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INVESTMENT SECURITIES
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES INVESTMENT SECURITIES
The amortized cost and estimated fair value of securities available-for-sale along with allowance for credit losses, gross unrealized gains and losses are summarized as follows:

(dollars in thousands)
Securities available-for-sale		Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized Losses
Estimated
Fair
Value
December 31, 2022
U.S. Treasuries$775,784 $— $131 $(16,381)$759,534 
U.S. government-sponsored agencies1,036 — — (57)979 
State, county and municipal securities35,358 — 17 (1,180)34,195 
Corporate debt securities16,397 (75)— (396)15,926 
SBA pool securities29,422 — 3 (2,027)27,398 
Mortgage-backed securities701,008 — 113 (39,093)662,028 
Total debt securities available-for-sale$1,559,005 $(75)$264 $(59,134)$1,500,060 
December 31, 2021
U.S. government-sponsored agencies$7,084 $— $88 $— $7,172 
State, county and municipal securities45,470 — 2,342 — 47,812 
Corporate debt securities27,897 — 719 (120)28,496 
SBA pool securities44,312 — 958 (69)45,201 
Mortgage-backed securities448,124 — 15,822 (6)463,940 
Total debt securities available-for-sale$572,887 $— $19,929 $(195)$592,621 

The amortized cost and estimated fair value of securities held-to-maturity along with gross unrealized gains and losses are summarized as follows:

(dollars in thousands)
Securities held-to-maturity
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
December 31, 2022
State, county and municipal securities$31,905 $— $(5,380)$26,525 
Mortgage-backed securities102,959 — (14,946)88,013 
Total debt securities held-to-maturity$134,864 $— $(20,326)$114,538 
December 31, 2021
State, county and municipal securities$8,905 $4 $(198)$8,711 
Mortgage-backed securities70,945 — (1,450)69,495 
Total debt securities held-to-maturity$79,850 $4 $(1,648)$78,206 

The amortized cost and estimated fair value of debt securities available-for-sale and held-to-maturity as of December 31, 2022, by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the securities may be called or repaid without penalty. Therefore, these securities are not included in the maturity categories in the following maturity summary.

Available-for-SaleHeld-to-Maturity
(dollars in thousands)
Amortized
Cost
Estimated
Fair
Value
Amortized
Cost
Estimated
Fair
Value
Due in one year or less$51,085 $51,049 $— $— 
Due from one year to five years756,739 739,514 — — 
Due from five to ten years25,450 24,679 — — 
Due after ten years24,723 22,790 31,905 26,525 
Mortgage-backed securities701,008 662,028 102,959 88,013 
$1,559,005 $1,500,060 $134,864 $114,538 
Securities with a carrying value of approximately $861.6 million and $366.7 million at December 31, 2022 and 2021, respectively, serve as collateral to secure public deposits, securities sold under agreements to repurchase and for other purposes required or permitted by law.

The following table shows the gross unrealized losses and estimated fair value of available-for-sale securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at December 31, 2022 and 2021.

Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)
Securities available-for-sale
Estimated
Fair
Value
Unrealized LossesEstimated
Fair
Value		Unrealized LossesEstimated
Fair
Value		Unrealized Losses
December 31, 2022
U.S. Treasuries$725,250 $(16,381)$— $— $725,250 $(16,381)
U.S. government-sponsored agencies979 (57)— — 979 (57)
State, county and municipal securities27,438 (1,180)— — 27,438 (1,180)
Corporate debt securities13,271 (126)1,155 (270)14,426 (396)
SBA pool securities17,806 (1,298)9,329 (729)27,135 (2,027)
Mortgage-backed securities620,544 (37,774)16,847 (1,319)637,391 (39,093)
Total debt securities$1,405,288 $(56,816)$27,331 $(2,318)$1,432,619 $(59,134)
December 31, 2021
Corporate debt securities$— $— $1,380 $(120)$1,380 $(120)
SBA pool securities1,312 (6)2,572 (63)3,884 (69)
Mortgage-backed securities5,514 (6)1 — 5,515 (6)
Total debt securities$6,826 $(12)$3,953 $(183)$10,779 $(195)

As of December 31, 2022, the Company’s available-for-sale security portfolio consisted of 447 securities, 433 of which were in an unrealized loss position. At December 31, 2022, the Company held 337 mortgage-backed securities that were in an unrealized loss position. At December 31, 2022, the Company also held 33 SBA pool securities, 29 state, county and municipal securities, six corporate securities, 27 U.S. treasury securities and one U.S. government-sponsored agency security that were in an unrealized loss position.

The following table shows the gross unrealized losses and estimated fair value of held-to-maturity securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at September 30, 2021:

 Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)
Securities held-to-maturity
Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses		Estimated
Fair
Value		Unrealized
Losses
December 31, 2022
State, county and municipal securities$16,512 $(1,488)$10,013 $(3,892)$26,525 $(5,380)
Mortgage-backed securities32,471 (1,925)55,542 (13,021)88,013 (14,946)
Total debt securities held-to-maturity$48,983 $(3,413)$65,555 $(16,913)$114,538 $(20,326)
December 31, 2021
State, county and municipal securities$3,707 $(198)$— $— $3,707 $(198)
Mortgage-backed securities69,495 (1,450)— — 69,495 (1,450)
Total debt securities held-to-maturity$73,202 $(1,648)$— $— $73,202 $(1,648)

As of December 31, 2022, the Company’s held-to-maturity security portfolio consisted of 25 securities, all of which were in an unrealized loss position. At December 31, 2022, the Company held 19 mortgage-backed securities and six state, county and municipal securities that were in an unrealized loss position.

At December 31, 2022 and 2021, all of the Company's mortgage-backed securities were obligations of government-sponsored agencies.
Management and the Company’s Asset and Liability Committee (the “ALCO Committee”) evaluates available-for-sale securities in an unrealized loss position on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation, to determine if credit-related impairment exists. Management first evaluates whether they intend to sell or more likely than not will be required to sell an impaired security before recovering its amortized cost basis. If either criteria is met, the entire amount of unrealized loss is recognized in earnings with a corresponding adjustment to the security's amortized cost basis. If either of the above criteria is not met, management evaluates whether the decline in fair value is attributable to credit or resulted from other factors. The Company does not intend to sell these investment securities at an unrealized loss position at December 31, 2022, and it is more likely than not that the Company will not be required to sell these securities prior to recovery or maturity. Based on the results of management's review, at December 31, 2022, management determined $75,000 was attributable to credit impairment and increased the allowance for credit losses accordingly. The remaining $59.1 million in unrealized loss was determined to be from factors other than credit, primarily changes in market interest rates.
For the Years Ended December 31,
(dollars in thousands)202220212020
Allowance for credit losses
Beginning balance$— $112 $— 
Current-period provision for expected credit losses75 (112)112 
Ending balance$75 $— $112 

The Company's held-to-maturity securities have no expected credit losses and no related allowance for credit losses has been established.

Net gain on securities reported on the consolidated statements of income is comprised of the following:
For the Years Ended December 31,
(dollars in thousands)202220212020
Unrealized holding gains (losses) on equity securities$(67)$(17)$5 
Net realized gains on sales of other investments270 532 — 
Net gain on securities$203 $515 $5