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Investment Securities
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
At December 31, 2021 and 2020, securities with a carrying value of $1.46 billion and $1.11 billion, respectively, were pledged primarily to secure deposits.
 
The cost basis, unrealized gains and losses, and fair value of HTM debt securities as of the dates indicated are as follows (in thousands): 
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
As of December 31, 2021
U.S. Treasuries$19,803 $20 $— $19,823 
U.S. Government agencies & GSEs70,180 — 1,121 69,059 
State and political subdivisions257,688 4,341 4,080 257,949 
Residential MBS, Agency & GSE381,641 2,021 3,687 379,975 
Commercial MBS, Agency & GSE411,786 4,106 8,915 406,977 
Supranational entities15,000 21 — 15,021 
Total$1,156,098 $10,509 $17,803 $1,148,804 
As of December 31, 2020
U.S. Government agencies & GSEs$10,575 $26 $11 $10,590 
State and political subdivisions197,723 7,658 242 205,139 
Residential MBS, Agency & GSE113,400 4,774 1 118,173 
Commercial MBS, Agency & GSE98,663 4,874 246 103,291 
Total$420,361 $17,332 $500 $437,193 
The cost basis, unrealized gains and losses, and fair value of AFS debt securities as of the dates indicated are as follows (in thousands):
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
As of December 31, 2021
U.S. Treasuries$218,027 $1,661 $2,168 $217,520 
U.S. Government agencies & GSEs189,855 605 3,428 187,032 
State and political subdivisions263,269 15,237 2,662 275,844 
Residential MBS, Agency & GSE2,079,700 9,785 28,521 2,060,964 
Residential MBS, Non-agency81,925 2,249 4 84,170 
Commercial MBS, Agency & GSE870,563 2,974 16,156 857,381 
Commercial MBS, Non-agency15,202 1,268 — 16,470 
Corporate bonds194,164 814 1,812 193,166 
Asset-backed securities603,824 2,000 1,547 604,277 
Total$4,516,529 $36,593 $56,298 $4,496,824 
As of December 31, 2020
U.S. Treasuries$123,677 $4,395 $— $128,072 
U.S. Government agencies & GSEs152,596 701 325 152,972 
State and political subdivisions253,630 20,891 49 274,472 
Residential MBS, Agency & GSE1,275,551 29,107 766 1,303,892 
Residential MBS, Non-agency174,322 7,499 128 181,693 
Commercial MBS, Agency & GSE524,852 8,013 597 532,268 
Commercial MBS, Non-agency15,350 1,513 — 16,863 
Corporate bonds70,057 1,711 1 71,767 
Asset-backed securities562,076 1,278 632 562,722 
Total$3,152,111 $75,108 $2,498 $3,224,721 
 
At year-end 2021 and 2020, there were no holdings of debt obligations of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders’ equity.
 
The following summarizes HTM debt securities in an unrealized loss position as of the dates indicated (in thousands):
 Less than 12 Months12 Months or MoreTotal
Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss
As of December 31, 2021
U.S. Government agencies & GSEs$64,658 $888 $4,401 $233 $69,059 $1,121 
State and political subdivisions131,128 3,590 9,006 490 140,134 4,080 
Residential MBS, Agency & GSE289,132 3,687 — — 289,132 3,687 
Commercial MBS, Agency & GSE314,049 8,540 10,384 375 324,433 8,915 
Total unrealized loss position$798,967 $16,705 $23,791 $1,098 $822,758 $17,803 
As of December 31, 2020
U.S. Government agencies & GSEs$4,677 $11 $— $— $4,677 $11 
State and political subdivisions14,870 242 — — 14,870 242 
Residential MBS, Agency & GSE999 1 — — 999 1 
Commercial MBS, Agency & GSE24,956 236 1,352 10 26,308 246 
Total unrealized loss position$45,502 $490 $1,352 $10 $46,854 $500 
The following summarizes AFS debt securities in an unrealized loss position as of the dates indicated (in thousands):
 Less than 12 Months12 Months or MoreTotal
Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss
As of December 31, 2021
U.S. Treasuries$111,606 $2,168 $— $— $111,606 $2,168 
U.S. Government agencies & GSEs132,893 2,591 20,093 837 152,986 3,428 
State and political subdivisions69,302 2,581 3,148 81 72,450 2,662 
Residential MBS, Agency & GSE1,534,744 25,799 74,481 2,722 1,609,225 28,521 
Residential MBS, Non-agency12,608 4 — — 12,608 4 
Commercial MBS, Agency & GSE582,235 13,098 66,014 3,058 648,249 16,156 
Corporate bonds149,246 1,811 16 1 149,262 1,812 
Asset-backed securities195,164 1,546 571 1 195,735 1,547 
Total unrealized loss position$2,787,798 $49,598 $164,323 $6,700 $2,952,121 $56,298 
As of December 31, 2020
U.S. Government agencies & GSEs$27,952 $324 $607 $1 $28,559 $325 
State and political subdivisions9,402 49 — — 9,402 49 
Residential MBS, Agency & GSE232,199 766 — — 232,199 766 
Residential MBS, Non-agency2,331 128 — — 2,331 128 
Commercial MBS, Agency & GSE89,918 597 — — 89,918 597 
Corporate bonds1,410 1 — — 1,410 1 
Asset-backed securities87,305 28 53,587 604 140,892 632 
Total unrealized loss position$450,517 $1,893 $54,194 $605 $504,711 $2,498 
 
At December 31, 2021, there were 408 AFS debt securities and 94 HTM debt securities that were in an unrealized loss position. Management does not intend to sell nor believes it will be required to sell securities in an unrealized loss position prior to the recovery of its amortized cost basis. Unrealized losses at December 31, 2021 and 2020 were primarily attributable to changes in interest rates.
 
At December 31, 2021 and 2020, calculated credit losses and, thus, the related ACL on HTM debt securities were de minimis due to the high credit quality of the portfolio, which included securities issued or guaranteed by the U.S. Treasury, U.S. Government agencies, GSEs, high credit quality municipalities and supranational entities. As a result, no ACL was recorded on the HTM portfolio at December 31, 2021 and 2020. In addition, based on the assessment performed as of December 31, 2021 and 2020, there was no ACL required related to the AFS portfolio. See Note 1 for additional details on the ACL as it relates to the securities portfolio.

The following table presents accrued interest receivable for the periods indicated on HTM and AFS debt securities (in thousands), which was excluded from the estimate of credit losses.
Accrued Interest Receivable
December 31, 2021December 31, 2020
HTM$3,596 $1,784 
AFS9,868 9,114 
 
Realized gains and losses are derived using the specific identification method for determining the cost of the securities sold. The following summarizes securities sales activities for the years ended December 31 (in thousands): 
 202120202019
Proceeds from sales$288,986 $40,625 $352,106 
Gross gains on sales$2,346 $748 $1,843 
Gross losses on sales(2,263)— (2,864)
Net gains (losses) on sales of securities$83 $748 $(1,021)
Income tax expense (benefit) attributable to sales$(46)$191 $(247)

The amortized cost and fair value of AFS and HTM debt securities at December 31, 2021, by contractual maturity, are presented in the following table (in thousands). Expected maturities may differ from contractual maturities because issuers and borrowers may have the right to call or prepay obligations. 
AFSHTM
Amortized CostFair ValueAmortized CostFair Value
Within 1 year:
U.S. Treasuries$54,974 $55,418 $— $— 
U.S. Government agencies & GSEs87 87 — — 
State and political subdivisions15,008 15,247 5,200 5,324 
Corporate bonds2,657 2,657 — — 
72,726 73,409 5,200 5,324 
1 to 5 years:
U.S. Treasuries74,101 74,800 — — 
U.S. Government agencies & GSEs22,946 22,798 — — 
State and political subdivisions33,290 34,711 8,762 9,548 
Corporate bonds100,553 99,958 — — 
230,890 232,267 8,762 9,548 
5 to 10 years:
U.S. Treasuries88,952 $87,302 $19,803 $19,823 
U.S. Government agencies & GSEs79,812 77,606 31,962 31,578 
State and political subdivisions135,265 140,348 38,188 38,784 
Corporate bonds90,169 89,657 — — 
Supranational entities— — 15,000 15,021 
394,198 394,913 104,953 105,206 
More than 10 years:
U.S. Government agencies & GSEs87,010 86,541 38,218 37,481 
State and political subdivisions79,706 85,538 205,538 204,293 
Corporate bonds785 894 — — 
167,501 172,973 243,756 241,774 
Debt securities not due at a single maturity:
Asset-backed securities603,824 604,277 — — 
Residential MBS2,161,625 2,145,134 381,641 379,975 
Commercial MBS885,765 873,851 411,786 406,977 
Total$4,516,529 $4,496,824 $1,156,098 $1,148,804