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Investment Securities
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
NOTE 4 – INVESTMENT SECURITIES
The following tables present the amortized cost and estimated fair values of investment securities, as of December 31:
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
 (dollars in thousands)
2022
Available for Sale
U.S. Government securities$226,140 $— $(7,655)$218,485 
U.S. Government-sponsored agency securities1,050 — (42)1,008 
State and municipal securities1,284,245 283 (178,816)1,105,712 
Corporate debt securities459,792 — (37,483)422,309 
Collateralized mortgage obligations147,155 — (13,122)134,033 
Residential mortgage-backed securities242,527 18 (29,847)212,698 
Commercial mortgage-backed securities631,604 — (79,082)552,522 
Total$2,992,513 $301 $(346,047)$2,646,767 
Held to Maturity
Residential mortgage-backed securities$457,325 $— $(57,480)$399,845 
Commercial mortgage-backed securities863,931 — (138,727)725,204 
Total $1,321,256 $— $(196,207)$1,125,049 
2021
Available for Sale
U.S. Government securities$127,831 $— $(213)$127,618 
State and municipal securities1,139,187 50,161 (678)1,188,670 
Corporate debt securities373,482 13,009 (358)386,133 
Collateralized mortgage obligations206,532 3,581 (754)209,359 
Residential mortgage-backed securities231,607 1,224 (3,036)229,795 
Commercial mortgage-backed securities974,541 6,141 (9,534)971,148 
Auction rate securities76,350 — (1,683)74,667 
   Total$3,129,530 $74,116 $(16,256)$3,187,390 
Held to Maturity
Residential mortgage-backed securities$404,958 $11,022 $(7,067)$408,913 
Commercial mortgage-backed securities575,426 — (18,472)556,954 
Total$980,384 $11,022 $(25,539)$965,867 
During the first quarter of 2022, all ARC's were sold.

On May 1, 2022, the Corporation transferred certain residential mortgage-backed securities and commercial mortgage-backed securities from AFS to HTM classification as permitted by ASU 2019-04. The estimated fair value of the securities transferred was $415.2 million, and the amortized cost of the securities was $479.0 million.

Securities carried at $1.1 billion at December 31, 2022 and $2.5 billion at December 31, 2021, were pledged as collateral to secure public and trust deposits.
The amortized cost and estimated fair values of debt securities as of December 31, 2022, by contractual maturity, are shown in the following table. Actual maturities may 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
 Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
(dollars in thousands)
Due in one year or less$148,382 $143,463 $— $— 
Due from one year to five years159,126 154,536 — — 
Due from five years to ten years535,229 497,049 — — 
Due after ten years1,128,490 952,466 — — 
1,971,227 1,747,514 — — 
Residential mortgage-backed securities(1)
242,527 212,698 457,325 399,845 
Commercial mortgage-backed securities(1)
631,604 552,522 863,931 725,204 
Collateralized mortgage obligations(1)
147,155 134,033 — — 
Total$2,992,513 $2,646,767 $1,321,256 $1,125,049 
(1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the underlying loans.

The following table presents information related to gross gains and losses on the sales of securities:
Gross Realized GainsGross Realized LossesNet  Gains (Losses)
 (dollars in thousands)
2022$1,587 $(1,614)$(27)
202135,593 (2,077)33,516 
20206,545 (3,492)3,053 

During 2021, the Corporation completed a balance sheet restructuring that included a $34.0 million gain on the sale of Visa Shares, offset by losses on other securities of $0.4 million, primarily in connection with the sale of $24.6 million of ARCs.

During 2020, the Corporation completed a balance sheet restructuring that included the sale of investment securities, with an amortized cost of $79.0 million and an estimated fair value of $82.0 million, resulting in net investment securities gains of $3.0 million. Offsetting these gains were $2.9 million of prepayment penalties recorded in non-interest expense for the redemption of FHLB advances.
The following tables present the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31:

Less Than 12 months12 Months or LongerTotal
Number of SecuritiesEstimated
Fair Value		Unrealized
Losses		Number of SecuritiesEstimated
Fair Value		Unrealized
Losses		Estimated
Fair Value		Unrealized
Losses
2022(dollars in thousands)
Available for Sale
U.S. Government securities1 $96,906 $(2,814)2 $121,579 $(4,841)$218,485 $(7,655)
U.S. Government sponsored agency securities1 1,008 (42)— — — 1,008 (42)
State and municipal securities360 995,122 (157,397)29 61,089 (21,419)1,056,211 (178,816)
Corporate debt securities66 376,398 (31,333)6 37,157 (6,150)413,555 (37,483)
Collateralized mortgage obligations
96 113,191 (7,650)1 20,842 (5,472)134,033 (13,122)
Residential mortgage-backed securities81 154,861 (18,301)5 55,293 (11,546)210,154 (29,847)
Commercial mortgage-backed securities114 371,109 (38,845)20 181,413 (40,237)552,522 (79,082)
Total available for sale719 $2,108,595 $(256,382)63 $477,373 $(89,665)$2,585,968 $(346,047)
Held to Maturity
Residential mortgage-backed securities106$246,667 $(14,275)14 $153,178 $(43,205)$399,845 $(57,480)
Commercial mortgage-backed securities21 258,255 (24,029)39 466,949 (114,698)725,204 (138,727)
Total 127 $504,922 $(38,304)53 $620,127 $(157,903)$1,125,049 $(196,207)

Less Than 12 months12 Months or LongerTotal
Number of SecuritiesEstimated
Fair Value		Unrealized
Losses		Number of SecuritiesEstimated
Fair Value		Unrealized
Losses		Estimated
Fair Value		Unrealized
Losses
2021
Available for Sale
U.S Government Securities2 $127,618 $(213)— $— $— $127,618 $(213)
State and municipal securities29 82,731 (678)— — — 82,731 (678)
Corporate debt securities6 43,068 (358)— — — 43,068 (358)
Collateralized mortgage obligations4 28,517 (754)— — — 28,517 (754)
Residential mortgage-backed securities7 123,687 (2,388)1 16,669 (648)140,356 (3,036)
Commercial mortgage-backed securities41 512,312 (9,534)— — — 512,312 (9,534)
Auction rate securities— — — 118 74,667 (1,683)74,667 (1,683)
Total available for sale89 $917,933 $(13,925)119 $91,336 $(2,331)$1,009,269 $(16,256)
Held to maturity
Residential mortgage-backed securities14 $205,969 $(7,067)— $— $— $205,969 $(7,067)
Commercial mortgage-backed securities36 556,954 (18,472)— — — 556,954 (18,472)
Total50 $762,923 $(25,539)— $— $— $762,923 $(25,539)

The Corporation's collateralized mortgage obligations and mortgage-backed securities have contractual terms that generally do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. The change in fair value of these securities is attributable to changes in interest rates and not credit quality. The Corporation does not have the intent to sell, and does not believe it will more likely than not be required to sell, any of these securities prior to a recovery of their fair value to amortized cost. Therefore, the Corporation does not have an ACL for these investments as of December 31, 2022 and 2021.
As of December 31, 2022 and 2021, no ACL was required for state and municipal securities. The Corporation does not have the intent to sell and does not believe it will be more likely than not to be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity.As of December 31, 2022 and 2021, all corporate debt securities were rated above investment grade. Based on the payment status, rating and management's evaluation of these securities, no ACL was required for corporate debt securities as of December 31, 2022 and 2021.