |  |  | $ | 599,324 |  |  | $ | 59,929 |
| 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 |
There were 267 securities, or 96.0% (228 of which for greater than 12 months), in an unrealized loss position as of March 31, 2024. The unrealized losses at March 31, 2024 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. There were 275 securities, or 98.9% (210 of which for greater than 12 months), in an unrealized loss position as of December 31, 2023. At March 31, 2024 and December 31, 2023, the Company had not recorded an allowance for credit losses on securities. 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, 2024
(In thousands) | Amortized Cost |  | Fair Value
Due in 1 year or less | $ | 199,175 |  |  | $ | 197,437 |
Due after 1 year through 5 years | 94,092 |  |  | 92,440 |
Due after 5 years through 10 years | 208,628 |  |  | 183,284 |
Due after 10 years | 179,930 |  |  | 148,768 |
Total | $ | 681,825 |  |  | $ | 621,929 |
Proceeds from sales of investment securities classified as available-for-sale were $0 and $61.4 million for the three months ended March 31, 2024, and 2023, respectively. Gross realized losses were $0 and $148,000 for the three months ended March 31, 2024 and 2023, respectively. Gross realized gains were $0 and $187,000 for the three months ended March 31, 2024, and 2023, respectively. There were no securities pledged to secure public deposits or for other purposes at March 31, 2024

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