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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Available-for-sale securities reconciliation | he following tables summarize the amortized cost and fair value of securities available-for-sale and securities held-for-maturity at December 31, 2022 and 2021 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive (loss) income and gross unrecognized gains and losses:
| December 31, 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available-for-Sale Securities |  |  |  |  |  |  |
Debt Securities: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 9,990 |  |  | $ | — |  |  | $ | (1,283) |  |  | $ | 8,707 |
U.S. Government agencies | 107 |  |  | — |  |  | (9) |  |  | 98 |
Obligations of states and political subdivisions | 201,638 |  |  | — |  |  | (26,653) |  |  | 174,985 |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | 117,292 |  |  | 4 |  |  | (7,803) |  |  | 109,493 |
Private label mortgage and asset backed securities | 411,441 |  |  | 14 |  |  | (55,913) |  |  | 355,542 |
| $ | 740,468 |  |  | $ | 18 |  |  | $ | (91,661) |  |  | $ | 648,825 |
| December 31, 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Held to Maturity |  |  |  |  |  |  |
Debt Securities: |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 192,004 |  |  | $ | 67 |  |  | $ | (23,166) |  |  | $ | 168,905 |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | 10,430 |  |  | — |  |  | (1,762) |  |  | 8,668 |
Private label mortgage and asset backed securities | 56,691 |  |  | — |  |  | (5,931) |  |  | 50,760 |
Corporate debt securities | 45,982 |  |  | — |  |  | (3,066) |  |  | 42,916 |
| $ | 305,107 |  |  | $ | 67 |  |  | $ | (33,925) |  |  | $ | 271,249 |
| December 31, 2021
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available-for-Sale Securities |  |  |  |  |  |  |
Debt Securities: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 9,988 |  |  | $ | — |  |  | $ | (63) |  |  | $ | 9,925 |
U.S. Government agencies | 373 |  |  | 6 |  |  | — |  |  | 379 |
Obligations of states and political subdivisions | 512,952 |  |  | 16,703 |  |  | (3,188) |  |  | 526,467 |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | 213,471 |  |  | 2,245 |  |  | (1,277) |  |  | 214,439 |
Private label mortgage and asset backed securities | 317,089 |  |  | 824 |  |  | (4,693) |  |  | 313,220 |
Corporate debt securities | 44,500 |  |  | 595 |  |  | (317) |  |  | 44,778 |
` | $ | 1,098,373 |  |  | $ | 20,373 |  |  | $ | (9,538) |  |  | $ | 1,109,208 |
Realized gains and losses | Proceeds and gross realized (losses)/gains on investment securities for the years ended December 31, 2022, 2021, and 2020 are shown below (in thousands):
|  | Years Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Available-for-Sale Securities |  |  |  |  |  |
Proceeds from sales or calls |  | $ | 252,331 |  |  | $ | 26,222 |  |  | $ | 283,956 |
Gross realized gains from sales or calls |  | $ | 5,235 |  |  | $ | 580 |  |  | $ | 7,123 |
Gross realized losses from sales or calls |  | $ | (6,965) |  |  | $ | (79) |  |  | $ | (2,871) |
Investments by contractual maturity | The amortized cost and estimated fair value of available-for-sale and held-to-maturity investment securities at December 31, 2022 and 2021 by contractual maturity are shown in the two tables below (in thousands). Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | December 31, 2022 |  | December 31, 2021
Available-for-Sale Securities |  | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Within one year |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
After one year through five years |  | — |  |  | — |  |  | 3,690 |  |  | 4,038 |
After five years through ten years |  | 45,918 |  |  | 38,383 |  |  | 99,615 |  |  | 101,498 |
After ten years |  | 165,710 |  |  | 145,309 |  |  | 419,635 |  |  | 430,856 |
|  | 211,628 |  |  | 183,692 |  |  | 522,940 |  |  | 536,392 |
Investment securities not due at a single maturity date: |  |  |  |  |  |  |  |
U.S. Government agencies |  | 107 |  |  | 98 |  |  | 373 |  |  | 379 |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 117,292 |  |  | 109,493 |  |  | 213,471 |  |  | 214,439 |
Private label mortgage and asset backed securities |  | 411,441 |  |  | 355,542 |  |  | 317,089 |  |  | 313,220 |
Corporate debt securities |  | — |  |  | — |  |  | 44,500 |  |  | 44,778 |
|  | $ | 740,468 |  |  | $ | 648,825 |  |  | $ | 1,098,373 |  |  | $ | 1,109,208 |
|  | December 31, 2022 |  | December 31, 2021
Held-to-Maturity Securities |  | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Within one year |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
After one year through five years |  | 132 |  |  | 129 |  |  | — |  |  | — |
After five years through ten years |  | 51,424 |  |  | 46,143 |  |  | — |  |  | — |
After ten years |  | 140,448 |  |  | 122,633 |  |  | — |  |  | — |
|  | 192,004 |  |  | 168,905 |  |  | — |  |  | — |
Investment securities not due at a single maturity date: |  |  |  |  |  |  |  |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations |  | 10,430 |  |  | 8,668 |  |  | — |  |  | — |
Private label mortgage and asset backed securities |  | 56,691 |  |  | 50,760 |  |  | — |  |  | — |
Corporate debt securities |  | 45,982 |  |  | 42,916 |  |  | — |  |  | — |
|  | $ | 305,107 |  |  | $ | 271,249 |  |  | $ | — |  |  | $ | — |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | Investment securities with unrealized losses at December 31, 2022 and 2021 are summarized and classified according to the duration of the loss period as follows (in thousands):
| December 31, 2022
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Available-for-Sale Securities |  |  |  |  |  |  |  |  |  |  |
Debt Securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | — |  |  | $ | — |  |  | $ | 8,707 |  |  | $ | (1,283) |  |  | $ | 8,707 |  |  | $ | (1,283) |
U.S. Government agencies | — |  |  | — |  |  | 98 |  |  | (9) |  |  | 98 |  |  | (9) |
Obligations of states and political subdivisions | 90,808 |  |  | (12,208) |  |  | 84,177 |  |  | (14,445) |  |  | 174,985 |  |  | (26,653) |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | 20,825 |  |  | (1,058) |  |  | 88,520 |  |  | (6,745) |  |  | 109,345 |  |  | (7,803) |
Private label residential mortgage and asset backed securities | 126,284 |  |  | (14,529) |  |  | 229,152 |  |  | (41,384) |  |  | 355,436 |  |  | (55,913) |
| $ | 237,917 |  |  | $ | (27,795) |  |  | $ | 410,654 |  |  | $ | (63,866) |  |  | $ | 648,571 |  |  | $ | (91,661) |
| December 31, 2022
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Held-to-Maturity Securities |  |  |  |  |  |  |  |  |  |  |
Debt Securities: |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 48,311 |  |  | $ | (5,505) |  |  | $ | 118,026 |  |  | $ | (17,661) |  |  | $ | 166,337 |  |  | $ | (23,166) |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | — |  |  | — |  |  | 8,668 |  |  | (1,762) |  |  | 8,668 |  |  | (1,762) |
Private label residential mortgage and asset backed securities | 19,393 |  |  | (1,916) |  |  | 31,367 |  |  | (4,015) |  |  | 50,760 |  |  | (5,931) |
Corporate debt securities | 23,997 |  |  | (1,561) |  |  | 18,919 |  |  | (1,505) |  |  | 42,916 |  |  | (3,066) |
| $ | 91,701 |  |  | $ | (8,982) |  |  | $ | 176,980 |  |  | $ | (24,943) |  |  | $ | 268,681 |  |  | $ | (33,925) |
| December 31, 2021
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Available-for-Sale Securities |  |  |  |  |  |  |  |  |  |  |
Debt Securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 9,925 |  |  | $ | (63) |  |  | $ | — |  |  | $ | — |  |  | $ | 9,925 |  |  | $ | (63) |
Obligations of states and political subdivisions | 143,336 |  |  | (2,896) |  |  | 6,336 |  |  | (292) |  |  | 149,672 |  |  | (3,188) |
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | 91,385 |  |  | (905) |  |  | 40,365 |  |  | (372) |  |  | 131,750 |  |  | (1,277) |
Private label residential mortgage backed securities | 230,987 |  |  | (3,661) |  |  | 28,908 |  |  | (1,032) |  |  | 259,895 |  |  | (4,693) |
Corporate debt securities | 21,183 |  |  | (317) |  |  | — |  |  | — |  |  | 21,183 |  |  | (317) |
| $ | 496,816 |  |  | $ | (7,842) |  |  | $ | 75,609 |  |  | $ | (1,696) |  |  | $ | 572,425 |  |  | $ | (9,538) |

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