Securities	3 Months Ended
Securities	Mar. 31, 2022
Securities [Abstract]
Securities	Note 3: Securities The amortized cost and approximate fair values, together with gross unrealized gains and losses, of period end available-for-sale securities consisted of the following: As of March 31, 2022, the available-for-sale securities had $ 6 million of accrued interest, excluded from the amortized cost basis. The amortized cost and fair value of available-for-sale securities at March 31, 2022, by contractual maturity, are shown below: Actual maturities may differ from contractual maturities because issuers may have the rights to call or prepay obligations with or without prepayment penalties. 2) Yields are calculated based on amortized cost. The following tables show the number of securities, unrealized loss, and fair value of the Company’s investments with unrealized losses, aggregated by investment class and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2022 and December 31, 2021: Based on the Company’s evaluation at March 31, 2022, under the new impairment model, an allowance for credit losses has no t been recorded no r have unrealized losses been recognized into income. The issuers of the securities are of high credit quality and have a long history of no credit losses, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely attributed to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments. The following tables show the gross gains and losses on securities that matured or were sold: Equity Securities Equity securities consist of a $ 2 million investment in a Community Reinvestment Act (“CRA”) mutual fund and $ 1 million in three private equity funds. Equity securities are included in “other assets” on the Consolidated Balance Sheets. The Company elected a measurement alternative for the three private equity funds that allows the securities to remain at cost until an impairment is identified or an observable price change for an identical or similar investment of the same issuer occurs. Impairment is recorded when there is evidence that the expected fair value of the investment has declined to below the recorded cost. No such events occurred during the three-month period ended March 31, 2022. The following is a summary of the unrealized and realized losses recognized in net income on equity securities: March 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Approximate Fair Value (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential $ 179,842 $ 105 $ 11,113 $ 168,834 Collateralized mortgage obligations - GSE residential 15,557 16 251 15,322 State and political subdivisions 552,069 6,820 25,437 533,452 Corporate bonds 5,223 46 99 5,170 Total available-for-sale securities $ 752,691 $ 6,987 $ 36,900 $ 722,778 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Approximate Fair Value (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential $ 161,675 $ 1,809 $ 1,774 $ 161,710 Collateralized mortgage obligations - GSE residential 18,130 311 10 18,431 State and political subdivisions 532,906 29,329 767 561,468 Corporate bonds 4,241 119 - 4,360 Total available-for-sale securities $ 716,952 $ 31,568 $ 2,551 $ 745,969 March 31, 2022 Within After One to After Five to After One Year Five Years Ten Years Ten Years Total (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential (1) Amortized cost $ - $ 30 $ 117 $ 179,695 $ 179,842 Estimated fair value $ - $ 31 $ 118 $ 168,685 $ 168,834 Weighted average yield (2) - % 4.71 % 3.97 % 1.90 % 1.90 % Collateralized mortgage obligations - GSE residential (1) Amortized cost $ - $ - $ 2,405 $ 13,152 $ 15,557 Estimated fair value $ - $ - $ 2,420 $ 12,902 $ 15,322 Weighted average yield (2) - % - % 2.78 % 2.01 % 2.13 % State and political subdivisions Amortized cost $ 741 $ 5,186 $ 92,361 $ 453,781 $ 552,069 Estimated fair value $ 747 $ 5,334 $ 94,719 $ 432,652 $ 533,452 Weighted average yield (2) 3.49 % 3.95 % 3.29 % 2.67 % 2.79 % Corporate bonds Amortized cost $ - $ 604 $ 4,619 $ - $ 5,223 Estimated fair value $ - $ 644 $ 4,526 $ - $ 5,170 Weighted average yield (2) - % 5.84 % 4.30 % - % 4.48 % Total available-for-sale securities Amortized cost $ 741 $ 5,820 $ 99,502 $ 646,628 $ 752,691 Estimated fair value $ 747 $ 6,009 $ 101,783 $ 614,239 $ 722,778 Weighted average yield (2) 3.49 % 4.15 % 3.32 % 2.44 % 2.57 % March 31, 2022 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential $ 124,358 $ 6,835 30 $ 36,252 $ 4,278 6 $ 160,610 $ 11,113 36 Collateralized mortgage obligations - GSE residential 12,339 237 17 560 14 1 12,899 251 18 State and political subdivisions 232,842 24,747 149 5,900 690 8 238,742 25,437 157 Corporate bonds 4,745 99 3 - - - 4,745 99 3 Total temporarily impaired securities $ 374,284 $ 31,918 199 $ 42,712 $ 4,982 15 $ 416,996 $ 36,900 214 December 31, 2021 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential $ 87,306 $ 1,774 16 $ - $ - - $ 87,306 $ 1,774 16 Collateralized mortgage obligations - GSE residential 803 10 2 - - - 803 10 2 State and political subdivisions 72,915 762 39 1,310 - 4 74,225 762 43 Corporate bonds - - - - - - - - - Total temporarily impaired securities $ 161,024 $ 2,546 57 $ 1,310 $ - 4 $ 162,334 $ 2,546 61 Three Months Ended March 31, 2022 2021 (Dollars in thousands) Net losses recognized during the reporting period on equity securities $ (103) $ (39) Less: net gains recognized during the reporting period on equity securities sold during the reporting period - - Unrealized losses recognized during the reporting period on equity securities still held at the reporting date $ (103) $ (39) For the Three Months Ended March 31, 2022 Gross Realized Gains Gross Realized Losses Net Realized Loss (Dollars in thousands) Available-for-sale securities $ 1 $ 27 $ (26) For the Three Months Ended March 31, 2021 Gross Realized Gains Gross Realized Losses Net Realized Gain (Dollars in thousands) Available-for-sale securities $ 21 $ 11 $ 10