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Securities
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Securities Securities
The amortized cost, estimated fair value, and allowance for securities credit losses of debt securities available-for-sale and held-to-maturity at December 31, 2021 and 2020 are as follows (in thousands):
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value		Allowance for Securities Credit Losses
At December 31, 2021
Debt securities available-for-sale:
U.S. government and agency obligations$164,756 $1,135 $(471)$165,420 $— 
Corporate debt securities5,000 42 (11)5,031 — 
Asset-backed securities298,976 41 (1,489)297,528 — 
Agency commercial MBS101,142 57 (923)100,276 — 
Total debt securities available-for-sale$569,874 $1,275 $(2,894)$568,255 $— 
Debt securities held-to-maturity:
State, municipal, and sovereign debt obligations$281,389 $10,185 $(1,164)$290,410 $(85)
Corporate debt securities68,823 1,628 (1,279)69,172 (1,343)
Mortgage-backed securities:
Agency residential756,844 6,785 (7,180)756,449 — 
Agency commercial4,385 7 (44)4,348 — 
Non-agency commercial32,107 362 (104)32,365 (39)
Total mortgage-backed securities793,336 7,154 (7,328)793,162 (39)
Total debt securities held-to-maturity$1,143,548 $18,967 $(9,771)$1,152,744 $(1,467)
Total debt securities$1,713,422 $20,242 $(12,665)$1,720,999 $(1,467)
At December 31, 2020
Debt securities available-for-sale:
U.S government and agency obligations$173,790 $3,152 $(2)$176,940 $— 
Asset-backed securities6,174 — (4)6,170 — 
Agency residential MBS190 2 — 192 — 
Total debt securities available-for-sale$180,154 $3,154 $(6)$183,302 $— 
Debt securities held-to-maturity:
State, municipal, and sovereign debt obligations$238,405 $11,500 $(231)$249,674 $(48)
Corporate debt securities72,305 1,615 (2,652)71,268 (1,550)
Mortgage-backed securities:
Agency residential593,891 15,037 (283)608,645 — 
Agency commercial5,392 — (60)5,332 — 
Non-agency commercial32,321 1,226 — 33,547 (117)
Total mortgage-backed securities631,604 16,263 (343)647,524 (117)
Total debt securities held-to-maturity$942,314 $29,378 $(3,226)$968,466 $(1,715)
Total debt securities$1,122,468 $32,532 $(3,232)$1,151,768 $(1,715)
There was no allowance for securities credit losses on debt securities available-for-sale at December 31, 2021 or 2020.
The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the year ended December 31, 2021 (in thousands):
For the Year Ended December 31,
20212020
Allowance for credit losses
Beginning balance$(1,715)$— 
Impact of CECL adoption— (1,268)
Benefit (Provision) for credit loss expense248 (447)
Total ending allowance balance$(1,467)$(1,715)
During 2021 and 2013, the Bank transferred $12.7 million and $536.0 million, respectively, of previously designated available-for-sale debt securities to a held-to-maturity designation at estimated fair value. The securities transferred had an unrealized net loss of $209,000 and $13.3 million at the time of transfer in 2021 and 2013, respectively, which continues to be reflected in accumulated other comprehensive loss on the Consolidated Statements of Financial Condition, net of subsequent amortization, which is being recognized over the life of the securities. The carrying value of the debt securities held-to-maturity at December 31, 2021 and 2020 are as follows (in thousands):
 December 31,
 20212020
Amortized cost$1,143,548 $942,314 
Net loss on date of transfer from available-for-sale(13,556)(13,347)
Allowance for securities credit loss(1,467)(1,715)
Accretion of net unrealized loss on securities reclassified as held-to-maturity10,668 10,001 
Carrying value$1,139,193 $937,253 
During the year ended December 31, 2021 there were no realized gains on debt securities. There were $476,000 of realized gains on debt securities for the year ended December 31, 2020.
The amortized cost and estimated fair value of debt securities at December 31, 2021 by contractual maturity are as follows (in thousands):
At December 31, 2021Amortized
Cost		Estimated
Fair Value
Less than one year$100,483 $101,018 
Due after one year through five years148,332 150,222 
Due after five years through ten years275,734 274,360 
Due after ten years294,395 301,961 
$818,944 $827,561 
Actual maturities may differ from contractual maturities in instances where issuers have the right to call or prepay obligations with or without call or prepayment penalties. At December 31, 2021, corporate debt securities, state and municipal obligations, and asset-backed securities with an amortized cost of $66.2 million, $90.2 million, and $299.0 million, respectively, and an estimated fair value of $66.4 million, $92.5 million, and $297.5 million, respectively, were callable prior to the maturity date. Mortgage-backed securities are excluded from the above table since their effective lives are expected to be shorter than the contractual maturity date due to principal prepayments.
The estimated fair value of securities pledged as required security for deposits and for other purposes required by law amounted to $1.14 billion and $435.9 million at December 31, 2021 and 2020, respectively, including $142.9 million and $152.7 million at December 31, 2021 and 2020, respectively, pledged as collateral for securities sold under agreements to repurchase.
The estimated fair value and unrealized losses for debt securities available-for-sale and held-to-maturity at December 31, 2021 and December 31, 2020, segregated by the duration of the unrealized losses, are as follows (in thousands): 
 Less than 12 Months12 Months or LongerTotal
 Estimated
Fair Value		Unrealized
Losses		Estimated
Fair Value		Unrealized
Losses		Estimated
Fair Value		Unrealized
Losses
At December 31, 2021
Debt securities available-for-sale:
U.S. government and agency obligations$82,395 $(471)$— $— $82,395 $(471)
Corporate debt securities1,989 (11)— — 1,989 (11)
Asset-backed securities279,486 (1,489)— — 279,486 (1,489)
Agency commercial MBS80,726 (923)— — 80,726 (923)
Total debt securities available-for-sale444,596 (2,894)— — 444,596 (2,894)
Debt securities held-to-maturity:
State, municipal, and sovereign debt obligations75,329 (1,063)4,383 (101)79,712 (1,164)
Corporate debt securities38,304 (1,279)— — 38,304 (1,279)
Mortgage-backed securities:
Agency residential445,399 (5,822)50,133 (1,358)495,532 (7,180)
Agency commercial2,255 (41)886 (3)3,141 (44)
Non-agency commercial10,722 (104)— — 10,722 (104)
Total mortgage-backed securities458,376 (5,967)51,019 (1,361)509,395 (7,328)
Total debt securities held-to-maturity572,009 (8,309)55,402 (1,462)627,411 (9,771)
Total debt securities$1,016,605 $(11,203)$55,402 $(1,462)$1,072,007 $(12,665)
At December 31, 2020
Debt securities available-for-sale:
U.S government and agency obligations$17,029 $(2)$— $— $17,029 $(2)
Asset-backed securities4,766 (4)— — 4,766 (4)
Total debt securities available-for-sale21,795 (6)— — 21,795 (6)
Debt securities held-to-maturity:
State, municipal, and sovereign debt obligations2,823 (23)7,509 (208)10,332 (231)
Corporate debt securities10,192 (255)35,935 (2,397)46,127 (2,652)
Mortgage-backed securities:
Agency residential69,882 (256)1,815 (27)71,697 (283)
Agency commercial3,626 (12)1,706 (48)5,332 (60)
Total mortgage-backed securities73,508 (268)3,521 (75)77,029 (343)
Total debt securities held-to-maturity86,523 (546)46,965 (2,680)133,488 (3,226)
Total debt securities$108,318 $(552)$46,965 $(2,680)$155,283 $(3,232)

The Company concluded that debt securities were not impaired at December 31, 2021 based on a consideration of several factors. The Company noted that each issuer made all the contractually due payments when required. There were no defaults on principal or interest payments, and no interest payments were deferred. Based on management’s analysis of each individual security, the issuers appear to have the ability to meet debt service requirements over the life of the security. Furthermore, the Company does not intend to sell these debt securities and it is more likely than not that the Company will not be required to sell the securities. Historically, the Company has not utilized securities sales as a source of liquidity and the Company’s long range liquidity plans indicate adequate sources of liquidity outside the securities portfolio.
The Company monitors the credit quality of debt securities held-to-maturity on a quarterly basis through the use of internal credit analyses supplemented by external credit ratings. Credit ratings of BBB- or Baa3 or higher are considered as investment grade. The amortized cost of debt securities held-to-maturity at December 31, 2021 aggregated by credit quality indicator are as follows (in thousands):
Investment GradeNon-Investment Grade/Non-ratedTotal
At December 31, 2021
State, municipal, and sovereign debt obligations$281,389 $— $281,389 
Corporate debt securities54,020 14,803 68,823 
Non-agency commercial MBS32,107 — 32,107 
Total debt securities held-to-maturity$367,516 $14,803 $382,319 
Equity Investments
At December 31, 2021 and 2020, the Company held equity investments of $101.2 million and $107.1 million, respectively. The equity investments primarily comprised of select financial services institutions’ common and preferred stocks paying attractive dividends.
The realized and unrealized gains on equity securities for the year ended December 31, 2021 and 2020 are as follows (in thousands):
For the Year Ended December 31,
20212020
Net gain on equity investments$7,145 $21,214 
Less: Net gains recognized on equity investments sold8,123 5,401 
Unrealized (loss) gain recognized on equity investments still held$(978)$15,813