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Securities | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities The book values and approximate fair values of investment securities at December 31, 2024 and 2023 are summarized as follows:
|  | 2024 |  | 2023
|  | Amortized Cost |  | Fair Value |  | Unrealized |  | Amortized Cost |  | Fair Value |  | Unrealized
($ in thousands) |  |  |  | Gains |  | (Losses) |  |  |  | Gains |  | (Losses)
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Treasury securities |  | $ | 121,051 |  |  | $ | 120,581 |  |  | $ | — |  |  | $ | (470) |  |  | $ | 174,785 |  |  | $ | 172,570 |  |  | $ | — |  |  | $ | (2,215) |
Government-sponsored enterprise securities |  | 11,961 |  |  | 9,614 |  |  | — |  |  | (2,347) |  |  | 71,964 |  |  | 60,266 |  |  | — |  |  | (11,698) |
Mortgage-backed securities |  | 2,261,924 |  |  | 1,897,175 |  |  | 60 |  |  | (364,809) |  |  | 2,323,674 |  |  | 1,937,784 |  |  | 30 |  |  | (385,920) |
Corporate bonds |  | 16,181 |  |  | 15,692 |  |  | — |  |  | (489) |  |  | 19,676 |  |  | 18,759 |  |  | — |  |  | (917) |
Total available for sale |  | $ | 2,411,117 |  |  | $ | 2,043,062 |  |  | $ | 60 |  |  | $ | (368,115) |  |  | $ | 2,590,099 |  |  | $ | 2,189,379 |  |  | $ | 30 |  |  | $ | (400,750) |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | 9,198 |  |  | $ | 8,739 |  |  | $ | — |  |  | $ | (459) |  |  | $ | 12,085 |  |  | $ | 11,447 |  |  | $ | — |  |  | $ | (638) |
State and local governments |  | 510,800 |  |  | 419,832 |  |  | 1 |  |  | (90,969) |  |  | 521,593 |  |  | 438,176 |  |  | 39 |  |  | (83,456) |
Total held to maturity |  | $ | 519,998 |  |  | $ | 428,571 |  |  | $ | 1 |  |  | $ | (91,428) |  |  | $ | 533,678 |  |  | $ | 449,623 |  |  | $ | 39 |  |  | $ | (84,094) |
All of the Company’s mortgage-backed securities were issued by government-sponsored enterprises ("GSEs"), except for private mortgage-backed securities with a fair value of $0.7 million as of December 31, 2024 and 2023. Accrued interest receivable on AFS debt securities was $4.6 million and $5.2 million at December 31, 2024 and December 31, 2023, respectively. Accrued interest receivable on HTM debt securities was of $4.2 million as of December 31, 2024 and December 31, 2023. The following table presents information regarding securities with unrealized losses at December 31, 2024:
|  | Securities in an Unrealized Loss Position for Less than 12 Months |  | Securities in an Unrealized Loss Position for More than 12 Months |  | Total
($ in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
US Treasury securities |  | $ | 120,581 |  |  | $ | 470 |  |  | $ | — |  |  | $ | — |  |  | $ | 120,581 |  |  | $ | 470 |
Government-sponsored enterprise securities |  | — |  |  | — |  |  | 9,614 |  |  | 2,347 |  |  | 9,614 |  |  | 2,347 |
Mortgage-backed securities |  | 317,015 |  |  | 1,845 |  |  | 1,538,156 |  |  | 363,423 |  |  | 1,855,171 |  |  | 365,268 |
Corporate bonds |  | 380 |  |  | 51 |  |  | 13,562 |  |  | 438 |  |  | 13,942 |  |  | 489 |
State and local governments |  | 4,513 |  |  | 75 |  |  | 414,331 |  |  | 90,894 |  |  | 418,844 |  |  | 90,969 |
Total temporarily impaired securities |  | $ | 442,489 |  |  | $ | 2,441 |  |  | $ | 1,975,663 |  |  | $ | 457,102 |  |  | $ | 2,418,152 |  |  | $ | 459,543 |
The following table presents information regarding securities with unrealized losses at December 31, 2023:
|  | Securities in an Unrealized Loss Position for Less than 12 Months |  | Securities in an Unrealized Loss Position for More than 12 Months |  | Total
($ in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
US Treasury securities |  | $ | — |  |  | $ | — |  |  | $ | 172,570 |  |  | $ | 2,215 |  |  | $ | 172,570 |  |  | $ | 2,215 |
Government-sponsored enterprise securities |  | — |  |  | — |  |  | 60,266 |  |  | 11,698 |  |  | 60,266 |  |  | 11,698 |
Mortgage-backed securities |  | 1,117 |  |  | 5 |  |  | 1,945,830 |  |  | 386,553 |  |  | 1,946,947 |  |  | 386,558 |
Corporate bonds |  | — |  |  | — |  |  | 17,008 |  |  | 917 |  |  | 17,008 |  |  | 917 |
State and local governments |  | — |  |  | — |  |  | 432,476 |  |  | 83,456 |  |  | 432,476 |  |  | 83,456 |
Total temporarily impaired securities |  | $ | 1,117 |  |  | $ | 5 |  |  | $ | 2,628,150 |  |  | $ | 484,839 |  |  | $ | 2,629,267 |  |  | $ | 484,844 |
As of December 31, 2024, the Company's securities portfolio held 584 securities of which 560 securities were in an unrealized loss position. As of December 31, 2023, the Company's securities portfolio held 657 securities of which 632 securities were in an unrealized loss position. In the above tables, all of the securities that were in an unrealized loss position at December 31, 2024 and 2023 are bonds that the Company has determined are in a loss position due primarily to interest rate factors and not credit quality concerns. In arriving at this conclusion, the Company reviewed third-party credit ratings and considered the severity of the impairment. The state and local government investments are comprised almost entirely of highly-rated municipal bonds issued by state and local governments throughout the nation. The Company has no significant concentrations of bond holdings from any one state or local government entity. Nearly all of the Company's mortgage-backed securities were issued by Federal Home Loan Mortgage Corporation ("FHLMC"), Federal National Mortgage Association ("FNMA"), Government National Mortgage Association ("GNMA"), or SBA, each of which is a government agency or GSE and guarantees the repayment of its securities. The Company does not intend to sell these securities, and it is more likely than not that the Company will not be required to sell these securities before recovery of the amortized cost. At December 31, 2024 and 2023, the Company determined that expected credit losses associated with HTM securities and AFS debt securities were insignificant. The book values and approximate fair values of investment securities at December 31, 2024, by contractual maturity, are summarized in the table below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Securities Available for Sale |  | Securities Held to Maturity
($ in thousands) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due within one year |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Due after one year but within five years |  | 82,212 |  |  | 81,944 |  |  | 5,639 |  |  | 5,456 |
Due after five years but within ten years |  | 66,981 |  |  | 63,943 |  |  | 186,841 |  |  | 155,787 |
Due after ten years |  | — |  |  | — |  |  | 318,320 |  |  | 258,589 |
Mortgage-backed securities |  | 2,261,924 |  |  | 1,897,175 |  |  | 9,198 |  |  | 8,739 |
Total securities |  | $ | 2,411,117 |  |  | $ | 2,043,062 |  |  | $ | 519,998 |  |  | $ | 428,571 |
At December 31, 2024 and 2023, investment securities with carrying values of $806.0 million and $971.3 million, respectively, were pledged as collateral for public deposits. In addition, at December 31, 2024 and 2023, investment securities with carrying values of $661.0 million and $679.0 million, respectively, were pledged as collateral to the FRB to secure any such borrowings. At December 31, 2024 and 2023, there were no holdings of securities of any one issuer, other than the US Government and its agencies or GSEs, in an amount greater than 10% of shareholders' equity. During the second quarter of 2024, the Company sold all of its holdings of Class B shares of Visa, Inc. (“Visa”) stock that were received upon Visa’s initial public offering and recognized a gain of $4.5 million. As the Class B stock did not initially have a readily determinable fair value, it was carried at $0 prior to the sale. During 2024, the Company received proceeds from sales of securities of $385.1 million and recorded $41.5 million in gross losses from the sales. These losses were partially offset by the $4.5 million gain on the sale of the Visa stock discussed above. Also Included in "Securities losses, net" in the consolidated statements of income, during 2024, the Company received proceeds from the call of a security of $5.2 million and recorded a $1.0 million loss related to the unamortized premium balance at the time of the call. In 2023, there were no sales of investment securities with the exception of securities acquired from GrandSouth which were subsequently liquidated as discussed in Note 2. There was no gain or loss associated with the sale of acquired securities. In 2022, there were no sales of investment securities. Included in “Other assets” in the consolidated balance sheets are investments in FHLB and Federal Reserve stock totaling $41.3 million and $54.5 million at December 31, 2024 and 2023, respectively. These investments do not have readily determinable fair values. The FHLB stock had a cost and fair value of $8.5 million and $21.7 million at December 31, 2024 and 2023, respectively, and serves as part of the collateral for the Company’s line of credit with the FHLB and is also a requirement for membership in the FHLB system. The Federal Reserve stock had a cost and fair value of $32.7 million and $32.8 million at December 31, 2024 and 2023, respectively, and is a requirement for Federal Reserve member bank qualification. Periodically, both the FHLB and Federal Reserve recalculate the Company’s required level of holdings, and the Company either buys more stock or redeems a portion of the stock at cost. The Company determined that neither stock was impaired at either period end.

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