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Investment Securities Available-For-Sale
 12 Months Ended
Dec. 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
December 31, 2023    
U.S. Treasury and Federal agencies securities$979,530 $178 $(56,842)$922,866 
U.S. States and political subdivisions securities97,522 508 (5,466)92,564 
Mortgage-backed securities - Federal agencies676,257 476 (78,481)598,252 
Corporate debt securities8,448 — (119)8,329 
Foreign government securities600 — (11)589 
Total investment securities available-for-sale$1,762,357 $1,162 $(140,919)$1,622,600 
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 securities600 — (21)579 
Total investment 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 December 31, 2023 and 2022, accrued interest receivable on investment securities available for sale was $4.60 million and $5.98 million, respectively.
At December 31, 2023, 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 Company did not hold any marketable equity securities at December 31, 2023 and 2022.
The following table shows the contractual maturities of investments in debt securities available-for-sale at December 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$235,741 $230,479 
Due after one year through five years822,049 765,724 
Due after five years through ten years8,606 8,158 
Due after ten years19,704 19,987 
Mortgage-backed securities676,257 598,252 
Total debt securities available-for-sale$1,762,357 $1,622,600 
The following table summarizes gross unrealized losses and fair value by investment category and age. At December 31, 2023, the Company’s available-for-sale securities portfolio consisted of 671 securities, 597 of which were in an unrealized loss position.
 Less than 12 Months12 months or LongerTotal
(Dollars in thousands) Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
December 31, 2023      
U.S. Treasury and Federal agencies securities$— $— $913,417 $(56,842)$913,417 $(56,842)
U.S. States and political subdivisions securities1,251 (2)69,747 (5,464)70,998 (5,466)
Mortgage-backed securities - Federal agencies8,553 (98)550,748 (78,383)559,301 (78,481)
Corporate debt securities— — 8,329 (119)8,329 (119)
Foreign government securities— — 589 (11)589 (11)
Total debt securities available-for-sale$9,804 $(100)$1,542,830 $(140,819)$1,552,634 $(140,919)
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 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 December 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.
(Dollars in thousands)202320222021
Gross realized gains$733 $— $221 
Gross realized losses(3,659)(184)(901)
Net realized (losses) gains$(2,926)$(184)$(680)
At December 31, 2023 and 2022, investment securities with carrying values of $411.38 million and $282.87 million, respectively, were pledged as collateral for security repurchase agreements and for other purposes.