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Securities (Tables)

6 Months Ended

Jun. 30, 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) June 30, 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			$	320,357					$	159					$	(46,106)					$	274,410					$	—					$	274,410
Corporate bonds			102,794						338						(8,510)						94,622						—						94,622
U.S. treasury and government agency securities			49,110						7						(4,564)						44,553						—						44,553
Commercial mortgage-backed securities			103,845						—						(10,950)						92,895						—						92,895
Residential mortgage-backed securities			534,062						—						(66,436)						467,626						—						467,626
Commercial collateralized mortgage obligations			49,077						—						(4,442)						44,635						—						44,635
Residential collateralized mortgage obligations			143,438						—						(21,382)						122,056						—						122,056
Asset-backed securities			19,259						29						(37)						19,251						—						19,251
Total			$	1,321,942					$	533					$	(162,427)					$	1,160,048					$	—					$	1,160,048
Held to maturity:
State and municipal securities			$	11,673					$	—					$	(797)					$	10,876					$	(57)					$	11,616
Securities carried at fair value through income:
State and municipal securities(1)			$	6,515					$	—					$	—					$	6,499					$	—					$	6,499
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 June 30, 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) June 30, 2024			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Available for sale:
State and municipal securities			$	25,887					$	(314)					$	243,319					$	(45,792)					$	269,206					$	(46,106)
Corporate bonds			7,758						(523)						71,206						(7,987)						78,964						(8,510)
U.S. treasury and government agency securities			7,148						(7)						33,571						(4,557)						40,719						(4,564)
Commercial mortgage-backed securities			—						—						92,895						(10,950)						92,895						(10,950)
Residential mortgage-backed securities			—						—						467,626						(66,436)						467,626						(66,436)
Commercial collateralized mortgage obligations			8,577						(113)						34,554						(4,329)						43,131						(4,442)
Residential collateralized mortgage obligations			—						—						122,056						(21,382)						122,056						(21,382)
Asset-backed securities			2,083						(2)						7,428						(35)						9,511						(37)
Total			$	51,453					$	(959)					$	1,072,655					$	(161,468)					$	1,124,108					$	(162,427)
Held to maturity:
State and municipal securities			$	4,857					$	(301)					$	6,019					$	(496)					$	10,876					$	(797)
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			(6)
Balance at June 30, 2024			$	57
Balance at January 1, 2023			$	899
Provision expense for credit loss for held to maturity securities			36
Balance at June 30, 2023			$	935

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.

			Six Months Ended June 30,
(Dollars in thousands)			2024						2023
Proceeds from sales/calls			$	22,285					$	39,335
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 June 30, 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
June 30, 2024			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Due in one year or less			$	—					$	—					$	20,024					$	19,945
Due after one year through five years			—						—						86,646						79,546
Due after five years through ten years			5,159						4,857						205,842						183,468
Due after ten years			6,514						6,019						159,749						130,626
Commercial mortgage-backed securities			—						—						103,845						92,895
Residential mortgage-backed securities			—						—						534,062						467,626
Commercial collateralized mortgage obligations			—						—						49,077						44,635
Residential collateralized mortgage obligations			—						—						143,438						122,056
Asset-backed securities			—						—						19,259						19,251
Total			$	11,673					$	10,876					$	1,321,942					$	1,160,048

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)			June 30, 2024						December 31, 2023
Carrying value of securities pledged to secure public deposits			$	391,503					$	421,273
Carrying value of securities pledged to repurchase agreements			4,957						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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