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Investment Securities Available-for-Sale
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Available-for-Sale Investment Securities Available-for-Sale
Amortized cost and estimated fair value of securities available-for-sale are summarized as follows:
December 31, 2021Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Estimated
Fair
Value
(dollars in thousands)Credit Losses
U.S. treasury bonds$49,693 $22 $(257)$— $49,458 
U.S. agency securities629,273 736 (7,622)— 622,387 
Residential mortgage backed securities1,692,773 5,697 (20,797)— 1,677,673 
Municipal bonds141,916 3,865 (347)(3)145,431 
Corporate bonds129,012 648 (584)(617)128,459 
$2,642,667 $10,968 $(29,607)$(620)$2,623,408 
December 31, 2020Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance forEstimated
Fair
Value
(dollars in thousands)Credit Losses
U. S. agency securities$181,087 $1,461 ( 627 )$— $181,921 
Residential mortgage backed securities811,328 14,506 ( 833 )825,001
Municipal bonds102,259 5,872 — (18)108,113
Corporate bonds34,383 1,624 ( 8 )( 149 )35,850
$1,129,057 $23,463 ( 1,468 )( 167 )$1,150,885 
In addition, at December 31, 2021 and December 31, 2020, the Company held $34.2 million and $40.1 million in equity securities, respectively, in a combination of FRB and FHLB stocks, which are required to be held for regulatory purposes and which are not marketable, and therefore are carried at cost.
The unrealized losses that exist at December 31, 2021 are generally the result of changes in market interest rates and interest spread relationships since original purchases. However, as of December 31, 2021, the Company determined that part of the unrealized loss positions in AFS corporate and municipal securities could be due to credit-related events, and therefore, provisions for credit losses of $453 thousand and $167 thousand were recorded as of December 31, 2021 and 2020, respectively. If quoted prices are not available, fair value is measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. The Company does not intend to sell the investments and it is more likely than not that the Company will not have to sell the securities before recovery of its amortized cost basis, which may be at maturity.

Gross unrealized losses and fair value by length of time that the individual available-for-sale securities have been in a continuous unrealized loss position as of December 31, 2021 and 2020 are as follows:
Less than
12 Months		12 Months
or Greater		Total
December 31, 2021Number of
Securities		Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses
(dollars in thousands)
U.S. Treasury Bond1 $24,593 $257 $— $— $24,593 $257 
U. S. agency securities64 452,966 6,256 68,977 1,366 521,943 7,622 
Residential mortgage backed securities153 1,327,519 16,841 108,061 3,956 1,435,580 20,797 
Municipal Bonds8 20,181 347 — — 20,181 347 
Corporate bonds13 66,051 584 — — 66,051 584 
239$1,891,310 $24,285 $177,038 $5,322 $2,068,348 $29,607 
Less than
12 Months		12 Months
or Greater		Total
December 31, 2020Number of
Securities		Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses
(dollars in thousands)
U. S. agency securities28 $46,412 $67 $41,320 $560 $87,732 $627 
Residential mortgage backed securities35 170,178 782 6,419 51 176,597 833 
Municipal bonds3 5,764 8 — — 5,764 8 
66 $222,354 $857 $47,739 $611 $270,093 $1,468 
The amortized cost and estimated fair value of investments available-for-sale at December 31, 2021 and 2020 by contractual maturity are shown in the table below. Expected maturities for residential mortgage backed securities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
December 31, 2021December 31, 2020
(dollars in thousands)Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
U. S. agency securities maturing:
One year or less$425,597 $421,347 $53,916 $53,906 
After one year through five years141,537 140,785 110,083 110,777 
Five years through ten years62,092 60,255 17,087 17,240 
Residential mortgage backed securities1,692,820 1,677,673 811,328 825,001 
Municipal bonds maturing:
One year or less4,806 4,861 4,329 4,348 
After one year through five years25,457 26,816 26,622 28,272 
Five years through ten years97,945 99,960 69,309 73,389 
After ten years13,708 13,797 2,000 2,121 
Corporate bonds maturing:
One year or less18,924 18,991 5,218 5,220 
After one year through five years54,630 54,833 22,189 23,267 
Five years through ten years55,458 55,252 6,976 7,511 
After ten years— — — — 
U.S. treasury49,693 49,458 — — 
Allowance for credit losses(620)— (167)
$2,642,667 $2,623,408 $1,129,057 $1,150,885 
    
In 2021, gross realized gains on sales of investment securities were $3.2 million and gross realized losses on sales of investment securities were $187 thousand. In 2020, gross realized gains on sales of investment securities were $1.9 million and gross realized losses on sales of investment securities were $46 thousand. In 2019, gross realized gains on sales of investment securities were $1.7 million and gross realized losses on sales of investment securities were $153 thousand. Proceeds from sales and calls of investment securities for 2021, 2020, and 2019 were $201.0 million, $124.1 million, and $104.8 million, respectively.
The carrying value of securities pledged as collateral for certain government deposits, securities sold under agreements to repurchase, and certain lines of credit with correspondent banks at December 31, 2021 was $261.0 million and $268.4 million at December 31, 2020, which is well in excess of required amounts in order to operationally provide significant reserve amounts for new business. As of December 31, 2021 and December 31, 2020, there were no holdings of securities of any one issuer, other than the U.S. Government and U.S. agency securities, which exceeded ten percent of shareholders’ equity.