Securities

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

(2) SECURITIES

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
March 31, 2025	(Dollars in thousands)
Mortgage backed securities (1)	$	2	$	—	$	—	$	2
States and political subdivisions		275		—		—		275
Other securities		500		—		—		500
Total	$	777	$	—	$	—	$	777
December 31, 2024
Mortgage backed securities (1)	$	2	$	—	$	—	$	2
States and political subdivisions		335		—		—		335
Other securities		500		—		—		500
Total	$	837	$	—	$	—	$	837

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
March 31, 2025	(Dollars in thousands)
U.S. treasuries	$	1,161,345	$	41	$	(28,550	)	$	1,132,836
U.S. federal agencies		7,674		61		(7	)		7,728
Mortgage backed securities (1)		14,494		9		(1,539	)		12,964
States and political subdivisions		6,063		5		(128	)		5,940
Other securities		8,163		—		(967	)		7,196
Total	$	1,197,739	$	116	$	(31,191	)	$	1,166,664
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

(1) Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies.

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.


	March 31, 2025				December 31, 2024
	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	$	776	$	776
After one year but within five years		1		1		61		61
After five years but within ten years		—		—		—		—
After ten years		—		—		—		—
Total	$	777	$	777	$	837	$	837
Available for Sale
Contractual maturity of debt securities:
Within one year	$	339,766	$	335,452	$	335,108	$	330,076
After one year but within five years		828,383		804,188		888,721		853,508
After five years but within ten years		13,579		12,570		13,369		12,354
After ten years		16,011		14,454		16,770		14,979
Total debt securities	$	1,197,739	$	1,166,664	$	1,253,968	$	1,210,917

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:


	March 31, 2025		December 31, 2024
	(Dollars in thousands)
Book value of pledged securities	$	862,425	$	918,523

There were no sales of debt securities and therefore no proceeds from sales or realized securities gains or losses on available for sale debt securities for the three months ended March 31, 2025 or March 31, 2024.

Realized gains or losses on debt and equity securities are reported as securities transactions within the noninterest income section of the consolidated statement of comprehensive income.

The following table summarizes debt securities with unrealized losses, segregated by the duration of the unrealized loss, at March 31, 2025 and December 31, 2024 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)
March 31, 2025
Available for Sale
U.S. treasuries		47	$	—	$	—	$	1,041,956	$	28,550	$	1,041,956	$	28,550
U.S. federal agencies		5		660		5		470		2		1,130		7
Mortgage backed securities		58		1,194		3		11,437		1,536		12,631		1,539
States and political subdivisions		4		802		2		761		126		1,563		128
Other securities		3		—		—		7,196		967		7,196		967
Total		117	$	2,656	$	10	$	1,061,820	$	31,181	$	1,064,476	$	31,191
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

The Company has the ability and intent to hold the debt securities classified as held for investment until they mature, at which time the Company will receive full value for the debt securities. Furthermore, as of March 31, 2025 and December 31, 2024, the Company also had the ability and intent to hold the debt securities classified as available for sale for a period of time sufficient for a recovery of cost. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying debt securities were purchased. The fair value of those debt securities having unrealized losses is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. The Company has no intent or requirement to sell before the recovery of the unrealized loss; therefore, no impairment loss was realized in the Company’s consolidated statement of comprehensive income.