The following tables summarize the amortized cost and fair value of securities available-for-sale and securities held-for-maturity at December 31, 2022 and 2021 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive (loss) income and gross unrecognized gains and losses:


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-Sale Securities
Debt Securities:
U.S. Treasury securities	$	9,990	$	—	$	(1,283)	$	8,707
U.S. Government agencies	107		—		(9)		98
Obligations of states and political subdivisions	201,638		—		(26,653)		174,985
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	117,292		4		(7,803)		109,493
Private label mortgage and asset backed securities	411,441		14		(55,913)		355,542

	$	740,468	$	18	$	(91,661)	$	648,825


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Held to Maturity
Debt Securities:

Obligations of states and political subdivisions	$	192,004	$	67	$	(23,166)	$	168,905
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	10,430		—		(1,762)		8,668
Private label mortgage and asset backed securities	56,691		—		(5,931)		50,760
Corporate debt securities	45,982		—		(3,066)		42,916
	$	305,107	$	67	$	(33,925)	$	271,249


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-Sale Securities
Debt Securities:
U.S. Treasury securities	$	9,988	$	—	$	(63)	$	9,925
U.S. Government agencies	373		6		—		379
Obligations of states and political subdivisions	512,952		16,703		(3,188)		526,467
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	213,471		2,245		(1,277)		214,439
Private label mortgage and asset backed securities	317,089		824		(4,693)		313,220
Corporate debt securities	44,500		595		(317)		44,778
`	$	1,098,373	$	20,373	$	(9,538)	$	1,109,208

Proceeds and gross realized (losses)/gains on investment securities for the years ended December 31, 2022, 2021, and 2020 are shown below (in thousands):


	Years Ended December 31,
	2022		2021		2020
Available-for-Sale Securities
Proceeds from sales or calls	$	252,331	$	26,222	$	283,956
Gross realized gains from sales or calls	$	5,235	$	580	$	7,123
Gross realized losses from sales or calls	$	(6,965)	$	(79)	$	(2,871)

During the second quarter of 2022, the Company re-designated certain securities previously classified as available-for-sale to the held-to-maturity classification. The securities re-designated consisted of obligations of states and political subdivision securities, U.S. Government sponsored entity and agency securities collateralized by residential mortgage obligations, private label mortgage and asset backed securities, and corporate debt securities with a total carrying value of $306.7 million at April 1, 2022. At the time of re-designation, the securities included $25.3 million of pretax unrealized losses in other comprehensive income; which is being amortized over the remaining life of the securities in a manner consistent with the amortization of a premium or discount.

As market interest rates or risks associated with an available-for-sale security’s issuer continue to change and impact the actual or perceived values of investment securities, the Company may determine that selling these securities and using proceeds to purchase securities that fit with the Company’s current risk profile is appropriate and beneficial to the Company.

Losses recognized in 2022, 2021, and 2020 were incurred in order to reposition the investment securities portfolio based on the current rate environment. The securities sold at a loss were acquired when the rate environment was not as volatile. The securities sold were primarily purchased to serve a purpose in the rate environment in which the securities were purchased. The Company addressed risks in the security portfolio by selling these securities and using the proceeds to purchase securities that fall within the Company’s current risk profile.

The provision for income taxes includes $(511,000), $148,000, and $1,257,000 income (benefit)/tax impact from the reclassification of unrealized net (losses)/gains on available-for-sale securities to realized net (losses)/gains on available-for-sale securities for the years ended December 31, 2022, 2021, and 2020, respectively.


	December 31, 2022
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available-for-Sale Securities
Debt Securities:
U.S. Treasury securities	$	—	$	—	$	8,707	$	(1,283)	$	8,707	$	(1,283)
U.S. Government agencies	—		—		98		(9)		98		(9)
Obligations of states and political subdivisions	90,808		(12,208)		84,177		(14,445)		174,985		(26,653)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	20,825		(1,058)		88,520		(6,745)		109,345		(7,803)
Private label residential mortgage and asset backed securities	126,284		(14,529)		229,152		(41,384)		355,436		(55,913)

	$	237,917	$	(27,795)	$	410,654	$	(63,866)	$	648,571	$	(91,661)


	December 31, 2022
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Held-to-Maturity Securities
Debt Securities:

Obligations of states and political subdivisions	$	48,311	$	(5,505)	$	118,026	$	(17,661)	$	166,337	$	(23,166)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	—		—		8,668		(1,762)		8,668		(1,762)
Private label residential mortgage and asset backed securities	19,393		(1,916)		31,367		(4,015)		50,760		(5,931)
Corporate debt securities	23,997		(1,561)		18,919		(1,505)		42,916		(3,066)
	$	91,701	$	(8,982)	$	176,980	$	(24,943)	$	268,681	$	(33,925)


	December 31, 2021
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available-for-Sale Securities
Debt Securities:
U.S. Treasury securities	$	9,925	$	(63)	$	—	$	—	$	9,925	$	(63)

Obligations of states and political subdivisions	143,336		(2,896)		6,336		(292)		149,672		(3,188)
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	91,385		(905)		40,365		(372)		131,750		(1,277)
Private label residential mortgage backed securities	230,987		(3,661)		28,908		(1,032)		259,895		(4,693)
Corporate debt securities	21,183		(317)		—		—		21,183		(317)
	$	496,816	$	(7,842)	$	75,609	$	(1,696)	$	572,425	$	(9,538)

The Company periodically evaluates each investment security for other-than-temporary impairment, relying primarily on industry analyst reports, observation of market conditions and interest rate fluctuations. The portion of the impairment that is attributable to a shortage in the present value of expected future cash flows relative to the amortized cost should be recorded as a current period charge to earnings. The discount rate in this analysis is the original yield expected at time of purchase.

As of December 31, 2022, the Company performed an analysis of the investment portfolio to determine whether any of the investments held in the portfolio had an other-than-temporary impairment (OTTI). The Company evaluated all individual available-for-sale investment securities with an unrealized loss at December 31, 2022 and identified those that had an unrealized loss for at least a consecutive 12 month period, which had an unrealized loss at December 31, 2022 greater than 10% of the recorded book value on that date, or which had an unrealized loss of more than $250,000. The Company also analyzed any securities that may have been downgraded by credit rating agencies.

U.S. Treasury Securities - At December 31, 2022, the Company held one U.S. Treasury security which was in a loss position for more than 12 months. The unrealized losses on the Company’s investments in U.S. Treasury securities were caused by interest rate changes. Because the decline in market value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell, and it is more likely than not that it will not be required to sell those investments until a recovery of fair value, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2022.

securities were caused by interest rate changes. Because the decline in market value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell, and it is more likely than not that it will not be required to sell those investments until a recovery of fair value, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2022.

Obligations of States and Political Subdivisions - At December 31, 2022, the Company held 43 obligations of states and political subdivision securities of which 25 were in a loss position for less than 12 months, and 18 have been in a loss position for more than 12 months. Because the decline in market value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell and it is more likely than not that it will not be required to sell those investments until a recovery of fair value, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2022.

U.S. Government Sponsored Entities and Agencies Collateralized by Residential Mortgage Obligations - At December 31, 2022, the Company held 66 U.S. Government sponsored entity and agency securities collateralized by residential mortgage obligation securities of which 40 were in a loss position for less than 12 months and 26 have been in a loss position for more than 12 months. The unrealized losses on the Company’s investments in U.S. Government sponsored entity and agencies collateralized by residential mortgage obligations were caused by interest rate changes. The contractual cash flows of those investments are guaranteed or supported by an agency or sponsored entity of the U.S. Government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost of the Company’s investment. Because the decline in market value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell, and it is more likely than not that it will not be required to sell those investments until a recovery of fair value, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2022.

Private Label Mortgage and Asset Backed Securities - At December 31, 2022, the Company had a total of 82 Private Label Mortgage and Asset Backed Securities (PLMBS). 27 of these securities were in a loss position for less than 12 months and 55 have been in a loss position for more than 12 months at December 31, 2022. Because the decline in market value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell, and it is more likely than not that it will not be required to sell those investments until a recovery of fair value, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2022. The Company continues to monitor these securities for changes in credit ratings or other indications of credit deterioration.

The amortized cost and estimated fair value of available-for-sale and held-to-maturity investment securities at December 31, 2022 and 2021 by contractual maturity are shown in the two tables below (in thousands). Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.


	December 31, 2022				December 31, 2021
Available-for-Sale Securities	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Within one year	$	—	$	—	$	—	$	—
After one year through five years	—		—		3,690		4,038
After five years through ten years	45,918		38,383		99,615		101,498
After ten years	165,710		145,309		419,635		430,856
	211,628		183,692		522,940		536,392
Investment securities not due at a single maturity date:

U.S. Government agencies	107		98		373		379
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	117,292		109,493		213,471		214,439
Private label mortgage and asset backed securities	411,441		355,542		317,089		313,220
Corporate debt securities	—		—		44,500		44,778
	$	740,468	$	648,825	$	1,098,373	$	1,109,208

	December 31, 2022				December 31, 2021
Held-to-Maturity Securities	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Within one year	$	—	$	—	$	—	$	—
After one year through five years	132		129		—		—
After five years through ten years	51,424		46,143		—		—
After ten years	140,448		122,633		—		—
	192,004		168,905		—		—
Investment securities not due at a single maturity date:
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations	10,430		8,668		—		—
Private label mortgage and asset backed securities	56,691		50,760		—		—
Corporate debt securities	45,982		42,916		—		—
	$	305,107	$	271,249	$	—	$	—