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Investment Securities
 3 Months Ended
Mar. 31, 2024
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, 2024    
U.S. Treasury and Federal agencies securities$958,300 $13 $(55,428)$902,885 
U.S. States and political subdivisions securities92,875 223 (5,449)87,649 
Mortgage-backed securities — Federal agencies667,973 64 (82,900)585,137 
Corporate debt securities7,044 — (64)6,980 
Foreign government and other securities600 — (7)593 
Total debt securities available-for-sale$1,726,792 $300 $(143,848)$1,583,244 
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 and other securities600 — (11)589 
Total debt securities available-for-sale$1,762,357 $1,162 $(140,919)$1,622,600 
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, 2024 and December 31, 2023, accrued interest receivable on investment securities available-for-sale was $4.50 million and $4.60 million, respectively.
At March 31, 2024 and 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 following table shows the contractual maturities of investments in debt securities available-for-sale at March 31, 2024. 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$298,957 $292,127 
Due after one year through five years727,883 674,372 
Due after five years through ten years13,151 12,729 
Due after ten years18,828 18,879 
Mortgage-backed securities667,973 585,137 
Total debt securities available-for-sale$1,726,792 $1,583,244 
The following table summarizes gross unrealized losses and fair value by investment category and age. At March 31, 2024, the Company’s available-for-sale securities portfolio consisted of 661 securities, 606 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, 2024      
U.S. Treasury and Federal agencies securities$8,812 $(84)$883,797 $(55,344)$892,609 $(55,428)
U.S. States and political subdivisions securities5,194 (114)64,560 (5,335)69,754 (5,449)
Mortgage-backed securities - Federal agencies19,900 (73)537,697 (82,827)557,597 (82,900)
Corporate debt securities— — 6,980 (64)6,980 (64)
Foreign government and other securities— — 593 (7)593 (7)
Total debt securities available-for-sale$33,906 $(271)$1,493,627 $(143,577)$1,527,533 $(143,848)
December 31, 2023      
U.S. Treasury and Federal agencies securities$— $— $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 and other securities— — 589 (11)589 (11)
Total debt securities available-for-sale$9,804 $(100)$1,542,830 $(140,819)$1,552,634 $(140,919)
The Company does not consider available-for-sale securities with unrealized losses at March 31, 2024 to be experiencing credit losses and recognized no resulting allowance for credit losses. The Company does not intend to sell these investments and it is more likely than not that the Company will not be required to sell these investments before recovery of the amortized cost basis, which may be the maturity dates of the securities. The unrealized losses occurred as a result of changes in interest rates, market spreads and market conditions subsequent to purchase.
The following table shows the gross realized gains and losses from the available-for-sale debt securities portfolio. Realized gains and losses of all securities are computed using the specific identification cost basis.
Three Months Ended
March 31,
(Dollars in thousands)20242023
Gross realized gains$— $1,286 
Gross realized losses— (1,330)
Net realized losses$— $(44)
At March 31, 2024 and December 31, 2023, investment securities available-for-sale with carrying values of $375.73 million and $411.38 million, respectively, were pledged as collateral for security repurchase agreements and for other purposes.