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Investment Securities
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities Available-For-Sale
The following table shows investment securities available-for-sale.
(Dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
March 31, 2023    
U.S. Treasury and Federal agencies securities$1,052,191 $— $(76,970)$975,221 
U.S. States and political subdivisions securities114,237 412 (6,774)107,875 
Mortgage-backed securities — Federal agencies702,499 35 (83,922)618,612 
Corporate debt securities11,476 — (281)11,195 
Foreign government and other securities600 — (23)577 
Total debt securities available-for-sale$1,881,003 $447 $(167,970)$1,713,480 
December 31, 2022    
U.S. Treasury and Federal agencies securities$1,090,743 $— $(92,145)$998,598 
U.S. States and political subdivisions securities130,670 591 (8,499)122,762 
Mortgage-backed securities — Federal agencies730,672 60 (93,674)637,058 
Corporate debt securities16,486 — (355)16,131 
Foreign government and other securities600 — (21)579 
Total debt securities available-for-sale$1,969,171 $651 $(194,694)$1,775,128 
Amortized cost excludes accrued interest receivable which is included in Accrued Income and Other Assets on the Consolidated Statements of Financial Condition. At March 31, 2023 and December 31, 2022, accrued interest receivable on investment securities available-for-sale was $4.88 million and $5.98 million, respectively.
At March 31, 2023 and December 31, 2022, the residential mortgage-backed securities held by the Company consisted primarily of GNMA, FNMA and FHLMC pass-through certificates which are guaranteed by those respective agencies of the United States government (Government Sponsored Enterprise, GSEs).
The following table shows the contractual maturities of investments in debt securities available-for-sale at March 31, 2023. Expected maturities will differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
(Dollars in thousands)Amortized CostFair Value
Due in one year or less$96,181 $94,493 
Due after one year through five years1,040,653 960,875 
Due after five years through ten years17,843 15,396 
Due after ten years23,827 24,104 
Mortgage-backed securities702,499 618,612 
Total debt securities available-for-sale$1,881,003 $1,713,480 
The following table summarizes gross unrealized losses and fair value by investment category and age. At March 31, 2023, the Company’s available-for-sale securities portfolio consisted of 717 securities, 650 of which were in an unrealized loss position.
 Less than 12 Months12 months or LongerTotal
(Dollars in thousands) Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
March 31, 2023      
U.S. Treasury and Federal agencies securities$14,465 $(292)$960,756 $(76,678)$975,221 $(76,970)
U.S. States and political subdivisions securities19,458 (331)63,258 (6,443)82,716 (6,774)
Mortgage-backed securities - Federal agencies90,318 (2,945)524,803 (80,977)615,121 (83,922)
Corporate debt securities3,317 (10)7,878 (271)11,195 (281)
Foreign government and other securities— — 577 (23)577 (23)
Total debt securities available-for-sale$127,558 $(3,578)$1,557,272 $(164,392)$1,684,830 $(167,970)
December 31, 2022      
U.S. Treasury and Federal agencies securities$164,481 $(6,299)$834,117 $(85,846)$998,598 $(92,145)
U.S. States and political subdivisions securities57,592 (2,126)38,834 (6,373)96,426 (8,499)
Mortgage-backed securities - Federal agencies198,469 (13,482)426,989 (80,192)625,458 (93,674)
Corporate debt securities16,132 (355)— — 16,132 (355)
Foreign government and other securities484 (16)95 (5)579 (21)
Total debt securities available-for-sale$437,158 $(22,278)$1,300,035 $(172,416)$1,737,193 $(194,694)
The Company does not consider available-for-sale securities with unrealized losses at March 31, 2023 to be experiencing credit losses and recognized no resulting allowance for credit losses. The Company does not intend to sell these investments and it is more likely than not that the Company will not be required to sell these investments before recovery of the amortized cost basis, which may be the maturity dates of the securities. The unrealized losses occurred as a result of changes in interest rates, market spreads and market conditions subsequent to purchase.
The following table shows the gross realized gains and losses from the available-for-sale debt securities portfolio. Realized gains and losses of all securities are computed using the specific identification cost basis.
Three Months Ended
March 31,
(Dollars in thousands)20232022
Gross realized gains$1,286 $— 
Gross realized losses(1,330)— 
Net realized losses$(44)$— 
At March 31, 2023 and December 31, 2022, investment securities available-for-sale with carrying values of $284.67 million and $282.87 million, respectively, were pledged as collateral for security repurchase agreements and for other purposes.