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Investment Securities
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
Marketable Equity Securities
The Company held marketable equity securities with fair values of $10.6 million and $10.7 million at June 30, 2023 and December 31, 2022, respectively. The gross realized and unrealized gains (losses) recognized on marketable equity securities in other operating income in the Company's Consolidated Statements of Income were as follows:
Three Months Ended June 30,Six Months Ended June 30,
(In Thousands)2023202220232022
Unrealized gain (loss) on marketable equity securities($234)($810)($457)($1,232)
Gain on sale of marketable equity securities, net— — — — 
   Total($234)($810)($457)($1,232)

Debt securities
Debt securities have been classified in the financial statements as available for sale or held to maturity. The following table summarizes the amortized cost, estimated fair value, and the Allowance for Credit Losses ("ACL") of debt securities and the corresponding amounts of gross unrealized gains and losses of available-for-sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held to maturity securities at the periods indicated:
(In Thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
June 30, 2023    
Securities available for sale    
U.S. Treasury and government sponsored entities$634,335 $— ($36,670)$— $597,665 
Municipal securities820 — (18)— 802 
Corporate bonds14,016 38 (574)— 13,480 
Collateralized loan obligations60,352 — (1,160)— 59,192 
Total securities available for sale$709,523 $38 ($38,422)$— $671,139 
(In Thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
June 30, 2023
Securities held to maturity
Corporate bonds$36,750 $— ($4,150)$32,600 
   Allowance for credit losses— — — — 
Total securities held to maturity, net of ACL$36,750 $— ($4,150)$32,600 
(In Thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
December 31, 2022    
Securities available for sale    
U.S. Treasury and government sponsored entities$634,582 $1 ($39,422)$— $595,161 
Municipal securities820 — (25)— 795 
Corporate bonds24,281 37 (674)— 23,644 
Collateralized loan obligations59,434 — (2,005)— 57,429 
Total securities available for sale$719,117 $38 ($42,126)$— $677,029 
(In Thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
December 31, 2022
Securities held to maturity
Corporate bonds$36,750 $— ($4,111)$32,639 
   Allowance for credit losses— — — — 
Total securities held to maturity, net of ACL$36,750 $— ($4,111)$32,639 

Gross unrealized losses on available for sale securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2023 and December 31, 2022 were as follows:

Less Than 12 MonthsMore Than 12 MonthsTotal
(In Thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
June 30, 2023
Securities available for sale
     U.S. Treasury and government sponsored entities$131,239 ($3,162)$466,426 ($33,508)$597,665 ($36,670)
     Corporate bonds— — 6,446 (574)6,446 (574)
     Collateralized loan obligations3,909 (91)49,283 (1,069)53,192 (1,160)
     Municipal securities— — 802 (18)802 (18)
          Total$135,148 ($3,253)$522,957 ($35,169)$658,105 ($38,422)
December 31, 2022:
Securities available for sale
     U.S. Treasury and government sponsored entities$282,319 ($8,876)$302,840 ($30,546)$585,159 ($39,422)
     Corporate bonds13,216 (43)4,394 (631)17,610 (674)
     Collateralized loan obligations22,309 (632)35,120 (1,373)57,429 (2,005)
     Municipal securities795 (25)— — 795 (25)
          Total$318,639 ($9,576)$342,354 ($32,550)$660,993 ($42,126)

Management evaluates available for sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to the extent to which the fair value is less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.

At June 30, 2023, the Company had 83 available for sale securities in an unrealized loss position without an ACL. At June 30, 2023, the Company had five held to maturity securities in an unrealized loss position without an ACL. Management does not have the intent to sell any of these securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their
maturity date or repricing date or if market yields for such investments decline. Accordingly, as of June 30, 2023, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, primarily changes in interest rates, and therefore no losses have been recognized in the Company's Consolidated Statements of Income.

At June 30, 2023 and December 31, 2022, carrying amounts of $161.7 million and $59.3 million in securities were pledged for deposits and borrowings, respectively.

The amortized cost and estimated fair values of debt securities at June 30, 2023, are distributed by contractual maturity as shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. 
(In Thousands)Amortized CostFair Value
US Treasury and government sponsored entities  
Within 1 year$127,447 $125,183 
1-5 years506,888 472,482 
Total$634,335 $597,665 
Corporate bonds  
Within 1 year$2,000 $1,971 
1-5 years22,016 20,726 
5-10 years26,750 25,853 
Total$50,766 $48,550 
Collateralized loan obligations
5-10 years$24,859 $24,556 
Over 10 years35,493 34,636 
Total$60,352 $59,192 
Municipal securities  
Within 1 year$820 $802 
Total$820 $802 

There were no proceeds from sales of investment securities for the three or six-month periods ending June 30, 2023 and 2022.
A summary of interest income for the three and six-month periods ending June 30, 2023 and 2022, on available for sale investment securities are as follows:
Three Months Ended June 30,Six Months Ended June 30,
(In Thousands)2023202220232022
US Treasury and government sponsored entities$2,835 $1,432 $5,630 $2,238 
Other1,156 489 2,291 814 
Total taxable interest income$3,991 $1,921 $7,921 $3,052 
Municipal securities$5 $5 $9 $9 
Total tax-exempt interest income$5 $5 $9 $9 
Total$3,996 $1,926 $7,930 $3,061