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Securities (Tables)
 3 Months Ended
Mar. 31, 2025
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:

 

 

 

March 31, 2025

 

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

 

(Dollars in thousands)

 

Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

13,650

 

 

$

2,297

 

 

$

—

 

 

$

15,947

 

Collateralized mortgage obligations

 

 

215,807

 

 

 

1

 

 

 

(2,816

)

 

 

212,992

 

Mortgage-backed securities

 

 

107,762

 

 

 

56

 

 

 

(912

)

 

 

106,906

 

Total

 

$

337,219

 

 

$

2,354

 

 

$

(3,728

)

 

$

335,845

 

Held to Maturity

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agencies

 

$

5,903

 

 

$

—

 

 

$

(22

)

 

$

5,881

 

States and political subdivisions

 

 

82,788

 

 

 

282

 

 

 

(2,262

)

 

 

80,808

 

Corporate debt securities

 

 

12,000

 

 

 

—

 

 

 

(3,360

)

 

 

8,640

 

Collateralized mortgage obligations

 

 

237,409

 

 

 

9

 

 

 

(16,898

)

 

 

220,520

 

Mortgage-backed securities

 

 

10,118,786

 

 

 

3,299

 

 

 

(1,135,330

)

 

 

8,986,755

 

Total

 

$

10,456,886

 

 

$

3,590

 

 

$

(1,157,872

)

 

$

9,302,604

 

 

 

 

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. 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

 
Securities in Continuous Loss Position

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

 

 

 

March 31, 2025

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collateralized mortgage obligations

 

$

53,344

 

 

$

(244

)

 

$

144,740

 

 

$

(2,572

)

 

$

198,084

 

 

$

(2,816

)

Mortgage-backed securities

 

 

15,001

 

 

 

(88

)

 

 

88,888

 

 

 

(824

)

 

 

103,889

 

 

 

(912

)

Total

 

$

68,345

 

 

$

(332

)

 

$

233,628

 

 

$

(3,396

)

 

$

301,973

 

 

$

(3,728

)

Held to Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agencies

 

$

5,881

 

 

$

(22

)

 

$

—

 

 

$

—

 

 

$

5,881

 

 

$

(22

)

States and political subdivisions

 

 

14,506

 

 

 

(92

)

 

 

34,918

 

 

 

(2,170

)

 

 

49,424

 

 

 

(2,262

)

Corporate debt securities

 

 

—

 

 

 

—

 

 

 

8,640

 

 

 

(3,360

)

 

 

8,640

 

 

 

(3,360

)

Collateralized mortgage obligations

 

 

27,629

 

 

 

(93

)

 

 

180,046

 

 

 

(16,805

)

 

 

207,675

 

 

 

(16,898

)

Mortgage-backed securities

 

 

121,645

 

 

 

(1,552

)

 

 

8,515,283

 

 

 

(1,133,778

)

 

 

8,636,928

 

 

 

(1,135,330

)

Total

 

$

169,661

 

 

$

(1,759

)

 

$

8,738,887

 

 

$

(1,156,113

)

 

$

8,908,548

 

 

$

(1,157,872

)

 

 

 

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. 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

)
Investment Securities by Contractual Maturity

The table below summarizes the amortized cost and fair value of investment securities at March 31, 2025, 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

 

$

17,098

 

 

$

17,099

 

 

$

—

 

 

$

—

 

Due after one year through five years

 

 

42,703

 

 

 

42,247

 

 

 

—

 

 

 

—

 

Due after five years through ten years

 

 

33,464

 

 

 

29,331

 

 

 

13,650

 

 

 

15,947

 

Due after ten years

 

 

7,426

 

 

 

6,652

 

 

 

—

 

 

 

—

 

Subtotal

 

 

100,691

 

 

 

95,329

 

 

 

13,650

 

 

 

15,947

 

Mortgage-backed securities and collateralized mortgage obligations

 

 

10,356,195

 

 

 

9,207,275

 

 

 

323,569

 

 

 

319,898

 

Total

 

$

10,456,886

 

 

$

9,302,604

 

 

$

337,219

 

 

$

335,845