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v3.24.3

Securities (Tables) | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Summary of Amortized Cost and Estimated Fair Values of Debt Securities Held for Investment | The following table summarizes the amortized cost and estimated fair values of debt securities held for investment:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
September 30, 2024 |  | (Dollars in thousands) |
Mortgage backed securities (1) |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |
States and political subdivisions |  |  | 335 |  |  |  | — |  |  |  | — |  |  |  | 335 |
Other securities |  |  | 500 |  |  |  | — |  |  |  | — |  |  |  | 500 |
Total |  | $ | 838 |  |  | $ | — |  |  | $ | — |  |  | $ | 838 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities (1) |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | 5 |
States and political subdivisions |  |  | 685 |  |  |  | — |  |  |  | — |  |  |  | 685 |
Other securities |  |  | 500 |  |  |  | — |  |  |  | — |  |  |  | 500 |
Total |  | $ | 1,190 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,190 |
Summary of Amortized Cost and Estimated Fair Values of Debt Securities Available for Sale | The following table summarizes the amortized cost and estimated fair values of debt securities available for sale:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
September 30, 2024 |  | (Dollars in thousands) |
U.S. treasuries |  | $ | 1,361,149 |  |  | $ | 1,537 |  |  | $ | (31,363 | ) |  | $ | 1,331,323 |
U.S. federal agencies |  |  | 8,803 |  |  |  | 109 |  |  |  | (4 | ) |  |  | 8,908 |
Mortgage backed securities (1) |  |  | 15,211 |  |  |  | 21 |  |  |  | (1,230 | ) |  |  | 14,002 |
States and political subdivisions |  |  | 6,579 |  |  |  | 13 |  |  |  | (97 | ) |  |  | 6,495 |
Asset backed securities |  |  | 8,118 |  |  |  | 22 |  |  |  | — |  |  |  | 8,140 |
Other securities |  |  | 8,163 |  |  |  | — |  |  |  | (956 | ) |  |  | 7,207 |
Total |  | $ | 1,408,023 |  |  | $ | 1,702 |  |  | $ | (33,650 | ) |  | $ | 1,376,075 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 1,560,265 |  |  | $ | 415 |  |  | $ | (62,635 | ) |  | $ | 1,498,045 |
U.S. federal agencies |  |  | 11,631 |  |  |  | 142 |  |  |  | (3 | ) |  |  | 11,770 |
Mortgage backed securities (1) |  |  | 16,459 |  |  |  | 13 |  |  |  | (1,677 | ) |  |  | 14,795 |
States and political subdivisions |  |  | 10,108 |  |  |  | 16 |  |  |  | (114 | ) |  |  | 10,010 |
Asset backed securities |  |  | 12,794 |  |  |  | — |  |  |  | (282 | ) |  |  | 12,512 |
Other securities |  |  | 8,163 |  |  |  | — |  |  |  | (1,390 | ) |  |  | 6,773 |
Total |  | $ | 1,619,420 |  |  | $ | 586 |  |  | $ | (66,101 | ) |  | $ | 1,553,905 |
(1) Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies.
Maturity of Debt Securities | The maturities of debt securities held for investment and available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been presented at their contractual maturity.
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | Amortized Cost |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Estimated Fair Value |
|  | (Dollars in thousands) |
Held for Investment |  |  |  |  |  |  |  |  |  |  |  |
Contractual maturity of debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 275 |  |  | $ | 275 |  |  | $ | 350 |  |  | $ | 350 |
After one year but within five years |  |  | 563 |  |  |  | 563 |  |  |  | 840 |  |  |  | 840 |
After five years but within ten years |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
After ten years |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 838 |  |  | $ | 838 |  |  | $ | 1,190 |  |  | $ | 1,190 |
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |
Contractual maturity of debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 364,051 |  |  | $ | 359,967 |  |  | $ | 348,318 |  |  | $ | 341,645 |
After one year but within five years |  |  | 1,004,948 |  |  |  | 979,225 |  |  |  | 1,223,529 |  |  |  | 1,167,973 |
After five years but within ten years |  |  | 11,141 |  |  |  | 10,143 |  |  |  | 10,331 |  |  |  | 8,851 |
After ten years |  |  | 27,883 |  |  |  | 26,740 |  |  |  | 37,242 |  |  |  | 35,436 |
Total debt securities |  | $ | 1,408,023 |  |  | $ | 1,376,075 |  |  | $ | 1,619,420 |  |  | $ | 1,553,905 |
Company's Book Value of Pledged Debt Securities | The following table is a summary of the Company’s book value of securities that were pledged as collateral for public funds on deposit, repurchase agreements and for other purposes as required or permitted by law:
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | (Dollars in thousands) |
Book value of pledged securities |  | $ | 1,038,637 |  |  | $ | 591,324 |
Summary of Debt Securities with Unrealized Losses, Segregated by Duration of Unrealized Loss | The following table summarizes debt securities with unrealized losses, segregated by the duration of the unrealized loss, at September 30, 2024 and December 31, 2023 respectively:
|  |  |  | Less than 12 Months |  |  | More than 12 Months |  |  | Total |
| Number of investments |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |
|  |  |  | (Dollars in thousands) |
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | 54 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,238,833 |  |  | $ | 31,363 |  |  | $ | 1,238,833 |  |  | $ | 31,363 |
U.S. federal agencies |  | 3 |  |  |  | 699 |  |  |  | 3 |  |  |  | 653 |  |  |  | 1 |  |  |  | 1,352 |  |  |  | 4 |
Mortgage backed securities |  | 53 |  |  |  | — |  |  |  | — |  |  |  | 12,407 |  |  |  | 1,230 |  |  |  | 12,407 |  |  |  | 1,230 |
States and political subdivisions |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 796 |  |  |  | 97 |  |  |  | 796 |  |  |  | 97 |
Other securities |  | 3 |  |  |  | — |  |  |  | — |  |  |  | 7,207 |  |  |  | 956 |  |  |  | 7,207 |  |  |  | 956 |
Total |  | 115 |  |  | $ | 699 |  |  | $ | 3 |  |  | $ | 1,259,896 |  |  | $ | 33,647 |  |  | $ | 1,260,595 |  |  | $ | 33,650 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | 68 |  |  | $ | 4,838 |  |  | $ | 90 |  |  | $ | 1,401,669 |  |  | $ | 62,545 |  |  | $ | 1,406,507 |  |  | $ | 62,635 |
U.S. federal agencies |  | 3 |  |  |  | 1,100 |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | 1,100 |  |  |  | 3 |
Mortgage backed securities |  | 74 |  |  |  | 80 |  |  |  | — |  |  |  | 13,261 |  |  |  | 1,677 |  |  |  | 13,341 |  |  |  | 1,677 |
States and political subdivisions |  | 6 |  |  |  | 306 |  |  |  | 4 |  |  |  | 1,847 |  |  |  | 110 |  |  |  | 2,153 |  |  |  | 114 |
Asset backed securities |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 12,512 |  |  |  | 282 |  |  |  | 12,512 |  |  |  | 282 |
Other securities |  | 3 |  |  |  | — |  |  |  | — |  |  |  | 6,773 |  |  |  | 1,390 |  |  |  | 6,773 |  |  |  | 1,390 |
Total |  | 155 |  |  | $ | 6,324 |  |  | $ | 97 |  |  | $ | 1,436,062 |  |  | $ | 66,004 |  |  | $ | 1,442,386 |  |  | $ | 66,101 |

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