Investment Securities Available-For-Sale

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investment Securities Available-For-Sale

The following table shows investment securities available-for-sale.


(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2021
U.S. Treasury and Federal agencies securities	$	1,093,780	$	3,244	$	(13,018)	$	1,084,006
U.S. States and political subdivisions securities	95,700		1,130		(1,129)		95,701
Mortgage-backed securities - Federal agencies	663,441		4,745		(8,459)		659,727
Corporate debt securities	22,510		499		—		23,009
Foreign government securities	600		—		(2)		598
Total investment securities available-for-sale	$	1,876,031	$	9,618	$	(22,608)	$	1,863,041
December 31, 2020
U.S. Treasury and Federal agencies securities	$	610,195	$	9,521	$	(234)	$	619,482
U.S. States and political subdivisions securities	78,812		2,346		(31)		81,127
Mortgage-backed securities - Federal agencies	442,748		11,237		(196)		453,789
Corporate debt securities	40,813		1,556		—		42,369
Foreign government securities	700		—		—		700


Total investment securities available-for-sale	$	1,173,268	$	24,660	$	(461)	$	1,197,467

Amortized cost excludes accrued interest receivable which is included in Accrued Income and Other Assets on the Consolidated Statements of Financial Condition. At December 31, 2021 and 2020, accrued interest receivable on investment securities available for sale was $4.80 million and $3.84 million, respectively.

At December 31, 2021, the residential mortgage-backed securities held by the Company consisted primarily of GNMA, FNMA and FHLMC pass-through certificates which are guaranteed by those respective agencies of the United States government (Government Sponsored Enterprise, GSEs).

The Company did not hold any marketable equity securities at December 31, 2021 and 2020.

The following table shows the contractual maturities of investments in debt securities available-for-sale at December 31, 2021. 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.


(Dollars in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	105,859	$	106,732
Due after one year through five years	948,501		940,267
Due after five years through ten years	157,760		155,850
Due after ten years	470		465
Mortgage-backed securities	663,441		659,727
Total debt securities available-for-sale	$	1,876,031	$	1,863,041

The following table summarizes gross unrealized losses and fair value by investment category and age. At December 31, 2021, the Company’s available-for-sale securities portfolio consisted of 706 securities, 282 of which were in an unrealized loss position.


	Less than 12 Months				12 months or Longer				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2021
U.S. Treasury and Federal agencies securities	$	789,536	$	(10,728)	$	84,191	$	(2,290)	$	873,727	$	(13,018)
U.S. States and political subdivisions securities	39,585		(980)		4,875		(149)		44,460		(1,129)
Mortgage-backed securities - Federal agencies	454,413		(7,312)		35,232		(1,147)		489,645		(8,459)
Corporate debt securities	—		—		—		—		—		—
Foreign government securities	598		(2)		—		—		598		(2)
Total debt securities available-for-sale	$	1,284,132	$	(19,022)	$	124,298	$	(3,586)	$	1,408,430	$	(22,608)
December 31, 2020
U.S. Treasury and Federal agencies securities	$	136,534	$	(234)	$	—	$	—	$	136,534	$	(234)
U.S. States and political subdivisions securities	6,391		(30)		199		(1)		6,590		(31)
Mortgage-backed securities - Federal agencies	67,736		(187)		3,274		(9)		71,010		(196)
Corporate debt securities	—		—		—		—		—		—
Foreign government securities	200		—		—		—		200		—


Total debt securities available-for-sale	$	210,861	$	(451)	$	3,473	$	(10)	$	214,334	$	(461)

The Company does not consider available-for-sale securities with unrealized losses at December 31, 2021 to be experiencing credit losses and recognized no resulting allowance for credit losses. The Company does not intend to sell these investments and it is more likely than not that the Company will not be required to sell these investments before recovery of the amortized cost basis, which may be the maturity dates of the securities. The unrealized losses occurred as a result of changes in interest rates, market spreads and market conditions subsequent to purchase.

The following table shows the gross realized gains and losses from the available-for-sale debt securities portfolio. Realized gains and losses of all securities are computed using the specific identification cost basis.


(Dollars in thousands)	2021		2020		2019
Gross realized gains	$	221	$	285	$	—
Gross realized losses	(901)		(6)		—
Net realized (losses) gains	$	(680)	$	279	$	—

At December 31, 2021 and 2020, investment securities with carrying values of $351.13 million and $338.68 million, respectively, were pledged as collateral for security repurchase agreements and for other purposes.