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Securities (Tables)
6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Marketable Securities
The following table presents the fair values of our securities portfolio at the dates presented:
(dollars in thousands)June 30, 2025December 31, 2024
Debt securities$1,020,019 $986,415 
Equity securities1,164 1,176 
Total Securities Available for Sale$1,021,183 $987,591 
Schedule of Amortized Cost and Fair Value of Debt Securities
The following table presents the amortized cost and fair value of available-for-sale debt securities as of the dates presented:
 June 30, 2025December 31, 2024
(dollars in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
U.S. Treasury securities$96,713 $89 $(2,810)$93,992 $97,045 $— $(4,277)$92,768 
Obligations of U.S. government corporations and agencies10,217 — (54)10,163 15,260 — (189)15,071 
Collateralized mortgage obligations of U.S. government corporations and agencies681,481 3,670 (36,845)648,306 643,690 872 (48,278)596,284 
Residential mortgage-backed securities of U.S. government corporations and agencies38,151 (5,588)32,569 40,109 (6,905)33,207 
Commercial mortgage-backed securities of U.S. government corporations and agencies234,603 1,806 (6,379)230,030 237,270 115 (12,587)224,798 
Obligations of states and political subdivisions4,955 — 4,959 24,780 — (493)24,287 
Total Available-for-Sale Debt Securities(1)
$1,066,120 $5,575 $(51,676)$1,020,019 $1,058,154 $990 $(72,729)$986,415 
(1) Excludes interest receivable of $3.5 million at June 30, 2025 and $3.7 million at December 31, 2024. Interest receivable is included in other assets in the Consolidated Balance Sheets.
Schedule of Fair Value and Age of Gross Unrealized Losses of Debt Securities
The following tables present the fair value and the age of gross unrealized losses on available-for-sale debt securities by investment category as of the dates presented:
June 30, 2025
Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)Number of SecuritiesFair ValueUnrealized
Losses
Number of SecuritiesFair ValueUnrealized
Losses
Number of SecuritiesFair ValueUnrealized
Losses
U.S. Treasury securities4$40,177 $(124)5$48,748 $(2,686)9$88,925 $(2,810)
Obligations of U.S. government corporations and agencies— — 110,163 (54)110,163 (54)
Collateralized mortgage obligations of U.S. government corporations and agencies1089,974 (1,347)55292,504 (35,498)65382,478 (36,845)
Residential mortgage-backed securities of U.S. government corporations and agencies— — 1932,398 (5,588)1932,398 (5,588)
Commercial mortgage-backed securities of U.S. government corporations and agencies329,346 (289)894,142 (6,090)11123,488 (6,379)
Obligations of states and political subdivisions— — — — — 
Total17$159,497 $(1,760)88$477,955 $(49,916)105$637,452 $(51,676)
December 31, 2024
Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)Number of SecuritiesFair ValueUnrealized
Losses
Number of SecuritiesFair ValueUnrealized
Losses
Number of SecuritiesFair ValueUnrealized
Losses
U.S. Treasury securities5$45,045 $(362)5$47,723 $(3,915)10$92,768 $(4,277)
Obligations of U.S. government corporations and agencies— — 215,071 (189)215,071 (189)
Collateralized mortgage obligations of U.S. government corporations and agencies22209,511 (3,393)56318,104 (44,885)78527,615 (48,278)
Residential mortgage-backed securities of U.S. government corporations and agencies1— 2133,030 (6,905)2233,038 (6,905)
Commercial mortgage-backed securities of U.S. government corporations and agencies988,040 (1,741)12122,833 (10,846)21210,873 (12,587)
Obligations of states and political subdivisions424,286 (493)— — 424,286 (493)
Total41$366,890 $(5,989)96$536,761 $(66,740)137$903,651 $(72,729)
Schedule of Unrealized Gains (Losses) of Debt Securities
The following table presents net unrealized gains and losses, net of tax, on available-for-sale debt securities included in accumulated other comprehensive income (loss), for the periods presented:
June 30, 2025December 31, 2024
(dollars in thousands)Gross Unrealized GainsGross Unrealized LossesNet Unrealized LossesGross Unrealized GainsGross Unrealized LossesNet Unrealized Losses
Total unrealized gains (losses) on available-for-sale debt securities$5,575 $(51,676)$(46,101)$990 $(72,729)$(71,739)
Income tax (expense) benefit(1,201)11,132 9,931 (213)15,644 15,431 
Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss)$4,374 $(40,544)$(36,170)$777 $(57,085)$(56,308)
Schedule of Contractual Maturities of Debt Securities
The amortized cost and fair value of available-for-sale debt securities at June 30, 2025 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
June 30, 2025
(dollars in thousands)Amortized
Cost
Fair Value
Obligations of the U.S. Treasury, U.S. government corporations and agencies and obligations of states and political subdivisions
Due in one year or less$40,118 $39,988 
Due after one year through five years71,767 69,126 
Due after five years through ten years— — 
Due after ten years— — 
Available-for-Sale Debt Securities With Fixed Maturities111,885 109,114 
Debt Securities without a single maturity date
Collateralized mortgage obligations of U.S. government corporations and agencies681,481 648,306 
Residential mortgage-backed securities of U.S. government corporations and agencies38,151 32,569 
Commercial mortgage-backed securities of U.S. government corporations and agencies234,603 230,030 
Total Available-for-Sale Debt Securities$1,066,120 $1,020,019