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Securities (Tables)
 9 Months Ended
Sep. 30, 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

 

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

 

 
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, 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.
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, 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

 

 
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, 2025

 

 

December 31, 2024

 

 

 

(Dollars in thousands)

 

Book value of pledged securities

 

$

705,605

 

 

$

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 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