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Securities (Tables)

12 Months Ended

Dec. 31, 2023

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) December 31, 2023			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Allowance for Credit Losses						Net Carrying Amount
Available for sale:
State and municipal securities			$	323,356					$	210					$	(41,440)					$	282,126					$	—					$	282,126
Corporate bonds			92,244						80						(8,689)						83,635						—						83,635
U.S. government and 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
December 31, 2022
Available for sale:
State and municipal securities			$	447,086					$	996					$	(58,605)					$	389,477					$	—					$	389,477
Corporate bonds			89,449						—						(7,191)						82,258						—						82,258
U.S. government and agency securities			264,755						4						(16,339)						248,420						—						248,420
Commercial mortgage-backed securities			105,536						—						(13,593)						91,943						—						91,943
Residential mortgage-backed securities			649,765						—						(77,462)						572,303						—						572,303
Commercial collateralized mortgage obligations			44,330						—						(5,517)						38,813						—						38,813
Residential collateralized mortgage obligations			170,136						—						(23,766)						146,370						—						146,370
Asset-backed securities			73,918						—						(2,018)						71,900						—						71,900
Total			$	1,844,975					$	1,000					$	(204,491)					$	1,641,484					$	—					$	1,641,484
Held to maturity:
State and municipal securities			$	12,174					$	278					$	(482)					$	11,970					$	(899)					$	11,275
Securities carried at fair value through income:
State and municipal securities(1)			$	7,100					$	—					$	—					$	6,368					$	—					$	6,368

________________________

(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 December 31, 2023, and December 31, 2022, 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) December 31, 2023			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
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. government and 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)
December 31, 2022
Available for sale:
State and municipal securities			$	171,079					$	(14,947)					$	175,011					$	(43,658)					$	346,090					$	(58,605)
Corporate bonds			69,618						(5,581)						11,640						(1,610)						81,258						(7,191)
U.S. government and agency securities			152,471						(7,373)						95,576						(8,966)						248,047						(16,339)
Commercial mortgage-backed securities			37,083						(3,416)						54,860						(10,177)						91,943						(13,593)
Residential mortgage-backed securities			231,848						(20,465)						340,455						(56,997)						572,303						(77,462)
Commercial collateralized mortgage obligations			21,999						(2,516)						16,814						(3,001)						38,813						(5,517)
Residential collateralized mortgage obligations			48,749						(3,928)						97,621						(19,838)						146,370						(23,766)
Asset-backed securities			62,047						(1,528)						9,853						(490)						71,900						(2,018)
Total			$	794,894					$	(59,754)					$	801,830					$	(144,737)					$	1,596,724					$	(204,491)
Held to maturity:
State and municipal securities			$	6,518					$	(482)					$	—					$	—					$	6,518					$	(482)

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:			2023									2022						2021
Balance at January 1,			$	899								$	167					$	66
Provision (recovery) expense for credit loss for held to maturity securities			(836)									732						101
Balance at December 31,			$	63								$	899					$	167

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.

			Years Ended December 31,
(Dollars in thousands)			2023						2022						2021
Proceeds from sales/calls			$	291,189					$	487,544					$	44,893
Gross realized gains			596						3,810						1,780
Gross realized losses			(12,231)						(2,146)						(32)

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 December 31, 2023, 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
December 31, 2023			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Due in one year or less			$	—					$	—					$	67,657					$	67,160
Due after one year through five years			—						—						83,105						76,814
Due after five years through ten years			5,164						4,717						172,944						153,675
Due after ten years			6,514						6,131						176,271						147,752
Commercial mortgage-backed securities			—						—						104,459						93,396
Residential mortgage-backed securities			—						—						569,622						506,502
Commercial collateralized mortgage obligations			—						—						39,386						35,183
Residential collateralized mortgage obligations			—						—						150,710						130,144
Asset-backed securities			—						—						43,521						43,005
Total			$	11,678					$	10,848					$	1,407,675					$	1,253,631

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)			December 31, 2023						December 31, 2022
Carrying value of securities pledged to secure public deposits			$	421,273					$	769,691
Carrying value of securities pledged to repurchase agreements			5,477						6,797

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