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Investment Securities
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment securities:
The following tables summarize the amortized cost, allowance for credit losses and fair value of the available-for-sale debt securities and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive loss at September 30, 2023 and December 31, 2022:  
September 30, 2023
 Amortized cost Gross unrealized gains Gross unrealized losses Allowance for credit losses for investments Fair Value
Investment Securities    
Available-for-sale debt securities  
U.S. government agency securities$107,300 $112 $(1,611)$— $105,801 
Mortgage-backed securities - residential1,083,311 — (212,237)— 871,074 
Mortgage-backed securities - commercial 18,517 — (1,840)— 16,677 
Municipal securities289,009 67 (44,465)— 244,611 
U.S. Treasury securities111,630 — (4,832)— 106,798 
Corporate securities3,500 — (242)— 3,258 
Total$1,613,267 $179 $(265,227)$— $1,348,219 
December 31, 2022
 Amortized costGross unrealized gains Gross unrealized losses Allowance for credit losses for investmentsFair Value
Investment Securities    
Available-for-sale debt securities    
U.S. government agency securities$45,167 $— $(5,105)$— $40,062 
Mortgage-backed securities - residential1,224,522 — (190,329)— 1,034,193 
Mortgage-backed securities - commercial19,209 — (1,565)— 17,644 
Municipal securities295,375 458 (31,413)— 264,420 
U.S. Treasury securities113,301 — (5,621)— 107,680 
Corporate securities8,000 — (813)— 7,187 
Total$1,705,574 $458 $(234,846)$— $1,471,186 
The components of amortized cost for debt securities on the consolidated balance sheets excludes accrued interest receivable since the Company elected to present accrued interest receivable separately on the consolidated balance sheets. As of September 30, 2023 and December 31, 2022, total accrued interest receivable on debt securities was $5,159 and $5,470, respectively.
Securities pledged at September 30, 2023 and December 31, 2022 had carrying amounts of $853,637 and $1,191,021, respectively, and were pledged to secure a Federal Reserve Bank line of credit, public deposits and repurchase agreements.
There were no holdings of debt securities of any one issuer, other than U.S. Government sponsored enterprises, in an amount greater than 10% of shareholders' equity during any period presented.
Investment securities transactions are recorded as of the trade date. At September 30, 2023, there were $789 and $10,930 trade date receivables and payables, respectively, that related to sales and purchases settled after period end. At December 31, 2022, there were no such trade date receivables or payables.

 
The amortized cost and fair value of debt securities by contractual maturity as of September 30, 2023 and December 31, 2022 are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgage underlying the security may be called or repaid without any penalties. Therefore, mortgage-backed securities are not included in the maturity categories in the following summary.
September 30,December 31,
 2023 2022 
 Available-for-saleAvailable-for-sale
 Amortized costFair valueAmortized costFair value
Due in one year or less$64,611 $63,615 $4,277 $4,225 
Due in one to five years80,999 74,854 161,556 152,181 
Due in five to ten years60,133 56,477 61,290 57,859 
Due in over ten years305,696 265,522 234,720 205,084 
511,439 460,468 461,843 419,349 
Mortgage-backed securities - residential1,083,311 871,074 1,224,522 1,034,193 
Mortgage-backed securities - commercial18,517 16,677 19,209 17,644 
Total debt securities$1,613,267 $1,348,219 $1,705,574 $1,471,186 
Sales and other dispositions of available-for-sale securities were as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
 2023 2022 2023 2022 
Proceeds from sales$75,857 $— $75,857 $1,218 
Proceeds from maturities, prepayments and calls32,946 44,352 91,361 170,701 
Gross realized gains19 1 19 4 
Gross realized losses14,119 — 14,119 — 
The following tables show gross unrealized losses for which an allowance for credit losses has not been recorded at September 30, 2023 and December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
September 30, 2023
 Less than 12 months12 months or moreTotal
 Fair ValueGross Unrealized Loss Fair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. government agency securities$16,401 $(23)$13,606 $(1,588)$30,007 $(1,611)
Mortgage-backed securities - residential— — 871,074 (212,237)871,074 (212,237)
Mortgage-backed securities - commercial— — 16,677 (1,840)16,677 (1,840)
Municipal securities69,271 (2,892)173,513 (41,573)242,784 (44,465)
U.S. Treasury securities— — 106,798 (4,832)106,798 (4,832)
Corporate securities— — 3,258 (242)3,258 (242)
Total$85,672 $(2,915)$1,184,926 $(262,312)$1,270,598 $(265,227)
 December 31, 2022
 Less than 12 months12 months or moreTotal
 Fair ValueGross Unrealized LossFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. government agency securities$23,791 $(2,802)$16,271 $(2,303)$40,062 $(5,105)
Mortgage-backed securities - residential316,656 (32,470)717,537 (157,859)1,034,193 (190,329)
Mortgage-backed securities - commercial11,104 (968)6,540 (597)17,644 (1,565)
Municipal securities196,419 (26,811)36,726 (4,602)233,145 (31,413)
U.S. Treasury securities94,248 (4,122)13,432 (1,499)107,680 (5,621)
Corporate securities4,008 (492)3,179 (321)7,187 (813)
Total$646,226 $(67,665)$793,685 $(167,181)$1,439,911 $(234,846)
As of September 30, 2023 and December 31, 2022, the Company’s debt securities portfolio consisted of 472 and 503 securities, 464 and 454 of which were in an unrealized loss position, respectively.
The majority of the investment portfolio was either government guaranteed, an issuance of a government sponsored entity, or highly rated by major credit rating agencies, and the Company has historically not recorded any credit losses associated with these investments. Municipal securities with market values below amortized cost at September 30, 2023 were reviewed for material credit events and/or rating downgrades with individual credit reviews performed. The issuers of these debt securities continue to make timely principal and interest payments under the contractual terms of the securities, and the issuers will continue to be observed as a part of the Company’s ongoing credit monitoring. As such, as of September 30, 2023 and December 31, 2022, it was determined that all available-for-sale debt securities that experienced a decline in fair value below amortized cost basis were due to noncredit-related factors. Further, it is not likely that the Company will be required to sell the securities before recovery of their amortized cost basis. Therefore, there was no allowance for credit losses recognized on available-for-sale debt securities as of September 30, 2023 or December 31, 2022.
Equity Securities
As of September 30, 2023 and December 31, 2022, the Company had $2,934 and $2,990, in marketable equity securities recorded at fair value, respectively. The Company had equity securities without readily determinable market value included in other assets on the consolidated balance sheets with carrying amounts of $24,487 and $22,496 at September 30, 2023 and December 31, 2022, respectively. Additionally, the Company had $34,809 and $58,641 of FHLB stock carried at cost at September 30, 2023 and December 31, 2022, respectively, included separately from the other equity securities discussed above.
The change in the fair value of equity securities and sale of equity securities with readily determinable fair values resulted in a net loss of $97 and of $141 for the three months ended September 30, 2023 and 2022, respectively, and in a net loss of $56 and of $405 for the nine months ended September 30, 2023 and 2022, respectively.