Securities	9 Months Ended
Securities	Sep. 30, 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 September 30, 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 September 30, 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 September 30, 2022 and December 31, 2021: Based on the Company’s evaluation at September 30, 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 $ 2 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 or nine-month periods ended September 30, 2022. The following is a summary of the unrealized and realized gains and losses on equity securities recognized in net income: September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Approximate Fair Value (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential $ 178,287 $ - $ 27,761 $ 150,526 Collateralized mortgage obligations - GSE residential 12,489 - 752 11,737 State and political subdivisions 568,863 299 79,696 489,466 Corporate bonds 5,110 13 325 4,798 Total available-for-sale securities $ 764,749 $ 312 $ 108,534 $ 656,527 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 September 30, 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 $ - $ 24 $ 105 $ 178,158 $ 178,287 Estimated fair value $ - $ 23 $ 101 $ 150,402 $ 150,526 Weighted average yield (2) - % 4.78 % 4.01 % 2.06 % 2.06 % Collateralized mortgage obligations - GSE residential (1) Amortized cost $ - $ - $ 2,365 $ 10,124 $ 12,489 Estimated fair value $ - $ - $ 2,241 $ 9,496 $ 11,737 Weighted average yield (2) - % - % 2.77 % 2.27 % 2.37 % State and political subdivisions Amortized cost $ 1,127 $ 5,028 $ 112,642 $ 450,066 $ 568,863 Estimated fair value $ 1,131 $ 5,070 $ 110,310 $ 372,955 $ 489,466 Weighted average yield (2) 3.37 % 3.88 % 3.26 % 2.73 % 2.85 % Corporate bonds Amortized cost $ - $ 498 $ 4,612 $ - $ 5,110 Estimated fair value $ - $ 501 $ 4,297 $ - $ 4,798 Weighted average yield (2) - % 6.22 % 4.31 % - % 4.49 % Total available-for-sale securities Amortized cost $ 1,127 $ 5,550 $ 119,724 $ 638,348 $ 764,749 Estimated fair value $ 1,131 $ 5,594 $ 116,949 $ 532,853 $ 656,527 Weighted average yield (2) 3.37 % 4.09 % 3.29 % 2.53 % 2.66 % September 30, 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 $ 104,743 $ 16,106 43 $ 45,783 $ 11,655 14 $ 150,526 $ 27,761 57 Collateralized mortgage obligations - GSE residential 11,430 740 18 307 12 1 11,737 752 19 State and political subdivisions 410,905 55,588 344 48,255 24,108 39 459,160 79,696 383 Corporate bonds 4,535 325 4 - - - 4,535 325 4 Total temporarily impaired securities $ 531,613 $ 72,759 409 $ 94,345 $ 35,775 54 $ 625,958 $ 108,534 463 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 5 4 74,225 767 43 Corporate bonds - - - - - - - - - Total temporarily impaired securities $ 161,024 $ 2,546 57 $ 1,310 $ 5 4 $ 162,334 $ 2,551 61 For the Three Months Ended For the Nine Months Ended September 30, 2022 September 30, 2022 Gross Realized Gains Gross Realized Losses Net Realized Loss Gross Realized Gains Gross Realized Losses Net Realized Loss (Dollars in thousands) Available-for-sale securities $ 1 $ (5) $ (4) $ 3 $ (46) $ (43) For the Three Months Ended For the Nine Months Ended September 30, 2021 September 30, 2021 Gross Realized Gains Gross Realized Losses Net Realized Loss Gross Realized Gains Gross Realized Losses Net Realized Loss (Dollars in thousands) Available-for-sale securities $ 1,125 $ (79) $ 1,046 $ 1,151 $ (108) $ 1,043 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (Dollars in thousands) Net gains (losses) recognized during the reporting period on equity securities $ (87) $ (6,210) $ (261) $ (6,243) Less: net gains recognized during the reporting period on equity securities sold during the reporting period - - - - Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date $ (87) $ (6,210) $ (261) $ (6,243)