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Investment Securities
 12 Months Ended
Dec. 31, 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 December 31, 2023 and 2022:  
December 31, 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$204,663 $470 $(1,177)$— $203,956 
Mortgage-backed securities - residential1,057,389 — (160,418)— 896,971 
Mortgage-backed securities - commercial 18,186 — (1,225)— 16,961 
Municipal securities263,312 370 (21,419)— 242,263 
U.S. Treasury securities111,729 — (3,233)— 108,496 
Corporate securities3,500 — (174)— 3,326 
Total$1,658,779 $840 $(187,646)$— $1,471,973 
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 December 31, 2023 and 2022, total accrued interest receivable on debt securities was $7,212 and $5,470, respectively.
Securities pledged at December 31, 2023 and 2022 had carrying amounts of $929,546 and $1,191,021, respectively, and were pledged to secure a Federal Reserve Bank line of credit, Bank Term Funding Program borrowings, 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 December 31, 2023 and 2022, there were no trade date receivables nor payables that related to sales or purchases settled after period end.
The following tables show gross unrealized losses for which an allowance for credit losses has not been recorded at December 31, 2023 and 2022, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
December 31, 2023
 Less than 12 months12 months or moreTotal
 Fair ValueGross Unrealized Loss Fair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. government agency securities$25,923 $(21)$14,040 $(1,156)$39,963 $(1,177)
Mortgage-backed securities - residential— — 896,971 (160,418)896,971 (160,418)
Mortgage-backed securities - commercial— — 16,961 (1,225)16,961 (1,225)
Municipal securities14,480 (148)188,669 (21,271)203,149 (21,419)
U.S. Treasury securities— — 108,496 (3,233)108,496 (3,233)
Corporate securities— — 3,326 (174)3,326 (174)
Total$40,403 $(169)$1,228,463 $(187,477)$1,268,866 $(187,646)
 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 December 31, 2023 and 2022, the Company’s debt securities portfolio consisted of 439 and 503 securities, 370 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 December 31, 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 December 31, 2023 and 2022, it was determined that all AFS 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 AFS debt securities as of December 31, 2023 or 2022. Periodically, AFS debt securities may be sold or the composition of the portfolio realigned to improve yields, quality or marketability, or to implement changes in investment or asset/liability strategy, including maintaining collateral requirements and raising funds for liquidity purposes or preparing for anticipated changes in market interest rates.
The amortized cost and fair value of debt securities by contractual maturity as of December 31, 2023 and 2022 are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
December 31,
 2023 2022 
 Available-for-saleAvailable-for-sale
 Amortized costFair valueAmortized costFair value
Due in one year or less$64,776 $64,279 $4,277 $4,225 
Due in one to five years75,996 71,801 161,556 152,181 
Due in five to ten years51,162 49,630 61,290 57,859 
Due in over ten years391,270 372,331 234,720 205,084 
583,204 558,041 461,843 419,349 
Mortgage-backed securities - residential1,057,389 896,971 1,224,522 1,034,193 
Mortgage-backed securities - commercial18,186 16,961 19,209 17,644 
Total debt securities$1,658,779 $1,471,973 $1,705,574 $1,471,186 
Sales and other dispositions of AFS debt securities were as follows:
 Years Ended December 31,
 2023 2022 2021
Proceeds from sales$100,463 $1,218 $8,855 
Proceeds from maturities, prepayments and calls128,206 204,748 296,256 
Gross realized gains45 4 127 
Gross realized losses14,119 3 1 
Equity Securities
As of December 31, 2022, the Company had $2,990 in marketable equity securities recorded at fair value. There were no such securities outstanding as of December 31, 2023. The Company had equity securities without readily determinable market value included in “Other assets” on the consolidated balance sheets with carrying amounts of $25,191 and $22,496 at December 31, 2023 and 2022, respectively. Additionally, the Company had $34,190 and $58,641 of FHLB stock carried at cost at December 31, 2023 and 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 gain (loss) of $101, $(377), and $198 for the years ended December 31, 2023, 2022, and 2021, respectively