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Securities
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
SECURITIES SECURITIES
The following table presents the fair values of our securities portfolio at the dates presented:
December 31,
(dollars in thousands)20222021
Available-for-sale debt securities$1,001,784 $909,651 
Marketable equity securities994 1,142 
Total Securities$1,002,778 $910,793 
Available-for-Sale Debt Securities
The following tables present the amortized cost and fair value of available-for-sale debt securities as of December 31, 2022 and December 31, 2021:
December 31, 2022December 31, 2021
(dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueAmortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
U.S. Treasury securities$145,416 $— $(13,721)$131,695 $95,954 $115 $(742)$95,327 
Obligations of U.S. government corporations and agencies43,479 — (1,668)41,811 68,599 1,749 — 70,348 
Collateralized mortgage obligations of U.S. government corporations and agencies482,039 203 (53,835)428,407 270,696 2,408 (2,810)270,294 
Residential mortgage-backed securities of U.S. government corporations and agencies49,418 3 (7,834)41,587 57,029 392 (628)56,793 
Commercial mortgage-backed securities of U.S. government corporations and agencies352,465 — (25,152)327,313 336,918 5,969 (1,587)341,300 
Corporate Obligations500 — — 500 500 — — 500 
Obligations of states and political subdivisions30,788 55 (372)30,471 70,539 4,550 — 75,089 
Total Available-for-Sale Debt Securities(1)
$1,104,105 $261 $(102,582)$1,001,784 $900,235 $15,183 $(5,767)$909,651 
(1) Excludes interest receivable of $3.7 million at December 31, 2022 and $3.3 million at December 31, 2021. Interest receivable is included in other assets in the Consolidated Balance Sheets.
The following table shows the composition of gross and net realized gains and losses for the periods presented:
Years ended December 31,
(dollars in thousands)202220212020
Gross realized gains$198 $29 $219 
Gross realized losses— — (77)
Net Realized Gains$198 $29 $142 
The following tables present the fair value and the age of gross unrealized losses on available-for-sale debt securities by investment category as of the dates presented:
December 31, 2022
Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)Number
of
Securities		Fair
Value		Unrealized
Losses		Number
of
Securities		Fair
Value		Unrealized
Losses		Number
of
Securities		Fair
Value		Unrealized
Losses
U.S. Treasury securities6 $57,057 $(3,363)8 $74,638 $(10,358)14 $131,695 $(13,721)
Obligations of U.S. government corporations and agencies6 41,811 (1,668)— — — 6 41,811 (1,668)
Collateralized mortgage obligations of U.S. government corporations and agencies47 296,509 (28,153)13 112,902 (25,682)60 409,411 (53,835)
Residential mortgage-backed securities of U.S. government corporations and agencies25 7,143 (589)3 34,223 (7,245)28 41,366 (7,834)
Commercial mortgage-backed securities of U.S. government corporations and agencies30 241,009 (11,975)7 86,304 (13,177)37 327,313 (25,152)
Corporate Obligations— — — — — — — — — 
Obligations of states and political subdivisions2 20,127 (372)— — — 2 20,127 (372)
Total 116 $663,656 $(46,120)31 $308,067 $(56,462)147 $971,723 $(102,582)
December 31, 2021
Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)Number
of
Securities		Fair 
Value		Unrealized
Losses		Number
of
Securities		Fair
Value		Unrealized
Losses		Number
of
Securities		Fair
Value		Unrealized
Losses
U.S. Treasury securities8 $85,221 $(742)— $— $— 8 $85,221 $(742)
Obligations of U.S. government corporations and agencies— — — — — — — — 
Collateralized mortgage obligations of U.S. government corporations and agencies12 141,204 (2,436)1 8,933 (374)13 150,137 (2,810)
Residential mortgage-backed securities of U.S. government corporations and agencies3 46,042 (628)— — — 3 46,042 (628)
Commercial mortgage-backed securities of U.S. government corporations and agencies7 100,032 (1,587)— — — 7 100,032 (1,587)
Corporate Obligations— — — — — — — — — 
Obligations of states and political subdivisions— — — — — — — — — 
Total 30 $372,499 $(5,393)1 $8,933 $(374)31 $381,432 $(5,767)
We evaluate securities with unrealized losses quarterly to determine if the decline in fair value has resulted from credit losses or other factors. We do not believe any individual unrealized loss as of December 31, 2022 represents a credit impairment. There were 147 debt securities in an unrealized loss position at December 31, 2022 and 31 debt securities in an unrealized loss position at December 31, 2021. The unrealized losses on debt securities were primarily attributable to changes in interest rates and not related to the credit quality of the issuers. All debt securities are determined to be investment grade and paying principal and interest according to the contractual terms of the security. We do not intend to sell and it is more likely
than not that we will not be required to sell any of the securities in an unrealized loss position before recovery of their amortized cost.
The following table presents net unrealized gains and losses, net of tax, on available-for-sale debt securities included in accumulated OCI, for the periods presented:
December 31, 2022December 31, 2021
(dollars in thousands)Gross Unrealized GainsGross Unrealized LossesNet Unrealized Gains (Losses)Gross Unrealized GainsGross Unrealized LossesNet Unrealized Gains (Losses)
Total unrealized gains/(losses) on available-for-sale debt securities$261 $(102,582)$(102,321)$15,183 $(5,767)$9,416 
Income tax (expense) benefit(56)21,915 21,859 (3,215)1,221 (1,994)
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss)$205 $(80,667)$(80,462)$11,968 $(4,546)$7,422 
The amortized cost and fair value of available-for-sale debt securities at December 31, 2022 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
December 31, 2022
(dollars in thousands)Amortized
Cost		Fair Value
Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions
Due in one year or less$9,984 $9,767 
Due after one year through five years149,091 138,134 
Due after five years through ten years49,085 44,838 
Due after ten years11,523 11,238 
Available-for-Sale Debt Securities With Fixed Maturities219,683 203,977 
Collateralized mortgage obligations of U.S. government corporations and agencies482,039 428,407 
Residential mortgage-backed securities of U.S. government corporations and agencies49,418 41,587 
Commercial mortgage-backed securities of U.S. government corporations and agencies352,465 327,313 
Corporate Obligations500 500 
Total Available-for-Sale Debt Securities$1,104,105 $1,001,784 
Debt securities are pledged in order to meet various regulatory and legal requirements. Restricted pledged securities had a carrying value of $17.9 million at December 31, 2022 and $23.9 million at December 31, 2021. Unrestricted pledged securities had a carrying value of $251.5 million at December 31, 2022 and $443.0 million at December 31, 2021. Any changes to restricted pledged securities require approval of the pledge beneficiary. Approval is not required for unrestricted pledged securities.