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Securities (Tables)

12 Months Ended

Dec. 31, 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
		(Dollars in thousands)
December 31, 2024
Mortgage backed securities (1)		$	2			$	—			$	—			$	2
States and political subdivisions			335				—				—				335
Other securities			500				—				—				500
Total		$	837			$	—			$	—			$	837
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
		(Dollars in thousands)
December 31, 2024
U.S. treasuries		$	1,216,258			$	—			$	(40,249	)		$	1,176,009
U.S. federal agencies			8,170				68				(6	)			8,232
Mortgage backed securities (1)			14,807				9				(1,772	)			13,044
States and political subdivisions			6,570				6				(140	)			6,436
Other securities			8,163				—				(967	)			7,196
Total		$	1,253,968			$	83			$	(43,134	)		$	1,210,917
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.

		December 31,
		2024								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		$	776			$	776			$	350			$	350
After one year but within five years			61				61				840				840
After five years but within ten years			—				—				—				—
After ten years			—				—				—				—
Total		$	837			$	837			$	1,190			$	1,190
Available for Sale
Contractual maturity of debt securities:
Within one year		$	335,108			$	330,076			$	348,318			$	341,645
After one year but within five years			888,721				853,508				1,223,529				1,167,973
After five years but within ten years			13,369				12,354				10,331				8,851
After ten years			16,770				14,979				37,242				35,436
Total debt securities		$	1,253,968			$	1,210,917			$	1,619,420			$	1,553,905

Proceeds from Sales and Realized Losses on Available for Sale Debt Securities

The following is a detail of proceeds from sales and the realized losses on available for sale debt securities:

		Year Ended December 31,
		2024				2023				2022
		(Dollars in thousands)
Proceeds		$	—			$	—			$	222,474
Gross losses realized			—				—				3,990

Company's Book Value of Pledged Debt Securities

The following table is a summary of the Company’s book value of debt securities that were pledged as collateral for public funds on deposit, repurchase agreements and for other purposes as required or permitted by law:

		December 31,
		2024				2023
		(Dollars in thousands)
Book value of pledged securities		$	918,523			$	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 December 31, 2024 and 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)
December 31, 2024
Available for Sale
U.S. treasuries			51			$	89,867			$	1,030			$	1,086,142			$	39,219			$	1,176,009			$	40,249
U.S. federal agencies			5				681				4				500				2				1,181				6
Mortgage backed    securities			63				1,214				15				11,498				1,757				12,712				1,772
States and political    subdivisions			4				802				2				752				138				1,554				140
Other securities			3				—				—				7,196				967				7,196				967
Total			126			$	92,564			$	1,051			$	1,106,088			$	42,083			$	1,198,652			$	43,134
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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