Investment Securities

9 Months Ended

Sep. 30, 2022

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
September 30, 2022
U.S. Treasury and Federal agencies securities	$	1,131,244	$	—	$	(99,667)	$	1,031,577
U.S. States and political subdivisions securities	126,008		—		(10,777)		115,231
Mortgage-backed securities — Federal agencies	739,896		4		(102,210)		637,690
Corporate debt securities	16,496		—		(383)		16,113
Foreign government and other securities	600		—		(17)		583
Total debt securities available-for-sale	$	2,014,244	$	4	$	(213,054)	$	1,801,194

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 and other securities	600		—		(2)		598
Total debt securities available-for-sale	$	1,876,031	$	9,618	$	(22,608)	$	1,863,041

Amortized cost excludes accrued interest receivable which is included in Accrued Income and Other Assets on the Consolidated Statements of Financial Condition. At September 30, 2022 and December 31, 2021, accrued interest receivable on investment securities available-for-sale was $5.30 million and $4.80 million, respectively.

At September 30, 2022 and 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 following table shows the contractual maturities of investments in debt securities available-for-sale at September 30, 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.


(Dollars in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	85,315	$	84,424
Due after one year through five years	1,118,538		1,017,205
Due after five years through ten years	39,021		32,807
Due after ten years	31,474		29,068
Mortgage-backed securities	739,896		637,690
Total debt securities available-for-sale	$	2,014,244	$	1,801,194

The following table summarizes gross unrealized losses and fair value by investment category and age. At September 30, 2022, the Company’s available-for-sale securities portfolio consisted of 748 securities, 728 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
September 30, 2022
U.S. Treasury and Federal agencies securities	$	344,947	$	(19,238)	$	686,630	$	(80,429)	$	1,031,577	$	(99,667)
U.S. States and political subdivisions securities	80,326		(5,194)		33,630		(5,583)		113,956		(10,777)
Mortgage-backed securities - Federal agencies	332,094		(39,091)		304,448		(63,119)		636,542		(102,210)
Corporate debt securities	16,113		(383)		—		—		16,113		(383)
Foreign government and other securities	487		(13)		96		(4)		583		(17)
Total debt securities available-for-sale	$	773,967	$	(63,919)	$	1,024,804	$	(149,135)	$	1,798,771	$	(213,054)

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 and other 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)

The Company does not consider available-for-sale securities with unrealized losses at September 30, 2022 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.


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands)	2022		2021		2022		2021
Gross realized gains	$	—	$	—	$	—	$	221
Gross realized losses	—		—		—		(901)

Net realized gains (losses)	$	—	$	—	$	—	$	(680)

At September 30, 2022 and December 31, 2021, investment securities available-for-sale with carrying values of $264.35 million and $351.13 million, respectively, were pledged as collateral for security repurchase agreements and for other purposes.