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INVESTMENTS
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Investments available-for-sale
The amortized cost and estimated fair values of investments available-for-sale at December 31 are presented in the following table:

20212020


(In thousands)		Amortized CostGross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair
Value		Amortized CostGross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair
Value
U.S. treasuries and government agencies$68,487 $202 $(150)$68,539 $42,750 $549 $(2)$43,297 
State and municipal323,286 6,561 (3,445)326,402 377,108 13,470 (211)390,367 
Mortgage-backed and asset-backed1,074,577 8,203 (11,825)1,070,955 881,201 24,078 (847)904,432 
Corporate debt— — — — 9,100 825 — 9,925 
Total investments available-for-sale$1,466,350 $14,966 $(15,420)$1,465,896 $1,310,159 $38,922 $(1,060)$1,348,021 

Any unrealized losses in the U.S. treasuries and government agencies, state and municipal, mortgage-backed and asset-backed investment securities at December 31, 2021 are due to changes in interest rates and not credit-related events. As such, no allowance for credit losses is required at December 31, 2021. Unrealized losses on investment securities are expected to recover over time as these securities approach maturity. The Company does not intend to sell, nor is it more likely than not that it will be required to sell, these
securities and has sufficient liquidity to hold these securities for an adequate period of time, which may be maturity, to allow for any anticipated recovery in fair value.

The mortgage-backed and asset-backed portfolio at December 31, 2021 is composed entirely of either the most senior tranches of GNMA, FNMA or FHLMC collateralized mortgage obligations ($364.4 million), GNMA, FNMA or FHLMC mortgage-backed securities ($652.0 million) and SBA asset-backed securities ($54.6 million).

Gross unrealized losses and fair values by length of time that individual available-for-sale securities have been in an unrealized loss position at December 31 are presented in the following tables:

 December 31, 2021
 Number
of
Securities		Less Than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. treasuries and government agencies5 $49,695 $150 $— $— $49,695 $150 
State and municipal32 63,206 2,288 21,740 1,157 84,946 3,445 
Mortgage-backed and asset-backed104 665,813 10,145 37,857 1,680 703,670 11,825 
Total141 $778,714 $12,583 $59,597 $2,837 $838,311 $15,420 

 December 31, 2020
 Number
of
Securities		Less Than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. treasuries and government agencies2 $25,369 $2 $— $— $25,369 $2 
State and municipal8 22,753 211 — — 22,753 211 
Mortgage-backed and asset-backed24 44,746 154 76,879 693 121,625 847 
Total34 $92,868 $367 $76,879 $693 $169,747 $1,060 

The Company has allocated mortgage-backed and asset-backed securities into the four maturity groupings reflected in the following table using the expected average life of the individual securities based on statistics provided by independent third-party industry sources. Expected maturities will differ from contractual maturities as borrowers may have the right to prepay obligations with or without prepayment penalties.
The estimated fair values and amortized costs of debt securities available-for-sale by contractual maturity at December 31 are provided in the following table:

December 31, 2021December 31, 2020
(In thousands)Fair ValueAmortized CostFair ValueAmortized Cost
U.S. treasuries and government agencies:
One year or less$12,029 $11,995 $33,963 $33,833 
One to five years56,510 56,492 9,334 8,917 
Five to ten years— — — — 
After ten years— — — — 
State and municipal:
One year or less12,821 12,709 16,581 16,458 
One to five years27,408 26,637 44,910 43,857 
Five to ten years42,960 42,661 59,059 56,130 
After ten years243,213 241,279 269,817 260,663 
Mortgage-backed and asset-backed:
One year or less9,272 9,239 1 1 
One to five years14,752 14,575 21,637 21,229 
Five to ten years388,918 390,569 74,142 72,481 
After ten years658,013 660,194 808,652 787,490 
Corporate debt:
One year or less— — — — 
One to five years— — 2,318 2,100 
Five to ten years— — 7,607 7,000 
After ten years— — — — 
Total available-for-sale debt securities$1,465,896 $1,466,350 $1,348,021 $1,310,159 

At December 31, 2021 and 2020, investments available-for-sale with a book value of $531.6 million and $465.7 million, respectively, were pledged as collateral for certain government deposits and for other purposes as required or permitted by law. The outstanding balance of no single issuer, except for U.S. government agency securities, exceeded ten percent of stockholders' equity at December 31, 2021 and 2020.

Equity securities
Other equity securities at the dates indicated are presented in the following table:
(In thousands)20212020
Federal Reserve Bank stock$34,097 $38,650 
Federal Home Loan Bank of Atlanta stock6,392 26,433 
Other equity securities677 677 
Total equity securities$41,166 $65,760 

Investment securities gains
Gross realized gains and losses on all investments for the years ended December 31 are presented in the following table:

(In thousands)202120202019
Gross realized gains from sales of investments available-for-sale$3,588 $1,297 $14 
Gross realized losses from sales of investments available-for-sale(3,478)(1,068)(2)
Net gains from calls of investments available-for-sale102 238 65 
Net investment securities gains$212 $467 $77