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Securities
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Securities
Note 3 — 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, 2024
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		Allowance for Credit LossesNet Carrying Amount
Available for sale:
State and municipal securities$299,642 $216 $(43,882)$255,976 $— $255,976 
Corporate bonds83,041 445 (5,250)78,236 — 78,236 
U.S. treasury and government agency securities14,742 2 (939)13,805 — 13,805 
Commercial mortgage-backed securities49,943 — (5,659)44,284 — 44,284 
Residential mortgage-backed securities598,380 8 (57,554)540,834 — 540,834 
Commercial collateralized mortgage obligations31,263 — (2,697)28,566 — 28,566 
Residential collateralized mortgage obligations160,422 15 (19,610)140,827 — 140,827 
Total$1,237,433 $686 $(135,591)$1,102,528 $— $1,102,528 
Held to maturity:
State and municipal securities$11,145 $— $(689)$10,456 $(50)$11,095 
Securities carried at fair value through income:
State and municipal securities(1)
$6,515 $— $— $6,512 $— $6,512 
December 31, 2023
Available for sale:
State and municipal securities$323,356 $210 $(41,440)$282,126 $— $282,126 
Corporate bonds92,244 80 (8,689)83,635 — 83,635 
U.S. treasury and government agency securities84,377 3 (4,740)79,640 — 79,640 
Commercial mortgage-backed securities104,459 — (11,063)93,396 — 93,396 
Residential mortgage-backed securities569,622 — (63,120)506,502 — 506,502 
Commercial collateralized mortgage obligations39,386 — (4,203)35,183 — 35,183 
Residential collateralized mortgage obligations150,710 — (20,566)130,144 — 130,144 
Asset-backed securities43,521 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.
Securities with unrealized losses at December 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 Months12 Months or MoreTotal
(Dollars in thousands)
December 31, 2024
Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Available for sale:
State and municipal securities$18,349 $(346)$226,484 $(43,536)$244,833 $(43,882)
Corporate bonds7,450 (550)59,443 (4,700)66,893 (5,250)
U.S. treasury and government agency securities10,062 (52)3,423 (887)13,485 (939)
Commercial mortgage-backed securities4,418 (120)39,866 (5,539)44,284 (5,659)
Residential mortgage-backed securities148,383 (1,296)386,414 (56,258)534,797 (57,554)
Commercial collateralized mortgage obligations
13,014 (148)15,552 (2,549)28,566 (2,697)
Residential collateralized mortgage obligations
14,884 (291)109,416 (19,319)124,300 (19,610)
Total$216,560 $(2,803)$840,598 $(132,788)$1,057,158 $(135,591)
Held to maturity:
State and municipal securities$— $— $10,456 $(689)$10,456 $(689)
December 31, 2023
Available for sale:
State and municipal securities$27,106 $(266)$246,442 $(41,174)$273,548 $(41,440)
Corporate bonds4,254 (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 securities60 (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 securities7,350 (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)
At December 31, 2024, the Company had 530 individual securities that were in an unrealized loss position. Management evaluates available for sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than the cost, and (2) the financial condition and near-term prospects of the issuer and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.
Management does not currently intend to sell any securities in an unrealized loss position and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, at December 31, 2024, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, including changes in interest rates and other market conditions.
The following tables present the activity in the allowance for credit losses for held-to-maturity securities.
Years Ended December 31,
(Dollars in thousands)202420232022
Balance at January 1, $63 $899 $167 
(Recovery) provision for credit loss for held to maturity securities(13)(836)732 
Balance at December 31, $50 $63 $899 
Accrued interest of $5.3 million was not included in the calculation of the allowance or the amortized cost basis of the securities at either December 31, 2024 or December 31, 2023. There were no past due or nonaccrual available for sale or held to maturity securities at December 31, 2024 or 2023.
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)202420232022
Proceeds from sales/calls$231,199 $291,189 $487,544 
Gross realized gains357 596 3,810 
Gross realized losses(15,156)(12,231)(2,146)
The following table presents the amortized cost and fair value of securities available for sale and held to maturity at December 31, 2024, grouped by contractual maturity. Mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, which do not have contractual payments due at a single maturity date, are shown separately. Actual maturities for mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities will differ from contractual maturities as a result of prepayments made on the underlying loans.
(Dollars in thousands)Held to MaturityAvailable for Sale
December 31, 2024Amortized CostFair ValueAmortized CostFair Value
Due in one year or less$— $— $2,523 $2,488 
Due after one year through five years5,153 4,886 43,673 41,518 
Due after five years through ten years5,992 5,570 208,675 187,893 
Due after ten years— — 142,554 116,118 
Commercial mortgage-backed securities— — 49,943 44,284 
Residential mortgage-backed securities— — 598,380 540,834 
Commercial collateralized mortgage obligations— — 31,263 28,566 
Residential collateralized mortgage obligations— — 160,422 140,827 
Total$11,145 $10,456 $1,237,433 $1,102,528 
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, 2024December 31, 2023
Carrying value of securities pledged to secure public deposits$504,554 $421,273 
Carrying value of securities pledged to repurchase agreements4,731 5,477