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Securities (Tables)
12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Reconciliation of Available-for-Sale Securities
The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's investment securities available for sale are as follows:
 December 31, 2022
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. Treasury and U.S. government agencies
$383,958 $100 $(28,419)$— $355,639 
Mortgage-backed securities, residential
351,355 (40,748)— 310,613 
Collateralized mortgage obligations, residential170,502 — (16,444)— 154,058 
Mortgage-backed securities, multifamily
1,000 — (215)— 785 
Collateralized mortgage obligations, multifamily51,108 — (4,775)— 46,333 
Asset-backed securities
54,105 — (1,710)— 52,395 
Obligations of states and political subdivisions
22,112 — (989)(1)21,122 
Debt securities124,394 — (10,718)(309)113,367 
Total$1,158,534 $106 $(104,018)$(310)$1,054,312 
December 31, 2021
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. Treasury and U.S. government agencies
$202,961 $1,215 $(789)$— $203,387 
Mortgage-backed securities, residential
238,456 1,250 (1,731)— 237,975 
Collateralized mortgage obligations, residential191,086 1,693 (1,488)— 191,291 
Mortgage-backed securities, multifamily
1,816 — (75)— 1,741 
Collateralized mortgage obligations, multifamily32,254 511 (246)— 32,519 
Asset-backed securities
52,518 153 (87)— 52,584 
Debt securities49,598 959 (15)(83)50,459 
Total$768,689 $5,781 $(4,431)$(83)$769,956 
Reconciliation of Held-to-Maturity Securities
The amortized cost, gross unrealized gains and losses, allowance for credit losses and the fair value of the Company's investment securities held to maturity are as follows:
 December 31, 2022
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. government agencies$11,099 $11 $(725)$— $10,385 
Mortgage-backed securities, residential
360,683 57 (58,128)— 302,612 
Collateralized mortgage obligations, residential13,026 — (2,570)— 10,456 
Mortgage-backed securities, multifamily
5,094 — (747)— 4,347 
Obligations of states and political subdivisions
530,513 (100,400)(7)430,108 
Debt securities3,000 — (353)(100)2,547 
Total$923,415 $70 $(162,923)$(107)$760,455 
 December 31, 2021
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
U.S. government agencies$18,672 $293 $— $— $18,965 
Mortgage-backed securities, residential
370,247 718 (5,989)— 364,976 
Collateralized mortgage obligations, residential13,921 168 — — 14,089 
Mortgage-backed securities, multifamily
2,710 26 (2)— 2,734 
Obligations of states and political subdivisions
416,587 810 (5,800)(21)411,576 
Debt securities3,000 31 — (160)2,871 
Total$825,137 $2,046 $(11,791)$(181)$815,211 
Summary of Contractual Maturities of Investment Securities Classified as Available for Sale and Held to Maturity
The following table lists contractual maturities of investment securities classified as available for sale and held to maturity as of December 31, 2022. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 Available for SaleHeld to Maturity
(in thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in one year or less$41,272 $40,712 $62,985 $62,694 
Due after one year through five years262,776 244,661 32,212 30,794 
Due after five years through ten years163,384 147,959 79,764 68,306 
Due after ten years63,032 56,796 369,651 281,246 
530,464 490,128 544,612 443,040 
Mortgage-backed and asset-backed securities628,070 564,184 378,803 317,415 
Total$1,158,534 $1,054,312 $923,415 $760,455 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
The following tables indicate the length of time individual securities have been in a continuous unrealized loss position for the periods presented.
December 31, 2022Less Than 12 Months12 Months or LongerTotal
(dollars in thousands)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Number of
Securities
Fair ValueUnrealized
Losses
AVAILABLE FOR SALE
U.S. Treasury and U.S. government agencies
$114,514 $5,856 $229,094 $22,563 67 $343,608 $28,419 
Mortgage-backed securities, residential127,363 12,399 182,079 28,349 135 309,442 40,748 
Collateralized mortgage obligations, residential66,316 3,958 87,742 12,486 104 154,058 16,444 
Mortgage-backed securities, multifamily— — 786 215 786 215 
Collateralized mortgage obligations, multifamily37,407 2,861 8,926 1,914 20 46,333 4,775 
Asset-backed securities
34,871 977 17,524 733 17 52,395 1,710 
Obligations of states and political subdivisions
3,771 276 16,746 713 46 20,517 989 
Debt securities88,489 7,437 22,880 3,281 49 111,369 10,718 
Total$472,731 $33,764 $565,777 $70,254 439$1,038,508 $104,018 
HELD TO MATURITY
U.S. government agencies$6,671 $336 $2,412 $389 $9,083 $725 
Mortgage-backed securities, residential$32,549 $2,275 $264,035 $55,853 182 $296,584 $58,128 
Collateralized mortgage obligations, residential4,668 516 5,787 2,054 12 10,455 2,570 
Mortgage-backed securities, multifamily2,671 376 1,676 371 4,347 747 
Obligations of states and political subdivisions82,459 3,689 341,076 96,711 379 423,535 100,400 
Debt securities— — 2,647 353 2,647 353 
Total$129,018 $7,192 $617,633 $155,731 581$746,651 $162,923 
December 31, 2021Less Than 12 Months12 Months or LongerTotal
(dollars in thousands)Fair ValueUnrealized
Losses
Fair ValueUnrealized
Losses
Number of
Securities
Fair ValueUnrealized
Losses
AVAILABLE FOR SALE
U.S. Treasury and U.S. government agencies
$76,106 $322 $14,670 $467 15 $90,776 $789 
Mortgage-backed securities, residential176,990 1,465 14,582 266 45 191,572 1,731 
Collateralized mortgage obligations, residential86,749 1,429 5,000 59 18 91,749 1,488 
Mortgage-backed securities, multifamily— — 1,741 75 1,741 75 
Collateralized mortgage obligations, multifamily9,083 210 1,072 36 10,155 246 
Asset-backed securities14,688 87 — — 314,688 87 
Debt securities15,325 (5)980 20 16,305 15 
Total$378,941 $3,508 $38,045 $923 94 $416,986 $4,431 
HELD TO MATURITY
Mortgage-backed securities, residential$340,474 $5,882 $2,376 $107 96 $342,850 $5,989 
Mortgage-backed securities, multifamily2,051 — — 2,051 
Obligations of states and political subdivisions
307,827 5,800 — — 239 307,827 5,800 
Total$650,352 $11,684 $2,376 $107 336 $652,728 $11,791 
Debt Securities, Held-to-maturity, Credit Quality Indicator
The tables below indicate the credit profile of the Company's investment securities held to maturity at amortized cost for the periods presented.
December 31, 2022 AAA  AA  A  BBB  Not Rated  Total
(in thousands)
U.S. Treasury and U.S. government agencies$11,099 $— $— $— $— $11,099 
Mortgage-backed securities, residential360,683 — — — — 360,683 
Collateralized mortgage obligations, residential13,026 — — — — 13,026 
Mortgage-backed securities, multifamily5,094 — — — — 5,094 
Obligations of states and political subdivisions156,661 317,566 1,020 — 55,266 530,513 
Debt securities— — — 3,000 — 3,000 
Total$546,563 $317,566 $1,020 $3,000 $55,266 $923,415 
December 31, 2021 AAA  AA  A  BBB  Not Rated  Total
(in thousands)
U.S. Treasury and U.S. government agencies$18,672 $— $— $— $— $18,672 
Mortgage-backed securities, residential370,247 — — — — 370,247 
Collateralized mortgage obligations, residential13,921 — — — — 13,921 
Mortgage-backed securities, multifamily2,710 — — — — 2,710 
Obligations of states and political subdivisions143,777 270,909 1,068 — 833 416,587 
Debt securities— — — 3,000 — 3,000 
Total$549,327 $270,909 $1,068 $3,000 $833 $825,137