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INVESTMENTS
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Investments available-for-sale and held-to-maturity
During 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. There were no additional transfers of debt securities from available-for-sale to held-to-maturity during 2023.

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:

20232022


(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$101,678 $— $(4,751)$96,927 $100,926 $— $(7,304)$93,622 
State and municipal311,505 1 (43,292)268,214 322,519 4 (56,526)265,997 
Mortgage-backed and asset-backed807,636 181 (70,277)737,540 943,398 73 (88,552)854,919 
Total available-for-sale debt securities$1,220,819 $182 $(118,320)$1,102,681 $1,366,843 $77 $(152,382)$1,214,538 
Held-to-maturity debt securities:
Mortgage-backed and asset-backed236,165 — (35,754)200,411 259,452 — (39,329)220,123 
Total held-to-maturity debt securities$236,165 $— $(35,754)$200,411 $259,452 $— $(39,329)$220,123 
Total debt securities$1,456,984 $182 $(154,074)$1,303,092 $1,626,295 $77 $(191,711)$1,434,661 

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, 2023 are due to changes in interest rates and not credit-related events. As such, no allowance for credit losses is required at December 31, 2023. 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 available-for-sale and held-to-maturity mortgage-backed and asset-backed securities portfolio at December 31, 2023 is composed entirely of either the most senior tranches of GNMA, FNMA or FHLMC collateralized mortgage obligations ($441.2 million), GNMA, FNMA or FHLMC mortgage-backed securities ($562.7 million) and SBA asset-backed securities ($39.9 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, 2023
 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 $— $— $96,927 $4,751 $96,927 $4,751 
State and municipal123 4,162 84 262,081 43,208 266,243 43,292 
Mortgage-backed and asset-backed321 22,731 106 691,281 70,171 714,012 70,277 
Total454 $26,893 $190 $1,050,289 $118,130 $1,077,182 $118,320 
 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 

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, 2023December 31, 2022
(In thousands)Fair ValueAmortized CostFair ValueAmortized Cost
U.S. treasuries and government agencies:
One year or less$17,798 $17,979 $— $— 
One to five years79,129 83,699 93,622 100,926 
Five to ten years— — — — 
After ten years— — — — 
State and municipal:
One year or less22,345 22,793 8,694 8,783 
One to five years33,282 34,288 51,576 53,948 
Five to ten years46,355 54,487 28,806 34,042 
After ten years166,232 199,937 176,921 225,746 
Mortgage-backed and asset-backed:
One year or less20,814 21,111 7,622 7,704 
One to five years29,823 30,666 45,366 46,802 
Five to ten years256,924 280,209 303,697 335,285 
After ten years429,979 475,650 498,234 553,607 
Total available-for-sale debt securities$1,102,681 $1,220,819 $1,214,538 $1,366,843 

December 31, 2023December 31, 2022
(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 years31,434 34,458 35,304 39,213 
After ten years168,977 201,707 184,819 220,239 
Total held-to-maturity debt securities$200,411 $236,165 $220,123 $259,452 

At December 31, 2023 and 2022, available-for-sale and held-to-maturity debt securities with a book value of $729.0 million and $533.9 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, 2023 and 2022.
Other Investments
Other investments are presented in the following table:
(In thousands)20232022
Federal Reserve Bank stock, at cost$39,125 $38,873 
Federal Home Loan Bank of Atlanta stock, at cost35,805 29,668 
Other677 677 
Total other investments, at cost$75,607 $69,218 

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)202320222021
Gross realized gains from sales of investments available-for-sale$— $8 $3,588 
Gross realized losses from sales of investments available-for-sale— (393)(3,478)
Net gains from calls of investments available-for-sale— 40 102 
Net investment securities gains/ (losses)$— $(345)$212