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Investment Securities (Tables)
6 Months Ended
Jun. 30, 2025
Investment Securities [Abstract]  
Schedule of Available-for-Sale Securities Reconciliation
Below is an analysis of the amortized cost and estimated fair values of securities available for sale at:
 June 30, 2025December 31, 2024
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential$2,846 $22 $(176)$2,692 $3,096 $14 $(212)$2,898 
Mortgage-Backed Securities – Commercial757,242 4,562 (48,794)713,010 779,232 2,489 (57,546)724,175 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential373,287 1,559 (49,533)325,313 413,434 1,481 (64,331)350,584 
Other Government-Sponsored Enterprises1,000 — (32)968 1,000 — (54)946 
Obligations of States and Political Subdivisions8,014 — (753)7,261 8,510 — (983)7,527 
Corporate Securities62,738 1,521 (1,794)62,465 62,475 1,454 (2,436)61,493 
Total Debt Securities Available for Sale$1,205,127 $7,664 $(101,082)$1,111,709 $1,267,747 $5,438 $(125,562)$1,147,623 
Amortized Cost and Estimated Fair Value of Debt Securities Available for Sale
The amortized cost and estimated fair value of debt securities available for sale at June 30, 2025, by contractual maturity, are shown below.
Amortized
Cost
Estimated
Fair Value
 (dollars in thousands)
Due within 1 year$7,182 $7,198 
Due after 1 but within 5 years28,465 29,380 
Due after 5 but within 10 years36,105 34,116 
Due after 10 years— — 
71,752 70,694 
Mortgage-Backed Securities (a)1,133,375 1,041,015 
Total Debt Securities$1,205,127 $1,111,709 
(a)  Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $760.1 million and a fair value of $715.7 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $373.3 million and a fair value of $325.3 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac
[1]
Proceeds from Sale, Gross Gains (Losses) Realized on Sales, Maturities and Other-Than-Temporary Impairment Charges Related to Securities Available for Sale
Proceeds from sales, gross gains (losses) realized on sales and maturities related to securities held to maturity and securities available for sale were as follows for the six months ended June 30:
20252024
 (dollars in thousands)
Proceeds from sales$69,862 $69,598 
Gross gains (losses) realized:
Sales transactions:
Gross gains$— $— 
Gross losses(5,142)(5,535)
(5,142)(5,535)
Maturities
Gross gains— — 
Gross losses— — 
— — 
Net losses$(5,142)$(5,535)
Debt Securities, Held-to-maturity [Table Text Block]
Below is an analysis of the amortized cost and fair values of debt securities held to maturity at:
 June 30, 2025December 31, 2024
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential$1,471 $— $(178)$1,293 $1,586 $— $(220)$1,366 
Mortgage-Backed Securities- Commercial136,470 1,199 (13,363)124,306 89,404 66 (14,785)74,685 
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential312,092 401 (38,657)273,836 266,587 — (47,564)219,023 
Other Government-Sponsored Enterprises23,032 — (3,253)19,779 22,869 — (4,155)18,714 
Obligations of States and Political Subdivisions24,178 — (1,663)22,515 24,193 — (2,246)21,947 
Debt Securities Issued by Foreign Governments800 — (9)791 1,000 — (16)984 
Total Securities Held to Maturity$498,043 $1,600 $(57,123)$442,520 $405,639 $66 $(68,986)$336,719 
Schedule of Held-to-Maturity Securities by Maturity [Table Text Block]
The amortized cost and estimated fair value of debt securities held to maturity at June 30, 2025, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties.
Amortized
Cost
Estimated
Fair Value
 (dollars in thousands)
Due within 1 year$1,203 $1,196 
Due after 1 but within 5 years14,913 14,264 
Due after 5 but within 10 years31,330 27,190 
Due after 10 years564 435 
48,010 43,085 
Mortgage-Backed Securities (a)450,033 399,435 
Total Debt Securities$498,043 $442,520 
(a)Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $137.9 million and a fair value of $125.6 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $312.1 million and a fair value of $273.8 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.
[2]
Schedule of Temporary Impairment Losses, Investments
The following table presents the gross unrealized losses and estimated fair values at June 30, 2025, for both available for sale and held to maturity securities by investment category and time frame for which securities have been in a continuous unrealized loss position:
 
 Less Than 12 Months12 Months or MoreTotal
 Estimated
Fair Value
Gross
Unrealized
Losses
Estimated
Fair Value
Gross
Unrealized
Losses
Estimated
Fair Value
Gross
Unrealized
Losses
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential$— $— $2,883 $(354)$2,883 $(354)
Mortgage-Backed Securities – Commercial54,651 (833)252,835 (61,324)307,486 (62,157)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential357 (1)456,285 (88,189)456,642 (88,190)
Other Government-Sponsored Enterprises— — 20,747 (3,285)20,747 (3,285)
Obligations of States and Political Subdivisions499 (1)28,388 (2,415)28,887 (2,416)
Debt Securities Issued by Foreign Governments— — 391 (9)391 (9)
Corporate Securities— — 27,712 (1,794)27,712 (1,794)
Total Securities$55,507 $(835)$789,241 $(157,370)$844,748 $(158,205)
    
At June 30, 2025, fixed income securities issued by the U.S. Government and U.S. Government-sponsored enterprises comprised 94% of the estimated fair value for the total portfolio and 97% of total unrealized losses. All unrealized losses are the
result of changes in market interest rates. At June 30, 2025, there are 235 debt securities in the portfolio, with 149 debt securities in an unrealized loss position.
The following table presents the gross unrealized losses and estimated fair values at December 31, 2024 by investment category and the time frame for which securities have been in a continuous unrealized loss position:
 Less Than 12 Months12 Months or MoreTotal
 Estimated
Fair Value
Gross
Unrealized
Losses
Estimated
Fair Value
Gross
Unrealized
Losses
Estimated
Fair Value
Gross
Unrealized
Losses
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential$242 $(1)$3,002 $(431)$3,244 $(432)
Mortgage-Backed Securities - Commercial258,712 (4,119)274,358 (68,212)533,070 (72,331)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential4,759 (56)497,445 (111,839)502,204 (111,895)
Other Government-Sponsored Enterprises— — 19,660 (4,209)19,660 (4,209)
Obligation of States and Political Subdivisions1,104 (11)28,097 (3,218)29,201 (3,229)
Debt Securities Issued by Foreign Governments— — 584 (16)584 (16)
Corporate Securities9,701 (506)17,321 (1,930)27,022 (2,436)
Total Securities$274,518 $(4,693)$840,467 $(189,855)$1,114,985 $(194,548)
[1] Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $760.1 million and a fair value of $715.7 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $373.3 million and a fair value of $325.3 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.
[2] Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $137.9 million and a fair value of $125.6 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $312.1 million and a fair value of $273.8 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.