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Investments
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments INVESTMENTS
The following tables present the amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of securities available for sale and held to maturity:
 
 September 30, 2023
(in thousands)Amortized CostGross
Unrealized Gains		Gross
Unrealized Losses		Fair Value
Available-for-sale securities:    
Obligations of U.S. Government-sponsored enterprises$308,181 $— $(28,724)$279,457 
Obligations of states and political subdivisions501,515 8 (114,089)387,434 
Agency mortgage-backed securities713,896 — (85,926)627,970 
U.S. Treasury bills189,775 — (4,984)184,791 
Corporate debt securities8,750 — (1,298)7,452 
          Total securities available for sale$1,722,117 $8 $(235,021)$1,487,104 
Held-to-maturity securities:
Obligations of states and political subdivisions$554,459 $68 $(87,975)$466,552 
Agency mortgage-backed securities53,259 — (7,477)45,782 
Corporate debt securities123,722 202 (13,598)110,326 
          Total securities held-to-maturity$731,440 $270 $(109,050)$622,660 
Allowance for credit losses(785)
          Total securities held-to-maturity, net$730,655 
 December 31, 2022
(in thousands)Amortized CostGross
Unrealized Gains		Gross
Unrealized Losses		Fair Value
Available-for-sale securities:    
    Obligations of U.S. Government-sponsored enterprises$266,090 $— $(28,305)$237,785 
    Obligations of states and political subdivisions507,842 27 (90,425)417,444 
    Agency mortgage-backed securities727,931 453 (68,980)659,404 
U.S. Treasury Bills213,441 1 (4,908)208,534 
Corporate debt securities13,750 — (1,110)12,640 
          Total securities available for sale$1,729,054 $481 $(193,728)$1,535,807 
Held-to-maturity securities:
   Obligations of states and political subdivisions$529,012 $2,321 $(65,347)$465,986 
   Agency mortgage-backed securities57,018 — (6,416)50,602 
Corporate debt securities124,620 163 (12,854)111,929 
          Total securities held to maturity$710,650 $2,484 $(84,617)$628,517 
Allowance for credit losses(735)
Total securities held-to-maturity, net$709,915 

The balance of held-to-maturity securities in the “Amortized Cost” column in the table above includes a cumulative net unamortized unrealized gain of $15.0 million and $17.6 million at September 30, 2023 and December 31, 2022, respectively. Such amounts are amortized over the remaining life of the securities.

At September 30, 2023 and December 31, 2022, there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than U.S. Government agencies and sponsored enterprises. The
agency mortgage-backed securities are all issued by U.S. Government agencies and sponsored enterprises. Securities of $1.4 billion and $734.5 million at September 30, 2023 and December 31, 2022, respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions, in addition to collateral securing borrowing bases with the FHLB and the Federal Reserve.

The amortized cost and estimated fair value of debt securities at September 30, 2023, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the mortgage-backed securities is approximately five years.
Available for saleHeld to maturity
(in thousands)Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
Due in one year or less$104,552 $103,752 $1,220 $1,213 
Due after one year through five years361,488 334,362 65,625 60,259 
Due after five years through ten years103,873 87,087 194,325 176,400 
Due after ten years438,308 333,933 417,011 339,006 
Agency mortgage-backed securities713,896 627,970 53,259 45,782 
 $1,722,117 $1,487,104 $731,440 $622,660 

The following tables presents a summary of available-for-sale investment securities in an unrealized loss position:
 September 30, 2023
Less than 12 months12 months or moreTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Obligations of U.S. Government-sponsored enterprises$43,940 $800 $235,517 $27,924 $279,457 $28,724 
Obligations of states and political subdivisions3,687 467 383,239 113,622 386,926 114,089 
Agency mortgage-backed securities102,488 3,210 523,672 82,716 626,160 85,926 
U.S. Treasury bills76,579 173 108,212 4,811 184,791 4,984 
Corporate debt securities— — 7,452 1,298 7,452 1,298 
 $226,694 $4,650 $1,258,092 $230,371 $1,484,786 $235,021 
 December 31, 2022
Less than 12 months12 months or moreTotal
(in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Obligations of U.S. Government-sponsored enterprises$73,738 $6,249 $163,047 $22,056 $236,785 $28,305 
Obligations of states and political subdivisions103,179 13,501 311,634 76,924 414,813 90,425 
Agency mortgage-backed securities334,431 20,038 281,321 48,942 615,752 68,980 
U.S. Treasury bills198,688 4,908 — — 198,688 4,908 
Corporate debt securities12,640 1,110 — — 12,640 1,110 
 $722,676 $45,806 $756,002 $147,922 $1,478,678 $193,728 

The unrealized losses at both September 30, 2023 and December 31, 2022 were attributable primarily to changes in market interest rates after the securities were purchased. In 2023, the Company established an allowance for credit losses on available-for-sale investment securities through a provision for credit losses of $5.0 million and subsequently charged-off a $5.0 million investment. The charge-off related to the impairment of a debt security from a bank that failed in 2023. At each of September 30, 2023 and December 31, 2022, the Company had no allowance recorded on available-for-sale securities.
Accrued interest receivable on held-to-maturity debt securities totaled $6.7 million and $5.8 million at September 30, 2023 and December 31, 2022, respectively, and is excluded from the estimate of expected credit losses. The estimate of expected credit losses considers historical credit loss information adjusted for current conditions and reasonable and supportable forecasts. The ACL on held-to-maturity securities was $0.8 million at September 30, 2023 and $0.7 million at December 31, 2022.

The Company sold $28.4 million of available-for-sale securities in January 2023 for a gain of $0.4 million. There were no sales of available-for-sale securities in the three months ended September 30, 2023 nor during the three and nine months ended September 30, 2022.

Other Investments

At September 30, 2023 and December 31, 2022, other investments totaled $61.8 million and $63.8 million, respectively. As a member of the FHLB system administered by the Federal Housing Finance Agency, the Bank is required to maintain a minimum investment in capital stock with the FHLB consisting of membership stock and activity-based stock. The FHLB capital stock of $10.0 million at September 30, 2023 and $14.0 million at December 31, 2022 is recorded at cost, which represents redemption value, and is included in other investments in the consolidated balance sheets. The remaining amounts in other investments primarily include investments in Small Business Investment Companies, Community Development Financial Institutions, private equity investments, and the Company’s investment in unconsolidated trusts used to issue trust preferred securities to third parties.