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Securities
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Securities
Note 3 — Securities
The following table is a summary of the amortized cost and estimated fair value, including the allowance for credit losses and gross unrealized gains and losses, of available for sale, held to maturity and securities carried at fair value through income for the dates indicated:
(Dollars in thousands)

December 31, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		Allowance for Credit LossesNet Carrying Amount
Available for sale:
State and municipal securities$323,356 $210 $(41,440)$282,126 $— $282,126 
Corporate bonds92,244 80 (8,689)83,635 — 83,635 
U.S. government and agency securities84,377 3 (4,740)79,640 — 79,640 
Commercial mortgage-backed securities104,459 — (11,063)93,396 — 93,396 
Residential mortgage-backed securities569,622 — (63,120)506,502 — 506,502 
Commercial collateralized mortgage obligations39,386 — (4,203)35,183 — 35,183 
Residential collateralized mortgage obligations150,710 — (20,566)130,144 — 130,144 
Asset-backed securities43,521 4 (520)43,005 — 43,005 
Total$1,407,675 $297 $(154,341)$1,253,631 $— $1,253,631 
Held to maturity:
State and municipal securities$11,678 $— $(830)$10,848 $(63)$11,615 
Securities carried at fair value through income:
State and municipal securities(1)
$6,815 $— $— $6,808 $— $6,808 
December 31, 2022
Available for sale:
State and municipal securities$447,086 $996 $(58,605)$389,477 $— $389,477 
Corporate bonds89,449 — (7,191)82,258 — 82,258 
U.S. government and agency securities264,755 4 (16,339)248,420 — 248,420 
Commercial mortgage-backed securities105,536 — (13,593)91,943 — 91,943 
Residential mortgage-backed securities649,765 — (77,462)572,303 — 572,303 
Commercial collateralized mortgage obligations44,330 — (5,517)38,813 — 38,813 
Residential collateralized mortgage obligations170,136 — (23,766)146,370 — 146,370 
Asset-backed securities73,918 — (2,018)71,900 — 71,900 
Total$1,844,975 $1,000 $(204,491)$1,641,484 $— $1,641,484 
Held to maturity:
State and municipal securities$12,174 $278 $(482)$11,970 $(899)$11,275 
Securities carried at fair value through income:
State and municipal securities(1)
$7,100 $— $— $6,368 $— $6,368 
________________________
(1)Securities carried at fair value through income have no unrealized gains or losses at the consolidated balance sheet dates as all changes in value have been recognized in the consolidated statements of income. See Note 5 — Fair Value of Financial Instruments for more information.
Securities with unrealized losses at December 31, 2023, and December 31, 2022, aggregated by investment category and those individual securities that have been in a continuous unrealized loss position for less than 12 months, and for 12 months or more, were as follows.
Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)
December 31, 2023
Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Available for sale:
State and municipal securities$27,106 $(266)$246,442 $(41,174)$273,548 $(41,440)
Corporate bonds4,254 (53)74,566 (8,636)78,820 (8,689)
U.S. government and agency securities— — 77,340 (4,740)77,340 (4,740)
Commercial mortgage-backed securities— — 93,396 (11,063)93,396 (11,063)
Residential mortgage-backed securities60 (5)506,442 (63,115)506,502 (63,120)
Commercial collateralized mortgage obligations
— — 35,183 (4,203)35,183 (4,203)
Residential collateralized mortgage obligations
— — 130,144 (20,566)130,144 (20,566)
Asset-backed securities7,350 (52)31,618 (468)38,968 (520)
Total$38,770 $(376)$1,195,131 $(153,965)$1,233,901 $(154,341)
Held to maturity:
State and municipal securities$4,717 $(447)$6,131 $(383)$10,848 $(830)
December 31, 2022
Available for sale:
State and municipal securities$171,079 $(14,947)$175,011 $(43,658)$346,090 $(58,605)
Corporate bonds69,618 (5,581)11,640 (1,610)81,258 (7,191)
U.S. government and agency securities152,471 (7,373)95,576 (8,966)248,047 (16,339)
Commercial mortgage-backed securities37,083 (3,416)54,860 (10,177)91,943 (13,593)
Residential mortgage-backed securities231,848 (20,465)340,455 (56,997)572,303 (77,462)
Commercial collateralized mortgage obligations21,999 (2,516)16,814 (3,001)38,813 (5,517)
Residential collateralized mortgage obligations48,749 (3,928)97,621 (19,838)146,370 (23,766)
Asset-backed securities62,047 (1,528)9,853 (490)71,900 (2,018)
Total$794,894 $(59,754)$801,830 $(144,737)$1,596,724 $(204,491)
Held to maturity:
State and municipal securities$6,518 $(482)$— $— $6,518 $(482)
At December 31, 2023, the Company had 602 individual securities that were in an unrealized loss position. Management evaluates available for sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than the cost, and (2) the financial condition and near-term prospects of the issuer and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.
Management does not currently intend to sell any securities in an unrealized loss position and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, at December 31, 2023, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, including changes in interest rates and other market conditions.
The following table presents the activity in the allowance for credit losses for held-to-maturity securities.
(Dollars in thousands)Municipal Securities
Allowance for credit losses:202320222021
Balance at January 1,$899 $167 $66 
Provision (recovery) expense for credit loss for held to maturity securities(836)732 101 
Balance at December 31,$63 $899 $167 
Accrued interest of $5.3 million and $8.2 million was not included in the calculation of the allowance or the amortized cost basis of the securities at December 31, 2023 or 2022, respectively. There were no past due or nonaccrual available for sale or held to maturity securities at December 31, 2023 or 2022.
Proceeds from sales and calls, and related gross gains and losses of securities available for sale, are shown below.
Years Ended December 31,
(Dollars in thousands)202320222021
Proceeds from sales/calls$291,189 $487,544 $44,893 
Gross realized gains596 3,810 1,780 
Gross realized losses(12,231)(2,146)(32)
The following table presents the amortized cost and fair value of securities available for sale and held to maturity at December 31, 2023, grouped by contractual maturity. Mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, which do not have contractual payments due at a single maturity date, are shown separately. Actual maturities for mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities will differ from contractual maturities as a result of prepayments made on the underlying loans.
(Dollars in thousands)Held to MaturityAvailable for Sale
December 31, 2023Amortized CostFair ValueAmortized CostFair Value
Due in one year or less$— $— $67,657 $67,160 
Due after one year through five years— — 83,105 76,814 
Due after five years through ten years5,164 4,717 172,944 153,675 
Due after ten years6,514 6,131 176,271 147,752 
Commercial mortgage-backed securities— — 104,459 93,396 
Residential mortgage-backed securities— — 569,622 506,502 
Commercial collateralized mortgage obligations— — 39,386 35,183 
Residential collateralized mortgage obligations— — 150,710 130,144 
Asset-backed securities— — 43,521 43,005 
Total$11,678 $10,848 $1,407,675 $1,253,631 
The following table presents carrying amounts of securities pledged as collateral for deposits and repurchase agreements at the periods presented.
(Dollars in thousands)December 31, 2023December 31, 2022
Carrying value of securities pledged to secure public deposits$421,273 $769,691 
Carrying value of securities pledged to repurchase agreements5,477 6,797