SECURITIES

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

The amortized cost and fair value of securities available for sale were as follows:


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Available for Sale
U.S. government and agency securities	$	307,529	$	90	$	(10,201)	$	297,418
Municipal securities	229,615		1,615		(27,171)		204,059
Agency mortgage-backed pass-through securities	424,664		370		(37,161)		387,873
Agency collateralized mortgage obligations	462,498		172		(64,553)		398,117
Corporate bonds and other	120,824		56		(12,667)		108,213
Total	$	1,545,130	$	2,303	$	(151,753)	$	1,395,680


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Available for Sale
U.S. government and agency securities	$	433,417	$	90	$	(19,227)	$	414,280
Municipal securities	580,076		4,319		(43,826)		540,569
Agency mortgage-backed pass-through securities	370,471		362		(42,032)		328,801
Agency collateralized mortgage obligations	461,760		—		(67,630)		394,130
Corporate bonds and other	143,192		2		(13,388)		129,806
Total	$	1,988,916	$	4,773	$	(186,103)	$	1,807,586

As of December 31, 2023, no allowance for credit losses has been recognized on available for sale securities in an unrealized loss position as management does not believe any of the securities are impaired due to reasons of credit quality. This is based upon our analysis of the underlying risk characteristics, including credit ratings, and other qualitative factors related to our available for sale securities and in consideration of our historical credit loss experience and internal forecasts. The issuers of these securities continue to make timely principal and interest payments under the contractual terms of the securities. Furthermore, management does not have the intent to sell any of the securities classified as available for sale in the table above and believes that it is more likely than not that we will not have to sell any such securities before a recovery of cost. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying securities were purchased. 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.

The amortized cost and fair value of investment securities at December 31, 2023, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations at any time with or without call or prepayment penalties.


	Amortized Cost		Fair Value
	(In thousands)
Due in one year or less	$	86,009	$	83,404
Due after one year through five years	82,999		78,246
Due after five years through ten years	137,545		123,650
Due after ten years	351,415		324,390
Subtotal	657,968		609,690
Agency mortgage-backed pass through securities and collateralized mortgage obligations	887,162		785,990
Total	$	1,545,130	$	1,395,680

Securities with unrealized losses segregated by length of time such securities have been in a continuous loss position are as follows:


	December 31, 2023
	Less than 12 Months				More than 12 Months				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
	(In thousands)
Available for Sale
U.S. government and agency securities	$	110,038	$	(2,208)	$	154,145	$	(7,993)	$	264,183	$	(10,201)
Municipal securities	1,303		(14)		177,957		(27,157)		179,260		(27,171)
Agency mortgage-backed pass-through securities	80,208		(1,444)		257,779		(35,717)		337,987		(37,161)
Agency collateralized mortgage obligations	23,051		(621)		348,854		(63,932)		371,905		(64,553)
Corporate bonds and other	11,279		(1,452)		85,285		(11,215)		96,564		(12,667)
Total	$	225,879	$	(5,739)	$	1,024,020	$	(146,014)	$	1,249,899	$	(151,753)


	December 31, 2022
	Less than 12 Months				More than 12 Months				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
	(In thousands)
Available for Sale
U.S. government and agency securities	$	99,732	$	(1,427)	$	305,256	$	(17,800)	$	404,988	$	(19,227)
Municipal securities	228,192		(14,473)		134,640		(29,353)		362,832		(43,826)
Agency mortgage-backed pass-through securities	95,291		(7,612)		199,836		(34,420)		295,127		(42,032)
Agency collateralized mortgage obligations	117,147		(14,426)		276,925		(53,204)		394,072		(67,630)
Corporate bonds and other	72,913		(5,704)		49,893		(7,684)		122,806		(13,388)
Total	$	613,275	$	(43,642)	$	966,550	$	(142,461)	$	1,579,825	$	(186,103)

During the year ended December 31, 2023, the Company had sales and calls of securities totaling $392.7 million and recorded a net loss of $794 thousand. During the year ended December 31, 2022, the Company sold $365.2 million of securities, including $353.9 million of the securities acquired in the Merger and recorded a net gain on sale of those securities of $1.2 million. During the year ended December 31, 2021, the Company sold $4.9 million of securities and recorded a net gain of $49 thousand.

At December 31, 2023 and 2022, the Company did not own securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of the consolidated shareholders’ equity at such respective dates.

The carrying value of pledged securities was $607.5 million and $978.9 million at December 31, 2023 and 2022, respectively. The majority of the securities in each case were pledged to collateralize public fund deposits.