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Securities (Tables) | 3 Months Ended
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Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Amortized Cost and Estimated Fair Value of Securities | The following table is a summary of the amortized cost and estimated fair value, including the allowance for credit losses and gross unrealized gains and losses, of available for sale, held to maturity and securities carried at fair value through income for the dates indicated:
(Dollars in thousands) March 31, 2024 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Allowance for Credit Losses |  | Net Carrying Amount |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | 320,999 |  |  | $ | 213 |  |  | $ | (43,615) |  |  | $ | 277,597 |  |  | $ | — |  |  | $ | 277,597 |  |  |
Corporate bonds | 91,251 |  |  | 166 |  |  | (8,170) |  |  | 83,247 |  |  | — |  |  | 83,247 |  |  |
U.S. treasury and government agency securities | 67,172 |  |  | 2 |  |  | (4,736) |  |  | 62,438 |  |  | — |  |  | 62,438 |  |  |
Commercial mortgage-backed securities | 104,150 |  |  | — |  |  | (11,410) |  |  | 92,740 |  |  | — |  |  | 92,740 |  |  |
Residential mortgage-backed securities | 552,647 |  |  | — |  |  | (66,024) |  |  | 486,623 |  |  | — |  |  | 486,623 |  |  |
Commercial collateralized mortgage obligations | 45,874 |  |  | — |  |  | (4,448) |  |  | 41,426 |  |  | — |  |  | 41,426 |  |  |
Residential collateralized mortgage obligations | 147,310 |  |  | — |  |  | (20,977) |  |  | 126,333 |  |  | — |  |  | 126,333 |  |  |
Asset-backed securities | 20,576 |  |  | 23 |  |  | (81) |  |  | 20,518 |  |  | — |  |  | 20,518 |  |  |
Total | $ | 1,349,979 |  |  | $ | 404 |  |  | $ | (159,461) |  |  | $ | 1,190,922 |  |  | $ | — |  |  | $ | 1,190,922 |  |  |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | 11,675 |  |  | $ | — |  |  | $ | (719) |  |  | $ | 10,956 |  |  | $ | (24) |  |  | $ | 11,651 |  |  |
Securities carried at fair value through income: |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal securities(1) | $ | 6,815 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,755 |  |  | $ | — |  |  | $ | 6,755 |  |  |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | 323,356 |  |  | $ | 210 |  |  | $ | (41,440) |  |  | $ | 282,126 |  |  | $ | — |  |  | $ | 282,126 |  |  |
Corporate bonds | 92,244 |  |  | 80 |  |  | (8,689) |  |  | 83,635 |  |  | — |  |  | 83,635 |  |  |
U.S. treasury and government agency securities | 84,377 |  |  | 3 |  |  | (4,740) |  |  | 79,640 |  |  | — |  |  | 79,640 |  |  |
Commercial mortgage-backed securities | 104,459 |  |  | — |  |  | (11,063) |  |  | 93,396 |  |  | — |  |  | 93,396 |  |  |
Residential mortgage-backed securities | 569,622 |  |  | — |  |  | (63,120) |  |  | 506,502 |  |  | — |  |  | 506,502 |  |  |
Commercial collateralized mortgage obligations | 39,386 |  |  | — |  |  | (4,203) |  |  | 35,183 |  |  | — |  |  | 35,183 |  |  |
Residential collateralized mortgage obligations | 150,710 |  |  | — |  |  | (20,566) |  |  | 130,144 |  |  | — |  |  | 130,144 |  |  |
Asset-backed securities | 43,521 |  |  | 4 |  |  | (520) |  |  | 43,005 |  |  | — |  |  | 43,005 |  |  |
Total | $ | 1,407,675 |  |  | $ | 297 |  |  | $ | (154,341) |  |  | $ | 1,253,631 |  |  | $ | — |  |  | $ | 1,253,631 |  |  |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | 11,678 |  |  | $ | — |  |  | $ | (830) |  |  | $ | 10,848 |  |  | $ | (63) |  |  | $ | 11,615 |  |  |
Securities carried at fair value through income: |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal securities(1) | $ | 6,815 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,808 |  |  | $ | — |  |  | $ | 6,808 |  |  |
________________________ (1)Securities carried at fair value through income have no unrealized gains or losses at the consolidated balance sheet dates as all changes in value have been recognized in the consolidated statements of income. See Note 5 — Fair Value of Financial Instruments for more information.
Schedule of Unrealized Losses | Securities with unrealized losses at March 31, 2024, and December 31, 2023, aggregated by investment category and those individual securities that have been in a continuous unrealized loss position for less than 12 months, and for 12 months or more, were as follows.
| Less than 12 Months |  | 12 Months or More |  | Total
(Dollars in thousands) March 31, 2024 | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Available for sale: |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | 25,235 |  |  | $ | (258) |  |  | $ | 246,037 |  |  | $ | (43,357) |  |  | $ | 271,272 |  |  | $ | (43,615) |
Corporate bonds | 800 |  |  | (200) |  |  | 73,213 |  |  | (7,970) |  |  | 74,013 |  |  | (8,170) |
U.S. treasury and government agency securities | — |  |  | — |  |  | 58,922 |  |  | (4,736) |  |  | 58,922 |  |  | (4,736) |
Commercial mortgage-backed securities | — |  |  | — |  |  | 92,740 |  |  | (11,410) |  |  | 92,740 |  |  | (11,410) |
Residential mortgage-backed securities | — |  |  | — |  |  | 486,623 |  |  | (66,024) |  |  | 486,623 |  |  | (66,024) |
Commercial collateralized mortgage obligations | 6,627 |  |  | (64) |  |  | 34,799 |  |  | (4,384) |  |  | 41,426 |  |  | (4,448) |
Residential collateralized mortgage obligations | — |  |  | — |  |  | 126,333 |  |  | (20,977) |  |  | 126,333 |  |  | (20,977) |
Asset-backed securities | 3,841 |  |  | (2) |  |  | 12,469 |  |  | (79) |  |  | 16,310 |  |  | (81) |
Total | $ | 36,503 |  |  | $ | (524) |  |  | $ | 1,131,136 |  |  | $ | (158,937) |  |  | $ | 1,167,639 |  |  | $ | (159,461) |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | 4,833 |  |  | $ | (328) |  |  | $ | 6,123 |  |  | $ | (391) |  |  | $ | 10,956 |  |  | $ | (719) |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | 27,106 |  |  | $ | (266) |  |  | $ | 246,442 |  |  | $ | (41,174) |  |  | $ | 273,548 |  |  | $ | (41,440) |
Corporate bonds | 4,254 |  |  | (53) |  |  | 74,566 |  |  | (8,636) |  |  | 78,820 |  |  | (8,689) |
U.S. treasury and government agency securities | — |  |  | — |  |  | 77,340 |  |  | (4,740) |  |  | 77,340 |  |  | (4,740) |
Commercial mortgage-backed securities | — |  |  | — |  |  | 93,396 |  |  | (11,063) |  |  | 93,396 |  |  | (11,063) |
Residential mortgage-backed securities | 60 |  |  | (5) |  |  | 506,442 |  |  | (63,115) |  |  | 506,502 |  |  | (63,120) |
Commercial collateralized mortgage obligations | — |  |  | — |  |  | 35,183 |  |  | (4,203) |  |  | 35,183 |  |  | (4,203) |
Residential collateralized mortgage obligations | — |  |  | — |  |  | 130,144 |  |  | (20,566) |  |  | 130,144 |  |  | (20,566) |
Asset-backed securities | 7,350 |  |  | (52) |  |  | 31,618 |  |  | (468) |  |  | 38,968 |  |  | (520) |
Total | $ | 38,770 |  |  | $ | (376) |  |  | $ | 1,195,131 |  |  | $ | (153,965) |  |  | $ | 1,233,901 |  |  | $ | (154,341) |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |
State and municipal securities | $ | 4,717 |  |  | $ | (447) |  |  | $ | 6,131 |  |  | $ | (383) |  |  | $ | 10,848 |  |  | $ | (830) |
Schedule of Allowance for Credit Losses for Held-to-Maturity Debt Securities | The following table presents the activity in the allowance for credit losses for held-to-maturity securities.
(Dollars in thousands) | Municipal Securities
Allowance for credit losses: | 2024 |  |  |  |  |
Balance at January 1, 2024 | $ | 63 |  |  |  |  |  |
Provision recovery for credit loss for held to maturity securities | (39) |  |  |  |  |  |
Balance at March 31, 2024 | $ | 24 |  |  |  |  |  |
Balance at January 1, 2023 | $ | 899 |  |  |  |  |  |
Provision expense for credit loss for held to maturity securities | 82 |  |  |  |  |  |
Balance at March 31, 2023 | $ | 981 |  |  |  |  |  |
Schedule of Proceeds from Sales of Securities Available for Sale and Gross Gains and Losses | Proceeds from sales and calls, and related gross gains and losses of securities available for sale, are shown below.
| Three Months Ended March 31, |  |  |  |
(Dollars in thousands) | 2024 |  | 2023 |  |  |  |  |  |  |  |
Proceeds from sales/calls | $ | 21,224 |  |  | $ | 39,195 |  |  |  |  |  |  |  |  |
Gross realized gains | — |  |  | 596 |  |  |  |  |  |  |  |  |
Gross realized losses | (403) |  |  | (452) |  |  |  |  |  |  |  |  |
Schedule of Securities Classified by Contractual Maturity | The following table presents the amortized cost and fair value of securities available for sale and held to maturity at March 31, 2024, grouped by contractual maturity. Mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, which do not have contractual payments due at a single maturity date, are shown separately. Actual maturities for mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities will differ from contractual maturities as a result of prepayments made on the underlying loans.
(Dollars in thousands) | Held to Maturity |  | Available for Sale
March 31, 2024 | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due in one year or less | $ | — |  |  | $ | — |  |  | $ | 48,761 |  |  | $ | 48,562 |
Due after one year through five years | — |  |  | — |  |  | 86,572 |  |  | 79,665 |
Due after five years through ten years | 5,161 |  |  | 4,833 |  |  | 177,058 |  |  | 156,673 |
Due after ten years | 6,514 |  |  | 6,123 |  |  | 167,031 |  |  | 138,382 |
Commercial mortgage-backed securities | — |  |  | — |  |  | 104,150 |  |  | 92,740 |
Residential mortgage-backed securities | — |  |  | — |  |  | 552,647 |  |  | 486,623 |
Commercial collateralized mortgage obligations | — |  |  | — |  |  | 45,874 |  |  | 41,426 |
Residential collateralized mortgage obligations | — |  |  | — |  |  | 147,310 |  |  | 126,333 |
Asset-backed securities | — |  |  | — |  |  | 20,576 |  |  | 20,518 |
Total | $ | 11,675 |  |  | $ | 10,956 |  |  | $ | 1,349,979 |  |  | $ | 1,190,922 |
Schedule of Securities Pledged as Collateral | The following table presents carrying amounts of securities pledged as collateral for deposits and repurchase agreements at the periods presented.
(Dollars in thousands) | March 31, 2024 |  | December 31, 2023
Carrying value of securities pledged to secure public deposits | $ | 395,574 |  |  | $ | 421,273 |
Carrying value of securities pledged to repurchase agreements | 5,210 |  |  | 5,477 |

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