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Securities (Tables)

9 Months Ended

Sep. 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) September 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			$	323,507					$	293					$	(34,938)					$	288,862					$	—					$	288,862
Corporate bonds			86,288						286						(6,306)						80,268						—						80,268
U.S. treasury and government agency securities			48,710						5						(3,328)						45,387						—						45,387
Commercial mortgage-backed securities			108,079						30						(7,937)						100,172						—						100,172
Residential mortgage-backed securities			523,289						6						(48,126)						475,169						—						475,169
Commercial collateralized mortgage obligations			51,401						174						(3,065)						48,510						—						48,510
Residential collateralized mortgage obligations			139,580						—						(16,983)						122,597						—						122,597
Total			$	1,280,854					$	794					$	(120,683)					$	1,160,965					$	—					$	1,160,965
Held to maturity:
State and municipal securities			$	11,148					$	—					$	(447)					$	10,701					$	(52)					$	11,096
Securities carried at fair value through income:
State and municipal securities(1)			$	6,515					$	—					$	—					$	6,533					$	—					$	6,533
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 September 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) September 30, 2024			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Available for sale:
State and municipal securities			$	28,402					$	(81)					$	251,522					$	(34,857)					$	279,924					$	(34,938)
Corporate bonds			9,826						(685)						63,546						(5,621)						73,372						(6,306)
U.S. treasury and government agency securities			6,986						(11)						34,674						(3,317)						41,660						(3,328)
Commercial mortgage-backed securities			3,034						(37)						95,638						(7,900)						98,672						(7,937)
Residential mortgage-backed securities			6,249						(47)						467,910						(48,079)						474,159						(48,126)
Commercial collateralized mortgage obligations			4,497						(2)						35,168						(3,063)						39,665						(3,065)
Residential collateralized mortgage obligations			—						—						122,597						(16,983)						122,597						(16,983)
Total			$	58,994					$	(863)					$	1,071,055					$	(119,820)					$	1,130,049					$	(120,683)
Held to maturity:
State and municipal securities			$	—					$	—					$	10,701					$	(447)					$	10,701					$	(447)
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 tables present the activity in the allowance for credit losses for held-to-maturity securities.

(Dollars in thousands)			Municipal Securities
Allowance for credit losses:			For the Three Months Ended September 30, 2024 & 2023
Balance at June 30, 2024			$	57
Provision recovery for credit loss for held to maturity securities			(5)
Balance at September 30, 2024			$	52
Balance at June 30, 2023			$	935
Provision recovery for credit loss for held to maturity securities			(45)
Balance at September 30, 2023			$	890

(Dollars in thousands)			Municipal Securities
Allowance for credit losses:			For the Nine Months Ended September 30, 2024 & 2023
Balance at January 1, 2024			$	63
Provision recovery for credit loss for held to maturity securities			(11)
Balance at September 30, 2024			$	52
Balance at January 1, 2023			$	899
Provision recovery for credit loss for held to maturity securities			(9)
Balance at September 30, 2023			$	890

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.

			Nine Months Ended September 30,
(Dollars in thousands)			2024						2023
Proceeds from sales/calls			$	54,984					$	214,302
Gross realized gains			357						596
Gross realized losses			(539)						(7,625)

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 September 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
September 30, 2024			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Due in one year or less			$	—					$	—					$	12,449					$	12,419
Due after one year through five years			—						—						84,650						79,921
Due after five years through ten years			11,148						10,701						207,242						189,784
Due after ten years			—						—						154,164						132,393
Commercial mortgage-backed securities			—						—						108,079						100,172
Residential mortgage-backed securities			—						—						523,289						475,169
Commercial collateralized mortgage obligations			—						—						51,401						48,510
Residential collateralized mortgage obligations			—						—						139,580						122,597
Total			$	11,148					$	10,701					$	1,280,854					$	1,160,965

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)			September 30, 2024						December 31, 2023
Carrying value of securities pledged to secure public deposits			$	370,090					$	421,273
Carrying value of securities pledged to repurchase agreements			4,894						5,477

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