Investment in Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Securities

The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows:

	June 30, 2024
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
State and political subdivisions	$	220,717	$	8	$	(18,427)	$	202,298
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	212,270		—		(32,447)		179,823
Corporate bonds	118,986		17		(9,065)		109,938
Treasury securities	9,992		—		(19)		9,973
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	39,310		—		(540)		38,770
Total	$	601,275	$	25	$	(60,498)	$	540,802

	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

Schedule of Unrealized Loss on Investments

The fair values of securities with unrealized losses are as follows:

	June 30, 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	$	4,040	$	13	$	189,863	$	18,414	$	193,903	$	18,427
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	36,831		186		142,992		32,261		179,823		32,447
Corporate bonds	17,653		350		82,255		8,715		99,908		9,065
Treasury securities	—		—		9,973		19		9,973		19
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	—		—		38,770		540		38,770		540
Total	$	58,524	$	549	$	463,853	$	59,949	$	522,377	$	60,498

	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

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

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.

	June 30, 2024
(In thousands)	Amortized Cost		Fair Value
Due in 1 year or less	$	44,510	$	44,388
Due after 1 year through 5 years	132,633		130,220
Due after 5 years through 10 years	205,504		179,664
Due after 10 years	218,628		186,530
Total	$	601,275	$	540,802