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Securities (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Investment Securities

The amortized cost and fair value of investment securities were as follows:

 

 

December 31, 2024

 

 

 

Amortized Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

 

 

(Dollars in thousands)

 

Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

14,350

 

 

$

2,035

 

 

$

(60

)

 

$

16,325

 

Collateralized mortgage obligations

 

 

216,142

 

 

 

81

 

 

 

(3,233

)

 

 

212,990

 

Mortgage-backed securities

 

 

108,524

 

 

 

41

 

 

 

(920

)

 

 

107,645

 

Total

 

$

339,016

 

 

$

2,157

 

 

$

(4,213

)

 

$

336,960

 

Held to Maturity

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. Government agencies

 

$

5,861

 

 

$

—

 

 

$

(44

)

 

$

5,817

 

States and political subdivisions

 

 

98,125

 

 

 

220

 

 

 

(2,510

)

 

 

95,835

 

Corporate debt securities

 

 

12,000

 

 

 

—

 

 

 

(3,840

)

 

 

8,160

 

Collateralized mortgage obligations

 

 

232,345

 

 

 

—

 

 

 

(24,128

)

 

 

208,217

 

Mortgage-backed securities

 

 

10,409,133

 

 

 

380

 

 

 

(1,345,063

)

 

 

9,064,450

 

Total

 

$

10,757,464

 

 

$

600

 

 

$

(1,375,585

)

 

$

9,382,479

 

 

 

December 31, 2023

 

 

 

Amortized Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

 

 

(Dollars in thousands)

 

Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

20,698

 

 

$

1,827

 

 

$

(738

)

 

$

21,787

 

Collateralized mortgage obligations

 

 

321,881

 

 

 

967

 

 

 

(2,804

)

 

 

320,044

 

Mortgage-backed securities

 

 

97,779

 

 

 

96

 

 

 

(1,118

)

 

 

96,757

 

Total

 

$

440,358

 

 

$

2,890

 

 

$

(4,660

)

 

$

438,588

 

Held to Maturity

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. Government agencies

 

$

7,631

 

 

$

—

 

 

$

(52

)

 

$

7,579

 

States and political subdivisions

 

 

116,497

 

 

 

1,864

 

 

 

(2,306

)

 

 

116,055

 

Corporate debt securities

 

 

12,000

 

 

 

—

 

 

 

(4,200

)

 

 

7,800

 

Collateralized mortgage obligations

 

 

263,250

 

 

 

—

 

 

 

(20,864

)

 

 

242,386

 

Mortgage-backed securities

 

 

11,965,930

 

 

 

2,131

 

 

 

(1,357,283

)

 

 

10,610,778

 

Total

 

$

12,365,308

 

 

$

3,995

 

 

$

(1,384,705

)

 

$

10,984,598

 
Securities in Continuous Loss Position

Securities with unrealized losses segregated by length of time such securities have been in a continuous loss position were as follows:

 

 

December 31, 2024

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

 

(Dollars in thousands)

 

Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

2,040

 

 

$

(60

)

 

$

—

 

 

$

—

 

 

$

2,040

 

 

$

(60

)

Collateralized mortgage obligations

 

 

47,114

 

 

 

(307

)

 

 

125,942

 

 

 

(2,926

)

 

 

173,056

 

 

 

(3,233

)

Mortgage-backed securities

 

 

6,837

 

 

 

(53

)

 

 

89,513

 

 

 

(867

)

 

 

96,350

 

 

 

(920

)

Total

 

$

55,991

 

 

$

(420

)

 

$

215,455

 

 

$

(3,793

)

 

$

271,446

 

 

$

(4,213

)

Held to Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. Government agencies

 

$

5,817

 

 

$

(44

)

 

$

—

 

 

$

—

 

 

$

5,817

 

 

$

(44

)

States and political subdivisions

 

 

23,270

 

 

 

(113

)

 

 

47,943

 

 

 

(2,397

)

 

 

71,213

 

 

 

(2,510

)

Corporate debt securities

 

 

—

 

 

 

—

 

 

 

8,160

 

 

 

(3,840

)

 

 

8,160

 

 

 

(3,840

)

Collateralized mortgage obligations

 

 

28,362

 

 

 

(663

)

 

 

179,855

 

 

 

(23,465

)

 

 

208,217

 

 

 

(24,128

)

Mortgage-backed securities

 

 

331,265

 

 

 

(4,647

)

 

 

8,646,541

 

 

 

(1,340,416

)

 

 

8,977,806

 

 

 

(1,345,063

)

Total

 

$

388,714

 

 

$

(5,467

)

 

$

8,882,499

 

 

$

(1,370,118

)

 

$

9,271,213

 

 

$

(1,375,585

)

 

 

 

December 31, 2023

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

 

(Dollars in thousands)

 

Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

7,300

 

 

$

(738

)

 

$

—

 

 

$

—

 

 

$

7,300

 

 

$

(738

)

Collateralized mortgage obligations

 

 

54,611

 

 

 

(729

)

 

 

114,758

 

 

 

(2,075

)

 

 

169,369

 

 

 

(2,804

)

Mortgage-backed securities

 

 

1,154

 

 

 

(13

)

 

 

92,211

 

 

 

(1,105

)

 

 

93,365

 

 

 

(1,118

)

Total

 

$

63,065

 

 

$

(1,480

)

 

$

206,969

 

 

$

(3,180

)

 

$

270,034

 

 

$

(4,660

)

Held to Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. Government agencies

 

$

7,580

 

 

$

(52

)

 

$

—

 

 

$

—

 

 

$

7,580

 

 

$

(52

)

States and political subdivisions

 

 

23,085

 

 

 

(79

)

 

 

41,039

 

 

 

(2,227

)

 

 

64,124

 

 

 

(2,306

)

Corporate debt securities

 

 

—

 

 

 

—

 

 

 

7,800

 

 

 

(4,200

)

 

 

7,800

 

 

 

(4,200

)

Collateralized mortgage obligations

 

 

50,147

 

 

 

(470

)

 

 

192,205

 

 

 

(20,394

)

 

 

242,352

 

 

 

(20,864

)

Mortgage-backed securities

 

 

52,853

 

 

 

(807

)

 

 

10,354,514

 

 

 

(1,356,476

)

 

 

10,407,367

 

 

 

(1,357,283

)

Total

 

$

133,665

 

 

$

(1,408

)

 

$

10,595,558

 

 

$

(1,383,297

)

 

$

10,729,223

 

 

$

(1,384,705

)
Investment Securities by Contractual Maturity

The table below summarizes the amortized cost and fair value of investment securities at December 31, 2024, by contractual maturity. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations at any time with or without call or prepayment penalties.

 

 

Held to Maturity

 

 

Available for Sale

 

 

 

Amortized Cost

 

 

Fair Value

 

 

Amortized Cost

 

 

Fair Value

 

 

 

(Dollars in thousands)

 

Due in one year or less

 

$

14,781

 

 

$

14,786

 

 

$

—

 

 

$

—

 

Due after one year through five years

 

 

48,167

 

 

 

47,569

 

 

 

700

 

 

 

815

 

Due after five years through ten years

 

 

45,570

 

 

 

40,800

 

 

 

13,650

 

 

 

15,510

 

Due after ten years

 

 

7,468

 

 

 

6,657

 

 

 

—

 

 

 

—

 

Subtotal

 

 

115,986

 

 

 

109,812

 

 

 

14,350

 

 

 

16,325

 

Mortgage-backed securities and collateralized mortgage obligations

 

 

10,641,478

 

 

 

9,272,667

 

 

 

324,666

 

 

 

320,635

 

Total

 

$

10,757,464

 

 

$

9,382,479

 

 

$

339,016

 

 

$

336,960