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Securities (Tables)

3 Months Ended

Mar. 31, 2025

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
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

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
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.

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.

		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

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:

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

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 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

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