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SECURITIES | 6 Months Ended
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Jun. 30, 2023
Securities [Abstract] |
SECURITIES | ​ ​ 2. SECURITIES Available for Sale ​ The Company’s AFS investment portfolio is generally highly-rated or agency backed. All AFS securities were current with no securities past due or on non-accrual as of June 30, 2023 and December 31, 2022. ​ The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of June 30, 2023 are summarized as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Gross Unrealized | ​ | Estimated
​ |  | Cost |  | Gains |  | (Losses) |  | Fair Value
June 30, 2023 |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |
U.S. government and agency securities | ​ | $ | 69,359 | ​ | $ | — | ​ | $ | (8,012) | ​ | $ | 61,347
Obligations of states and political subdivisions | ​ |  | 649,572 | ​ |  | 2 | ​ |  | (136,548) | ​ |  | 513,026
Corporate and other bonds (1) | ​ |  | 169,995 | ​ |  | — | ​ |  | (27,423) | ​ |  | 142,572
Commercial MBS | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
Agency | ​ | ​ | 229,165 | ​ |  | 59 | ​ |  | (43,030) | ​ | ​ | 186,194
Non-agency | ​ | ​ | 78,384 | ​ |  | — | ​ |  | (2,623) | ​ | ​ | 75,761
Total commercial MBS | ​ | ​ | 307,549 | ​ |  | 59 | ​ |  | (45,653) | ​ | ​ | 261,955
Residential MBS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency | ​ | ​ | 1,363,949 | ​ |  | 4 | ​ |  | (226,232) | ​ | ​ | 1,137,721
Non-agency | ​ | ​ | 70,427 | ​ |  | — | ​ |  | (6,303) | ​ | ​ | 64,124
Total residential MBS | ​ | ​ | 1,434,376 | ​ |  | 4 | ​ |  | (232,535) | ​ | ​ | 1,201,845
Other securities | ​ |  | 1,703 | ​ |  | — | ​ |  | — | ​ |  | 1,703
Total AFS securities | ​ | $ | 2,632,554 | ​ | $ | 65 | ​ | $ | (450,172) | ​ | $ | 2,182,448
(1) Other bonds include asset-backed securities. The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of December 31, 2022 are summarized as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Gross Unrealized | ​ | Estimated
​ |  | Cost |  | Gains |  | (Losses) |  | Fair Value
December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government and agency securities | ​ | $ | 70,196 | ​ | $ | — | ​ | $ | (8,253) | ​ | $ | 61,943
Obligations of states and political subdivisions | ​ | ​ | 959,999 | ​ |  | 137 | ​ |  | (152,701) | ​ |  | 807,435
Corporate and other bonds (1) | ​ |  | 243,979 | ​ |  | — | ​ |  | (17,599) | ​ |  | 226,380
Commercial MBS | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
Agency | ​ | ​ | 250,186 | ​ |  | 75 | ​ |  | (39,268) | ​ | ​ | 210,993
Non-agency | ​ | ​ | 99,412 | ​ |  | — | ​ |  | (4,244) | ​ | ​ | 95,168
Total commercial MBS | ​ | ​ | 349,598 | ​ |  | 75 | ​ |  | (43,512) | ​ | ​ | 306,161
Residential MBS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency | ​ | ​ | 1,510,110 | ​ |  | 81 | ​ |  | (233,961) | ​ | ​ | 1,276,230
Non-agency | ​ | ​ | 68,815 | ​ |  | — | ​ |  | (6,812) | ​ | ​ | 62,003
Total residential MBS | ​ | ​ | 1,578,925 | ​ |  | 81 | ​ |  | (240,773) | ​ | ​ | 1,338,233
Other securities | ​ |  | 1,664 | ​ |  | — | ​ |  | — | ​ |  | 1,664
Total AFS securities | ​ | $ | 3,204,361 | ​ | $ | 293 | ​ | $ | (462,838) | ​ | $ | 2,741,816
(1) Other bonds include asset-backed securities. ​ The following table shows the gross unrealized losses and fair value of the Company’s AFS securities with unrealized losses. These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position (dollars in thousands). ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | More than 12 months | ​ | Total
​ |  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
​ | ​ | Value | ​ | Losses | ​ | Value(2) | ​ | Losses | ​ | Value | ​ | Losses
June 30, 2023 | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
U.S. government and agency securities | ​ | $ | — | ​ | $ | — | ​ | $ | 61,311 | ​ | $ | (8,012) | ​ | $ | 61,311 | ​ | $ | (8,012)
Obligations of states and political subdivisions | ​ | ​ | 16,301 | ​ | ​ | (399) | ​ | ​ | 493,512 | ​ | ​ | (136,149) | ​ | ​ | 509,813 | ​ | ​ | (136,548)
Corporate and other bonds(1) | ​ |  | 17,735 | ​ |  | (1,801) | ​ |  | 122,437 | ​ |  | (25,622) | ​ |  | 140,172 | ​ |  | (27,423)
Commercial MBS | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency | ​ | ​ | 36,548 | ​ | ​ | (3,970) | ​ | ​ | 145,684 | ​ | ​ | (39,061) | ​ | ​ | 182,232 | ​ | ​ | (43,031)
Non-agency | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 75,760 | ​ | ​ | (2,623) | ​ | ​ | 75,760 | ​ | ​ | (2,623)
Total commercial MBS | ​ | ​ | 36,548 | ​ | ​ | (3,970) | ​ | ​ | 221,444 | ​ | ​ | (41,684) | ​ | ​ | 257,992 | ​ | ​ | (45,654)
Residential MBS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency | ​ | ​ | 68,272 | ​ | ​ | (3,433) | ​ | ​ | 1,069,156 | ​ | ​ | (222,799) | ​ | ​ | 1,137,428 | ​ | ​ | (226,232)
Non-agency | ​ | ​ | 14,114 | ​ | ​ | (104) | ​ | ​ | 50,011 | ​ | ​ | (6,199) | ​ | ​ | 64,125 | ​ | ​ | (6,303)
Total residential MBS | ​ | ​ | 82,386 | ​ | ​ | (3,537) | ​ | ​ | 1,119,167 | ​ | ​ | (228,998) | ​ | ​ | 1,201,553 | ​ | ​ | (232,535)
Total AFS securities | ​ | $ | 154,673 | ​ | $ | (9,707) | ​ | $ | 2,017,871 | ​ | $ | (440,465) | ​ | $ | 2,172,544 | ​ | $ | (450,172)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2022 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. government and agency securities | ​ | $ | 2,594 | ​ | $ | (166) | ​ | $ | 59,269 | ​ | $ | (8,087) | ​ | $ | 61,863 | ​ | $ | (8,253)
Obligations of states and political subdivisions | ​ | ​ | 588,668 | ​ | ​ | (86,895) | ​ | ​ | 187,375 | ​ | ​ | (65,806) | ​ | ​ | 776,043 | ​ | ​ | (152,701)
Corporate and other bonds(1) | ​ |  | 206,861 | ​ |  | (15,019) | ​ |  | 17,121 | ​ |  | (2,580) | ​ |  | 223,982 | ​ |  | (17,599)
Commercial MBS | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency | ​ | ​ | 73,362 | ​ | ​ | (7,024) | ​ | ​ | 127,193 | ​ | ​ | (32,244) | ​ | ​ | 200,555 | ​ | ​ | (39,268)
Non-agency | ​ | ​ | 66,618 | ​ | ​ | (2,231) | ​ | ​ | 28,550 | ​ | ​ | (2,013) | ​ | ​ | 95,168 | ​ | ​ | (4,244)
Total commercial MBS | ​ | ​ | 139,980 | ​ | ​ | (9,255) | ​ | ​ | 155,743 | ​ | ​ | (34,257) | ​ | ​ | 295,723 | ​ | ​ | (43,512)
Residential MBS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency | ​ | ​ | 328,590 | ​ | ​ | (27,769) | ​ | ​ | 929,581 | ​ | ​ | (206,192) | ​ | ​ | 1,258,171 | ​ | ​ | (233,961)
Non-agency | ​ | ​ | 18,939 | ​ | ​ | (1,288) | ​ | ​ | 43,064 | ​ | ​ | (5,524) | ​ | ​ | 62,003 | ​ | ​ | (6,812)
Total residential MBS | ​ | ​ | 347,529 | ​ | ​ | (29,057) | ​ | ​ | 972,645 | ​ | ​ | (211,716) | ​ | ​ | 1,320,174 | ​ | ​ | (240,773)
Total AFS securities | ​ | $ | 1,285,632 | ​ | $ | (140,392) | ​ | $ | 1,392,153 | ​ | $ | (322,446) | ​ | $ | 2,677,785 | ​ | $ | (462,838)
(1) Other bonds include asset-backed securities. (2) Comprised of 816 and 363 individual securities as of June 30, 2023 and December 31, 2022, respectively. ​ The Company has evaluated AFS securities in an unrealized loss position for credit related impairment at June 30, 2023 and December 31, 2022 and concluded no impairment existed based on several factors which included: (1) the majority of these securities are of high credit quality, (2) unrealized losses are primarily the result of market volatility and increases in market interest rates, (3) the contractual terms of the investments do not permit the issuer(s) to settle the securities at a price less than the cost basis of each investment, (4) issuers continue to make timely principal and interest payments, and (5) the Company does not intend to sell any of the investments and the accounting standard of “more likely than not” has not been met for the Company to be required to sell any of the investments before recovery of its amortized cost basis. Additionally, the majority of the Company’s MBS are issued by FNMA, FHLMC, and GNMA and do not have credit risk given the implicit and explicit government guarantees associated with these agencies. In addition, the non-agency mortgage-backed and asset-backed securities generally received a 20% simplified supervisory formula approach rating. ​ ​ The following table presents the amortized cost and estimated fair value of AFS securities as of June 30, 2023 and December 31, 2022, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2023 | ​ | December 31, 2022
​ |  | Amortized |  | Estimated |  | Amortized |  | Estimated
​ | ​ | Cost | ​ | Fair Value | ​ | Cost | ​ | Fair Value
Due in one year or less | ​ | $ | 61,773 | ​ | $ | 61,041 | ​ | $ | 42,447 | ​ | $ | 41,735
Due after one year through five years | ​ |  | 121,001 | ​ |  | 109,793 | ​ |  | 158,063 | ​ |  | 152,523
Due after five years through ten years | ​ |  | 211,096 | ​ |  | 179,272 | ​ |  | 343,303 | ​ |  | 312,935
Due after ten years | ​ |  | 2,238,684 | ​ |  | 1,832,342 | ​ |  | 2,660,548 | ​ |  | 2,234,623
Total AFS securities | ​ | $ | 2,632,554 | ​ | $ | 2,182,448 | ​ | $ | 3,204,361 | ​ | $ | 2,741,816
​ ​ Refer to Note 7 "Commitments and Contingencies" within this Item 1 of this Quarterly Report for information regarding the estimated fair value of AFS securities that were pledged to secure public deposits, repurchase agreements, and for other purposes as permitted or required by law as of June 30, 2023 and December 31, 2022. Held to Maturity ​ The Company’s HTM investment portfolio primarily consists of highly-rated municipal securities. The Company’s HTM securities were all current, with no securities past due or on non-accrual at June 30, 2023 and December 31, 2022. ​ The Company reports HTM securities on the Company’s Consolidated Balance Sheets at carrying value. Carrying value is amortized cost, which includes any unamortized unrealized gains and losses recognized in AOCI prior to reclassifying the securities from AFS securities to HTM securities. ​ The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of June 30, 2023 are summarized as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying | ​ | Gross Unrealized | ​ | Estimated
​ |  | Value |  | Gains |  | (Losses) | ​ | Fair Value
June 30, 2023 |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |
U.S. government and agency securities | ​ | $ | 681 | ​ | $ | — | ​ | $ | (55) | ​ | $ | 626
Obligations of states and political subdivisions | ​ | ​ | 701,600 | ​ | ​ | 2,315 | ​ | ​ | (30,794) | ​ | ​ | 673,121
Corporate and other bonds(1) | ​ | ​ | 4,855 | ​ | ​ | — | ​ | ​ | (130) | ​ | ​ | 4,725
Commercial MBS | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency | ​ | ​ | 27,649 | ​ | ​ | — | ​ | ​ | (5,568) | ​ | ​ | 22,081
Non-agency | ​ | ​ | 26,370 | ​ | ​ | — | ​ | ​ | (570) | ​ | ​ | 25,800
Total commercial MBS | ​ | ​ | 54,019 | ​ | ​ | — | ​ | ​ | (6,138) | ​ | ​ | 47,881
Residential MBS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency | ​ | ​ | 41,833 | ​ | ​ | — | ​ | ​ | (6,151) | ​ | ​ | 35,682
Non-agency | ​ | ​ | 46,622 | ​ | ​ | — | ​ | ​ | (860) | ​ | ​ | 45,762
Total residential MBS | ​ | ​ | 88,455 | ​ | ​ | — | ​ | ​ | (7,011) | ​ | ​ | 81,444
Total HTM securities | ​ | $ | 849,610 | ​ | $ | 2,315 | ​ | $ | (44,128) | ​ | $ | 807,798
(1) Other bonds include asset-backed securities. ​ ​ The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of December 31, 2022 are summarized as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying | ​ | Gross Unrealized | ​ | Estimated
​ |  | Value |  | Gains |  | (Losses) |  | Fair Value
December 31, 2022 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. government and agency securities | ​ | $ | 687 | ​ | $ | — | ​ | $ | (56) | ​ | $ | 631
Obligations of states and political subdivisions | ​ | ​ | 705,990 | ​ | ​ | 2,218 | ​ | ​ | (35,957) | ​ | ​ | 672,251
Corporate and other bonds(1) | ​ | ​ | 5,159 | ​ | ​ | — | ​ | ​ | (10) | ​ | ​ | 5,149
Commercial MBS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency | ​ | ​ | 29,025 | ​ | ​ | — | ​ | ​ | (4,873) | ​ | ​ | 24,152
Non-agency | ​ | ​ | 13,736 | ​ | ​ | — | ​ | ​ | (126) | ​ | ​ | 13,610
Total commercial MBS | ​ | ​ | 42,761 | ​ | ​ | — | ​ | ​ | (4,999) | ​ | ​ | 37,762
Residential MBS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency | ​ | ​ | 42,699 | ​ | ​ | — | ​ | ​ | (6,427) | ​ | ​ | 36,272
Non-agency | ​ | ​ | 50,436 | ​ | ​ | — | ​ | ​ | (614) | ​ | ​ | 49,822
Total residential MBS | ​ | ​ | 93,135 | ​ | ​ | — | ​ | ​ | (7,041) | ​ | ​ | 86,094
Total HTM securities | ​ | $ | 847,732 | ​ | $ | 2,218 | ​ | $ | (48,063) | ​ | $ | 801,887
(1) Other bonds include asset-backed securities. ​ Credit Quality Indicators & Allowance for Credit Losses - HTM ​ For HTM securities, the Company evaluates the credit risk of its securities on at least a quarterly basis. The Company estimates expected credit losses on HTM debt securities on an individual basis based on the PD/LGD methodology primarily using security-level credit ratings. The Company’s HTM securities ACL was insignificant at June 30, 2023 and December 31, 2022. The primary indicators of credit quality for the Company’s HTM portfolio are security type and credit rating, which is influenced by a number of factors including obligor cash flow, geography, seniority, and others. The majority of the Company’s HTM securities with credit risk are obligations of states and political subdivisions. ​ The following table presents the amortized cost of HTM securities as of June 30, 2023 and December 31, 2022 by security type and credit rating (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | U.S. Government and Agency |  | Obligations of states and political |  | Corporate and other |  | Mortgage-backed |  | Total HTM
​ | ​ | securities | ​ | subdivisions | ​ | bonds | ​ | securities | ​ | securities
June 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Credit Rating: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
AAA/AA/A | ​ | $ | — | ​ | $ | 700,424 | ​ | $ | — | ​ | $ | 10,095 | ​ | $ | 710,519
BBB/BB/B | ​ | ​ | — | ​ | ​ | 1,176 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,176
Not Rated - Agency(1) | ​ | ​ | 681 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 69,482 | ​ | ​ | 70,163
Not Rated - Non-Agency(2) | ​ | ​ | — | ​ |  | — | ​ |  | 4,855 | ​ | ​ | 62,897 | ​ | ​ | 67,752
Total | ​ | $ | 681 | ​ | $ | 701,600 | ​ | $ | 4,855 | ​ | $ | 142,474 | ​ | $ | 849,610
December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Credit Rating: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
AAA/AA/A | ​ | $ | — | ​ | $ | 704,803 | ​ | $ | — | ​ | $ | 2,702 | ​ | $ | 707,505
BBB/BB/B | ​ | ​ | — | ​ | ​ | 1,187 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,187
Not Rated - Agency(1) | ​ | ​ | 687 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 71,725 | ​ | ​ | 72,412
Not Rated - Non-Agency(2) | ​ | ​ | — | ​ |  | — | ​ |  | 5,159 | ​ | ​ | 61,469 | ​ | ​ | 66,628
Total | ​ | $ | 687 | ​ | $ | 705,990 | ​ | $ | 5,159 | ​ | $ | 135,896 | ​ | $ | 847,732
(1) Generally considered not to have credit risk given the government guarantees associated with these agencies. (2) Non-agency mortgage-backed and asset-backed securities have limited credit risk, supported by most receiving a 20% simplified supervisory formula approach rating. ​ The following table presents the amortized cost and estimated fair value of HTM securities as of June 30, 2023 and December 31, 2022, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2023 | ​ | December 31, 2022
​ |  | Carrying |  | Estimated |  | Carrying |  | Estimated
​ | ​ | Value | ​ | Fair Value | ​ | Value | ​ | Fair Value
Due in one year or less | ​ | $ | 2,037 | ​ | $ | 2,025 | ​ | $ | 2,010 | ​ | $ | 2,006
Due after one year through five years | ​ |  | 35,942 | ​ |  | 35,830 | ​ |  | 35,044 | ​ |  | 35,014
Due after five years through ten years | ​ |  | 35,796 | ​ |  | 35,281 | ​ |  | 19,941 | ​ |  | 20,239
Due after ten years | ​ |  | 775,835 | ​ |  | 734,662 | ​ |  | 790,737 | ​ |  | 744,628
Total HTM securities | ​ | $ | 849,610 | ​ | $ | 807,798 | ​ | $ | 847,732 | ​ | $ | 801,887
​ Refer to Note 7 "Commitments and Contingencies" within this Item 1 of this Quarterly Report for information regarding the estimated fair value of HTM securities that were pledged to secure public deposits as permitted or required by law as of June 30, 2023 and December 31, 2022. Restricted Stock, at cost Due to restrictions placed upon the Bank’s common stock investment in the FRB and the FHLB, these securities have been classified as restricted equity securities and carried at cost. These restricted securities are not subject to the investment security classifications and are included as a separate line item on the Company’s Consolidated Balance Sheets. At June 30, 2023 and December 31, 2022, restricted stock consists of FRB stock in the amount of $67.0 million, respectively, and FHLB stock in the amount of $44.1 million and $53.2 million, respectively. Realized Gains and Losses The following table presents the gross realized gains and losses on and the proceeds from the sale of securities during the three and six months ended June 30, 2023 and 2022 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | Six Months Ended
​ | ​ | June 30, 2023 | ​ | June 30, 2023
Realized gains (losses)(1): |  | ​ |  |  | ​ |
Gross realized gains | ​ | $ | 2 | ​ | $ | 1,348
Gross realized losses | ​ |  | — | ​ |  | (14,746)
Net realized gains (losses) | ​ | $ | 2 | ​ | $ | (13,398)
​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from sales of securities | ​ | $ | 41,635 | ​ | $ | 600,101
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | Six Months Ended
​ | ​ | June 30, 2022 | ​ | June 30, 2022
Realized losses(1): |  | ​ |  |  | ​ |
Gross realized gains | ​ | $ | — | ​ | $ | —
Gross realized losses | ​ |  | (2) | ​ |  | (2)
Net realized losses | ​ | $ | (2) | ​ | $ | (2)
​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from sales of securities | ​ | $ | 12,469 | ​ | $ | 12,469
(1) Includes gains (losses) on sales and calls of securities. ​

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