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Securities
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure SECURITIES
    
Trading Securities
The Company had trading securities of $4.5 million and $3.9 million as of June 30, 2023 and December 31, 2022, respectively. These securities are held in a rabbi trust and will be used for future payments associated with the Company’s non-qualified 401(k) Restoration Plan and Non-qualified Deferred Compensation Plan.
Equity Securities
The Company had equity securities of $21.8 million and $21.1 million as of June 30, 2023 and December 31, 2022, respectively. These securities consist primarily of mutual funds held in a rabbi trust and will be used for future payments associated with the Company’s supplemental executive retirement plans.
The following table represents a summary of the gains and losses recognized within non-interest income and non-interest expense within the consolidated statements of income that relate to equity securities for the periods indicated:
Three Months EndedSix Months Ended
June 30June 30
2023202220232022
Dollars in thousands
Net gains (losses) recognized during the period on equity securities$267 $(1,450)635 (2,077)
Less: net gains recognized during the period on equity securities sold during the period— 4 1 8 
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date$267 $(1,454)$634 $(2,085)
Available for Sale Securities
The following table summarizes the amortized cost, allowance for credit losses, and fair value of available for sale securities and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) as of the dates indicated:
 June 30, 2023December 31, 2022
 Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized
Losses		Allowance for credit lossesFair
Value		Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized
Losses		Allowance for credit lossesFair
Value
 (Dollars in thousands)
U.S. government agency securities$230,570 $— $(28,079)$— $202,491 $230,936 $— $(28,636)$— $202,300 
U.S. treasury securities874,319 — (76,458)— 797,861 874,035 — (82,694)— 791,341 
Agency mortgage-backed securities332,086 23 (44,691)— 287,418 359,068 54 (45,434)— 313,688 
Agency collateralized mortgage obligations38,901 — (3,116)— 35,785 41,874 — (3,031)— 38,843 
State, county, and municipal securities194 — (4)— 190 193 — (2)— 191 
Pooled trust preferred securities issued by banks and insurers 1,205 — (180)— 1,025 1,203 — (169)— 1,034 
Small business administration pooled securities56,061 — (7,928)— 48,133 59,470 — (7,713)— 51,757 
Total available for sale securities$1,533,336 $23 $(160,456)$— $1,372,903 $1,566,779 $54 $(167,679)$— $1,399,154 

Excluded from the table above is accrued interest on available for sale securities of $2.8 million and $3.6 million at June 30, 2023 and December 31, 2022, respectively, which is included within other assets on the consolidated balance sheets. Additionally, the Company did not record any write-offs of accrued interest income on available for sale securities during the three and six months ended June 30, 2023 and 2022. Furthermore, no securities held by the Company were delinquent on contractual payments nor were any securities placed on non-accrual status at June 30, 2023 and December 31, 2022.
When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. The Company had no sales of securities available for sale during the three and six months ended June 30, 2023 and 2022, and therefore no gains or losses were realized during the periods presented.
The following tables show the gross unrealized losses and fair value of the Company’s available for sale securities in an unrealized loss position as of the dates indicated. These available for sale securities are aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position:
 June 30, 2023
  Less than 12 months12 months or longerTotal
 # of 
holdings		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
 (Dollars in thousands)
U.S. government agency securities9 $— $— $202,491 $(28,079)$202,491 $(28,079)
U.S. treasury securities18 — — 797,861 (76,458)797,861 (76,458)
Agency mortgage-backed securities135 10,660 (464)275,316 (44,227)285,976 (44,691)
Agency collateralized mortgage obligations13 2,701 (41)33,085 (3,075)35,786 (3,116)
State, county, and municipal securities1 190 (4)— — 190 (4)
Pooled trust preferred securities issued by banks and insurers1 — — 1,025 (180)1,025 (180)
Small business administration pooled securities8 3,593 (274)44,539 (7,654)48,132 (7,928)
Total impaired available for sale securities185 $17,144 $(783)$1,354,317 $(159,673)$1,371,461 $(160,456)
December 31, 2022
Less than 12 months12 months or longerTotal
# of 
holdings		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
(Dollars in thousands)
U.S. government agency securities9 $60,575 $(7,292)$141,725 $(21,344)$202,300 $(28,636)
U.S. treasury securities18 43,035 (6,350)748,306 (76,344)791,341 (82,694)
Agency mortgage-backed securities123 155,944 (15,186)154,653 (30,248)310,597 (45,434)
Agency collateralized mortgage obligations13 38,843 (3,031)— — 38,843 (3,031)
State, county, and municipal securities1 191 (2)— — 191 (2)
Pooled trust preferred securities issued by banks and insurers1 — — 1,034 (169)1,034 (169)
Small business administration pooled securities8 34,511 (3,550)17,246 (4,163)51,757 (7,713)
Total impaired available for sale securities173 $333,099 $(35,411)$1,062,964 $(132,268)$1,396,063 $(167,679)
The Company does not intend to sell these investments and has determined, based upon available evidence, that it is more likely than not that the Company will not be required to sell each security before the recovery of its amortized cost basis. In addition, management does not believe that any of the securities are impaired due to reasons of credit quality. As a result, the Company did not recognize a provision for credit losses on these investments during the three and six months ended June 30, 2023 and 2022. The Company made this determination by reviewing various qualitative and quantitative factors regarding each investment category, such as current market conditions, extent and nature of changes in fair value, issuer rating changes and trends, volatility of earnings, and current analysts’ evaluations.
As a result of the Company’s review of these qualitative and quantitative factors, the causes of the impairments listed in the table above by category were as follows at June 30, 2023:
•U.S. Government Agency Securities, U.S. Treasury Securities, Agency Mortgage-Backed Securities, Agency Collateralized Mortgage Obligations and Small Business Administration Pooled Securities: These portfolios have contractual terms that generally do not permit the issuer to settle the securities at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality. Additionally, these securities are implicitly guaranteed by the U.S. Government or one of its agencies.
•State, County and Municipal Securities: This portfolio has contractual terms that generally do not permit the issuer
to settle the securities at a price less than the current par value of the investment. The decline in market value of
these securities is attributable to changes in interest rates and not credit quality.
•Pooled Trust Preferred Securities: This portfolio consists of one below investment grade security which is performing. The unrealized loss on this security is attributable to the illiquid nature of the trust preferred market in the current economic and regulatory environment. Management evaluates collateral credit and instrument structure, including current and expected deferral and default rates and timing. In addition, discount rates are determined by evaluating comparable spreads observed currently in the market for similar instruments.

Held to Maturity Securities
The following table summarizes the amortized cost, fair value and allowance for credit losses of held to maturity securities and the corresponding amounts of gross unrealized gains and losses recognized at the dates indicated:
 June 30, 2023December 31, 2022
 Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized
Losses		Allowance for credit lossesFair
Value		Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized
Losses		Allowance for credit lossesFair
Value
 (Dollars in thousands)
U.S. government agency securities$30,395 $— $(1,907)$— $28,488 $31,258 $— $(2,222)$— $29,036 
U.S. treasury securities100,673 — (11,509)— 89,164 100,634 — (11,755)— 88,879 
Agency mortgage-backed securities851,418 15 (82,235)— 769,198 898,927 408 (83,383)— 815,952 
Agency collateralized mortgage obligations506,591 — (77,944)— 428,647 535,971 — (77,554)— 458,417 
Single issuer trust preferred securities issued by banks1,500 — (131)— 1,369 1,500 8 — — 1,508 
Small business administration pooled securities133,315 327 (6,424)— 127,218 136,830 313 (6,225)— 130,918 
Total held to maturity securities$1,623,892 $342 $(180,150)$— $1,444,084 $1,705,120 $729 $(181,139)$— $1,524,710 
Substantially all held to maturity securities held by the Company are guaranteed by the U.S. federal government or other government sponsored agencies and have a long history of no credit losses. As a result, management has determined these securities to have a zero loss expectation and therefore the Company did not record a provision for estimated credit losses on any held to maturity securities during the three and six months ended June 30, 2023 and 2022. Excluded from the table above is accrued interest on held to maturity securities of $4.4 million as of June 30, 2023 and December 31, 2022, respectively, which is included within other assets on the consolidated balance sheets. Additionally, the Company did not record any write-offs of accrued interest income on held to maturity securities during the three and six months ended June 30, 2023 and 2022. Furthermore, no securities held by the Company were delinquent on contractual payments nor were any securities placed on non-accrual status at June 30, 2023 and December 31, 2022.

When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. The Company had no sales of held to maturity securities during the three and six months ended June 30, 2023 and 2022, and therefore no gains or losses were realized for such periods.

The Company monitors the credit quality of held to maturity securities through the use of credit ratings. Credit ratings are monitored by the Company on at least a quarterly basis. As of June 30, 2023, all held to maturity securities held by the Company were rated investment grade or higher.
The actual maturities of certain available for sale or held to maturity securities may differ from the contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. A schedule of the contractual maturities of available for sale and held to maturity securities as of June 30, 2023 is presented below:
Due in one year or lessDue after one year to five yearsDue after five to ten yearsDue after ten yearsTotal
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
(Dollars in thousands)
Available for sale securities
U.S. government agency securities$— $— $141,548 $125,881 $89,022 $76,610 $— $— $230,570 $202,491 
U.S. treasury securities149,901 145,725 674,982 608,868 49,436 43,268 — — 874,319 797,861 
Agency mortgage-backed securities7,144 7,024 87,582 78,115 96,895 81,586 140,465 120,693 332,086 287,418 
Agency collateralized mortgage obligations— — — — 3,305 2,981 35,596 32,804 38,901 35,785 
State, county, and municipal securities— — 194 190 — — — — 194 190 
Pooled trust preferred securities issued by banks and insurers — — — — — — 1,205 1,025 1,205 1,025 
Small business administration pooled securities— — — — — — 56,061 48,133 56,061 48,133 
Total available for sale securities$157,045 $152,749 $904,306 $813,054 $238,658 $204,445 $233,327 $202,655 $1,533,336 $1,372,903 
Held to maturity securities
U.S. government agency securities$— $— $30,395 $28,488 $— $— $— $— $30,395 $28,488 
U.S. treasury securities— — 99,681 88,340 992 824 — — 100,673 89,164 
Agency mortgage-backed securities23 23 278,067 259,168 356,972 309,733 216,356 200,274 851,418 769,198 
Agency collateralized mortgage obligations— — 29,508 27,911 38,560 33,774 438,523 366,962 506,591 428,647 
Single issuer trust preferred securities issued by banks— — 1,500 1,369 — — — — 1,500 1,369 
Small business administration pooled securities— — — — 6,303 5,680 127,012 121,538 133,315 127,218 
Total held to maturity securities$23 $23 $439,151 $405,276 $402,827 $350,011 $781,891 $688,774 $1,623,892 $1,444,084 
Total$157,068 $152,772 $1,343,457 $1,218,330 $641,485 $554,456 $1,015,218 $891,429 $3,157,228 $2,816,987 
Included in the table above are $24.9 million of callable securities at June 30, 2023.
The carrying value of securities pledged to secure public funds, trust deposits, and for other purposes, as required or permitted by law, was $1.8 billion and $959.8 million at June 30, 2023 and December 31, 2022, respectively.
At June 30, 2023 and December 31, 2022, the Company had no investments in obligations of individual states, counties, or municipalities which exceeded 10% of consolidated stockholders’ equity.