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Securities | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
SECURITIES | SECURITIES The following table presents the fair values of our securities portfolio at the dates presented:
(dollars in thousands) | September 30, 2025 |  | December 31, 2024 |  |  |  |
Debt securities | $ | 999,830 |  |  | $ | 986,415 |  |  |  |  |
Equity securities |  | 1,319 |  |  |  | 1,176 |  |  |  |  |
Total Securities Available for Sale | $ | 1,001,149 |  |  | $ | 987,591 |  |  |  |  |
The following table presents the amortized cost and fair value of available-for-sale debt securities as of the dates presented:
| September 30, 2025 |  | December 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 |  | $ | 96,544 |  |  |  | $ | 103 |  |  |  | $ | (2,385) |  |  |  | $ | 94,262 |  |  |  | $ | 97,045 |  |  |  | $ | — |  |  |  | $ | (4,277) |  |  |  | $ | 92,768 |
Obligations of U.S. government corporations and agencies |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15,260 |  |  |  | — |  |  |  | (189) |  |  |  | 15,071 |
Collateralized mortgage obligations of U.S. government corporations and agencies |  | 665,945 |  |  |  | 4,756 |  |  |  | (33,165) |  |  |  | 637,536 |  |  |  | 643,690 |  |  |  | 872 |  |  |  | (48,278) |  |  |  | 596,284 |
Residential mortgage-backed securities of U.S. government corporations and agencies |  | 36,950 |  |  |  | 7 |  |  |  | (5,101) |  |  |  | 31,856 |  |  |  | 40,109 |  |  |  | 3 |  |  |  | (6,905) |  |  |  | 33,207 |
Commercial mortgage-backed securities of U.S. government corporations and agencies |  | 234,259 |  |  |  | 2,377 |  |  |  | (5,403) |  |  |  | 231,233 |  |  |  | 237,270 |  |  |  | 115 |  |  |  | (12,587) |  |  |  | 224,798 |
Obligations of states and political subdivisions |  | 4,929 |  |  |  | 14 |  |  |  | — |  |  |  | 4,943 |  |  |  | 24,780 |  |  |  | — |  |  |  | (493) |  |  |  | 24,287 |
Total Available-for-Sale Debt Securities(1) |  | $ | 1,038,627 |  |  |  | $ | 7,257 |  |  |  | $ | (46,054) |  |  |  | $ | 999,830 |  |  |  | $ | 1,058,154 |  |  |  | $ | 990 |  |  |  | $ | (72,729) |  |  |  | $ | 986,415 |
(1) Excludes interest receivable of $3.3 million at September 30, 2025 and $3.7 million at December 31, 2024. Interest receivable is included in other assets in the Consolidated Balance Sheets. 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:
| September 30, 2025
| Less Than 12 Months |  | 12 Months or More |  | Total
(dollars in thousands) | Number of Securities |  | Fair Value |  | Unrealized Losses |  | Number of Securities |  | Fair Value |  | Unrealized Losses |  | Number of Securities |  | Fair Value |  | Unrealized Losses
U.S. Treasury securities | 1 |  | $ | 10,004 |  |  | $ | (2) |  |  | 7 |  | $ | 69,154 |  |  | $ | (2,383) |  |  | 8 |  | $ | 79,158 |  |  | $ | (2,385) |
Collateralized mortgage obligations of U.S. government corporations and agencies | 3 |  | 24,430 |  |  | (249) |  |  | 58 |  | 308,439 |  |  | (32,916) |  |  | 61 |  | 332,869 |  |  | (33,165) |
Residential mortgage-backed securities of U.S. government corporations and agencies | — |  | — |  |  | — |  |  | 18 |  | 31,688 |  |  | (5,101) |  |  | 18 |  | 31,688 |  |  | (5,101) |
Commercial mortgage-backed securities of U.S. government corporations and agencies | — |  | — |  |  | — |  |  | 10 |  | 114,124 |  |  | (5,403) |  |  | 10 |  | 114,124 |  |  | (5,403) |
Total | 4 |  | $ | 34,434 |  |  | $ | (251) |  |  | 93 |  | $ | 523,405 |  |  | $ | (45,803) |  |  | 97 |  | $ | 557,839 |  |  | $ | (46,054) |
| December 31, 2024
| Less Than 12 Months |  | 12 Months or More |  | Total
(dollars in thousands) | Number of Securities |  | Fair Value |  | Unrealized Losses |  | Number of Securities |  | Fair Value |  | Unrealized Losses |  | Number of Securities |  | Fair Value |  | Unrealized Losses
U.S. Treasury securities | 5 |  | $ | 45,045 |  |  | $ | (362) |  |  | 5 |  | $ | 47,723 |  |  | $ | (3,915) |  |  | 10 |  | $ | 92,768 |  |  | $ | (4,277) |
Obligations of U.S. government corporations and agencies | — |  | — |  |  | — |  |  | 2 |  | 15,071 |  |  | (189) |  |  | 2 |  | 15,071 |  |  | (189) |
Collateralized mortgage obligations of U.S. government corporations and agencies | 22 |  | 209,511 |  |  | (3,393) |  |  | 56 |  | 318,104 |  |  | (44,885) |  |  | 78 |  | 527,615 |  |  | (48,278) |
Residential mortgage-backed securities of U.S. government corporations and agencies | 1 |  | 8 |  |  | — |  |  | 21 |  | 33,030 |  |  | (6,905) |  |  | 22 |  | 33,038 |  |  | (6,905) |
Commercial mortgage-backed securities of U.S. government corporations and agencies | 9 |  | 88,040 |  |  | (1,741) |  |  | 12 |  | 122,833 |  |  | (10,846) |  |  | 21 |  | 210,873 |  |  | (12,587) |
Obligations of states and political subdivisions | 4 |  | 24,286 |  |  | (493) |  |  | — |  | — |  |  | — |  |  | 4 |  | 24,286 |  |  | (493) |
Total | 41 |  | $ | 366,890 |  |  | $ | (5,989) |  |  | 96 |  | $ | 536,761 |  |  | $ | (66,740) |  |  | 137 |  | $ | 903,651 |  |  | $ | (72,729) |
We evaluate securities with unrealized losses quarterly to determine if the decline in fair value has resulted from credit impairment or other factors. We do not believe any individual unrealized loss as of September 30, 2025 represents a credit impairment. The unrealized losses on debt securities were attributable to changes in interest rates and not related to the credit quality of the issuers. All debt securities were determined to be investment grade and paying principal and interest according to the contractual terms of the security. At September 30, 2025, we do not intend to sell, and it is more likely than not that we will not be required to sell, the securities in an unrealized loss position before recovery of their amortized cost. 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:
| September 30, 2025 |  | December 31, 2024
(dollars in thousands) | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Net Unrealized Losses |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Net Unrealized Losses
Total unrealized gains (losses) on available-for-sale debt securities | $ | 7,257 |  |  | $ | (46,054) |  |  | $ | (38,797) |  |  | $ | 990 |  |  | $ | (72,729) |  |  | $ | (71,739) |
Income tax (expense) benefit | (1,563) |  |  | 9,921 |  |  | 8,358 |  |  | (213) |  |  | 15,644 |  |  | 15,431 |
Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss) | $ | 5,694 |  |  | $ | (36,133) |  |  | $ | (30,439) |  |  | $ | 777 |  |  | $ | (57,085) |  |  | $ | (56,308) |
The amortized cost and fair value of available-for-sale debt securities at September 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.
| September 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 | $ | 29,913 |  |  | $ | 29,892 |
Due after one year through five years | 71,560 |  |  | 69,313 |
Due after five years through ten years | — |  |  | — |
Due after ten years | — |  |  | — |
Available-for-Sale Debt Securities With Fixed Maturities | 101,473 |  |  | 99,205 |
Debt Securities without a single maturity date |  |  |
Collateralized mortgage obligations of U.S. government corporations and agencies | 665,945 |  |  | 637,536 |
Residential mortgage-backed securities of U.S. government corporations and agencies | 36,950 |  |  | 31,856 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | 234,259 |  |  | 231,233 |
Total Available-for-Sale Debt Securities | $ | 1,038,627 |  |  | $ | 999,830 |
Debt securities are pledged in order to meet various regulatory and legal requirements. Restricted pledged securities had a carrying value of $39.1 million at September 30, 2025 and $27.8 million at December 31, 2024. Unrestricted pledged securities had a carrying value of $209.1 million at September 30, 2025 and $195.6 million at December 31, 2024. Any sales or changes to the pledged status of restricted pledged securities requires approval of the beneficiary. Approval is not required in order to sell or make changes to the pledged status for unrestricted pledged securities.

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