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Investment Securities (Tables)
3 Months Ended
Mar. 31, 2023
Investment Securities [Abstract]  
Schedule of Available-for-Sale Securities Reconciliation Below is an analysis of the amortized cost and estimated fair values of securities available for sale at:
 March 31, 2023December 31, 2022
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential$3,995 $45 $(144)$3,896 $4,127 $37 $(181)$3,983 
Mortgage-Backed Securities – Commercial319,133 — (49,250)269,883 324,306 — (52,890)271,416 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential512,277 72 (72,106)440,243 527,777 59 (78,847)448,989 
Other Government-Sponsored Enterprises1,000 — (107)893 1,000 — (118)882 
Obligations of States and Political Subdivisions9,479 (1,075)8,405 9,482 — (1,295)8,187 
Corporate Securities30,414 20 (3,141)27,293 32,010 179 (2,985)29,204 
Total Securities Available for Sale$876,298 $138 $(125,823)$750,613 $898,702 $275 $(136,316)$762,661 
Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale
The amortized cost and estimated fair value of debt securities available for sale at March 31, 2023, by contractual maturity, are shown below.
Amortized
Cost
Estimated
Fair Value
 (dollars in thousands)
Due within 1 year$5,998 $5,888 
Due after 1 but within 5 years2,885 2,763 
Due after 5 but within 10 years32,010 27,940 
Due after 10 years— — 
40,893 36,591 
Mortgage-Backed Securities (a)835,405 714,022 
Total Debt Securities$876,298 $750,613 
 
(a)Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $323.1 million and a fair value of $273.8 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $512.3 million and a fair value of $440.2 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac
[1]
Proceeds from Sale, Gross Gains (Losses) Realized on Sales, Maturities and Other-Than-Temporary Impairment Charges Related to Securities Available for Sale Proceeds from sales, gross gains (losses) realized on sales and maturities related to securities held to maturity and securities available for sale were as follows for the three months ended March 31:
20232022
 (dollars in thousands)
Proceeds from sales$30,686 $— 
Gross gains (losses) realized:
Sales transactions:
Gross gains$— $— 
Gross losses— — 
— — 
Maturities
Gross gains— 
Gross losses— — 
— 
Net gains $— $
Debt Securities, Held-to-maturity [Table Text Block] Below is an analysis of the amortized cost and fair values of debt securities held to maturity at:
 March 31, 2023December 31, 2022
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential$1,907 $— $(181)$1,726 $2,008 $— $(224)$1,784 
Mortgage-Backed Securities- Commercial74,052 — (13,162)60,890 75,229 — (14,196)61,033 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential321,247 — (49,529)271,718 329,267 — (53,002)276,265 
Mortgage-Backed Securities – Commercial4,137 — (89)4,048 4,794 — (129)4,665 
Other Government-Sponsored Enterprises22,301 — (4,238)18,063 22,221 — (4,501)17,720 
Obligations of States and Political Subdivisions26,634 (2,289)24,346 26,643 — (2,865)23,778 
Debt Securities Issued by Foreign Governments1,000 — (50)950 1,000 — (40)960 
Total Securities Held to Maturity$451,278 $$(69,538)$381,741 $461,162 $— $(74,957)$386,205 
Schedule of Held-to-Maturity Securities by Maturity [Table Text Block]
The amortized cost and estimated fair value of debt securities held to maturity at March 31, 2023, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties.
Amortized
Cost
Estimated
Fair Value
 (dollars in thousands)
Due within 1 year$1,145 $1,145 
Due after 1 but within 5 years9,816 9,462 
Due after 5 but within 10 years38,411 32,299 
Due after 10 years563 453 
49,935 43,359 
Mortgage-Backed Securities (a)401,343 338,382 
Total Debt Securities$451,278 $381,741 
(a)Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $76.0 million and a fair value of $62.6 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $325.4 million and a fair value of $275.8 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.
Schedule of Temporary Impairment Losses, Investments
The following table presents the gross unrealized losses and estimated fair values at March 31, 2023 for both available for sale and held to maturity securities by investment category and time frame for which securities have been in a continuous unrealized loss position:
 
 Less Than 12 Months12 Months or MoreTotal
 Estimated
Fair Value
Gross
Unrealized
Losses
Estimated
Fair Value
Gross
Unrealized
Losses
Estimated
Fair Value
Gross
Unrealized
Losses
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential$— $— $3,639 $(325)$3,639 $(325)
Mortgage-Backed Securities – Commercial7,076 (232)323,697 (62,180)330,773 (62,412)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential15,351 (551)693,339 (121,084)708,690 (121,635)
Mortgage-Backed Securities – Commercial4,048 (89)— — 4,048 (89)
Other Government-Sponsored Enterprises— — 18,956 (4,345)18,956 (4,345)
Obligations of States and Political Subdivisions8,458 (163)20,802 (3,201)29,260 (3,364)
Debt Securities Issued by Foreign Governments197 (4)554 (46)751 (50)
Corporate Securities12,621 (799)12,660 (2,342)25,281 (3,141)
Total Securities$47,751 $(1,838)$1,073,647 $(193,523)$1,121,398 $(195,361)
    
At March 31, 2023, fixed income securities issued by the U.S. Government and U.S. Government-sponsored enterprises comprised 96% of total unrealized losses. All unrealized losses are the result of changes in market interest rates. At March 31, 2023, there are 202 debt securities in an unrealized loss position.
The following table presents the gross unrealized losses and estimated fair values at December 31, 2022 by investment category and the time frame for which securities have been in a continuous unrealized loss position:
 Less Than 12 Months12 Months or MoreTotal
 Estimated
Fair Value
Gross
Unrealized
Losses
Estimated
Fair Value
Gross
Unrealized
Losses
Estimated
Fair Value
Gross
Unrealized
Losses
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential$3,734 $(405)$— $— $3,734 $(405)
Mortgage-Backed Securities - Commercial92,208 (12,364)240,241 (54,722)332,449 (67,086)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential239,760 (21,543)482,195 (110,306)721,955 (131,849)
Mortgage-Backed Securities – Commercial4,666 (129)— — 4,666 (129)
Other Government-Sponsored Enterprises— — 18,603 (4,619)18,603 (4,619)
Obligation of States and Political Subdivisions21,234 (1,979)9,230 (2,181)30,464 (4,160)
Debt Securities Issued by Foreign Governments587 (13)373 (27)960 (40)
Corporate Securities14,406 (590)12,632 (2,395)27,038 (2,985)
Total Securities$376,595 $(37,023)$763,274 $(174,250)$1,139,869 $(211,273)
[1] Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $76.0 million and a fair value of $62.6 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $325.4 million and a fair value of $275.8 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.