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INVESTMENTS
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Investments available-for-sale and held-to-maturity
During the quarter ended March 31, 2022, the Company transferred certain debt securities from available-for-sale to held-to-maturity. The total amortized cost of debt securities transferred was $305.6 million with the associated fair value of $289.4 million and unrealized losses of $16.2 million at the date of transfer. All of these investments are either issued by a direct governmental entity or a government-sponsored entity and have no historical evidence supporting expected credit losses. Therefore, the Company has estimated these losses at zero and will monitor this assumption in the future for any economic or governmental policies that could affect this assumption.
The amortized cost and estimated fair values of investments available-for-sale and held-to-maturity at December 31 are presented in the following table:

20222021


(In thousands)		Amortized CostGross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair
Value		Amortized CostGross Unrealized
Gains		Gross Unrealized
Losses		Estimated Fair
Value
Available-for-sale debt securities
U.S. treasuries and government agencies$100,926 $— $(7,304)$93,622 $68,487 $202 $(150)$68,539 
State and municipal322,519 4 (56,526)265,997 323,286 6,561 (3,445)326,402 
Mortgage-backed and asset-backed943,398 73 (88,552)854,919 1,074,577 8,203 (11,825)1,070,955 
Total available-for-sale debt securities$1,366,843 $77 $(152,382)$1,214,538 $1,466,350 $14,966 $(15,420)$1,465,896 
Held-to-maturity debt securities:
Mortgage-backed and asset-backed259,452 — (39,329)220,123 — — — — 
Total held-to-maturity debt securities$259,452 $— $(39,329)$220,123 $— $— $— $— 
Total debt securities$1,626,295 $77 $(191,711)$1,434,661 $1,466,350 $14,966 $(15,420)$1,465,896 

Any unrealized losses in the U.S. treasuries and government agencies, state and municipal, mortgage-backed and asset-backed available-for-sale debt securities at December 31, 2022 are due to changes in interest rates and not credit-related events. As such, no allowance for credit losses is required at December 31, 2022. Unrealized losses on available-for-sale debt 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 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 amortized cost of the available-for-sale and held-to-maturity mortgage-backed and asset-backed securities portfolio at December 31, 2022 is composed entirely of either the most senior tranches of GNMA, FNMA or FHLMC collateralized mortgage obligations ($500.1 million), GNMA, FNMA or FHLMC mortgage-backed securities ($660.5 million) and SBA asset-backed securities ($42.3 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, 2022
 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 agencies10 $53,139 $3,653 $40,483 $3,651 $93,622 $7,304 
State and municipal130 200,439 30,803 62,482 25,723 262,921 56,526 
Mortgage-backed and asset-backed324 526,387 44,952 297,216 43,600 823,603 88,552 
Total464 $779,965 $79,408 $400,181 $72,974 $1,180,146 $152,382 

 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 

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 available-for-sale and held-to-maturity debt securities by contractual maturity at December 31 are provided in the following table:

December 31, 2022December 31, 2021
(In thousands)Fair ValueAmortized CostFair ValueAmortized Cost
U.S. treasuries and government agencies:
One year or less$— $— $12,029 $11,995 
One to five years93,622 100,926 56,510 56,492 
Five to ten years— — — — 
After ten years— — — — 
State and municipal:
One year or less8,694 8,783 12,821 12,709 
One to five years51,576 53,948 27,408 26,637 
Five to ten years28,806 34,042 42,960 42,661 
After ten years176,921 225,746 243,213 241,279 
Mortgage-backed and asset-backed:
One year or less7,622 7,704 9,272 9,239 
One to five years45,366 46,802 14,752 14,575 
Five to ten years303,697 335,285 388,918 390,569 
After ten years498,234 553,607 658,013 660,194 
After ten years— — — — 
Total available-for-sale debt securities$1,214,538 $1,366,843 $1,465,896 $1,466,350 

December 31, 2022December 31, 2021
(In thousands)Fair ValueAmortized CostFair ValueAmortized Cost
Held-to-maturity debt securities
Mortgage-backed and asset-backed:
One year or less— — — — 
One to five years— — — — 
Five to ten years35,304 39,213 — — 
After ten years184,819 220,239 — — 
Total held-to-maturity debt securities$220,123 $259,452 $— $— 

At December 31, 2022 and 2021, available-for-sale and held-to-maturity debt securities with a book value of $533.9 million and $531.6 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, 2022 and 2021.

Other Investments
Other investments are presented in the following table:
(In thousands)20222021
Federal Reserve Bank stock, at cost$38,873 $34,097 
Federal Home Loan Bank of Atlanta stock, at cost29,668 6,392 
Other677 677 
Total other investments, at cost$69,218 $41,166 
Investment securities gains/ (losses)
Gross realized gains and losses on all investments for the years ended December 31 are presented in the following table:

(In thousands)202220212020
Gross realized gains from sales of investments available-for-sale$8 $3,588 $1,297 
Gross realized losses from sales of investments available-for-sale(393)(3,478)(1,068)
Net gains from calls of investments available-for-sale40 102 238 
Net investment securities gains/ (losses)$(345)$212 $467