Securities	6 Months Ended
Securities	Jun. 30, 2023
Securities [Abstract]
Securities	Note 2: 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: The carrying value of securities pledged as collateral was $ 16 million and $ 22 million at June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023 and December 31, 2022, the available-for-sale securities had $ 7 million and $ 6 million, respectively of accrued interest, excluded from the amortized cost basis, and presented in “interest receivable” on the consolidated statements of financial condition. The following tables summarize the gross realized gains and losses from sales or maturities of available-for-sale securities: The following table shows available-for-sale securities gross unrealized losses, the number of securities that are in an unrealized loss position, 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 June 30, 2023 and December 31, 2022: Based on the Company’s evaluation at each respective period end, we recorded no credit loss impairment during the six-months ended June 30, 2023 or the year ended December 31, 2022. The unrealized losses in the Company’s investment portfolio were caused by interest rate changes. As of June 30, 2023 the Company does not intend to sell the investments in loss positions, and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis. The amortized cost, fair value, and weighted average yield of available-for -sale securities at June 30, 2023, 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 using 30/360 day basis. Tax-exempt securities are not tax effected. Equity Securities Equity securities consist of $ 4 million of private equity investments as well as $ 13 million of restricted equity securities. The private equity investments are included in “other” assets on the consolidated statements of financial condition. The Company elected a measurement alternative for three private equity investments that did not have a readily determinable fair value and did not qualify for the practical expedient to estimate fair value using the net asset value per share. A cost basis was calculated for the equity investments. The recorded balance will adjust for any impairment or any observable price changes for an identical or similar investment of the same issuer. No such events occurred during the three- or six-month period ended June 30, 2023. The following is a summary of the unrealized and realized gains and losses on equity securities recognized in net income: June 30, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Approximate Fair Value (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential $ 297,941 $ 216 $ 25,224 $ 272,933 Collateralized mortgage obligations - GSE residential 10,256 - 740 9,516 State and political subdivisions 504,236 464 51,751 452,949 Corporate bonds 9,749 - 1,247 8,502 Total available-for-sale securities $ 822,182 $ 680 $ 78,962 $ 743,900 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Approximate Fair Value (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential $ 197,243 $ 232 $ 25,166 $ 172,309 Collateralized mortgage obligations - GSE residential 11,629 - 743 10,886 State and political subdivisions 551,007 929 57,440 494,496 Corporate bonds 9,762 - 552 9,210 Total available-for-sale securities $ 769,641 $ 1,161 $ 83,901 $ 686,901 June 30, 2023 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 $ - $ 14 $ 1,053 $ 296,874 $ 297,941 Estimated fair value $ - $ 13 $ 965 $ 271,955 $ 272,933 Weighted average yield (2) - % 4.82 % 2.40 % 3.29 % 3.29 % Collateralized mortgage obligations - GSE residential (1) Amortized cost $ - $ - $ 2,296 $ 7,960 $ 10,256 Estimated fair value $ - $ - $ 2,165 $ 7,351 $ 9,516 Weighted average yield (2) - % - % 2.77 % 2.34 % 2.43 % State and political subdivisions Amortized cost $ 1,068 $ 5,900 $ 91,244 $ 406,024 $ 504,236 Estimated fair value $ 1,076 $ 5,966 $ 90,275 $ 355,632 $ 452,949 Weighted average yield (2) 3.55 % 4.32 % 3.10 % 2.72 % 2.81 % Corporate bonds Amortized cost $ - $ 144 $ 9,605 $ - $ 9,749 Estimated fair value $ - $ 140 $ 8,362 $ - $ 8,502 Weighted average yield (2) - % 4.29 % 5.70 % - % 5.68 % Total available-for-sale securities Amortized cost $ 1,068 $ 6,058 $ 104,198 $ 710,858 $ 822,182 Estimated fair value $ 1,076 $ 6,119 $ 101,767 $ 634,938 $ 743,900 Weighted average yield (2) 3.55 % 4.32 % 3.33 % 2.96 % 3.01 % June 30, 2023 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 $ 100,527 $ 1,751 28 $ 131,007 $ 23,473 41 $ 231,534 $ 25,224 69 Collateralized mortgage obligations - GSE residential - - - 9,515 740 19 9,515 740 19 State and political subdivisions 123,696 1,366 111 275,023 50,385 195 398,719 51,751 306 Corporate bonds 4,380 621 1 4,122 626 4 8,502 1,247 5 Total temporarily impaired securities $ 228,603 $ 3,738 140 $ 419,667 $ 75,224 259 $ 648,270 $ 78,962 399 December 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 $ 91,929 $ 10,410 41 $ 66,036 $ 14,756 16 $ 157,965 $ 25,166 57 Collateralized mortgage obligations - GSE residential 10,636 733 18 251 10 1 10,887 743 19 State and political subdivisions 350,884 36,697 266 52,519 20,743 40 403,403 57,440 306 Corporate bonds 9,210 552 5 - - - 9,210 552 5 Total temporarily impaired securities $ 462,659 $ 48,392 330 $ 118,806 $ 35,509 57 $ 581,465 $ 83,901 387 For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2023 Gross Realized Gains Gross Realized Losses Net Realized Gain Gross Realized Gains Gross Realized Losses Net Realized Gain (Dollars in thousands) Available-for-sale securities $ 74 $ (74) $ - $ 267 $ (204) $ 63 For the Three Months Ended For the Six Months Ended June 30, 2022 June 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 $ 2 $ (14) $ (12) $ 3 $ (41) $ (38) Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (Dollars in thousands) Net gains (losses) recognized during the reporting period on equity securities $ 6 $ (71) $ 16 $ (174) 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 $ 6 $ (71) $ 16 $ (174)