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Securities
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Securities Securities
The amortized cost, estimated fair value, and allowance for securities credit losses of debt securities available-for-sale and held-to-maturity at December 31, 2023 and 2022 are as follows (in thousands):
 
Amortized
Cost (1)
Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value		Allowance for Securities Credit Losses
At December 31, 2023
Debt securities available-for-sale:
U.S. government and agency obligations$66,490 $— $(5,796)$60,694 $— 
Corporate debt securities10,096 11 (981)9,126 — 
Asset-backed securities295,796 — (4,252)291,544 — 
Mortgage-backed securities:
Agency residential298,107 183 (97)298,193 — 
Agency commercial 109,590 — (15,255)94,335 — 
Total mortgage-backed securities407,697 183 (15,352)392,528 — 
Total debt securities available-for-sale$780,079 $194 $(26,381)$753,892 $— 
Debt securities held-to-maturity:
State and municipal debt obligations$222,009 $251 $(14,550)$207,710 $(39)
Corporate debt securities69,809 391 (3,941)66,259 (987)
Mortgage-backed securities:
Agency residential765,632 901 (70,040)696,493 — 
Agency commercial82,734 10 (3,678)79,066 — 
Non-agency commercial20,684 — (1,774)18,910 (107)
Total mortgage-backed securities869,050 911 (75,492)794,469 (107)
Total debt securities held-to-maturity$1,160,868 $1,553 $(93,983)$1,068,438 $(1,133)
Total debt securities$1,940,947 $1,747 $(120,364)$1,822,330 $(1,133)
At December 31, 2022
Debt securities available-for-sale:
U.S. government and agency obligations$87,648 $1 $(7,635)$80,014 $— 
Corporate debt securities8,928 — (756)8,172 — 
Asset-backed securities296,222 — (19,349)276,873 — 
Agency commercial MBS110,606 — (18,017)92,589 — 
Total debt securities available-for-sale$503,404 $1 $(45,757)$457,648 $— 
Debt securities held-to-maturity:
State, municipal and sovereign debt obligations$260,249 $46 $(24,940)$235,355 $(60)
Corporate debt securities54,880 380 (1,765)53,495 (1,059)
Mortgage-backed securities:
Agency residential849,701 795 (83,302)767,194 — 
Agency commercial32,127 23 (1,189)30,961 — 
Non-agency commercial25,310 — (2,274)23,036 (9)
Total mortgage-backed securities907,138 818 (86,765)821,191 (9)
Total debt securities held-to-maturity$1,222,267 $1,244 $(113,470)$1,110,041 $(1,128)
Total debt securities$1,725,671 $1,245 $(159,227)$1,567,689 $(1,128)
(1)The amortized cost for held-to-maturity securities included net unrealized losses of $1.8 million and $2.3 million, at December 31, 2023 and 2022, respectively, related to securities transferred from available-for-sale to held-to-maturity in prior years. These unrealized losses continue to be reflected within accumulated other comprehensive income, net of subsequent amortization, which is to be recognized over the life of the securities.
There was no allowance for securities credit losses on debt securities available-for-sale at December 31, 2023 and 2022.
The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the years ended December 31, 2023 and 2022 (in thousands):
For the Years Ended,
20232022
Allowance for securities credit losses
Beginning balance$(1,128)$(1,467)
(Provision) benefit for credit losses(5)339 
Total ending allowance balance$(1,133)$(1,128)
The Company monitors the credit quality of debt securities held-to-maturity on a quarterly basis through the use of internal credit analysis supplemented by external credit ratings. Credit ratings of BBB- or Baa3 or higher are considered investment grade. Where multiple ratings are available, the Company considers the lowest rating when determining the allowance for securities credit losses. Under this approach, the amortized cost of debt securities held-to-maturity at December 31, 2023, aggregated by credit quality indicator, are as follows (in thousands):
Investment GradeNon-Investment Grade/Non-ratedTotal
As of December 31, 2023
State and municipal debt obligations$222,009 $— $222,009 
Corporate debt securities55,737 14,072 69,809 
Non-agency commercial MBS20,684 — 20,684 
Total debt securities held-to-maturity$298,430 $14,072 $312,502 
There were $697,000 and $108,000 of realized losses on sale of debt securities available-for-sale for the years ended December 31, 2023 and December 31, 2022, respectively. The realized gains/losses on debt securities is presented within Other under Total other income of the Consolidated Statements of Income.
The amortized cost and estimated fair value of debt securities at December 31, 2023 by contractual maturity are shown below (in thousands):
At December 31, 2023Amortized
Cost		Estimated
Fair Value
Less than one year$30,663 $30,443 
Due after one year through five years201,348 187,396 
Due after five years through ten years191,482 185,225 
Due after ten years240,707 232,269 
$664,200 $635,333 
Actual maturities may differ from contractual maturities in instances where issuers have the right to call or prepay obligations with or without call or prepayment penalties. At December 31, 2023, corporate debt securities, state and municipal obligations, and asset-backed securities with an amortized cost of $78.8 million, $62.5 million, and $295.8 million, respectively, and an estimated fair value of $74.3 million, $60.9 million, and $291.5 million, respectively, were callable prior to the maturity date. Mortgage-backed securities are excluded from the above table since their effective lives are expected to be shorter than the contractual maturity date due to principal prepayments.
The estimated fair value and unrealized losses for debt securities available-for-sale and held-to-maturity at December 31, 2023 and December 31, 2022, segregated by the duration of the unrealized losses, are as follows (in thousands): 
 Less than 12 Months12 Months or LongerTotal
 Estimated
Fair Value		Unrealized
Losses		Estimated
Fair Value		Unrealized
Losses		Estimated
Fair Value		Unrealized
Losses
At December 31, 2023
Debt securities available-for-sale:
U.S. government and agency obligations$833 $(2)$59,861 $(5,794)$60,694 $(5,796)
Corporate debt securities1,543 (165)6,116 (816)7,659 (981)
Asset-backed securities— — 291,544 (4,252)291,544 (4,252)
MBS:
Agency residential 169,000 (97)— — 169,000 (97)
Agency commercial— — 94,335 (15,255)94,335 (15,255)
Total MBS169,000 (97)94,335 (15,255)263,335 (15,352)
Total debt securities available-for-sale171,376 (264)451,856 (26,117)623,232 (26,381)
Debt securities held-to-maturity:
State and municipal debt obligations6,671 (23)191,511 (14,527)198,182 (14,550)
Corporate debt securities3,084 (473)58,386 (3,468)61,470 (3,941)
MBS:
Agency residential95,776 (693)525,751 (69,347)621,527 (70,040)
Agency commercial18,902 (370)55,051 (3,308)73,953 (3,678)
Non-agency commercial— — 18,910 (1,774)18,910 (1,774)
Total MBS114,678 (1,063)599,712 (74,429)714,390 (75,492)
Total debt securities held-to-maturity124,433 (1,559)849,609 (92,424)974,042 (93,983)
Total debt securities$295,809 $(1,823)$1,301,465 $(118,541)$1,597,274 $(120,364)
At December 31, 2022
Debt securities available-for-sale:
U.S. government and agency obligations$27,232 $(450)$52,782 $(7,185)$80,014 $(7,635)
Corporate debt securities4,735 (193)3,437 (563)8,172 (756)
Asset-backed securities143,392 (9,179)133,481 (10,170)276,873 (19,349)
Agency commercial MBS8,782 (1,675)83,807 (16,342)92,589 (18,017)
Total debt securities available-for-sale184,141 (11,497)273,507 (34,260)457,648 (45,757)
Debt securities held-to-maturity:
State, municipal and sovereign debt obligations133,492 (11,952)97,135 (12,988)230,627 (24,940)
Corporate debt securities11,783 (598)36,152 (1,167)47,935 (1,765)
MBS:
Agency residential297,297 (12,388)397,036 (70,914)694,333 (83,302)
Agency commercial25,936 (1,150)2,062 (39)27,998 (1,189)
Non-agency commercial16,838 (1,621)6,198 (653)23,036 (2,274)
Total MBS340,071 (15,159)405,296 (71,606)745,367 (86,765)
Total debt securities held-to-maturity485,346 (27,709)538,583 (85,761)1,023,929 (113,470)
Total debt securities$669,487 $(39,206)$812,090 $(120,021)$1,481,577 $(159,227)

The Company concluded that no debt securities were impaired at December 31, 2023 based on consideration of several factors. The Company noted that each issuer made all the contractually due payments when required. There were no defaults on principal or interest payments, and no interest payments were deferred. Based on management’s analysis of each individual security, the issuers appear to have the ability to meet debt service requirements over the life of the security. Furthermore, the net unrealized losses were primarily due to changes in the general credit and interest rate environment and not credit
quality. Additionally, the Company has not utilized securities sales as a source of liquidity and the Company’s liquidity plans include adequate sources of liquidity outside securities sales.
Equity Investments
At December 31, 2023 and 2022, the Company held equity investments of $100.2 million and $102.0 million, respectively. The equity investments are primarily comprised of select financial services institutions’ preferred stocks, investments in other financial institutions and funds.
The realized and unrealized gains or losses on equity securities for the year ended December 31, 2023 and 2022 are shown in the table below (in thousands):
For the Year Ended December 31,
202320222021
Net (loss) gain on equity investments$(3,732)$9,685 $7,145 
Less: Net (losses) gains recognized on equity investments sold(5,462)1,351 8,123 
Unrealized gains (losses) recognized on equity investments still held$1,730 $8,334 $(978)