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v3.25.3

Securities | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Securities | (3) 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 |
September 30, 2025 |  | (Dollars in thousands) |
Mortgage backed securities (1) |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
States and political subdivisions |  |  | 60 |  |  |  | — |  |  |  | — |  |  |  | 60 |
Other securities |  |  | 500 |  |  |  | — |  |  |  | — |  |  |  | 500 |
Total |  | $ | 561 |  |  | $ | — |  |  | $ | — |  |  | $ | 561 |
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 |
September 30, 2025 |  | (Dollars in thousands) |
U.S. treasuries |  | $ | 998,769 |  |  | $ | 837 |  |  | $ | (15,489 | ) |  | $ | 984,117 |
U.S. federal agencies |  |  | 6,767 |  |  |  | 45 |  |  |  | (7 | ) |  |  | 6,805 |
Mortgage backed securities (1) |  |  | 13,363 |  |  |  | 17 |  |  |  | (1,212 | ) |  |  | 12,168 |
States and political subdivisions |  |  | 5,243 |  |  |  | 4 |  |  |  | (114 | ) |  |  | 5,133 |
Other securities |  |  | 8,000 |  |  |  | — |  |  |  | (843 | ) |  |  | 7,157 |
Total |  | $ | 1,032,142 |  |  | $ | 903 |  |  | $ | (17,665 | ) |  | $ | 1,015,380 |
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.
|  | September 30, 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 |  | $ | 560 |  |  | $ | 560 |  |  | $ | 776 |  |  | $ | 776 |
After one year but within five years |  |  | 1 |  |  |  | 1 |  |  |  | 61 |  |  |  | 61 |
After five years but within ten years |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
After ten years |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 561 |  |  | $ | 561 |  |  | $ | 837 |  |  | $ | 837 |
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |
Contractual maturity of debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Within one year |  | $ | 359,472 |  |  | $ | 356,281 |  |  | $ | 335,108 |  |  | $ | 330,076 |
After one year but within five years |  |  | 644,883 |  |  |  | 633,427 |  |  |  | 888,721 |  |  |  | 853,508 |
After five years but within ten years |  |  | 12,880 |  |  |  | 12,006 |  |  |  | 13,369 |  |  |  | 12,354 |
After ten years |  |  | 14,907 |  |  |  | 13,666 |  |  |  | 16,770 |  |  |  | 14,979 |
Total debt securities |  | $ | 1,032,142 |  |  | $ | 1,015,380 |  |  | $ | 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:
|  | September 30, 2025 |  |  | December 31, 2024 |
|  | (Dollars in thousands) |
Book value of pledged securities |  | $ | 705,605 |  |  | $ | 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 Nine months ended September 30, 2025 or September 30, 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 September 30, 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) |
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | 36 |  |  | $ | — |  |  | $ | — |  |  | $ | 892,559 |  |  | $ | 15,489 |  |  | $ | 892,559 |  |  | $ | 15,489 |
U.S. federal agencies |  | 6 |  |  |  | 724 |  |  |  | 5 |  |  |  | 409 |  |  |  | 2 |  |  |  | 1,133 |  |  |  | 7 |
Mortgage backed securities |  | 51 |  |  |  | 11 |  |  |  | — |  |  |  | 10,917 |  |  |  | 1,212 |  |  |  | 10,928 |  |  |  | 1,212 |
States and political subdivisions |  | 3 |  |  |  | 500 |  |  |  | — |  |  |  | 766 |  |  |  | 114 |  |  |  | 1,266 |  |  |  | 114 |
Other securities |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 7,158 |  |  |  | 843 |  |  |  | 7,158 |  |  |  | 843 |
Total |  | 98 |  |  | $ | 1,235 |  |  | $ | 5 |  |  | $ | 911,809 |  |  | $ | 17,660 |  |  | $ | 913,044 |  |  | $ | 17,665 |
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 September 30, 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.

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