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Securities (Tables)

3 Months Ended

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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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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