Investment in Securities (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

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


	March 31, 2022
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
State and political subdivisions	$	347,450	$	2,417	$	10,543	$	339,324
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	205,522		—		13,763		191,759
Corporate bonds	96,516		—		5,321		91,195
U.S. treasury bonds	99,455		132		—		99,587
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	53,983		—		1,238		52,745
Total	$	802,926	$	2,549	$	30,865	$	774,610


	December 31, 2021
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
State and political subdivisions	$	359,187	$	12,931	$	990	$	371,128
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	170,711		135		2,200		168,646
Corporate bonds	84,538		72		272		84,338
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	49,835		—		494		49,341
Total	$	664,271	$	13,138	$	3,956	$	673,453

Schedule of Unrealized Loss on Investments

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


	March 31, 2022
	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	$	127,246	$	10,543	$	—	$	—	$	127,246	$	10,543
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	175,387		11,937		16,373		1,826		191,760		13,763
Corporate Bonds	86,195		5,321		—		—		86,195		5,321
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	52,744		1,238		—		—		52,744		1,238
Total	$	441,572	$	29,039	$	16,373	$	1,826	$	457,945	$	30,865


	December 31, 2021
	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	$	60,083	$	990	$	—	$	—	$	60,083	$	990
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	163,652		2,200		—		—		163,652		2,200
Corporate Bonds	55,120		272		—		—		55,120		272
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises	49,341		494		—		—		49,341		494
Total	$	328,196	$	3,956	$	—	$	—	$	328,196	$	3,956

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.


	March 31, 2022
(In thousands)	Amortized Cost		Fair Value
Due in 1 year or less	$	20,878	$	21,011
Due after 1 year through 5 years	237,759		238,756
Due after 5 years through 10 years	229,359		222,124
Due after 10 years	314,930		292,719
Total	$	802,926	$	774,610